Document:

EX-4.4

 Exhibit 4.4 
  

 
  

MPT OPERATING PARTNERSHIP, L.P. 
 and 
 MPT FINANCE CORPORATION, 

as Issuers, 

MEDICAL PROPERTIES TRUST, INC., 
 as Parent and a Guarantor, 
 the other GUARANTORS named herein, 

as Guarantors, 

and 
 WILMINGTON
TRUST, NATIONAL ASSOCIATION 
 as Trustee 
 INDENTURE 
 Dated as of
[                    ] 

[     ]% Senior Notes due [    ] 

 
  

 

 CROSS-REFERENCE TABLE 

					
	 Trust Indenture Act Section
	 	 	 	Indenture Section
	 310
	 	(a)(1)	 	7.10
			
	       (a)(2)
	 		 	7.10
	       (a)(3)
	 		 	N.A.
	       (a)(4)
	 		 	N.A.
	       (a)(5)
	 		 	7.08; 7.10
	       (b)
	 		 	7.08; 7.10; 11.02
	       (c)
	 		 	N.A.
	 311
	 	(a)	 	7.11
			
	       (b)
	 		 	7.11
	       (c)
	 		 	N.A.
	 312
	 	(a)	 	2.05
			
	       (b)
	 		 	11.03
	       (c)
	 		 	11.03
	 313
	 	(a)	 	7.06
			
	       (b)(1)
	 		 	7.06
	       (b)(2)
	 		 	7.06
	       (c)
	 		 	7.06; 11.02
	       (d)
	 		 	7.06
	 314
	 	(a)	 	4.05; 4.15; 11.02
			
	       (b)
	 		 	N.A.
	       (c)(1)
	 		 	7.02, 11.04, 11.05
	       (c)(2)
	 		 	7.02; 11.04, 11.05
	       (c)(3)
	 		 	N.A.
	       (d)
	 		 	N.A.
	       (e)
	 		 	11.05
	       (f)
	 		 	N.A.
	 315
	 	(a)	 	7.01(b); 7.02(a)
			
	       (b)
	 		 	7.05; 11.02
	       (c)
	 		 	7.01
	       (d)
	 		 	6.05; 7.01(c)
	       (e)
	 		 	6.11
	 316
	 	(a)(last sentence)	 	2.09
			
	       (a)(1)(A)
	 		 	6.05
	       (a)(1)(B)
	 		 	6.04
	       (a)(2)
	 		 	9.02
	       (b)
	 		 	6.07
	       (c)
	 		 	9.04
	 317
	 	(a)(1)	 	6.08
			
	       (a)(2)
	 		 	6.09
	       (b)
	 		 	2.04
	 318
	 	(a)	 	11.01
			
	       (c)
	 		 	11.01

  

	N.A.	means Not Applicable 

  

	Note:	This Cross-Reference Table shall not, for any purpose, be deemed to be a part of this Indenture. 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		 	ARTICLE ONE	  			
			
		 	Definitions and Incorporation by Reference	  			
			
	 SECTION 1.01.
	 	Definitions	  	 	1	  
	 SECTION 1.02.
	 	Other Definitions	  	 	23	  
	 SECTION 1.03.
	 	Incorporation by Reference of Trust Indenture Act	  	 	23	  
	 SECTION 1.04.
	 	Rules of Construction	  	 	24	  
			
		 	ARTICLE TWO	  			
			
		 	The Notes	  			
			
	 SECTION 2.01.
	 	Form and Dating	  	 	25	  
	 SECTION 2.02.
	 	Execution, Authentication and Denomination; Additional Notes	  	 	25	  
	 SECTION 2.03.
	 	Registrar and Paying Agent	  	 	26	  
	 SECTION 2.04.
	 	Paying Agent To Hold Assets in Trust	  	 	27	  
	 SECTION 2.05.
	 	Holder Lists	  	 	27	  
	 SECTION 2.06.
	 	Transfer and Exchange	  	 	27	  
	 SECTION 2.07.
	 	Replacement Notes	  	 	28	  
	 SECTION 2.08.
	 	Outstanding Notes	  	 	28	  
	 SECTION 2.09.
	 	Treasury Notes	  	 	28	  
	 SECTION 2.10.
	 	Temporary Notes	  	 	28	  
	 SECTION 2.11.
	 	Cancellation	  	 	29	  
	 SECTION 2.12.
	 	Defaulted Interest	  	 	29	  
	 SECTION 2.13.
	 	CUSIP and ISIN Numbers	  	 	29	  
	 SECTION 2.14.
	 	[Reserved].	  	 	29	  
	 SECTION 2.15.
	 	Book-Entry Provisions for Global Notes	  	 	29	  
			
		 	ARTICLE THREE	  			
			
		 	Redemption	  			
			
	 SECTION 3.01.
	 	Notices to Trustee	  	 	31	  
	 SECTION 3.02.
	 	Selection of Notes To Be Redeemed	  	 	31	  
	 SECTION 3.03.
	 	Notice of Redemption	  	 	31	  
	 SECTION 3.04.
	 	Effect of Notice of Redemption	  	 	32	  
	 SECTION 3.05.
	 	Deposit of Redemption Price	  	 	32	  
	 SECTION 3.06.
	 	Notes Redeemed in Part	  	 	33	  
	 SECTION 3.07.
	 	Mandatory Redemption	  	 	33	  
	 SECTION 3.08.
	 	Special Mandatory Redemption	  	 	33	  
			
		 	ARTICLE FOUR	  			
			
		 	Covenants	  			
			
	 SECTION 4.01.
	 	Payment of Notes	  	 	33	  

  

  
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	 	 	 	  	Page	 
	 SECTION 4.02.
	 	Maintenance of Office or Agency	  	 	34	  
	 SECTION 4.03.
	 	Corporate Existence	  	 	34	  
	 SECTION 4.04.
	 	[Reserved]	  	 	34	  
	 SECTION 4.05.
	 	Compliance Certificate; Notice of Default	  	 	34	  
	 SECTION 4.06.
	 	Waiver of Stay, Extension or Usury Laws	  	 	35	  
	 SECTION 4.07.
	 	Change of Control	  	 	35	  
	 SECTION 4.08.
	 	Limitation on Indebtedness	  	 	36	  
	 SECTION 4.09.
	 	Limitation on Restricted Payments	  	 	39	  
	 SECTION 4.10.
	 	Maintenance of Total Unencumbered Assets	  	 	43	  
	 SECTION 4.11.
	 	Limitation on Asset Sales.	  	 	43	  
	 SECTION 4.12.
	 	Limitation on Transactions with Affiliates	  	 	46	  
	 SECTION 4.13.
	 	Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	  	 	47	  
	 SECTION 4.14.
	 	Future Guarantees by Restricted Subsidiaries	  	 	49	  
	 SECTION 4.15.
	 	Reports to Holders	  	 	50	  
	 SECTION 4.16.
	 	Suspension of Covenants	  	 	51	  
	 SECTION 4.17.
	 	Limitation on Activities of Finco.	  	 	52	  
	 SECTION 4.18.
	 	Escrow of Net Proceeds	  	 	52	  
			
		 	ARTICLE FIVE	  			
			
		 	Successor Corporation	  			
			
	 SECTION 5.01.
	 	Consolidation Merger and Sale of Assets	  	 	52	  
			
		 	ARTICLE SIX	  			
			
		 	Default and Remedies	  			
			
	 SECTION 6.01.
	 	Events of Default	  	 	54	  
	 SECTION 6.02.
	 	Acceleration	  	 	55	  
	 SECTION 6.03.
	 	Other Remedies	  	 	56	  
	 SECTION 6.04.
	 	Waiver of Past Defaults	  	 	56	  
	 SECTION 6.05.
	 	Control by Majority	  	 	56	  
	 SECTION 6.06.
	 	Limitation on Suits	  	 	56	  
	 SECTION 6.07.
	 	Rights of Holders To Receive Payment	  	 	57	  
	 SECTION 6.08.
	 	Collection Suit by Trustee	  	 	57	  
	 SECTION 6.09.
	 	Trustee May File Proofs of Claim	  	 	57	  
	 SECTION 6.10.
	 	Priorities	  	 	57	  
	 SECTION 6.11.
	 	Undertaking for Costs	  	 	58	  
	 SECTION 6.12.
	 	Restoration of Rights and Remedies	  	 	58	  
			
		 	ARTICLE SEVEN	  			
			
		 	Trustee	  			
			
	 SECTION 7.01.
	 	Duties of Trustee	  	 	58	  
	 SECTION 7.02.
	 	Rights of Trustee	  	 	59	  
	 SECTION 7.03.
	 	Individual Rights of Trustee	  	 	60	  
	 SECTION 7.04.
	 	Trustee’s Disclaimer	  	 	60	  
	 SECTION 7.05.
	 	Notice of Default	  	 	60	  
	 SECTION 7.06.
	 	Reports by Trustee to Holders	  	 	61	  

  

  
 ii 

  

							
	 	 	 	  	Page	 
	 SECTION 7.07.
	 	Compensation and Indemnity	  	 	61	  
	 SECTION 7.08.
	 	Replacement of Trustee	  	 	62	  
	 SECTION 7.09.
	 	Successor Trustee by Merger, Etc.	  	 	62	  
	 SECTION 7.10.
	 	Eligibility, Disqualification	  	 	63	  
	 SECTION 7.11.
	 	Preferential Collection of Claims Against the Issuers	  	 	63	  
	 SECTION 7.12.
	 	Escrow Authorization	  	 	63	  
			
		 	ARTICLE EIGHT	  			
			
		 	Discharge of Indenture, Defeasance	  			
			
	 SECTION 8.01.
	 	Termination of the Issuers’ Obligations	  	 	63	  
	 SECTION 8.02.
	 	Legal Defeasance and Covenant Defeasance	  	 	64	  
	 SECTION 8.03.
	 	Conditions to Legal Defeasance or Covenant Defeasance	  	 	65	  
	 SECTION 8.04.
	 	Application of Trust Money	  	 	66	  
	 SECTION 8.05.
	 	Repayment to the Issuers	  	 	67	  
	 SECTION 8.06.
	 	Reinstatement	  	 	67	  
			
		 	ARTICLE NINE	  			
			
		 	Amendments, Supplements and Waivers	  			
			
	 SECTION 9.01.
	 	Without Consent of Holders	  	 	67	  
	 SECTION 9.02.
	 	With Consent of Holders	  	 	68	  
	 SECTION 9.03.
	 	Compliance with the Trust Indenture Act	  	 	69	  
	 SECTION 9.04.
	 	Revocation and Effect of Consents	  	 	69	  
	 SECTION 9.05.
	 	Notation on or Exchange of Notes	  	 	70	  
	 SECTION 9.06.
	 	Trustee To Sign Amendments, Etc.	  	 	70	  
			
		 	ARTICLE TEN	  			
			
		 	Guarantee	  			
			
	 SECTION 10.01.
	 	Guarantee	  	 	70	  
	 SECTION 10.02.
	 	Limitation on Guarantor Liability	  	 	71	  
	 SECTION 10.03.
	 	Execution and Delivery of Guarantee	  	 	71	  
	 SECTION 10.04.
	 	Release of a Guarantor	  	 	72	  
			
		 	ARTICLE ELEVEN	  			
			
		 	Miscellaneous	  			
			
	 SECTION 11.01.
	 	Trust Indenture Act Controls	  	 	72	  
	 SECTION 11.02.
	 	Notices	  	 	72	  
	 SECTION 11.03.
	 	Communications by Holders with Other Holders	  	 	74	  
	 SECTION 11.04.
	 	Certificate and Opinion as to Conditions Precedent	  	 	74	  
	 SECTION 11.05.
	 	Statements Required in Certificate or Opinion	  	 	74	  
	 SECTION 11.06.
	 	Rules by Paying Agent or Registrar	  	 	75	  
	 SECTION 11.07.
	 	Legal Holidays	  	 	75	  
	 SECTION 11.08.
	 	Governing Law; Waiver of Jury Trial	  	 	75	  
	 SECTION 11.09.
	 	No Adverse Interpretation of Other Agreements	  	 	75	  

  

  
 iii

  

							
	 	 	 	  	Page	 
	 SECTION 11.10.
	 	No Recourse Against Others	  	 	75	  
	 SECTION 11.11.
	 	Successors	  	 	75	  
	 SECTION 11.12.
	 	Duplicate Originals	  	 	75	  
	 SECTION 11.13.
	 	Severability	  	 	75	  
	 SECTION 11.14.
	 	U.S.A. Patriot Act	  	 	75	  
	 SECTION 11.15.
	 	Force Majeure	  	 	75	  
			
	 SIGNATURES
	 		  			
			
	 Exhibit A     —
	 	Form of Note	  	 	A-1	  
	 Exhibit B     —
	 	Form of Legends	  	 	B-1	  
	 Exhibit C     —
	 	Form of Notation of Guarantee	  	 	C-1	  

 Note: This Table of Contents shall not, for any purpose, be deemed to be part of this Indenture. 

  
 iv 

 INDENTURE dated as of
[                    ], among MPT Operating Partnership, L.P., a Delaware limited partnership (“Opco”), MPT Finance Corporation, a
Delaware corporation (“Finco” and, together with Opco, the “Issuers”, each, an “Issuer”), Medical Properties Trust, Inc., a Maryland corporation (the “Parent”), as Guarantor, each
of the other Guarantors named herein, as Guarantors, and Wilmington Trust, National Association, existing under the laws of the United States of America, as Trustee (the “Trustee”). 

The Issuers have duly authorized the creation of an issue of [     ]% Senior Notes due
[                    ] and, to provide therefor, the Issuers, the Parent and the other Guarantors have duly authorized the execution and delivery of
this Indenture. All things necessary to make the Notes, when duly issued and executed by the Issuers and authenticated and delivered hereunder, the valid and binding obligations of the Issuers and to make this Indenture a valid and binding agreement
of the Issuers and the Guarantors have been done. 
 THIS INDENTURE WITNESSETH 

For and in consideration of the premises and the purchase of the Notes by the Holders thereof, the parties hereto covenant and agree, for
the equal and proportionate benefit of all Holders, as follows: 
 ARTICLE ONE 

Definitions and Incorporation by Reference 
 SECTION 1.01. Definitions. Set forth below are certain defined terms used in this Indenture. 
 “Acquired Indebtedness” means Indebtedness of a Person existing at the time such Person becomes a Restricted Subsidiary or that is assumed in connection with an Asset Acquisition from
such Person by a Restricted Subsidiary; provided, however, that Indebtedness of such Person that is redeemed, defeased, retired or otherwise repaid at the time of or immediately upon consummation of the transactions by which such
Person becomes a Restricted Subsidiary or such Asset Acquisition shall not be Acquired Indebtedness. 

“Acquisition” means the acquisition by certain wholly-owned subsidiaries as contemplated under the Transaction
Agreement. 
 “Adjusted Total Assets” means, for any Person, the sum of: 

(1) Total Assets for such Person as of the end of the fiscal quarter preceding the Transaction Date; and 

(2) any increase in Total Assets following the end of such quarter determined on a pro forma basis, including any
pro forma increase in Total Assets resulting from the application of the proceeds of any additional Indebtedness. 

“Affiliate” means, as applied to any Person, any other Person directly or indirectly controlling, controlled by, or
under direct or indirect common control with, such Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and
“under common control with”), as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of
voting securities, by contract or otherwise. 
 “Agent” means any Registrar or Paying Agent. 

 “Applicable Premium” means with respect to a Note at any redemption date,
the greater of (1) 1.00% of the principal amount of such Note and (2) the excess of (a) the present value at such redemption date of (i) the redemption price of the Note
at [                    ] (such redemption price being set forth in the table appearing in Section 5 of the Notes) plus (ii) all
required interest payments due on the Note through [                    ] (excluding interest paid prior to the redemption date and accrued but
unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points, over (b) the principal amount of the Note on such redemption date. 

The Trustee shall not be responsible for the calculation of, or otherwise required to verify, the Applicable Premium. 

“April Issue Date” means April 26, 2011, the date of issuance of the Issuers’ 6.875% Senior Notes due 2021.

 “Asset Acquisition” means: 

(1) an investment by an Issuer or any of its Restricted Subsidiaries in any other Person pursuant to which such Person
shall become a Restricted Subsidiary or shall be merged, amalgamated or consolidated with and into an Issuer or any of its Restricted Subsidiaries; provided, however, that such Person’s primary business is related, ancillary,
incidental or complementary to the businesses of the Issuers or any of their Restricted Subsidiaries on the date of such investment; or 
 (2) an acquisition by an Issuer or any of its Restricted Subsidiaries from any other Person of assets or one or more properties of such Person; provided, however, that the assets and
properties acquired are related, ancillary, incidental or complementary to the businesses of the Issuers or any of their Restricted Subsidiaries on the date of such acquisition. 

“Asset Disposition” means the sale or other disposition by an Issuer or any of the Restricted Subsidiaries, other than
to an Issuer or another Restricted Subsidiary, of: 
 (1) all or substantially all of the Capital Stock of any
Restricted Subsidiary, whether in a single transaction or a series of transactions; or 
 (2) all or
substantially all of the assets that constitute a division or line of business, or one or more properties, of an Issuer or any of the Restricted Subsidiaries, whether in a single transaction or a series of transactions. 

“Asset Sale” means any sale, transfer or other disposition, including by way of merger, consolidation or Sale and
Leaseback Transaction, in one transaction or a series of related transactions by an Issuer or any of the Restricted Subsidiaries to any Person other than an Issuer or any of the Restricted Subsidiaries of: 

(1) all or any of the Capital Stock of any Restricted Subsidiary; 

(2) all or substantially all of the assets that constitute a division or line of business of an Issuer or any of its
Restricted Subsidiaries; or 
 (3) any property and assets of an Issuer or any of its Restricted Subsidiaries
outside the ordinary course of business of such Issuer or such Restricted Subsidiary and, in each case, that is not governed by the provisions of Section 5.01; 

  
 2 

 provided, however, that “Asset Sale” shall not include: 

(1) the lease or sublease of any Real Estate Asset; 

(2) sales, leases, assignments, licenses, sublicenses, subleases or other dispositions of inventory, receivables and other
current assets; 
 (3) the sale, conveyance, transfer, lease, disposition or other transfer of all or
substantially all of the assets of the Issuers as permitted under Section 5.01; 
 (4) the license or
sublicense of intellectual property or other general intangibles; 
 (5) the issuance of Capital Stock by a
Restricted Subsidiary in which the percentage interest (direct and indirect) in the Capital Stock of such Restricted Subsidiary owned by the Issuers after giving effect to such issuance, is at least equal to the percentage interest prior to such
issuance; 
 (6) the surrender or waiver of contract rights or settlement, release or surrender of a contract,
tort or other litigation claim in the ordinary course of business; 
 (7) any Restricted Payment permitted by
Section 4.09 or that constitutes a Permitted Investment; 
 (8) sales, transfers or other dispositions of
assets or the issuance of Capital Stock of a Restricted Subsidiary with a fair market value not in excess of $10,000,000 in any transaction or series of related transactions; 

(9) sales or other dispositions of assets for consideration at least equal to the fair market value of the assets sold or
disposed of, to the extent that the consideration received would satisfy Section 4.11(c)(2); 
 (10) sales
or other dispositions of cash or Temporary Cash Investments; 
 (11) the creation, granting, perfection or
realization of any Lien permitted under this Indenture; 
 (12) the lease, assignment or sublease of property in
the ordinary course of business so long as the same does not materially interfere with the business of the Issuers and their Restricted Subsidiaries, taken as a whole; 

(13) sales, exchanges, transfers or other dispositions of damaged, worn-out or obsolete or otherwise unsuitable or
unnecessary equipment or assets that, in the Parent’s reasonable judgment, are no longer used or useful in the business of the Issuers or their Restricted Subsidiaries and any sale or disposition of property in connection with scheduled
turnarounds, maintenance and equipment and facility updates; 
 (14) to the extent allowable under
Section 1031 of the Code, any exchange of like property (excluding any boot thereon) for use in a Permitted Business between an Issuer or any Restricted Subsidiary and another Person; 

  
 3 

 (15) the voluntary unwinding of any hedging agreements or other derivative
instruments (including any Interest Rate Agreements and Currency Agreements) other than those entered into for speculative purposes; and 
 (16) solely for purposes of clauses (1) and (2) of Section 4.12(b), any foreclosures, expropriations, condemnations or similar actions with respect to assets. 

“Attributable Debt” in respect of a Sale and Leaseback Transaction means, at the time of determination, the present
value of the total obligations of the lessee for net rental payments during the remaining term of the lease included in such Sale and Leaseback Transaction. For purposes hereof such present value shall be calculated using a discount rate equal to
the rate of interest implicit in such Sale and Leaseback Transaction, determined by lessee in good faith on a basis consistent with comparable determinations of Capitalized Lease Obligations under GAAP; provided, however, that if such
sale and leaseback transaction results in a Capitalized Lease Obligation, the amount of Indebtedness represented thereby will be determined in accordance with the definition of “Capitalized Lease Obligations.” 

“Average Life” means at any date of determination with respect to any debt security, the quotient obtained by dividing:

 (1) the sum of the products of: 

(x) the number of years from such date of determination to the dates of each successive scheduled principal payment of
such debt security, and 
 (y) the amount of such principal payment; by 

(2) the sum of all such principal payments. 
 “Bankruptcy Law” means Title 11 of the United States Code, as amended, or any insolvency or other similar Federal or state law for the relief of debtors. 

“Board of Directors” means, as to any Person, the board of directors (or similar governing body) of such Person or any
duly authorized committee thereof. 
 “Board Resolution” means, with respect to any Person, a copy of a
resolution certified by the Secretary or an Assistant Secretary of such Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such certification, and delivered to the Trustee.

 “Business Day” means a day other than a Saturday, Sunday or any other day on which banking institutions in
New York City or the location of the Corporate Trust Office of the Trustee are authorized or required by law, regulation or executive order to close. 
 “Capital Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents (however designated, whether voting or non-voting), including
partnership or limited liability company interests, whether general or limited, in the equity of such Person, whether outstanding on the Issue Date or issued thereafter, including all Common Stock and Preferred Stock. 

“Capitalized Lease” means, as applied to any Person, any lease of any property, whether real, personal or mixed, of
which the discounted present value of the rental obligations of such Person as lessee, in conformity with GAAP, is required to be capitalized on the balance sheet of such Person. 

  
 4 

 “Capitalized Lease Obligations” means, at the time any determination is to
be made, the amount of the liability in respect of a Capitalized Lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP. 
 “Change of Control” means the occurrence of one or more of the following events: 
 (1) any sale, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the assets of Opco and its Subsidiaries taken as a whole to any
“person” or “group” (as such terms are defined in Sections 13(d) and l4(d)(2) of the Exchange Act), together with any Affiliates thereof (whether or not otherwise in compliance with the provisions of this Indenture);
provided, however, that for the avoidance of doubt, the lease of all or substantially all of the assets of Opco and its Subsidiaries taken as a whole shall not constitute a Change of Control; 

(2) a “person” or “group” (as such terms are defined in Sections 13(d) and l4(d)(2) of the Exchange
Act), becomes the ultimate “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of more than 50% of the total voting power of the Voting Stock of Opco or any of its direct or indirect parent companies on a fully diluted
basis; 
 (3) the approval by the holders of Capital Stock of an Issuer of any plan or proposal for the
liquidation or dissolution of an Issuer (whether or not otherwise in compliance with the provisions of this Indenture); or 
 (4) individuals who on the Issue Date constitute the Board of Directors of the Parent (together with any new or replacement directors whose election by the Board of Directors of the Parent or whose
nomination by the Board of Directors of the Parent for election by the Parent’s shareholders was approved by a vote of at least a majority of the members of the Board of Directors of the Parent then still in office who either were members of
the Board of Directors of the Parent on the Issue Date or whose election or nomination for election was so approved) cease for any reason to constitute a majority of the members of the Board of Directors of the Parent then in office. 

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

“Common Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents
(however designated, whether voting or non-voting) that have no preference on liquidation or with respect to distributions over any other class of Capital Stock, including partnership interests, whether general or limited, of such Person’s
equity, whether outstanding on the Issue Date or issued thereafter, including all series and classes of common stock. 

“Common Units” means the common units of Opco, as defined in Opco’s limited partnership agreement. 

“Consolidated EBITDA” means, for any period, the aggregate net income (or loss) (before giving effect to cash dividends
on preferred units of Opco (or distributions to Parent to pay dividends on preferred stock of Parent) or charges resulting from the redemption of preferred units of Opco (or preferred stock of Parent) attributable to Opco and its Restricted
Subsidiaries for such period determined on a consolidated basis in conformity with GAAP 

  
 5 

 I. excluding (without duplication): 

(1) the net income of any Person, other than an Issuer or a Restricted Subsidiary, except to the extent of the amount of
dividends or other distributions actually paid in cash (or to the extent converted into cash) or Temporary Cash Investments to an Issuer or any of its Restricted Subsidiaries by such Person during such period and the net losses for any such Person
shall only be included to the extent funded with cash from an Issuer or a Restricted Subsidiary; 
 (2) the
cumulative effect of a change in accounting principles; 
 (3) all extraordinary gains and extraordinary
losses together with any related provision for taxes on such gains and losses; 
 (4) any fees and expenses
(including any transaction or retention bonus) incurred during such period, or any amortization thereof for such period, in connection with any acquisition, Investment, asset disposition, issuance or repayment of debt, issuance of equity securities,
refinancing transaction or amendment or other modification of any debt instrument (in each case, including any such transaction consummated prior to the Issue Date and any such transaction undertaken but not completed) and any charges or
non-recurring merger costs incurred during such period as a result of any such transaction; 
 (5) any
income (loss) for such period attributable to the early extinguishment of Indebtedness, hedging agreements or other derivative instruments; 
 (6) any after-tax gains or losses attributable to asset dispositions (including any Asset Sales) or abandonments (including any disposal of abandoned or discontinued operations) or the sale or other
disposition of any Capital Stock of any Person other than in the ordinary course of business as determined in good faith by the Issuers; and 
 (7) all non-cash items increasing net income; 
 II. increased by, to the
extent such amount was deducted in calculating such net income (without duplication): 
 (a) Consolidated
Interest Expense; 
 (b) provision for taxes based on income or profits or capital gains, including federal,
state, provincial, franchise, excise and similar taxes and foreign withholding taxes; 
 (c) depreciation and
amortization (including without limitation amortization of deferred financing fees or costs, amortization or impairment write-offs of goodwill and other intangibles, long lived assets and Investments in debt and equity securities, but excluding
amortization of prepaid cash expenses that were paid in a prior period); 
 (d) non-recurring charges (including
any unusual or non-recurring operating expenses directly attributable to the implementation of cost savings initiatives), severance, relocation costs, integration and facilities’ opening costs, signing costs, retention or completion bonuses,
transition costs, rent expense on operating leases to the extent that a liability for such rent has been established in purchase accounting or through a restructuring provision (and accretion of the discount on any such liability), costs related to
closure/consolidation of facilities and curtailments or modifications to pension and post-retirement employee benefit plans (including any settlement of pension liabilities) excluding, in all cases under this clause (d), cash restructuring charges,
accruals and reserves; and 

  
 6 

 (e) all Non-Cash Charges, and 

III. increased (by losses) or decreased (by gains) by (without duplication) any net noncash gain or loss resulting in such period from
hedging or other derivative instruments (including any Interest Rate Agreements or Currency Agreements) and the application of Accounting Standards Codification 815. 
 Notwithstanding the preceding, the income taxes of, and the depreciation and amortization and other non-cash items of, a Subsidiary shall be added (or subtracted) to net income to compute Consolidated
EBITDA only to the extent (and in the same proportion) that net income of such Subsidiary was included after giving effect to the impact of clause (1) above. 
 “Consolidated Interest Expense” means, for any period, the aggregate amount of interest expense, less the aggregate amount of interest income for such period, in respect of Indebtedness
of the Issuers and the Restricted Subsidiaries during such period, all as determined on a consolidated basis in conformity with GAAP including (without duplication): 

(1) the interest portion of any deferred payment obligations; 

(2) all commissions, discounts and other fees and expenses owed with respect to letters of credit and bankers’
acceptance financing; 
 (3) the net cash costs associated with Interest Rate Agreements and Indebtedness that is
Guaranteed or secured by assets of an Issuer or any Restricted Subsidiary; and 
 (4) all but the principal
component of rentals in respect of Capitalized Lease Obligations paid, accrued or scheduled to be paid or to be accrued by an Issuer and the Restricted Subsidiaries; 
 excluding, to the extent included in interest expense above, (i) accretion of accrual of discounted liabilities not constituting Indebtedness, (ii) any expense resulting from the
discounting of any Indebtedness in connection with the application of purchase accounting in connection with any acquisition, (iii) amortization of deferred financing fees, debt issuance costs, commissions, fees and expenses, (iv) any
expensing of bridge, commitment or other financing fees and (v) non-cash costs associated with Interest Rate Agreements and Currency Agreements or attributable to mark-to-market valuation of derivative instruments pursuant to GAAP. 

“Corporate Trust Office” for administration of this Indenture means the corporate trust office of the Trustee located at
Rodney Square North, 1100 N. Market Street, Wilmington, DE 19890-0001, Attention: Corporate Trust Administration, or such other office, designated by the Trustee by written notice to the Issuers, at which at any particular time its corporate trust
business shall be administered. 
 “Credit Agreement” means the Amended and Restated Revolving Credit
Agreement, dated as of April 26, 2011, by and among Opco and the Restricted Subsidiaries now or hereafter party thereto as borrowers or guarantors, the Parent as guarantor, the lenders party thereto in their capacities as lenders thereunder and
JPMorgan Chase Bank, N.A., as administrative agent, together with the related documents thereto (including any guarantee agreements and security documents). 
 “Credit Facility” means one or more credit or debt facilities (including any credit or debt facilities provided under the Credit Agreement), financings, commercial paper facilities, note
purchase agreements or other debt instruments, indentures or agreements, providing for revolving credit loans, term loans, 

  
 7 

 
swing line loans, notes, securities, letters of credit or other debt obligations, in each case, as amended, restated, modified, renewed, refunded, restructured, supplemented, replaced or
refinanced in whole or in part from time to time, including any amendment increasing the amount of Indebtedness incurred or available to be borrowed thereunder, extending the maturity of any Indebtedness incurred thereunder or contemplated thereby
or deleting, adding or substituting one or more parties thereto (whether or not such added or substituted parties are banks or other lenders or investors). 
 “Currency Agreement” means any foreign exchange contract, currency swap agreement or other similar agreement or arrangement. 

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

“Depository” means The Depository Trust Company, New York, New York, or a successor thereto registered under the
Exchange Act or other applicable statute or regulation. 
 “Designated Non-Cash Consideration” means the fair
market value of non-cash consideration received by an Issuer or any of its Restricted Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-Cash Consideration pursuant to an Officer’s Certificate, setting forth
the basis of such valuation, executed by the principal financial officer of the Issuers, less the amount of cash or Temporary Cash Investments received in connection with a subsequent sale of or collection on such Designated Non-Cash Consideration.

 “Disqualified Stock” means any class or series of Capital Stock of any Person that by its terms or otherwise
is: 
 (1) required to be redeemed on or prior to the date that is 91 days after the Stated Maturity of the
Notes; 
 (2) redeemable at the option of the holder of such class or series of Capital Stock, at any time on or
prior to the date that is 91 days after the Stated Maturity of the Notes (other than into shares of Capital Stock that is not Disqualified Stock); or 
 (3) convertible into or exchangeable for Capital Stock referred to in clause (1) or (2) above or Indebtedness having a scheduled maturity on or prior to the date that is 91 days after the Stated
Maturity of the Notes; 
 provided, however, that any Capital Stock that would not constitute Disqualified Stock but for
provisions thereof giving holders thereof the right to require such Person to repurchase or redeem such Capital Stock upon the occurrence of an “asset sale” or “change of control” occurring prior to the Stated Maturity of the
Notes shall not constitute Disqualified Stock if the “asset sale” or “change of control” provisions applicable to such Capital Stock are no more favorable to the holders of such Capital Stock than the provisions contained in
Sections 4.07 and 4.11 and such Capital Stock specifically provides that such Person shall not repurchase or redeem any such stock pursuant to such provisions unless such repurchase or redemption complies with Section 4.09. Disqualified Stock
shall not include (i) Capital Stock which is issued to any plan for the benefit of employees of the Parent or its Subsidiaries or by any such plan to such employees solely because it may be required to be repurchased by the Parent or its
Subsidiaries in order to satisfy applicable statutory or regulatory obligations and (ii) Capital Stock issued to any future, present or former employee, director, officer or consultant of the Parent, an Issuer (or any of their respective direct
or indirect parents or Subsidiaries) which is redeemable or subject to repurchase pursuant to any management equity subscription agreement, stock option agreement, stock ownership plan, put agreement, stockholder agreement or similar agreement that
may be in effect from time to time. Disqualified Stock shall not include Common Units. 

  
 8 

 “Equity Offering” means a public or private offering of Capital Stock
(other than Disqualified Stock) of Opco or the Parent to the extent the net proceeds thereof are contributed to Opco as Capital Stock (other than Disqualified Stock). 
 “Escrow Agent” means Wilmington Trust, National Association, as escrow agent under the Escrow Agreement or any successor escrow agent as set forth in the Escrow Agreement. 

“Escrow Agreement” means the Escrow Agreement to be dated as of the Issue Date, among the Issuers, the Trustee and the
Escrow Agent, as amended, supplemented, modified, extended, renewed, restated or replaced in whole or in part from time to time. 
 “Escrow End Date” means May      , 2012. 

“Escrow Proceeds” means an amount sufficient to redeem, for cash, the Notes at a redemption price equal to the offering
price to the public of the Notes offered on the Issue Date, together with accrued and unpaid interest on the Notes, in each case, from the Issue Date up to but not including the date of the Special Mandatory Redemption. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute or statutes thereto.

 “fair market value” means the price that would be paid in an arm’s-length transaction between an
informed and willing seller under no compulsion to sell and an informed and willing buyer under no compulsion to buy. For purposes of determining compliance with Article Four of this Indenture, any determination that the fair market value of assets
other than cash or Temporary Cash Investments is equal to or greater than $20,000,000 shall be as determined in good faith by the Board of Directors of the Parent, whose determination shall be conclusive if evidenced by a Board Resolution, and
otherwise by the principal financial officer of the Parent acting in good faith, each of whose determination shall be conclusive. 
 “Four Quarter Period” means, for purposes of calculating the Interest Coverage Ratio with respect to any Transaction Date, the then most recent four fiscal quarters prior to such
Transaction Date for which reports have been filed with the SEC or provided to the Trustee pursuant to Section 4.15. 

“Funds From Operations” for any period means the consolidated net income attributable to the Issuers and the Restricted
Subsidiaries for such period determined in conformity with GAAP after adjustments for unconsolidated partnerships and joint ventures, plus depreciation and amortization of real property (including furniture and equipment) and other real estate
assets and excluding (to the extent such amount was deducted in calculating such consolidated net income): 
 (1)
gains or losses from (a) the restructuring or refinancing of Indebtedness or (b) sales of properties; 

(2) non-cash asset impairment charges (including write-offs of former tenant receivables); 

(3) non-cash, non-recurring charges (provided, in each case, that if any non-cash charges represent an accrual
or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted from Funds From Operations to such extent, and excluding amortization of a prepaid cash item that was paid in a
prior period); 

  
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 (4) write-offs or reserves of straight-line rent; 

(5) fees and expenses incurred in connection with any acquisition or debt refinancing; 

(6) executive severance in an amount not to exceed $10,000,000 in the aggregate; 

(7) amortization of debt costs; and 

(8) any non-cash expenses and costs of the Issuers and their Restricted Subsidiaries that result from the issuance of
stock-based awards, partnership interest-based awards and similar incentive based compensation awards or arrangements. 

“GAAP” means generally accepted accounting principles in the United States of America as in effect as of the Issue Date
(without giving effect to SFAS No. 159 “The Fair Value Option for Financial Assets and Financial Liabilities”), including those set forth in the opinions and pronouncements of the Accounting Principles Board of the American
Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as approved by a significant segment of the accounting profession. Except as
otherwise specifically provided in this Indenture, all ratios and computations contained or referred to in this Indenture shall be computed in conformity with GAAP applied on a consistent basis. 

“Guarantee” means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course
of business, direct or indirect, in any manner, including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness or other obligations.

 “Guarantor” means the Parent and each Subsidiary Guarantor. 

“Holder” means any registered holder on the books of the Registrar, from time to time, of the Notes. 

“Incur” means, with respect to any Indebtedness, to incur, create, issue, assume, Guarantee or otherwise become liable
for or with respect to, or become responsible for, the payment of, contingently or otherwise, such Indebtedness, including an “Incurrence” of Acquired Indebtedness; provided, however, that neither the accrual of interest, the
payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, nor the accretion of original issue discount shall be considered an Incurrence of Indebtedness. 

“Indebtedness” means, with respect to any Person at any date of determination (without duplication): 

(1) all indebtedness of such Person for borrowed money; 

(2) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments; 

  
 10 

 (3) the face amount of letters of credit or other similar instruments
(excluding obligations with respect to letters of credit (including trade letters of credit) securing obligations (other than obligations described in (1) or (2) above or (5), (6) or (7) below) entered into in the ordinary course
of business of such Person to the extent such letters of credit are not drawn upon or, if drawn upon, to the extent such drawing is reimbursed no later than the fifth Business Day following receipt by such Person of a demand for reimbursement);

 (4) all unconditional obligations of such Person to pay the deferred and unpaid purchase price of property or
services, which purchase price is due more than six months after the date of placing such property in service or taking delivery and title thereto or the completion of such services, except Trade Payables; 

(5) all Capitalized Lease Obligations and Attributable Debt; 

(6) all Indebtedness of other Persons secured by a Lien on any asset of such Person, whether or not such Indebtedness is
assumed by such Person; provided, however, that the amount of such Indebtedness shall be the lesser of (A) the fair market value of such asset at that date of determination and (B) the amount of such Indebtedness; 

(7) all Indebtedness of other Persons Guaranteed by such Person to the extent such Indebtedness is Guaranteed by such
Person; and 
 (8) to the extent not otherwise included in this definition or the definition of Consolidated
Interest Expense, obligations under Currency Agreements and Interest Rate Agreements, 
 in each case if and to the extent that any of the
foregoing (other than letters of credit) in clauses (1) through (7) would appear as a liability on a balance sheet (excluding the footnotes) of such Person in accordance with GAAP. 

The amount of Indebtedness of any Person at any date shall be the outstanding balance at such date of all unconditional obligations of
the type described above and, with respect to obligations under any Guarantee, the maximum liability upon the occurrence of the contingency giving rise to the obligation; provided, however, that: 

(1) the amount outstanding at any time of any Indebtedness issued with original issue discount shall be deemed to be the
face amount with respect to such Indebtedness less the remaining unamortized portion of the original issue discount of such Indebtedness at the date of determination in conformity with GAAP; 

(2) Indebtedness shall not include any liability for foreign, Federal, state, local or other taxes; 

(3) Indebtedness shall not include any obligations in respect of indemnification, adjustment of purchase price or similar
obligations, or from Guarantees or letters of credit, surety bonds or performance bonds, in each case securing any such obligations of the Issuers or any of the Restricted Subsidiaries, in any case Incurred in connection with the disposition of any
business, assets or Restricted Subsidiary (other than Guarantees of Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or Restricted Subsidiary for the purpose of financing such acquisition) in a principal
amount not in excess of the gross proceeds including non-cash proceeds (the fair market value of such non-cash proceeds being measured at the time received and without giving effect to any subsequent changes in value) actually received by the Issuer
and the Restricted Subsidiaries on a consolidated basis in connection with such disposition; and 

  
 11 

 (4) Indebtedness shall not include contingent obligations under performance
bonds, performance guarantees, surety bonds, appeal bonds or similar obligations incurred in the ordinary course of business and consistent with past practices. 
 “Indenture” means this Indenture, as amended or supplemented from time to time in accordance with the terms hereof. 

“interest” means, unless the context otherwise requires, with respect to the Notes, interest on the Notes. 

“Interest Coverage Ratio” means, on any Transaction Date, the ratio of: 

(x) the aggregate amount of Consolidated EBITDA for the then applicable Four Quarter Period to 

(y) the aggregate Consolidated Interest Expense during such Four Quarter Period. 

In making the foregoing calculation (and without duplication), 

(1) pro forma effect shall be given to any Indebtedness Incurred or repaid during the period (“Reference
Period”) commencing on the first day of the Four Quarter Period and ending on the Transaction Date (other than Indebtedness Incurred or repaid under a revolving credit or similar arrangement), in each case as if such Indebtedness had been
Incurred or repaid on the first day of such Reference Period; 
 (2) Consolidated Interest Expense attributable
to interest on any Indebtedness (whether existing or being Incurred) computed on a pro forma basis and bearing a floating interest rate shall be computed as if the rate in effect on the Transaction Date (taking into account any Interest Rate
Agreement applicable to such Indebtedness if such Interest Rate Agreement has a remaining term in excess of 12 months or, if shorter, at least equal to the remaining term of such Indebtedness) had been the applicable rate for the entire period;

 (3) pro forma effect shall be given to Asset Dispositions, Asset Acquisitions and Permitted Mortgage
Investments (including giving pro forma effect to the application of proceeds of any Asset Disposition and any Indebtedness Incurred or repaid in connection with any such Asset Acquisitions or Asset Dispositions) that occur during such
Reference Period or subsequent to the end of the related Four Quarter Period as if they had occurred and such proceeds had been applied on the first day of such Reference Period and after giving effect to Pro Forma Cost Savings; 

(4) pro forma effect shall be given to asset dispositions and asset acquisitions (including giving pro forma
effect to (i) the application of proceeds of any asset disposition and any Indebtedness Incurred or repaid in connection with any such asset acquisitions or asset dispositions, (ii) expense and cost reductions calculated on a basis
consistent with Regulation S-X under the Exchange Act and (iii) Pro Forma Cost Savings) that have been made by any Person that is or has become a Restricted Subsidiary or has been merged with or into an Issuer or any of its Restricted
Subsidiaries during such Reference Period or subsequent to the end of the related Four Quarter Period and that would have constituted asset dispositions or asset acquisitions during 

  
 12 

 
such Reference Period or subsequent to the end of the related Four Quarter Period had such transactions occurred when such Person was a Restricted Subsidiary as if such asset dispositions or
asset acquisitions were Asset Dispositions or Asset Acquisitions and had occurred on the first day of such Reference Period; 
 (5) the Consolidated Interest Expense attributable to discontinued operations, as determined in accordance with GAAP, shall be excluded, but only to the extent that the obligations giving rise to such
Consolidated Interest Expense shall not be obligations of the specified Person or any of its Restricted Subsidiaries following the Transaction Date; and 
 (6) consolidated interest expense attributable to interest on any Indebtedness (whether existing or being incurred) computed on a pro forma basis and bearing a floating interest rate shall be
computed as if the rate in effect on the Transaction Date (taking into account any interest rate option, swap, cap or similar agreement applicable to such Indebtedness if such agreement has a remaining term in excess of 12 months or, if shorter, at
least equal to the remaining term of such Indebtedness) had been the applicable rate for the entire period. Interest on Indebtedness that may optionally be determined at an interest rate based on a factor of a prime or similar rate, a Eurocurrency
interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if not, then based upon such operational rate chosen as the Issuers may designate. Interest on any Indebtedness under a revolving credit
facility computed on a pro forma basis shall be computed based on the average daily balance of such Indebtedness during the applicable period except as set forth in clause (1) of this definition. Interest on a Capitalized Lease
Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Issuers to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP;

 provided, however, that to the extent that clause (3) or (4) of this paragraph requires that pro forma effect
be given to an Asset Acquisition, Asset Disposition, Permitted Mortgage Investment, asset acquisition or asset disposition, as the case may be, such pro forma calculation shall be based upon the four full fiscal quarters immediately preceding
the Transaction Date of the Person, or division or line of business, or one or more properties, of the Person that is acquired or disposed of to the extent that such financial information is available or otherwise a reasonable estimate thereof is
available. 
 “Interest Payment Date” means the Stated Maturity of an installment of interest on the Notes.

 “Interest Rate Agreement” means any interest rate protection agreement, interest rate future agreement,
interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement, option or future contract or other similar agreement or arrangement with respect to interest
rates. 
 “Investment” in any Person means any direct or indirect advance, loan or other extension of credit
(including by way of Guarantee or similar arrangement, but excluding advances to customers and distributors and trade credit made in the ordinary course of business that are, in conformity with GAAP, recorded as accounts receivable on the
consolidated balance sheet of an Issuer and its Restricted Subsidiaries and commission, travel and similar advances to employees, directors, officers, managers and consultants in each case made in the ordinary course of business) or capital
contribution to (by means of any transfer of cash or other property (tangible or intangible) to others or any payment for property or services solely for the account or use of others, or otherwise), or any purchase or acquisition of Capital Stock,
bonds, notes, debentures or other similar instruments issued by, such Person and shall include: 
 (1) the
designation of a Restricted Subsidiary as an Unrestricted Subsidiary; and 

  
 13 

 (2) the fair market value of the Capital Stock (or any other Investment),
held by an Issuer or any of its Restricted Subsidiaries of (or in) any Person that has ceased to be a Restricted Subsidiary; 
 provided,
however, that the fair market value of the Investment remaining in any Person shall be deemed not to exceed the aggregate amount of Investments previously made in such Person valued at the time such Investments were made, less the net
reduction of such Investments. For purposes of the definition of “Unrestricted Subsidiary” and Section 4.09: 
 (i) “Investment” shall include the fair market value of the assets (net of liabilities (other than liabilities to an Issuer or any of its Restricted Subsidiaries)) of any Restricted Subsidiary
at the time such Restricted Subsidiary is designated an Unrestricted Subsidiary; 
 (ii) the fair market value of
the assets (net of liabilities (other than liabilities to an Issuer or any of its Restricted Subsidiaries)) of any Unrestricted Subsidiary at the time that such Unrestricted Subsidiary is designated a Restricted Subsidiary shall be considered a
reduction in outstanding Investments; and 
 (iii) any property transferred to or from an Unrestricted Subsidiary
shall be valued at its fair market value at the time of such transfer. 
 “Investment Grade Status” means, with
respect to the Issuers, when the Notes have (1) a rating of “Baa3” or higher from Moody’s and (2) a rating of “BBB-” or higher from S&P, in each case published by the applicable agency. 

“Issue Date” means
[                    ]. 

“Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including any conditional
sale or other title retention agreement or lease in the nature thereof or any agreement to give any security interest). 

“Moody’s” means Moody’s Investors Service, Inc. and its successors. 

“Net Cash Proceeds” means, with respect to any Asset Sale, the proceeds of such Asset Sale in the form of cash or
Temporary Cash Investments, including payments in respect of deferred payment obligations (to the extent corresponding to the principal, but not interest, component thereof) when received in the form of cash or Temporary Cash Investments (except to
the extent such obligations are financed or sold with recourse to an Issuer or any of its Restricted Subsidiaries) and proceeds from the conversion or sale of other property received when converted to or sold for cash or cash equivalents, net of
brokerage and sales commissions and other fees and expenses (including fees and expenses of counsel, accountants and investment bankers) related to such Asset Sale. 
 “Non-Cash Charges” means (a) all losses from Investments recorded using the equity method, (b) any non-cash expenses and costs of the Issuers and their Restricted Subsidiaries
that result from the issuance of stock-based awards, partnership interest-based awards and similar incentive based compensation awards or arrangements, (c) the non-cash impact of acquisition method accounting, and (d) other non-cash
charges (provided, in each case, that if any non-cash charges represent an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted from Funds From
Operations to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period). 

  
 14 

 “Notes” means, collectively, the Issuers’ [    ]%
Senior Notes due [    ] issued in accordance with Section 2.02 (whether issued on the Issue Date, issued as Additional Notes, or otherwise issued after the Issue Date) treated as a single class of securities under this
Indenture. 
 “Officer” means any of the following with respect to any Person: the Chairman of the Board of
Directors, the Chief Executive Officer, the Chief Financial Officer, Chief Accounting Officer, Chief Operating Officer, the President, any Vice President (whether or not designated by a number or numbers or word or words added before or after the
title “Vice President”), the Treasurer, any Assistant Treasurer, the Controller, the General Counsel or the Secretary or any Assistant Secretary of such Person. 
 “Officer’s Certificate” means a certificate signed by an Officer of the Parent, each of the Issuers or a Subsidiary Guarantor, as applicable. 

“Opinion of Counsel” means a written opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel
may be an employee of, or counsel to the Issuers, a Guarantor or the Trustee. 
 “Pari Passu Indebtedness”
means any Indebtedness of an Issuer or any Subsidiary Guarantor that ranks pari passu in right of payment with the Notes or the Subsidiary Guarantee thereof by such Subsidiary Guarantor, as applicable. 

“Permitted Business” means any business activity (including Permitted Mortgage Investments) in which the Parent, the
Issuers and Restricted Subsidiaries are engaged or propose to be engaged in (as described in the Prospectus) on the Issue Date, any business activity related to properties customarily constituting assets of a healthcare REIT, or any business
reasonably related, ancillary, incidental or complementary thereto, or reasonable expansions or extensions thereof. 

“Permitted Investment” means: 
 (1) (a) an Investment in an Issuer or any of the Restricted Subsidiaries or (b) a Person that will, upon the making of such Investment, become a Restricted Subsidiary or be merged or
consolidated with or into or transfer or convey all or substantially all its assets to, an Issuer or any of its Restricted Subsidiaries and, in each case, any Investment held by such Person; provided that such Investment was not acquired by
such Person in contemplation of such acquisition, merger, consolidation or transfer; 
 (2) investments in cash
and Temporary Cash Investments; 
 (3) Investments made by an Issuer or the Restricted Subsidiaries as a result
of consideration received in connection with an Asset Sale made in compliance with Section 4.11 or from any other disposition or transfer of assets not constituting an Asset Sale; 

(4) Investments represented by Guarantees that are otherwise permitted under this Indenture; 

(5) payroll, travel and similar advances to cover matters that are expected at the time of such advances ultimately to be
treated as expenses in accordance with GAAP; 
 (6) Investments received in satisfaction of judgments or in
settlements of debt or compromises of obligations incurred in the ordinary course of business; 

  
 15 

 (7) any Investment acquired solely in exchange for Capital Stock (other than
Disqualified Stock) of the Parent or Opco, which the Parent or Opco did not receive in exchange for a cash payment, Indebtedness or Disqualified Stock, but excluding any new cash Investments made thereafter; 

(8) Investments in tenants in an aggregate amount not to exceed the greater of (x) $210,000,000 and (y) 10% of
Adjusted Total Assets at any one time outstanding; 
 (9) obligations under Currency Agreements and Interest Rate
Agreements otherwise permitted under this Indenture; 
 (10) Permitted Mortgage Investments; 

(11) any transaction which constitutes an Investment to the extent permitted and made in accordance with
Section 4.12(b) (except transactions pursuant to Sections 4.12(b)(1), (5), (8) and (9)); 
 (12) any
Investment consisting of prepaid expenses, negotiable instruments held for collection and lease, endorsements for deposit or collection in the ordinary course of business, utility or workers’ compensation, performance and similar deposits
entered into as a result of the operations of the business in the ordinary course of business; 
 (13) pledges or
deposits by a Person under workers’ compensation laws, unemployment insurance laws or similar legislation, or deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a
party, or deposits as security for contested taxes or import duties or for the payment of rent, in each case incurred in the ordinary course of business; 
 (14) any Investment acquired by an Issuer or any of its Restricted Subsidiaries (a) in exchange for any other Investment or accounts receivable or rents receivable held by the Parent or any such
Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the issuer of such other Investment or accounts receivable or rents receivable or (b) as a result of a foreclosure by the
Parent or any of its Restricted Subsidiaries with respect to any secured Investment or other transfer of title with respect to any secured Investment in default; 

(15) any Investment consisting of a loan or advance to officers, directors or employees of the Parent, an Issuer or any of
its Restricted Subsidiaries (a) in connection with the purchase by such Persons of Capital Stock of the Parent or (b) for additional purposes made in the ordinary course of business, in the aggregate under this clause (15) not to
exceed $2,500,000 at any one time outstanding; 
 (16) any Investment made in connection with the funding of
contributions under any nonqualified employee retirement plan or similar employee compensation plan in an amount not to exceed the amount of compensation expenses recognized by the Parent, an Issuer and any of its Restricted Subsidiaries in
connection with such plans; 
 (17) any Investment existing on the Issue Date or made pursuant to a
(x) binding commitment or (y) the Transaction Agreement, in each case, in effect on the Issue Date or an Investment consisting of any extension, modification, replacement or renewal of any such Investment or binding commitment existing on
the Issue Date; 

  
 16 

 (18) additional Investments not to exceed the greater of
(x) $110,000,000 and (y) 5.0% of Adjusted Total Assets at any time outstanding; and 
 (19) Investments
in Unrestricted Subsidiaries and joint ventures in an aggregate amount, taken together with all other Investments made in reliance on this clause not to exceed the greater of (x) $110,000,000 and (y) 5.0% of Adjusted Total Assets (net of,
with respect to the Investment in any particular Person, the cash return thereon received after the Issue Date as a result of any sale for cash, repayment, redemption, liquidating distribution or other cash realization (not included in Consolidated
EBITDA), not to exceed the amount of Investments in such Person made after the Issue Date in reliance on this clause). 

“Permitted Mortgage Investment” means any Investment in secured notes, mortgage, deeds of trust, collateralized mortgage
obligations, commercial mortgage-backed securities, other secured debt securities, secured debt derivative or other secured debt instruments, so long as such investment relates directly or indirectly to real property that constitutes or is used as a
skilled nursing home center, hospital, assisted living facility, medical office or other property customarily constituting an asset of a real estate investment trust specializing in healthcare or senior housing property. 

“Permitted Payments to Parent” means, without duplication as to amounts: 

(A) payments to Parent to pay reasonable accounting, legal and administrative expenses of Parent when due, in an
aggregate amount not to exceed $500,000 per annum; and 
 (B) payments to Parent in respect of its state,
franchise and local tax liabilities. 
 “Permitted Refinancing Indebtedness” means: 

(A) any Indebtedness of an Issuer or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of
which are used to extend, refinance, renew, replace, defease, discharge or refund other Indebtedness of an Issuer or any of its Restricted Subsidiaries (other than intercompany Indebtedness); provided that: 

(1) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the
principal amount (or accreted value, if applicable) of the Indebtedness so extended, refinanced, renewed, replaced, defeased, discharged or refunded (plus all accrued interest thereon and the amount of any fees and expenses, including premiums,
incurred in connection therewith); 
 (2) such Permitted Refinancing Indebtedness has: 

(a) a final maturity date later than (x) the final maturity date of the Indebtedness being extended, refinanced,
renewed, replaced, defeased, discharged or refunded or (y) the date that is 91 days after the maturity of the Notes, and 
 (b) an Average Life equal to or greater than the Average Life of the Indebtedness being extended, refinanced, renewed, replaced, defeased, discharged or refunded or 91 days more than the Average Life
of the Notes; 
 (3) if the Indebtedness being extended, refinanced, renewed, replaced, defeased, discharged or
refunded is contractually subordinated in right of payment to the 

  
 17 

 
Notes or the Guarantee, such Permitted Refinancing Indebtedness is contractually subordinated in right of payment to the Notes on terms at least as favorable to the holders of Notes as those
contained in the documentation governing the Indebtedness being extended, refinanced, renewed, replaced, defeased, discharged or refunded; 
 (4) if the Indebtedness being extended, refinanced, renewed, replaced, defeased, discharged or refunded is pari passu in right of payment with the Notes or any Guarantee thereof, such Permitted
Refinancing Indebtedness is pari passu in right of payment with, or subordinated in right of payment to, the Notes or such Guarantee; and 
 (5) such Indebtedness is incurred either (a) by an Issuer or any Subsidiary Guarantor or (b) by the Restricted Subsidiary who is the obligor on the Indebtedness being extended, refinanced,
renewed, replaced, defeased, discharged or refunded. 
 “Person” means any individual, corporation,
partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 

“Preferred Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents
(however designated, whether voting or non-voting) that have a preference on liquidation or with respect to distributions over any other class of Capital Stock, including preferred partnership interests, whether general or limited, or such
Person’s preferred or preference stock, whether outstanding on the Issue Date or issued thereafter, including all series and classes of such preferred or preference stock. 

“principal” means, with respect to the Notes, the principal of and premium, if any, on the Notes. 

“Pro Forma Cost Savings” means, with respect to any period, the reductions in costs (including such reductions resulting
from employee terminations, facilities consolidations and closings, standardization of employee benefits and compensation policies, consolidation of property, casualty and other insurance coverage and policies, standardization of sales and
distribution methods, reductions in taxes other than income taxes) that occurred during such period that are (1) directly attributable to an asset acquisition or (2) implemented and that are factually supportable and reasonably
quantifiable by the underlying records of such business, as if, in the case of each of clauses (1) and (2), all such reductions in costs had been effected as of the beginning of such period, decreased by any incremental expenses incurred or to
be incurred during such period in order to achieve such reduction in costs, all such costs to be determined in good faith by the chief financial officer of the Parent or the Issuers. 

“Prospectus” means the prospectus, dated
[                    ], 2012, relating to the original issuance of the Notes. 

“Real Estate Assets” of a Person means, as of any date, the real estate assets of such Person and its Restricted
Subsidiaries on such date, on a consolidated basis determined in accordance with GAAP. 
 “Record Date” means
the applicable Record Date specified in the Notes. 
 “Redemption Date” when used with respect to any Note to
be redeemed, means the date fixed for such redemption pursuant to this Indenture and the Notes. 
 “Redemption
Price” when used with respect to any Note to be redeemed, means the price fixed for such redemption, payable in immediately available funds, pursuant to this Indenture and the Notes. 

  
 18 

 “Replacement Assets” means (1) tangible non-current assets that will
be used or useful in a Permitted Business or (2) substantially all the assets of a Permitted Business or a majority of the Voting Stock of any Person engaged in a Permitted Business that will become on the date of acquisition thereof a
Restricted Subsidiary. 
 “Responsible Officer” means, when used with respect to the Trustee, any officer in
the Corporate Trust Office of the Trustee to whom any corporate trust matter is referred because of such officer’s knowledge of and familiarity with the particular subject and shall also mean any officer who shall have direct responsibility for
the administration of this Indenture. 
 “Restricted Investment” means an Investment other than a Permitted
Investment. 
 “Restricted Subsidiary” means, with respect to a Person, any Subsidiary of such Person other
than an Unrestricted Subsidiary. Unless the context otherwise requires, Restricted Subsidiaries refer to Restricted Subsidiaries of the Issuers. 
 “S&P” means Standard & Poor’s Ratings Services and its successors. 
 “Sale and Leaseback Transaction” means any direct or indirect arrangement with any Person or to which any such Person is a party, providing for the leasing to the Parent or any Restricted
Subsidiary of any property, whether owned by the Parent or any such Restricted Subsidiary at the Issue Date or later acquired, which has been or is to be sold or transferred by the Parent or any such Restricted Subsidiary to such Person or any other
Person from whom funds have been or are to be advanced by such Person on the security of such property. 

“SEC” means the U.S. Securities and Exchange Commission. 

“Secured Indebtedness” means any Indebtedness secured by a Lien upon the property of the Issuers or any Restricted
Subsidiaries. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended, or any successor statute
or statutes thereto. 
 “Significant Subsidiary” with respect to any Person, means any restricted subsidiary of
such Person that satisfies the criteria for a “significant subsidiary” set forth in Rule 1-02(w) of Regulation S-X under the Exchange Act, as such regulation is in effect on the Issue Date. 

“Stated Maturity” means: 
 (1) with respect to any debt security, the date specified in such debt security as the fixed date on which the final installment of principal of such debt security is due and payable; and 

(2) with respect to any scheduled installment of principal of or interest on any debt security, the date specified in such
debt security as the fixed date on which such installment is due and payable, 
 provided, that Stated Maturity shall not include any
contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof. 

  
 19 

 “Subordinated Indebtedness” means Indebtedness which by the terms of such
Indebtedness is subordinated in right of payment to the principal of and interest and premium, if any, on the Notes or any Guarantee thereof. 
 “Subsidiary” means, with respect to any Person, any corporation, association or other business entity of which more than 50% of the voting power of the outstanding Voting Stock is owned,
directly or indirectly, by such Person and one or more other Subsidiaries of such Person and the accounts of which would be consolidated with those of such Person in its consolidated financial statements in accordance with GAAP, if such statements
were prepared as of such date. 
 “Subsidiary Guarantors” means (i) each Restricted Subsidiary of the
Issuers on the Issue Date that Guarantees the Credit Agreement and (ii) each other Person that is required to become a Guarantor by the terms of this Indenture after the Issue Date, in each case, until such Person is released from its Guarantee
of the Notes. 
 “Temporary Cash Investment” means any of the following: 

(1) United States dollars; 
 (2) direct obligations of the United States of America or any agency thereof or obligations fully and unconditionally guaranteed by the United States of America or any agency thereof; 

(3) time deposit accounts, term deposit accounts, time deposits, bankers’ acceptances, certificates of deposit,
Eurodollar time deposits and money market deposits maturing within twelve months or less of the date of acquisition thereof issued by (A) a bank or trust company which is organized under the laws of the United States of America, any state
thereof, and which bank or trust company has capital, surplus and undivided profits aggregating in excess of $250,000,000 and has outstanding debt which is rated “A” (or such similar equivalent rating) or higher by at least one nationally
recognized statistical rating organization (as defined in Rule 436 under the Securities Act) or (B) any money-market fund sponsored by a registered broker dealer or mutual fund distributor; 

(4) repurchase obligations with a term of not more than 30 days for underlying securities of the types described in
clauses (2) and (3) above entered into with a bank meeting the qualifications described in clause (3) above; 
 (5) commercial paper, maturing not more than six months after the date of acquisition, issued by a corporation (other than an Affiliate of the Parent) organized and in existence under the laws of the
United States of America, any state of the United States of America with a rating at the time as of which any investment therein is made of “P-2” (or higher) according to Moody’s or “A-2” (or higher) according to S&P;

 (6) securities with maturities of twelve months or less from the date of acquisition issued or fully and
unconditionally guaranteed by any state, commonwealth or territory of the United States of America, or by any political subdivision or taxing authority thereof, and rated at least “A” by S&P or Moody’s; 

(7) securities with maturities of six months or less from the date of acquisition backed by standby letters of credit
issued by any commercial bank satisfying the requirements of clause (3)(A) of this definition; 

  
 20 

 (8) any fund investing substantially all of its assets in investments that
constitute Temporary Cash Investments of the kinds described in clauses (1) through (7) of this definition; and 
 (9) money market funds that (A) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940, as amended, (B) are rated AAA by S&P and Aaa by
Moody’s and (iii) have portfolio assets of at least $5,000,000,000. 
 “Total Assets” means, for any
Person as of any date, the sum of (a) Undepreciated Real Estate Assets plus (b) the book value of all assets (excluding Real Estate Assets and intangibles) of such Person and its Restricted Subsidiaries as of such date of
determination on a consolidated basis determined in accordance with GAAP. 
 “Total Unencumbered Assets” means,
for any Person as of any date, the Total Assets of such Person and its Restricted Subsidiaries as of such date, that do not secure any portion of Secured Indebtedness, on a consolidated basis determined in accordance with GAAP. 

“Trade Payables” means, with respect to any Person, any accounts payable or any other indebtedness or monetary
obligation to trade creditors created, assumed or Guaranteed by such Person or any of its Subsidiaries arising in the ordinary course of business in connection with the acquisition of goods or services. 

“Transaction Agreement” means the Real Property Asset Purchase Agreement, by and among Ernest Health, Inc., certain
wholly owned subsidiaries of Opco and the other parties signatory thereto dated as of January 31, 2012 as in effect on the date of the Prospectus. 
 “Transaction Date” means, with respect to the Incurrence of any Indebtedness by an Issuer or any of its Restricted Subsidiaries, the date such Indebtedness is to be Incurred and, with
respect to any Restricted Payment, the date such Restricted Payment is to be made. 
 “Treasury Rate” means, as
of any redemption date, the yield to maturity as of such redemption date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15
(519) (“Statistical Release”) that has become publicly available at least two business days prior to the redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar
market data)) most nearly equal to the period from the redemption date to [                    ]; provided, however, that if the period
from the redemption date to [                    ], is less than one year, the weekly average yield on actually traded United States Treasury
securities adjusted to a constant maturity of one year will be used. 
 “Trust Indenture Act” means the Trust
Indenture Act of 1939, as amended. 
 “Trustee” means the party named as such in this Indenture until a
successor replaces it in accordance with the provisions of this Indenture and thereafter means such successor. 

“Undepreciated Real Estate Assets” means, as of any date, the cost (being the original cost to an Issuer or the
Restricted Subsidiaries plus capital improvements) of real estate assets of the Issuers and the Subsidiaries on such date, before depreciation and amortization of such real estate assets, determined on a consolidated basis in conformity with GAAP.

  
 21 

 “Unrestricted Subsidiary” means 

(1) any Subsidiary of the Issuers that at the time of determination shall be designated an Unrestricted Subsidiary by the
Board of Directors of the Parent in the manner provided below; and 
 (2) any Subsidiary of an Unrestricted
Subsidiary. 
 Except during a Suspension Period, the Board of Directors of the Parent may designate any Restricted Subsidiary
(including any newly acquired or newly formed Subsidiary of the Issuers) to be an Unrestricted Subsidiary unless such Subsidiary owns any Capital Stock of, or owns or holds any Lien on any property of, the Parent or any of its Restricted
Subsidiaries; provided, however, that: 
 (i) any Guarantee by the Parent or any of its Restricted
Subsidiaries of any Indebtedness of the Subsidiary being so designated shall be deemed an “Incurrence” of such Indebtedness and an “Investment” by the Parent or such Restricted Subsidiary (or all, if applicable) at
the time of such designation; 
 (ii) either (i) the Subsidiary to be so designated has total assets of
$1,000 or less or (ii) if such Subsidiary has assets greater than $1,000, such designation would be permitted under Section 4.09; and 
 (iii) if applicable, the Incurrence of Indebtedness and the Investment referred to in clause (i) above would be permitted under Section 4.09. 

The Board of Directors of the Parent may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided,
however, that: 
 (x) no Default or Event of Default shall have occurred and be continuing at the time of
or after giving effect to such designation; and 
 (y) all Indebtedness of such Unrestricted Subsidiary
outstanding immediately after such designation would, if Incurred at such time, have been permitted to be Incurred (and shall be deemed to have been Incurred) for all purposes of this Indenture. 

Any such designation by the Board of Directors of the Parent shall be evidenced to the Trustee by promptly filing with the Trustee a copy
of the Board Resolution giving effect to such designation and an Officer’s Certificate certifying that such designation complied with the foregoing provisions. 
 “Unsecured Indebtedness” means any Indebtedness of the Parent or any of its Restricted Subsidiaries that is not Secured Indebtedness. 

“U.S. Government Obligations” means direct obligations of, obligations guaranteed by, or participations in pools
consisting solely of obligations of or obligations guaranteed by, the United States of America for the payment of which obligations or guarantee the full faith and credit of the United States of America is pledged and that are not callable or
redeemable at the option of the issuer thereof. 

  
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 “U.S. Legal Tender” means such coin or currency of the United States of
America that at the time of payment shall be legal tender for the payment of public and private debts. 
 “U.S.A.
Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. 107-56, as amended and signed into law October 26, 2001. 

“Voting Stock” means with respect to any Person, Capital Stock of any class or kind ordinarily having the power to vote
for the election of directors, managers or other voting members of the governing body of such Person. 
 “Wholly
Owned” means, with respect to any Subsidiary of any Person, the ownership of all of the outstanding Capital Stock of such Subsidiary (other than any director’s qualifying shares or Investments by individuals mandated by applicable law)
by such Person or one or more Wholly Owned Subsidiaries of such Person. 
 SECTION 1.02. Other Definitions. 

 

			
	 Term
	  	Defined in Section
	 “Acceptable Commitments”
	  	4.11(c)
	 “Additional Notes”
	  	2.02
	 “Asset Sale Offer”
	  	4.11(d)
	 “Authentication Order”
	  	2.02
	 “Change of Control Offer”
	  	4.07(a)
	 “Change of Control Payment”
	  	4.07(b)
	 “Change of Control Payment Date”
	  	4.07(b)
	 “Covenant Defeasance”
	  	8.02(c)
	 “Event of Default”
	  	6.01
	 “Excess Proceeds”
	  	4.11(c)
	 “Finco”
	  	Preamble
	 “Global Note”
	  	2.01
	 “Initial Global Notes”
	  	2.01
	 “Initial Notes”
	  	2.02
	 “Issuer” or “Issuers”
	  	Preamble
	 “Legal Defeasance”
	  	8.02(b)
	 “Opco”
	  	Preamble
	 “Parent”
	  	Preamble
	 “Participants”
	  	2.15(a)
	 “Paying Agent”
	  	2.03
	 “Physical Notes”
	  	2.01
	 “purchase”
	  	4.09(a)(3)
	 “Refunding Capital Stock”
	  	4.09(b)(4)
	 “Registrar”
	  	2.03
	 “Release Date”
	  	3.08
	 “Restricted Payments”
	  	4.09(a)(4)
	 “Reversion Date”
	  	4.16
	 “Special Mandatory Redemption”
	  	3.08
	 “Suspended Covenant”
	  	4.16
	 “Suspension Period”
	  	4.16
	 “Trigger Date”
	  	3.08

 SECTION 1.03. Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to
a provision of the Trust Indenture Act, such provision is incorporated by reference in, and made a part of, this Indenture. The following Trust Indenture Act terms used in this Indenture have the following meanings: 

  
 23 

 “indenture securities” means the Notes. 

“obligor” on the indenture securities means the Issuers, any Guarantor or any other obligor on the Notes.

 All other Trust Indenture Act terms used in this Indenture that are defined by the Trust Indenture Act, defined by Trust
Indenture Act reference to another statute or defined by SEC rule and not otherwise defined herein have the meanings assigned to them therein. 
 SECTION 1.04. Rules of Construction. Unless the context otherwise requires: 
 (1) a term has the meaning assigned to it; 
 (2) an accounting term
not otherwise defined has the meaning assigned to it in accordance with GAAP; 
 (3) “or” is not
exclusive; 
 (4) words in the singular include the plural, and words in the plural include the singular;

 (5) “herein,” “hereof” and other words of similar import refer to this Indenture as a
whole and not to any particular Article, Section or other subdivision; 
 (6) the words “including,”
“includes” and similar words shall be deemed to be followed by “without limitation”; 
 (7)
unsecured Indebtedness shall not be deemed to be subordinate or junior to secured Indebtedness merely by virtue of its nature as unsecured Indebtedness; 
 (8) secured Indebtedness shall not be deemed to be subordinate or junior to any other secured Indebtedness merely because it has a junior priority with respect to the same collateral; 

(9) the principal amount of any noninterest bearing or other discount security at any date shall be the principal amount
thereof that would be shown on a balance sheet of the issuer dated such date prepared in accordance with GAAP; 

(10) the amount of any preferred stock that does not have a fixed redemption, repayment or repurchase price shall be the
maximum liquidation value of such Preferred Stock; 
 (11) all references to the date the Notes were originally
issued shall refer to the Issue Date, except as otherwise specified; and 
 (12) references to the Issuers mean
either the Issuers or the applicable Issuer, as the context requires, and references to an Issuer mean either such Issuer or the Issuers, as the context requires. 

  
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 ARTICLE TWO  
 The Notes 
 SECTION 2.01. Form and Dating. The Notes and the
Trustee’s certificate of authentication shall be substantially in the form of Exhibit A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. The Issuers shall approve the form of
the Notes and any notation, legend or endorsement on them. Each Note shall show the date of its authentication. Each Note shall have an executed Guarantee from each of the Guarantors existing on the Issue Date endorsed thereon substantially in the
form of Exhibit C. 
 The terms and provisions contained in the Notes and the Guarantees shall constitute, and are hereby
expressly made, a part of this Indenture and, to the extent applicable, the Issuers, the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. 

The Notes shall be issued initially in the form of a single permanent global Note in registered form, substantially in the form set forth
in Exhibit A (the “Initial Global Notes”), deposited with the Trustee, as custodian for the Depository, duly executed by the Issuers (and having an executed Guarantee from each of the Guarantors endorsed thereon) and
authenticated by the Trustee as hereinafter provided and shall bear the legend set forth in Exhibit B. 
 The Notes
issued after the Issue Date shall be issued initially in the form of one or more global Notes in registered form, substantially in the form set forth in Exhibit A, deposited with the Trustee, as custodian for the Depository, duly executed by
the Issuers (and having an executed Guarantee from each of the Guarantors endorsed thereon) and authenticated by the Trustee as hereinafter provided and shall bear any legends required by applicable law (together with the Initial Global Notes, the
“Global Notes”) or as Physical Notes. 
 The aggregate principal amount of the Global Notes may from time to
time be increased or decreased by adjustments made on the records of the Trustee, as custodian for the Depository, as hereinafter provided. Notes issued in exchange for interests in a Global Note pursuant to Section 2.15 may be issued in the
form of permanent certificated Notes in registered form in substantially the form set forth in Exhibit A and bearing the applicable legends, if any (the “Physical Notes”). 

Additional Notes ranking pari passu with the Initial Notes (as defined in Section 2.02) may be created and issued from time
to time by the Issuers without notice to or consent of the Holders and shall be consolidated with and form a single class with the Initial Notes and shall have the same terms as to status, redemption or otherwise (other than with respect to the
purchase price thereof and the date from which the interest accrues) as the Initial Notes; provided that the Issuers’ ability to issue Additional Notes shall be subject to the Issuers’ compliance with Section 4.08. Except as
described under Article Nine, the Initial Notes and any Additional Notes subsequently issued under this Indenture will be treated as a single class for all purposes under this Indenture, including waivers, amendments, redemptions and offers to
purchase, and shall vote together as one class on all matters with respect to the Notes; provided further that if the Additional Notes are not fungible with the Notes for U.S. Federal income tax purposes the Additional Notes will have a
separate CUSIP number, if applicable. Unless the context requires otherwise, references to “Notes” for all purposes of this Indenture include any Additional Notes that are actually issued. 

SECTION 2.02. Execution, Authentication and Denomination; Additional Notes. One Officer of each of the Issuers (who shall have
been duly authorized by all requisite corporate actions) shall sign 

  
 25 

 
the Notes for each Issuer by manual, facsimile, .pdf attachment or other electronically transmitted signature. One Officer of each Guarantor (who shall have been duly authorized by all requisite
corporate actions) shall sign the Guarantee for such Guarantor by manual, facsimile, .pdf attachment or other electronically transmitted signature. 
 If an Officer whose signature is on a Note or Guarantee, as the case may be, was an Officer at the time of such execution but no longer holds that office at the time the Trustee authenticates the Note,
the Note shall nevertheless be valid. 
 A Note (and the Guarantees in respect thereof) shall not be valid until an authorized
signatory of the Trustee manually signs the certificate of authentication on the Note. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 

The Trustee shall authenticate (i) on the Issue Date, Notes for original issue in the aggregate principal amount not to exceed
$[            ] (the “Initial Notes”) and (ii) additional Notes (the “Additional Notes”) in an unlimited amount (so long as not otherwise prohibited
by the terms of this Indenture, including Section 4.08) (x) in exchange for a like principal amount of Initial Notes or (y) in exchange for a like principal amount of Additional Notes in each case upon a written order of the Issuers
in the form of a certificate of an Officer of each Issuer (an “Authentication Order”). Each such Authentication Order shall specify the amount of Notes to be authenticated and the date on which the Notes are to be authenticated,
whether the Notes are to be Initial Notes or Additional Notes and whether the Notes are to be issued as certificated Notes or Global Notes or such other information as the Trustee may reasonably request. In addition, with respect to authentication
pursuant to clause (ii) or (iii) of the first sentence of this paragraph, the first such Authentication Order from the Issuers shall be accompanied by an Opinion of Counsel of the Issuers in a form reasonably satisfactory to the Trustee.

 All Notes issued under this Indenture shall be treated as a single class for all purposes under this Indenture. The
Additional Notes shall bear any legend required by applicable law. 
 The Trustee may appoint an authenticating agent reasonably
acceptable to the Issuers to authenticate Notes. Unless otherwise provided in the appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes
authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the Issuers and Affiliates of the Issuers. 
 The Notes shall be issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

SECTION 2.03. Registrar and Paying Agent. The Issuers shall maintain or cause to be maintained an office or agency in the United
States of America where (a) Notes may be presented or surrendered for registration of transfer or for exchange (“Registrar”), (b) Notes may, subject to Section 2 of the Notes, be presented or surrendered for payment
(“Paying Agent”). The Issuers may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such
designations; provided, however, that no such designation or rescission shall in any manner relieve the Issuers of their obligation to maintain or cause to be maintained an office or agency in the United States of America, for such
purposes. The Issuers may act as Registrar or Paying Agent, except that for the purposes of Articles Three and Eight and Sections 4.07 and 4.11, neither the Issuers nor any Affiliate of the Issuers shall act as Paying Agent. The Registrar, as an
agent of the Issuers, shall keep a register, including ownership, of the Notes and of their transfer and exchange. The Issuers, upon notice to the Trustee, may have one or more co-registrars and one or more additional paying agents reasonably
acceptable to the Trustee. The term “Registrar” includes 

  
 26 

 
any co-registrar and the term “Paying Agent” includes any additional paying agent. The Issuers initially appoint the Trustee as Registrar and Paying Agent until such time as the
Trustee has resigned or a successor has been appointed. 
 The Issuers shall enter into an appropriate agency agreement with any
Agent not a party to this Indenture, which agreement shall implement the provisions of this Indenture that relate to such Agent. The Issuers shall notify the Trustee, in advance, of the name and address of any such Agent. If the Issuers fail to
maintain a Registrar or Paying Agent, the Trustee shall act as such. 
 SECTION 2.04. Paying Agent To Hold Assets in
Trust. The Issuers shall require each Paying Agent other than the Trustee or the Issuers or any Subsidiary of the Issuers to agree in writing that each Paying Agent shall hold in trust for the benefit of Holders or the Trustee all assets held by
the Paying Agent for the payment of principal of, or interest on, the Notes (whether such assets have been distributed to it by the Issuers or any other obligor on the Notes), and shall notify the Trustee of any Default by the Issuers (or any other
obligor on the Notes) in making any such payment. The Issuers at any time may require a Paying Agent to distribute all assets held by it to the Trustee and account for any assets disbursed and the Trustee may at any time during the continuance of
any payment Default, upon written request to a Paying Agent, require such Paying Agent to distribute all assets held by it to the Trustee and to account for any assets distributed. Upon distribution to the Trustee of all assets that shall have been
delivered by the Issuers to the Paying Agent, the Paying Agent shall have no further liability for such assets. 
 SECTION 2.05.
Holder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Holders. If the Trustee is not the Registrar, the Issuers shall furnish to the
Trustee at least two Business Days prior to each Interest Payment Date and at such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of
Holders, which list may be conclusively relied upon by the Trustee. 
 SECTION 2.06. Transfer and Exchange. Subject to
Section 2.15, when Notes are presented to the Registrar with a request to register the transfer of such Notes or to exchange such Notes for an equal principal amount of Notes of other authorized denominations, the Registrar shall register the
transfer or make the exchange as requested if its requirements for such transaction are met; provided, however, that the Notes surrendered for transfer or exchange shall be duly endorsed or accompanied by a written instrument of
transfer in form satisfactory to the Issuers and the Registrar, duly executed by the Holder thereof or his or her attorney duly authorized in writing. To permit registrations of transfers and exchanges, the Issuers shall execute and the Trustee
shall authenticate Notes at the Registrar’s request. No service charge shall be made for any registration of transfer or exchange, but the Issuers may require payment of a sum sufficient to cover any transfer tax or similar governmental charge
payable in connection therewith. 
 Without the prior written consent of the Issuers, the Registrar shall not be required to
register the transfer of or exchange of any Note (i) during a period beginning at the opening of business 15 days before the mailing of a notice of redemption of Notes and ending at the close of business on the day of such mailing,
(ii) selected for redemption in whole or in part pursuant to Article Three, except the unredeemed portion of any Note being redeemed in part and (iii) beginning at the opening of business on any Record Date and ending on the close of
business on the related Interest Payment Date. 
 Any Holder of a beneficial interest in a Global Note shall, by acceptance of
such beneficial interest, agree that transfers of beneficial interests in such Global Notes may be effected only through a book-entry system maintained by the Holder of such Global Note (or its agent) in accordance with the applicable legends
thereon, and that ownership of a beneficial interest in the Note shall be required to be reflected in a book-entry system. 

  
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 SECTION 2.07. Replacement Notes. If a mutilated Note is surrendered to the Trustee
or if the Holder of a Note claims that the Note has been lost, destroyed or wrongfully taken, the Issuers shall issue and the Trustee shall authenticate, upon receipt of an Authentication Order, a replacement Note if the Trustee’s and
Issuers’ requirements are met. Such Holder shall provide an indemnity bond or other indemnity, sufficient in the judgment of both the Issuers and the Trustee, to protect the Issuers, the Trustee or any Agent from any loss that any of them may
suffer if a Note is replaced. The Issuers may charge such Holder for its out-of-pocket expenses in replacing a Note pursuant to this Section 2.07, including fees and expenses of counsel and of the Trustee. 

Every replacement Note is an additional obligation of the Issuers and every replacement Guarantee shall constitute an additional
obligation of the Guarantor thereof. 
 The provisions of this Section 2.07 are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or payment of lost, destroyed or wrongfully taken Notes. 

SECTION 2.08. Outstanding Notes. Notes outstanding at any time are all the Notes that have been authenticated by the Trustee
except those cancelled by it, those delivered to it for cancellation and those described in this Section 2.08 as not outstanding. A Note does not cease to be outstanding because the Issuers, the Guarantors or any of their respective Affiliates
hold the Note (subject to the provisions of Section 2.09). 
 If a Note is replaced pursuant to Section 2.07 (other
than a mutilated Note surrendered for replacement), it ceases to be outstanding unless a Responsible Officer of the Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser. A mutilated Note ceases to be
outstanding upon surrender of such Note and replacement thereof pursuant to Section 2.07. 
 If the principal amount of any
Note is considered paid under Section 4.01, it ceases to be outstanding and interest ceases to accrue. If on a Redemption Date or the Stated Maturity the Trustee or Paying Agent (other than the Issuers or an Affiliate thereof) holds U.S. Legal
Tender or U.S. Government Obligations sufficient to pay all of the principal and interest due on the Notes payable on that date, then on and after that date such Notes cease to be outstanding and interest on them ceases to accrue. 

SECTION 2.09. Treasury Notes. In determining whether the Holders of the required principal amount of Notes have concurred in any
direction, waiver or consent, Notes owned by the Issuers or any of their Affiliates shall be disregarded as required by the Trust Indenture Act, except that, for the purposes of determining whether the Trustee shall be protected in relying on any
such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee, actually knows are so owned shall be disregarded. Notes so owned which have been pledged in good faith shall not be disregarded if the pledgee establishes to
the satisfaction of the Trustee the pledgee’s right to deliver any such direction, waiver or consent with respect to the Notes and that the pledgee is not the Issuers or any obligor upon the Notes or any Affiliate of the Issuers or of such
other obligor. 
 SECTION 2.10. Temporary Notes. Until definitive Notes are ready for delivery, the Issuers may prepare
and the Trustee shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of definitive Notes but may have variations that the Issuers consider appropriate for temporary Notes. Without unreasonable delay, the Issuers
shall prepare and the Trustee shall authenticate definitive Notes in exchange for temporary Notes. Until such exchange, temporary Notes shall be entitled to the same rights, benefits and privileges as definitive Notes. Notwithstanding the foregoing,
so long as the Notes are represented by a Global Note, such Global Note may be in typewritten form. 

  
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 SECTION 2.11. Cancellation. The Issuers at any time may deliver Notes to the Trustee
for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them for transfer, exchange or payment. The Trustee, or at the direction of the Trustee, the Registrar or the Paying Agent (other than the
Issuers or a Subsidiary of the Issuers), and no one else, shall cancel and, at the written direction of the Issuers, shall dispose of all Notes surrendered for transfer, exchange, payment or cancellation in accordance with its customary procedures.
Subject to Section 2.07, the Issuers may not issue new Notes to replace Notes that they have paid or delivered to the Trustee for cancellation. If the Issuers or any Guarantor shall acquire any of the Notes, such acquisition shall not operate
as a redemption or satisfaction of the Indebtedness represented by such Notes unless and until the same are surrendered to the Trustee for cancellation pursuant to this Section 2.11. 

SECTION 2.12. Defaulted Interest. If the Issuers default in a payment of interest on the Notes, they shall pay the defaulted
interest, plus (to the extent lawful) any interest payable on the defaulted interest, in any lawful manner. The Issuers may pay the defaulted interest to the persons who are Holders on a subsequent special record date, which date shall be the 15th
day next preceding the date fixed by the Issuers for the payment of defaulted interest or the next succeeding Business Day if such date is not a Business Day. At least 15 days before any such subsequent special record date, the Issuers shall mail to
each Holder, with a copy to the Trustee, a notice that states the subsequent special record date, the payment date and the amount of defaulted interest, and interest payable on such defaulted interest, if any, to be paid. 

SECTION 2.13. CUSIP and ISIN Numbers. The Issuers in issuing the Notes may use “CUSIP” or “ISIN” numbers, and
if so, the Trustee shall use the “CUSIP” or “ISIN” numbers in notices of redemption or exchange as a convenience to Holders; provided, however, that any such notice may state that no representation is made as to the
correctness or accuracy of the “CUSIP” or “ISIN” numbers printed in the notice or on the Notes, and that reliance may be placed only on the other identification numbers printed on the Notes. The Issuers shall promptly notify the
Trustee of any change in the “CUSIP” or “ISIN” numbers. 
 SECTION 2.14. [Reserved]. 

SECTION 2.15. Book-Entry Provisions for Global Notes. 
 (a) The Global Notes initially shall (i) be registered in the name of the Depository or the nominee of such Depository, (ii) be delivered to the Trustee as custodian for such Depository and
(iii) if applicable, bear the legend set forth in Exhibit B. 
 Members of, or participants in, the Depository
(“Participants”) shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Depository, or the Trustee as its custodian, or under the Global Note, and the Depository may be treated by the
Issuers, the Trustee and any agent of the Issuers or the Trustee as the absolute owner of the Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuers, the Trustee or any agent of the Issuers
or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depository or impair, as between the Depository and Participants, the operation of customary practices governing the exercise of the rights
of a Holder of any Note. 
 (b) Transfers of Global Notes shall be limited to transfers in whole, but not in part, to the
Depository, its successors or their respective nominees. Interests of beneficial owners in the Global Notes may be transferred or exchanged for Physical Notes in accordance with the rules and procedures of the Depository and the provisions of this
Section 2.15. In addition, Physical Notes shall be transferred to all beneficial owners in exchange for their beneficial interests in Global Notes if (i) the Depository notifies 

  
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the Issuers that it is unwilling or unable to act as Depository for any Global Note, the Issuers so notify the Trustee in writing and a successor Depository is not appointed by the Issuers within
90 days of such notice or (ii) a Default or Event of Default has occurred and is continuing and the Registrar has received a written request from any owner of a beneficial interest in a Global Note to issue Physical Notes. Upon any issuance of
a Physical Note in accordance with this Section 2.15(b) the Trustee is required to register such Physical Note in the name of, and cause the same to be delivered to, such person or persons (or the nominee of any thereof). All such Physical
Notes shall bear the applicable legends, if any. 
 (c) In connection with any transfer or exchange of a portion of the
beneficial interest in a Global Note to beneficial owners pursuant to paragraph (b) of this Section 2.15, the Registrar shall (if one or more Physical Notes are to be issued) reflect on its books and records the date and a decrease in the
principal amount of such Global Note in an amount equal to the principal amount of the beneficial interest in the Global Note to be transferred, and the Issuers shall execute, and the Trustee shall authenticate and deliver, one or more Physical
Notes of authorized denominations in an aggregate principal amount equal to the principal amount of the beneficial interest in the Global Note so transferred. 
 (d) In connection with the transfer of a Global Note as an entirety to beneficial owners pursuant to paragraph (b) of this Section 2.15, such Global Note shall be deemed to be surrendered to the
Trustee for cancellation, and (i) the Issuers shall execute, (ii) the Guarantors shall execute notations of Guarantees on and (iii) the Trustee shall upon written instructions from the Issuers authenticate and deliver, to each
beneficial owner identified by the Depository in exchange for its beneficial interest in such Global Note, an equal aggregate principal amount of Physical Notes of authorized denominations. 

(e) The Holder of any Global Note may grant proxies and otherwise authorize any Person, including Participants and Persons that may hold
interests through Participants, to take any action which a Holder is entitled to take under this Indenture or the Notes. 
 (f)
General. The Registrar shall retain copies of all letters, notices and other written communications received pursuant to this Section 2.15. The Issuers shall have the right to inspect and make copies of all such letters, notices or other
written communications at any reasonable time upon the giving of reasonable written notice to the Registrar. 
 The Trustee
shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any
transfers between or among Participants or beneficial owners of interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly
required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 
 The Trustee shall have no responsibility for the actions or omissions of the Depository, or the accuracy of the books and records of the Depository. 

(g) Cancellation and/or Adjustment of Global Note. At such time as all beneficial interests in a particular Global Note have been
exchanged for Physical Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance with Section 2.11
hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Physical Notes,
the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or the Depository at the direction of the 

  
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 Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to
a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depository at
the direction of the Trustee to reflect such increase. 
 ARTICLE THREE 

Redemption 
 SECTION 3.01. Notices to Trustee. The Notes may be redeemed, in whole, or from time to time in part, subject to the conditions and at the redemption prices set forth in Section 5 and
Section 6 of the form of Notes set forth in Exhibit A hereto, which is hereby incorporated by reference and made a part of this Indenture, together with accrued and unpaid interest to the Redemption Date. If the Issuers elect to redeem
Notes pursuant to Section 5 or Section 6 of the Notes, they shall notify the Trustee in writing of the Redemption Date, the Redemption Price and the principal amount of Notes to be redeemed. The Issuers shall give notice of redemption to
the Trustee at least 45 days before the Redemption Date (unless a shorter notice shall be agreed to by the Trustee in writing), together with such documentation and records as shall enable the Trustee to select the Notes to be redeemed. 

SECTION 3.02. Selection of Notes To Be Redeemed. If less than all of the Notes are to be redeemed at any time pursuant to
Section 5 or Section 6 of the Notes, the Trustee shall select Notes for redemption as follows: 
 (x)
in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are then listed; or 
 (y) on a pro rata basis, by lot or by such method as the Trustee shall deem fair and appropriate; 
 provided, however, that, in the case of such redemption pursuant to Section 6 of the Notes, the Trustee shall select the Notes on a pro rata basis to the extent practicable, by
lot or such other method as the Trustee in its sole discretion shall deem to be fair and appropriate, unless another method is required by law or applicable exchange or depositary requirements (subject to the procedures of the Depository).

 No Notes of $2,000 or less shall be redeemed in part. 

SECTION 3.03. Notice of Redemption. At least 30 days but not more than 60 days before a Redemption Date, the Issuers shall mail a
notice of redemption by first class mail, postage prepaid, or as otherwise provided in accordance with the procedures of the Depository, to each Holder whose Notes are to be redeemed at its registered address (with a copy to the Trustee), except
that redemption notices may be mailed more than 60 days prior to a Redemption Date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Article Eight hereof. Notices of
redemption may be given prior to the completion of an Equity Offering, and any redemption or notice may, at the Issuers’ discretion, be subject to the completion of an Equity Offering. At the Issuers’ request, the Trustee shall forward the
notice of redemption in the Issuers’ name and at the Issuers’ expense. Each notice for redemption shall identify the Notes (including the CUSIP or ISIN number) to be redeemed and shall state: 

(1) the Redemption Date; 
 (2) the Redemption Price and the amount of accrued interest, if any, to be paid; 

  
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 (3) the name and address of the Paying Agent; 

(4) that Notes called for redemption shall be surrendered to the Paying Agent to collect the Redemption Price plus accrued
interest, if any; 
 (5) that, unless the Issuers default in making the redemption payment, interest on Notes
called for redemption ceases to accrue on and after the Redemption Date, and the only remaining right of the Holders of such Notes is to receive payment of the Redemption Price upon surrender to the Paying Agent of the Notes redeemed; 

(6) if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after
the Redemption Date, and upon surrender and cancellation of such Note, a new Note or Notes in aggregate principal amount equal to the unredeemed portion thereof will be issued; 

(7) if fewer than all the Notes are to be redeemed, the identification of the particular Notes (or portion thereof) to be
redeemed, as well as the aggregate principal amount of Notes to be redeemed and the aggregate principal amount of Notes to be outstanding after such partial redemption; and 

(8) the Section of the Notes or this Indenture, as applicable, pursuant to which the Notes are to be redeemed. 

The notice, if mailed in a manner herein provided, shall be conclusively presumed to have been given, whether or not the Holder receives
such notice. In any case, failure to give such notice by mail or any defect in the notice to the Holder of any Note designated for redemption in whole or in part shall not affect the validity of the proceedings for the redemption of any other Note.
Except as otherwise provided in this Article Three, notices of redemption may not be conditional. 
 At the Issuers’
request, the Trustee shall give the notice of redemption in the name of the Issuers and at its expense; provided that the Issuers shall have delivered to the Trustee, at least five Business Days before notice of redemption is required to be
mailed or caused to be mailed to Holders pursuant to this Section 3.03 (unless a shorter notice shall be agreed to by the Trustee), an Officer’s Certificate requesting that the Trustee give such notice and setting forth the information to
be stated in such notice as provided in the preceding paragraph. 
 SECTION 3.04. Effect of Notice of Redemption. Once
notice of redemption is mailed in accordance with Section 3.03, Notes called for redemption become due and payable on the Redemption Date and at the Redemption Price plus accrued interest, if any. Upon surrender to the Trustee or Paying Agent,
such Notes called for redemption shall be paid at the Redemption Price (which shall include accrued interest thereon to, but not including, the Redemption Date), but installments of interest, the maturity of which is on or prior to the Redemption
Date, shall be payable to Holders of record at the close of business on the relevant Record Dates. On and after the Redemption Date interest shall cease to accrue on Notes or portions thereof called for redemption and the only right of the Holders
of such Notes will be to receive payment of the Redemption Price unless the Issuers shall have not complied with its obligations pursuant to Section 3.05. 
 SECTION 3.05. Deposit of Redemption Price. On or before 12:00 p.m. New York City time (or such later time as has been agreed to by the Paying Agent) on the Redemption Date, the Issuers shall
deposit with the Paying Agent U.S. Legal Tender sufficient to pay the Redemption Price plus accrued and unpaid interest, if any, of all Notes to be redeemed on that date. The Paying Agent shall promptly return 

  
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to the Issuers any money deposited with the Paying Agent by the Issuers in excess of the amounts necessary to pay the Redemption Price of, and accrued and unpaid interest on, all Notes to be
redeemed or purchased. 
 If the Issuers comply with the preceding paragraph, then, unless the Issuers default in the payment of
such Redemption Price plus accrued interest, if any, interest on the Notes to be redeemed will cease to accrue on and after the applicable Redemption Date, whether or not such Notes are presented for payment. 

SECTION 3.06. Notes Redeemed in Part. If any Note is to be redeemed in part only, the notice of redemption that relates to such
Note shall state the portion of the principal amount thereof to be redeemed. A new Note or Notes in principal amount equal to the unredeemed portion of the original Note or Notes shall be issued in the name of the Holder thereof upon surrender and
cancellation of the original Note or Notes. It is understood that, notwithstanding anything in this Indenture to the contrary, only an Authentication Order and not an Opinion of Counsel or Officer’s Certificate is required for the Trustee to
authenticate such new Note. 
 SECTION 3.07. Mandatory Redemption. Except as set forth in Section 3.08 herein, the
Issuers will not be required to make any mandatory redemption or sinking fund payments with respect to the Notes. 
 SECTION
3.08. Special Mandatory Redemption. 
 The Notes will be subject to a mandatory redemption (a “Special Mandatory
Redemption”) in the event that either (i) the Escrow Proceeds have not been released to Opco for distribution in accordance with the terms and conditions of the Escrow Agreement (the “Release Date”) on or before the
Escrow End Date or (ii) prior to the Escrow End Date, the Issuers have determined, in their reasonable discretion, that the escrow conditions cannot be satisfied by such date (any such date, a “Trigger Date”). The Issuers will
cause a notice of Special Mandatory Redemption substantially in the form required by Section 3.03 to be mailed to the Holders, the Trustee and the Escrow Agent promptly but in any event not later than five Business Days after the Trigger Date and
will redeem the Notes no later than five Business Days following the date of the notice of redemption. The redemption price for any Special Mandatory Redemption will be the sum of 100% of the aggregate principal amount of the Notes issued on the
Issue Date, together with accrued and unpaid interest on the Notes from the Issue Date up to but not including the date of the Special Mandatory Redemption. 
 If the Escrow Agent receives a notice of a Special Mandatory Redemption pursuant to the terms of the Escrow Agreement, the Escrow Agent will, upon joint written direction of the Issuers, liquidate
investments of all Escrow Proceeds, if any, then held by it not later than the last Business Day prior to the date of the Special Mandatory Redemption. Concurrently with the release of the amounts necessary to fund the Special Mandatory Redemption
to the Paying Agent, the Escrow Agent will release any excess of Escrow Proceeds over the mandatory redemption price to the Issuers (less any amounts owing to the Escrow Agent), and the Issuers will be permitted to use such excess Escrow Proceeds
refunded to them at their discretion. 
 ARTICLE FOUR 
 Covenants 
 SECTION 4.01. Payment of Notes. The Issuers shall pay
the principal of, premium, if any, and interest on the Notes in the manner provided in the Notes and this Indenture. An installment of principal of, or interest on, the Notes shall be considered paid on the date it is due if the Trustee or Paying

  
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Agent (other than the Issuers or an Affiliate thereof) holds no later than 12:00 p.m. (New York City time) on that date U.S. Legal Tender designated for and sufficient to pay the installment.
Interest on the Notes will be computed on the basis of a 360-day year comprised of twelve 30-day months. 
 The Issuers shall
pay interest on overdue principal (including post-petition interest in a proceeding under any Bankruptcy Law), and overdue interest, to the extent lawful, at the same rate per annum borne by the Notes. 

SECTION 4.02. Maintenance of Office or Agency. The Issuers shall maintain in the United States of America, the office or agency
required under Section 2.03 (which may be an office of the Trustee or an affiliate of the Trustee or Registrar). The Issuers shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or
agency. If at any time the Issuers shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations and surrenders may be made at the address of the Corporate Trust Office.

 The Issuers may also, from time to time, designate one or more other offices or agencies where the Notes may be presented or
surrendered for any or all such purposes and may from time to time rescind such designations. The Issuers shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other
office or agency. 
 The Issuers hereby initially designate the Corporate Trust Office of the Trustee, as such office of the
Issuers in accordance with Section 2.03. 
 SECTION 4.03. Corporate Existence. Except as otherwise permitted by
Article Five, the Parent and the Issuers shall do or cause to be done all things necessary to preserve and keep in full force and effect their corporate, partnership or other existence, as applicable, and the corporate, partnership or other
existence, as applicable, of each of the Restricted Subsidiaries of the Parent in accordance with the respective organizational documents of each such Restricted Subsidiary and the related material rights (charter and statutory) of the Parent, the
Issuers and each Restricted Subsidiary of the Parent; provided, however, that the Parent and the Issuers shall not be required to preserve any such right or corporate existence with respect to themselves or any Restricted Subsidiary if
the Board of Directors of the Parent or any Officer of the Parent shall determine that the preservation thereof is no longer necessary or desirable in the conduct of the business of the Parent, the Issuers and their Restricted Subsidiaries, taken as
a whole, and that the loss thereof could not reasonably be expected to have a material adverse effect on the ability of the Issuers to perform their obligations hereunder and provided, further, however, that the foregoing shall
not prohibit a sale, transfer, conveyance, lease or disposal of a Restricted Subsidiary or any of the Parent’s or any Restricted Subsidiary’s assets in compliance with the terms of this Indenture. 

SECTION 4.04. [Reserved] 
 SECTION 4.05. Compliance Certificate; Notice of Default. 
 (a) The Issuers
shall deliver to the Trustee, within 120 days after each December 31, commencing with December 31, 2012, an Officer’s Certificate signed by the principal executive officer, principal financial officer, principal operating officer or
principal accounting officer of the Issuers stating that a review of the activities of the Issuers and their Restricted Subsidiaries has been made under the supervision of the signing Officer with a view to determining whether the Issuers and their
Restricted Subsidiaries have kept, observed, performed and fulfilled their obligations under this Indenture and further stating, as to each such Officer signing such certificate, that, to the best of such Officer’s knowledge, the Issuers and
their Restricted Subsidiaries during such preceding fiscal year have kept, observed, performed and fulfilled each and every such covenant and no Default occurred during such year and at the date of such

  
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certificate there is no Default that has occurred and is continuing or, if such signers do know of such Default, the certificate shall specify such Default and what action, if any, the Issuers
are taking or propose to take with respect thereto. 
 (b) The Issuers shall deliver to the Trustee within 30 days after the
Issuers become aware (unless such Default has been cured before the end of the 30-day period) of the occurrence of any Default an Officer’s Certificate specifying the Default and what action, if any, the Issuers are taking or propose to take
with respect thereto. 
 SECTION 4.06. Waiver of Stay, Extension or Usury Laws. The Issuers and each Guarantor covenants
(to the extent permitted by applicable law) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any usury law or other law that would prohibit or
forgive such Issuer or such Guarantor from paying all or any portion of the principal of and/or interest on the Notes or the Guarantee of any such Guarantor as contemplated herein, wherever enacted, now or at any time hereafter in force, or which
may affect the covenants or the performance of this Indenture, and (to the extent permitted by applicable law) each hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not hinder, delay or impede the
execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
 SECTION 4.07. Change of Control. 
 (a) If a Change of Control occurs, each
holder of Notes will have the right to require the Issuers to purchase some or all (in principal amounts of $2,000 or an integral multiple of $1,000) of such holder’s Notes pursuant to the offer described below (the “Change of Control
Offer”). 
 (b) Any Change of Control Offer will include a cash offer price of 101% of the principal amount of any
Notes purchased plus accrued and unpaid interest to the date of purchase (the “Change of Control Payment”). If a Change of Control Offer is required, within ten Business Days following a Change of Control, the Issuers will mail a
notice to each Holder (with a copy to the Trustee) describing the Change of Control and offering to repurchase Notes on a specified date (the “Change of Control Payment Date”). The Change of Control Payment Date will be no earlier
than 30 days and no later than 60 days from the date the notice is mailed. 
 (c) On the Change of Control Payment
Date, the Issuers will, to the extent lawful: 
 (1) accept for payment all Notes properly tendered and not
withdrawn pursuant to the Change of Control Offer; 
 (2) deposit the Change of Control Payment with the paying
agent in respect of all Notes so accepted; and 
 (3) deliver to the Trustee the Notes accepted and an
Officer’s Certificate stating the aggregate principal amount of all Notes purchased by the Issuers. 
 (d) The Paying Agent
will promptly mail to each Holder of Notes properly tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and mail, or cause to be transferred by book entry, to each holder a new Note in principal amount
equal to any unpurchased portion of the Notes surrendered. 

  
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 (e) The Issuers will comply with the requirements of Section 14(e) of the Exchange Act
and any other securities laws or regulations to the extent those laws and regulations are applicable to any Change of Control Offer. If the provisions of any of the applicable securities laws or securities regulations conflict with the provisions of
this Section 4.07, the Issuers will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the covenant described above by virtue of that compliance. 

(f) The Issuers shall not be required to make a Change of Control Offer upon a Change of Control if a third party makes the Change of
Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Issuers and purchases all Notes validly tendered and not withdrawn under such
Change of Control Offer or if notice of redemption has been given pursuant to Section 5 or 6 of the Notes. Notwithstanding anything to the contrary contained herein, a Change of Control Offer may be made in advance of a Change of Control,
subject to one or more conditions precedent, including, but not limited to, the consummation of such Change of Control, if a definitive agreement is in place for the Change of Control at the time the Offer to Purchase is made. 

SECTION 4.08. Limitation on Indebtedness. 
 (a) The Issuers shall not and shall not permit any of the Restricted Subsidiaries to Incur any Indebtedness (including Acquired Indebtedness) if, immediately after giving effect to the Incurrence of such
additional Indebtedness and the receipt and application of the proceeds therefrom, the aggregate principal amount of all outstanding Indebtedness of the Issuers and the Restricted Subsidiaries on a consolidated basis would be greater than 60% of
their Adjusted Total Assets. 
 (b) The Issuers shall not, and shall not permit any of the Restricted Subsidiaries to, Incur any
Secured Indebtedness (including Acquired Indebtedness) if, immediately after giving effect to the Incurrence of such additional Secured Indebtedness and the receipt and application of the proceeds therefrom, the aggregate principal amount of all
outstanding Secured Indebtedness of the Issuers and the Restricted Subsidiaries on a consolidated basis would be greater than 40% of their Adjusted Total Assets. 
 (c) The Issuers shall not and shall not permit any of the Restricted Subsidiaries to Incur any Indebtedness (including Acquired Indebtedness); provided, however, that the Issuers or any of
the Restricted Subsidiaries may Incur Indebtedness (including Acquired Indebtedness) if, after giving effect to the Incurrence of such Indebtedness and the receipt and application of the proceeds therefrom, the Interest Coverage Ratio of the Issuers
and the Restricted Subsidiaries on a consolidated basis would be at least 2.0 to 1.0; provided that the amount of Indebtedness (including Acquired Indebtedness) that may be Incurred by Restricted Subsidiaries that are not Guarantors shall not
exceed in the aggregate 5% of Adjusted Total Assets of the Issuers and the Restricted Subsidiaries. 
 (d) Notwithstanding
paragraph (a), (b) or (c) above, the Issuers or any of the Restricted Subsidiaries (except as specified below) may Incur each and all of the following: 

(1) Indebtedness of the Issuers or any of the Restricted Subsidiaries outstanding under any Credit Facility at any time in
an aggregate principal amount not to exceed the greater of (x) $640,000,000 and (y) 30% of Adjusted Total Assets of the Issuers and the Restricted Subsidiaries; 

(2) Indebtedness of the Issuers or any of the Restricted Subsidiaries owed to: 

(i) the Issuers evidenced by an unsubordinated promissory note, or 

  
 36 

 (ii) any Restricted Subsidiary; 

provided, however, that any event that results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary of
the Issuers or any subsequent transfer of such Indebtedness (other than to the Issuers or any other Restricted Subsidiary of the Issuers) shall be deemed, in each case, to constitute an Incurrence of such Indebtedness not permitted by this clause
(2); 
 (3) Indebtedness of the Issuers or any of their Restricted Subsidiaries under Currency Agreements and
Interest Rate Agreements; provided that such agreements (x) are designed solely to protect the Issuers or any of their Restricted Subsidiaries against fluctuations in foreign currency exchange rates or interest rates (whether
fluctuations of fixed to floating rate interest or floating to fixed rate interest) and (y) do not increase the Indebtedness of the obligor outstanding at any time other than as a result of fluctuations in foreign currency exchange rates or
interest rates or by reason of fees, indemnities and compensation payable thereunder; 
 (4) Indebtedness of the
Issuers or any of the Subsidiary Guarantors, to the extent the net proceeds thereof are promptly: 
 (i) used to
purchase Notes tendered in a Change of Control Offer made as a result of a Change of Control, 
 (ii) used to
redeem all the Notes pursuant to Section 5 of the Notes, 
 (iii) deposited to defease the Notes as
described in Sections 8.02 and 8.03, or 
 (iv) deposited to discharge the obligations under the Notes and this
Indenture as described in Section 8.01; 
 (5)(i) Guarantees of Indebtedness of the Issuers by any of the
Subsidiary Guarantors; provided the guarantee of such Indebtedness is permitted by and made in accordance with Section 4.14, and (ii) Guarantees by a Subsidiary Guarantor of any Indebtedness of any other Subsidiary Guarantor;

 (6) Indebtedness outstanding on the Issue Date (other than pursuant to clause (1) or (7)); 

(7) Indebtedness represented by the Notes and the Guarantees issued on the Issue Date; 

(8) Indebtedness consisting of obligations to pay insurance premiums incurred in the ordinary course of business;

 (9) Indebtedness in respect of any bankers’ acceptance, bank guarantees, letter of credit, warehouse
receipt or similar facilities, and reinvestment obligations related thereto, entered into in the ordinary course of business; 
 (10) Indebtedness in respect of workers’ compensation claims, self-insurance obligations, indemnities, bankers’ acceptances, performance, completion and surety bonds or guarantees and similar
types of obligations in the ordinary course of business; 

  
 37 

 (11) Indebtedness represented by cash management obligations and other
obligations in respect of netting services, automatic clearinghouse arrangements, overdraft protections and similar arrangements in each case in connection with deposit accounts; 

(12) Indebtedness supported by a letter of credit procured by the Issuers or their Restricted Subsidiaries in a principal
amount not in excess of the stated amount of such letter of credit and where the underlying Indebtedness would otherwise be permitted; 
 (13) Permitted Refinancing Indebtedness incurred in exchange for, or the net proceeds of which are used to refund, refinance or replace, Indebtedness (other than intercompany Indebtedness) that was
permitted by this Indenture to be incurred under the provisions of Sections 4.08(a), (b) and (c) or clauses (6), (7), (13) or (15) of this Section 4.08(d); 

(14) Indebtedness (including Capitalized Lease Obligations) Incurred by the Issuers or any Restricted Subsidiary within
270 days of the related purchase, lease or improvement, to finance the purchase, lease or improvement of property (real or personal) or equipment used in the business of the Issuers or any Restricted Subsidiary, whether through the direct
purchase of assets or the Capital Stock of any Person owning such assets in an aggregate principal amount not to exceed at any one time outstanding the greater of (x) $42,000,000 and (y) 2% of Adjusted Total Assets at any time outstanding;
or 
 (15) additional Indebtedness of the Issuers and their Restricted Subsidiaries in aggregate principal amount
at any time outstanding not to exceed the greater of (x) $85,000,000 and (y) 4.0% of the Issuers’ and their Restricted Subsidiaries’ Adjusted Total Assets; provided, however, that any Permitted Refinancing
Indebtedness incurred under clause (13) above in respect of such Indebtedness shall be deemed to have been incurred under this clause (15) for purposes of determining the amount of Indebtedness that may at any time be incurred under this
clause (15). 
 (e) Notwithstanding any other provision of this Section 4.08, the maximum amount of Indebtedness that the
Parent, the Issuers or any of the Restricted Subsidiaries may Incur pursuant to this Section 4.08 shall not be deemed to be exceeded, with respect to any outstanding Indebtedness, due solely to the result of fluctuations in the exchange rates
of currencies. 
 (f) For purposes of determining any particular amount of Indebtedness under this Section 4.08,

 (1) Indebtedness Incurred and outstanding under the Credit Agreement on or prior to the Issue Date shall be
treated as Incurred pursuant to clause (1) of paragraph (d) of this Section 4.08, and 
 (2)
Guarantees, Liens or obligations with respect to letters of credit supporting Indebtedness otherwise included in the determination of such particular amount shall not be included. 

For purposes of determining compliance with this Section 4.08, in the event that an item of Indebtedness meets the criteria of more
than one of the categories of permitted Indebtedness described in clauses (1) through (15) of paragraph (d) above or is entitled to be incurred pursuant to paragraphs (a), (b) and (c) above, the Issuers shall, in their sole
discretion, be entitled to classify all or a portion of such item of Indebtedness on the date of its incurrence or issuance and determine the order of such incurrence or issuance (and may later reclassify such item of Indebtedness) and may divide
and classify such Indebtedness in more than one of the types of Indebtedness described. At any time that the Issuers or the 

  
 38 

 
Restricted Subsidiaries would be entitled to have incurred any then outstanding Indebtedness under paragraphs (a), (b) and (c) of this Section 4.08, such Indebtedness shall be
automatically reclassified into Indebtedness incurred pursuant to those paragraphs. Notwithstanding the foregoing, any Indebtedness Incurred and outstanding under the Credit Agreement on or prior to the Issue Date shall be deemed to have been
incurred under clause (1) of paragraph (d) above and may not be reclassified. Indebtedness permitted by this Section 4.08 need not be permitted solely by reference to one provision permitting such Indebtedness, but may be permitted in
part by one such provision and in part by one or more other provisions of this Section 4.08 permitting such Indebtedness. For the avoidance of doubt, the outstanding principal amount of any particular Indebtedness shall be counted only once and
any obligations arising under any guarantee, Lien, letter of credit or similar instrument supporting such Indebtedness shall not be double-counted. 
 For purposes of determining compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness, the U.S. dollar equivalent principal amount of Indebtedness denominated in a foreign
currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed, in the case of revolving credit debt; provided, however, that
if such Indebtedness is incurred to refinance other Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable U.S. dollar denominated restriction to be exceeded if calculated at the relevant currency exchange
rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such
Indebtedness being refinanced, plus the amount of any reasonable premium (including reasonable tender premiums), defeasance costs and any reasonable fees and expenses incurred in connection with the issuance of such new Indebtedness. The principal
amount of any Indebtedness incurred to refinance other Indebtedness, if incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such
respective Indebtedness is denominated that is in effect on the date of such refinancing. 
 SECTION 4.09. Limitation on
Restricted Payments. 
 (a) Opco shall not, and shall not permit any of its Restricted Subsidiaries to, directly or
indirectly: 
 (1) declare or pay any dividend or make any distribution on or with respect to Capital Stock of
Opco or any Restricted Subsidiary held by Persons other than Opco or any of its Restricted Subsidiaries, other than (i) dividends or distributions payable solely in shares of its Capital Stock (other than Disqualified Stock) or in options,
warrants or other rights to acquire shares of such Capital Stock and (ii) pro rata dividends or other distributions made by a Restricted Subsidiary of Opco that is not Wholly Owned to minority stockholders (or owners of equivalent
interests in the event such Subsidiary is not a corporation); 
 (2) purchase, redeem, retire or otherwise
acquire for value any shares of Capital Stock (including options, warrants or other rights to acquire such shares of Capital Stock) of Opco or any of its direct or indirect parent entities held by any Person (other than a Restricted Subsidiary);

 (3) make any voluntary or optional principal payment, or voluntary or optional redemption, repurchase,
defeasance, or other acquisition or retirement for value, or give any irrevocable notice of redemption of Subordinated Indebtedness of the Issuers or any Subsidiary Guarantor, in each case excluding (i) any intercompany Indebtedness between or
among the Parent, the Issuers or any of the Subsidiary Guarantors; (ii) the payment, purchase, redemption, defeasance, 

  
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acquisition or retirement (collectively, a “purchase”) of Subordinated Indebtedness purchased in anticipation of satisfying a sinking fund obligation, principal installment or
final maturity, in each case due within one year of the date of such payment, purchase, redemption, defeasance, acquisition or retirement; and (iii) the giving of an irrevocable notice of redemption with respect to a transaction described in
clauses (3) or (5) of Section 4.09(b); or 
 (4) make an Investment, other than a Permitted
Investment, in any Person, 
 (such payments or any other actions described in clauses (1) through (4) above being collectively
“Restricted Payments”) if, at the time of, and after giving effect to, the proposed Restricted Payment: 
 (A) a Default or Event of Default shall have occurred and be continuing, 
 (B) the Issuers could not Incur at least $1.00 of Indebtedness under paragraphs (a) and (c) of Section 4.08, or 

(C) the aggregate amount of all Restricted Payments (the amount, if other than in cash, to be determined in good faith by
the Board of Directors of the Issuers, whose determination shall be conclusive and evidenced by a Board Resolution) made after the April Issue Date shall exceed the sum of, without duplication: 

(i) 95% of the aggregate amount of the Funds From Operations (or, if the Funds From Operations is a loss, minus 100% of
the amount of such loss) accrued on a cumulative basis during the period (taken as one accounting period) beginning April 1, 2011 and ending on the last day of the last fiscal quarter preceding the Transaction Date for which reports have been
filed with the SEC or provided to the Trustee pursuant to Section 4.15, plus 
 (ii) 100% of the
aggregate Net Cash Proceeds received by the Issuers after the April Issue Date from (x) the issuance and sale of Opco’s Capital Stock (other than Disqualified Stock) or (y) the issuance and sale of Parent’s Capital Stock (to the
extent contributed to Opco as Capital Stock (other than Disqualified Stock)) to a Person who is not a Subsidiary of the Parent, including from an issuance or sale permitted by this Indenture of Indebtedness of the Issuers or any of their Restricted
Subsidiaries for cash subsequent to the April Issue Date upon the conversion of such Indebtedness into Capital Stock (other than Disqualified Stock) of Opco or Parent, or from the issuance to a Person who is not a Subsidiary of the Parent of any
options, warrants or other rights to acquire Capital Stock of Opco or Parent (in each case, exclusive of any Disqualified Stock or any options, warrants or other rights that are redeemable at the option of the holder for cash or Indebtedness, or are
required to be redeemed, prior to the Stated Maturity of the Notes), plus 
 (iii) 100% of (x) the
aggregate net cash proceeds and (y) the fair market value of other property, in any such case, received by means of the sale or other disposition (other than to the Issuers or a Restricted Subsidiary) of Restricted Investments made by the
Issuers or a Restricted Subsidiary and repurchases and redemptions of such Restricted Investments from the Issuers or a Restricted Subsidiary (other than by the Issuers or a Restricted Subsidiary) and repayments of loans or advances that constitute
Restricted Investments made by the Issuers or a Restricted Subsidiary, in each case after the April Issue Date (except, in each case, to the extent any such payment or proceeds are included in the calculation of Funds From Operations), plus

  
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 (iv) in the case of the redesignation of an Unrestricted Subsidiary as a
Restricted Subsidiary or the merger, amalgamation or consolidation of an Unrestricted Subsidiary into one of the Issuers or a Restricted Subsidiary or the transfer of all or substantially all of the assets of an Unrestricted Subsidiary to one of the
Issuers or a Restricted Subsidiary after the April Issue Date, the fair market value, as determined in good faith by the Issuers or if such fair market value may exceed $50.0 million, in writing by a nationally recognized investment banking,
appraisal or accounting firm, of the Investment in such Unrestricted Subsidiary or the assets transferred at the time of the redesignation of such Unrestricted Subsidiary as a Restricted Subsidiary or at the time of such merger, amalgamation,
consolidation or transfer of assets (other than to the extent the Investment in such Unrestricted Subsidiary constituted a Permitted Investment), plus 
 (v) the fair market value of non-cash tangible assets or Capital Stock acquired in exchange for an issuance of Capital Stock (other than Disqualified Stock or Capital Stock issued in exchange for Capital
Stock of the Issuers or the Parent utilized pursuant to clauses (3) or (4) of Section 4.09(b)) of Opco or, to the extent contributed to Opco or one or more Restricted Subsidiaries, the Parent, in each case, subsequent to the April
Issue Date (including upon conversion or exchange of the Common Units for Capital Stock of the Parent, in which case the fair market value shall equal the fair market value received upon issuance of such Common Units), plus 

(vi) without duplication, in the event the Issuers or any Restricted Subsidiary makes any Investment in a Person that, as
a result of or in connection with such Investment, becomes a Restricted Subsidiary, an amount not to exceed the amount of Investments previously made by the Issuers and the Restricted Subsidiaries in such Person that was treated as a Restricted
Payment. 
 (b) Notwithstanding Section 4.09(a), the limitations on Restricted Payments described above shall not apply to
the following: 
 (1) any distribution or other action which is necessary to maintain the Parent’s status as
a REIT under the Code, if the aggregate principal amount of outstanding Indebtedness of the Issuers and the Restricted Subsidiaries on a consolidated basis determined in accordance with GAAP is less than 60% of Adjusted Total Assets as of the end of
the fiscal quarter covered in the Parent’s annual or quarterly report most recently furnished to holders of the Notes or filed with the SEC, as the case may be; 

(2) the payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days after the
date of declaration thereof or the giving of a redemption notice related thereto, as the case may be, if, at said date of declaration or notice, such payment would comply with Section 4.09(a); 

(3) the payment, redemption, repurchase, defeasance or other acquisition or retirement for value of Subordinated
Indebtedness, including premium, if any, and accrued and unpaid interest, with the proceeds of, or in exchange for, Indebtedness Incurred under Sections 4.08(a), (b) or (c) or Section 4.08(d)(13); 

(4)(a) the making of any Restricted Payment in exchange for, or out of the proceeds of the substantially concurrent sale
of, Capital Stock of Opco or the Parent (other than any Disqualified Stock or any Capital Stock sold to an Issuer or a Restricted Subsidiary or to an employee stock ownership plan or any trust established by the Parent or any of its Subsidiaries) or
from 

  
 41 

 
substantially concurrent contributions to the equity capital of Opco (collectively, including any such contributions, “Refunding Capital Stock”) (with any offering within 90 days
deemed as substantially concurrent); and (b) the declaration and payment of accrued dividends on any Capital Stock redeemed, repurchased, retired, defeased or acquired out of the proceeds of the sale of Refunding Capital Stock within 90 days of
such sale; provided that the amount of any such proceeds or contributions that are utilized for any Restricted Payment pursuant to this clause (4) shall be excluded from the amount described in Section 4.09(a)(4)(C)(ii); 

(5) the payment, redemption, repurchase, defeasance or other acquisition or retirement for value of Subordinated
Indebtedness, including premium, if any, and accrued and unpaid interest with the proceeds of, or in exchange for, an issuance of, shares of Capital Stock of the Parent or Opco (or options, warrants or other rights to acquire such Capital Stock)
that occurs within 90 days of such payment, redemption, repurchase, defeasance or other acquisition or retirement for value; provided, that the amount of any such proceeds or contributions that are utilized for any Restricted Payments
pursuant to this clause (5) shall be excluded from the amount described in Section 4.09(a)(4)(C)(ii); 

(6)(x) the distribution or dividend to Parent, the proceeds of which are used to repurchase, redeem or otherwise
acquire or retire for value any shares of Capital Stock of the Parent held by any of the Parent’s or Medical Property Trust LLC’s Subsidiaries and (y) the repurchase, redemption or other acquisition or retirement for value of any
shares of Capital Stock of Opco or any Restricted Subsidiary in each case held by any of the Parent’s or an Issuer’s or any Restricted Subsidiaries’ current or former officers, directors, consultants or employees (or any permitted
transferees, assigns, estates or heirs of any of the foregoing); provided, however, the aggregate amount distributed or dividended to Parent and paid by the Issuers and the Restricted Subsidiaries pursuant to this clause (6) shall
not exceed $5,000,000 in any calendar year (excluding for purposes of calculating such amount the amount paid for Capital Stock repurchased, redeemed, acquired or retired with the cash proceeds from the repayment of outstanding loans previously made
by the Parent, an Issuer or a Restricted Subsidiary thereof for the purpose of financing the acquisition of such Capital Stock), with unused amounts in any calendar year being carried over to the next two succeeding calendar years; provided
further, that such amount in any calendar year may be increased by an amount not to exceed (A) the Net Cash Proceeds from the sale of Capital Stock (other than Disqualified Stock) of Opco or Parent to the extent contributed to Opco or any
of its Restricted Subsidiaries to members of management, directors or consultants of the Parent, Opco or any of the Restricted Subsidiaries that occurs after the April Issue Date, to the extent such proceeds (i) have not otherwise been and are
not thereafter applied to the payment of any other Restricted Payment or (ii) are not attributable to loans made by the Parent, an Issuer or a Restricted Subsidiary thereof for the purpose of financing the acquisition of such Capital Stock,
plus (B) the cash proceeds of key man life insurance policies received by the Issuers and their Restricted Subsidiaries after the April Issue Date, less (C) the amount of any Restricted Payments previously made pursuant to clauses (A)
and (B) of this clause (6); provided further, however, that cancellation of Indebtedness owing to an Issuer or any of its Restricted Subsidiaries from current or former officers, directors, consultants or employees (or any permitted
transferees, assigns, estates or heirs of any of the foregoing) of the Parent, an Issuer or any Restricted Subsidiary thereof in connection with a repurchase of Capital Stock of the Parent, the Issuers or any Restricted Subsidiary shall not be
deemed to constitute a Restricted Payment for purposes of this Indenture; 
 (7)(x) distributions or
dividends to Parent, the proceeds of which are used and (y) payments made or expected to be made by the Issuers or any Restricted Subsidiary, in each case, in respect of withholding or similar taxes payable upon exercise of Capital Stock by any

  
 42 

 
future, present or former employee, director, officer, manager or consultant (or any permitted transferees, assigns, estates or heirs of any of the foregoing) and any repurchases of Capital Stock
deemed to occur upon exercise of stock options or warrants if such Capital Stock represents a portion of the exercise price of such options or warrants or required withholding or similar taxes and cashless repurchases of Capital Stock deemed to
occur upon exercise of stock options or warrants if such Capital Stock represent a portion of the exercise price of such options or warrants; 
 (8) the repurchase, redemption or other acquisition or retirement for value of any Subordinated Indebtedness pursuant to the provisions similar to those described under Sections 4.07 and 4.11; provided
that all Notes validly tendered by holders of Notes in connection with a Change of Control Offer or Asset Sale Offer, as applicable, have been repurchased, redeemed, acquired or retired for value; 

(9) Permitted Payments to Parent; 
 (10) any distribution or dividend to Parent, the proceeds of which are used for the payment of cash in lieu of the issuance of fractional shares of Capital Stock upon exercise or conversion of securities
exercisable or convertible into Capital Stock of the Parent and the payment of cash in lieu of the issuance of fractional shares of Capital Stock upon exercise or conversion of securities exercisable or convertible into Capital Stock of
Opco; or 
 (11) additional Restricted Payments in an aggregate amount not to exceed $170,000,000;

 provided, however, that, except in the case of clauses (1), (2) and (3), no Default or Event of Default shall have
occurred and be continuing or occur as a direct consequence of the actions or payments set forth therein. 
 (c) The net amount
of any Restricted Payment permitted pursuant to Section 4.09(b)(1) and (2) (adjusted to avoid double counting) shall be included in calculating whether the conditions of Section 4.09(a)(4)(C) have been met with respect to any
subsequent Restricted Payments. The net amount of any Restricted Payment permitted pursuant to clauses (3) through (11) of the immediately preceding paragraph shall be excluded in calculating whether the conditions of
Section 4.09(a)(4)(C) have been met with respect to any subsequent Restricted Payments. The amount of all Restricted Payments (other than cash) shall be the fair market value on the date of the Restricted Payment of the asset(s) or securities
proposed to be transferred or issued to or by the Issuers or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. 
 SECTION 4.10. Maintenance of Total Unencumbered Assets. The Issuers and their Restricted Subsidiaries shall maintain Total Unencumbered Assets of not less than 150% of the aggregate outstanding
principal amount of the Unsecured Indebtedness of the Issuers and their Restricted Subsidiaries on a consolidated basis in accordance with GAAP. 
 SECTION 4.11. Limitation on Asset Sales. 
 (a) The Issuers shall not, and
shall not permit any of their Restricted Subsidiaries to, consummate any Asset Sale, unless: 
 (1) the
consideration received by the Issuers or such Restricted Subsidiary is at least equal to the fair market value of the assets sold or disposed of; and 

  
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 (2) at least 75% of the consideration received consists of cash, Temporary
Cash Investments or Replacement Assets, or a combination of cash, Temporary Cash Investments or Replacement Assets; provided, however, with respect to the sale of one or more properties that up to 75% of the consideration may consist
of Indebtedness of the purchaser of such properties so long as such Indebtedness is secured by a first priority Lien on the property or properties sold. 
 (b) For purposes of this Section 4.11, each of the following shall be deemed to be cash: 
 (1) any liabilities of the Issuers or any Restricted Subsidiary (as shown on the most recent consolidated balance sheet of the Issuers and their Restricted Subsidiaries other than contingent liabilities
and liabilities that are by their terms subordinated to the Notes or any Guarantee) that are assumed by the transferee of any such assets pursuant to an agreement that releases the Issuers or any such Restricted Subsidiary from further liability
with respect to such liabilities or that are assumed by contract or operation of law; 
 (2) any securities,
notes or other obligations received by an Issuer or any such Restricted Subsidiary from such transferee that are converted by the Issuers or such Restricted Subsidiary into cash or Temporary Cash Investments within 180 days (to the extent of the
cash or Temporary Cash Investments received in that conversion); and 
 (3) any Designated Non-Cash Consideration
received by the Issuers or any such Restricted Subsidiary in such Asset Sale having an aggregate fair market value, taken together with all other Designated Non-Cash Consideration received pursuant to this clause (3) that is at the time
outstanding, not to exceed the greater of (x) $42,000,000 and (y) 2.0% of the Issuers’ Adjusted Total Assets at the time of the receipt of such Designated Non-Cash Consideration, with the fair market value of each item of Designated
Non-Cash Consideration being measured at the time received and without giving effect to subsequent changes in value. 
 (c)
Within 365 days after the receipt of any Net Cash Proceeds from an Asset Sale, the Issuers or any such Restricted Subsidiary may apply such Net Cash Proceeds: 
 (1) to prepay, repay, redeem or purchase Pari Passu Indebtedness of the Issuers or a Subsidiary Guarantor that is Secured Indebtedness (in each case other than Indebtedness owed to the Issuers or an
Affiliate of the Issuers); 
 (2) to make an Investment in (provided such Investment is in the form of
Capital Stock), or to acquire all or substantially all of the assets of, a Person engaged in a Permitted Business if such Person is, or will become as a result thereof, a Restricted Subsidiary; 

(3) to prepay, repay, redeem or purchase (x) Pari Passu Indebtedness of an Issuer or of any Subsidiary Guarantor or
any Indebtedness of a Restricted Subsidiary that is not a Subsidiary Guarantor; provided, however, that if the Issuers or a Guarantor shall so prepay, repay, redeem or purchase any such Pari Passu Indebtedness, the Issuers shall
equally and ratably reduce obligations under the Notes if the Notes are then prepayable or, if the Notes may not then be prepaid, the Issuers shall make an offer (in accordance with the procedures set forth below) with the ratable proceeds to all
Holders to purchase their Notes at 100% of the principal amount thereof, plus accrued but unpaid interest, if any, thereon, up to the principal amount of Notes that would otherwise be prepaid, or (y) any Indebtedness of a Restricted Subsidiary
that is not a Subsidiary Guarantor; 

  
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 (4) to fund all or a portion of an optional redemption of the Notes pursuant
to Section 5 of the Notes; 
 (5) to make a capital expenditure; 

(6) to acquire Replacement Assets to be used or that are useful in a Permitted Business; or 

(7) any combination of the foregoing; 
 provided that the Issuers shall be deemed to have complied with the provisions described in clauses (2), (5) and (6) of this paragraph if and to the extent that, within 365 days after the
Asset Sale that generated the Net Cash Proceeds, the Issuers or any of the Restricted Subsidiaries has entered into and not abandoned or rejected a binding agreement to acquire the assets or Capital Stock of a Permitted Business, acquire Replacement
Assets or make a capital expenditure in compliance with the provisions described in clauses (2), (5) and (6) of this paragraph (each an “Acceptable Commitments”), and that Acceptable Commitment (or a replacement commitment
should the Acceptable Commitment be subsequently cancelled or terminated for any reason) is thereafter completed within 180 days after the end of such 365-day period. Pending the final application of any such Net Cash Proceeds, the Issuers may
temporarily reduce the revolving Indebtedness under any Credit Facility or otherwise invest such Net Cash Proceeds in any manner that is not prohibited by this Indenture. The amount of such excess Net Cash Proceeds required to be applied (or to be
committed to be applied) during such 365-day period as set forth in this paragraph (c) and not so applied by the end of such period shall constitute “Excess Proceeds.” 

(d) When the aggregate amount of Excess Proceeds exceeds $20,000,000, the Issuers shall make an offer to all holders of the Notes and, if
required by the terms of any Indebtedness that is Pari Passu Indebtedness, to the holders of such Pari Passu Indebtedness on a pro rata basis (an “Asset Sale Offer”), to purchase the maximum aggregate principal amount of the
Notes and such Pari Passu Indebtedness that is in an amount equal to at least $2,000, that may be purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100.0% of the principal amount thereof (or accreted value thereof,
if less), plus accrued and unpaid interest, if any, to the date fixed for the closing of such offer, in accordance with the procedures set forth in this Indenture. The Issuers will commence an Asset Sale Offer with respect to Excess Proceeds within
ten Business Days after the date that Excess Proceeds exceed $20,000,000 by delivering the notice required pursuant to the terms of this Indenture, with a copy to the Trustee. The Issuers may satisfy the foregoing obligations with respect to any
Excess Proceeds from an Asset Sale by making an Asset Sale Offer with respect to such Excess Proceeds prior to the expiration of the relevant 365 days or with respect to Excess Proceeds of $20,000,000 or less. 

(e) To the extent that the aggregate amount of Notes and such Pari Passu Indebtedness tendered pursuant to an Asset Sale Offer is less
than the Excess Proceeds, the Issuers and the Restricted Subsidiaries may use any remaining Excess Proceeds for any purpose not prohibited by this Indenture. If the aggregate principal amount of Notes or the Pari Passu Indebtedness surrendered by
such holders thereof exceeds the amount of Excess Proceeds, the Trustee shall select the Notes and the Issuers shall select such Pari Passu Indebtedness to be purchased on a pro rata basis based on the accreted value or principal amount of the Notes
or such Pari Passu Indebtedness tendered. Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds that resulted in the Asset Sale Offer shall be reset to zero. 

(f) Pending the final application of any Net Cash Proceeds pursuant to this Section 4.11, the holder of such Net Cash Proceeds may
apply such Net Cash Proceeds temporarily to reduce Indebtedness outstanding under a revolving credit facility or otherwise invest such Net Cash Proceeds in any manner not prohibited by this Indenture. 

  
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 (g) The Issuers will comply with the requirements of Rule 14e-1 under the Exchange Act
and any other securities laws and regulations thereunder to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws
or regulations conflict with the provisions of this Indenture, the Issuers will comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations described in this Indenture by virtue thereof.

 SECTION 4.12. Limitation on Transactions with Affiliates. 

(a) The Issuers shall not, and shall not permit any of the Restricted Subsidiaries to, directly or indirectly, enter into, renew or extend
any transaction (including the purchase, sale, lease or exchange of property or assets, or the rendering of any service) with any Holder (or any Affiliate of such Holder) of 10% or more of any class of Capital Stock of the Parent or with any
Affiliate of the Parent, an Issuer or any Restricted Subsidiary, in each case involving consideration in excess of $5,000,000, except upon terms that are not materially less favorable to the Issuers or such Restricted Subsidiary than could be
obtained, at the time of such transaction or, if such transaction is pursuant to a written agreement, at the time of the execution of the agreement providing therefor, in a comparable arm’s-length transaction with a Person that is not such a
Holder or an Affiliate. 
 (b) The limitation set forth in Section 4.12(a) does not limit, and shall not apply to:

 (1) transactions (A) approved by a majority of the disinterested directors of the Board of Directors of
the Parent or (B) for which the Parent or any Restricted Subsidiary delivers to the Trustee a written opinion of a nationally recognized investment banking, appraisal or accounting firm stating that the transaction is fair to the Parent or such
Restricted Subsidiary from a financial point of view; 
 (2) any transaction solely between an Issuer and any of
its Restricted Subsidiaries or solely between Restricted Subsidiaries; 
 (3) the payment of reasonable fees and
compensation (including through the issuance of Capital Stock) to, and indemnification and similar arrangements on behalf of, current, former or future directors, officers, employees or consultants of Parent or any Restricted Subsidiary of Parent;

 (4) the issuance or sale of Capital Stock (other than Disqualified Stock) of an Issuer; 

(5) any Restricted Payments not prohibited by Section 4.09 and Investments constituting Permitted Investments;

 (6) any contracts, instruments or other agreements or arrangements in each case as in effect on the date of
this Indenture, and any transactions pursuant thereto or contemplated thereby, or any amendment, modification or supplement thereto or any replacement thereof entered into from time to time, as long as such agreement or arrangements as so amended,
modified, supplemented or replaced, taken as a whole, is not materially more disadvantageous to the Issuers and the Restricted Subsidiaries at the time executed than the original agreement or arrangements as in effect on the date of this Indenture;

 (7) any employment, consulting, service or termination agreement, or customary indemnification arrangements,
entered into by an Issuer or any Restricted Subsidiary with current, former or future officers and employees of the Parent or an Issuer or such Restricted Subsidiary 

  
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and the payment of compensation to officers and employees of the Parent, an Issuer or any Restricted Subsidiary (including amounts paid pursuant to employee benefit plans, employee stock option
or similar plans), in each case in the ordinary course of business; 
 (8) loans and advances to officers and
employees of the Parent, an Issuer or any Restricted Subsidiary or guarantees in respect thereof (or cancellation of such loans, advances or guarantees), for bona fide business purposes, including for reasonable moving and relocation, entertainment
and travel expenses and similar expenses, made in the ordinary course of business; 
 (9) transactions with a
Person that is an Affiliate of the Parent or an Issuer solely because the Parent or an Issuer, directly or indirectly, owns Capital Stock of, or controls such Person; 

(10) any transaction with a Person who is not an Affiliate immediately before the consummation of such transaction that
becomes an Affiliate as a result of such transaction; or 
 (11) the entering into or amending of any tax
sharing, allocation or similar agreement and any payments thereunder. 
 (c) Notwithstanding Section 4.12(a) and 4.12(b),
any transaction or series of related transactions covered by Section 4.12(a) and not covered by clauses (2) through (11) of Section 4.12(b): 
 (i) the aggregate amount of which exceeds $10,000,000 in value shall be approved or determined to be fair in the manner provided for in Section 4.12(b)(1)(A) or (B); and 

(ii) the aggregate amount of which exceeds $25,000,000 in value shall be determined to be fair in the manner provided for
in Section 4.12(b)(1)(B). 
 SECTION 4.13. Limitation on Dividend and Other Payment Restrictions Affecting Restricted
Subsidiaries. 
 (a) The Issuers shall not, and shall not permit any Restricted Subsidiaries to, create or otherwise cause or
suffer to exist or become effective any consensual encumbrance or restriction of any kind on the ability of any such Restricted Subsidiary to: 
 (1) pay dividends or make any other distributions permitted by applicable law on any Capital Stock of such Restricted Subsidiary owned by an Issuer or any of its Restricted Subsidiaries; 

(2) pay any Indebtedness owed to an Issuer or any other Restricted Subsidiary; 

(3) make loans or advances to an Issuer or any other Restricted Subsidiary; or 

(4) transfer its property or assets to an Issuer or any other Restricted Subsidiary. 

(b) Section 4.13(a) shall not restrict any encumbrances or restrictions: 

(1) existing under, by reason of or with respect to this Indenture, the Credit Agreement and any other agreement in effect
on the Issue Date as in effect on the Issue Date, and any amendments, modifications, restatements, extensions, increases, supplements, refundings, refinancing, renewals or replacements of such agreements; provided, however, that the
encumbrances 

  
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and restrictions in any such amendments, modifications, restatements, extensions, increases, supplements, refundings, refinancing, renewals or replacements are not materially more restrictive,
taken as a whole, than those in effect on the Issue Date; 
 (2) existing under, by reason of or with respect to
any other Indebtedness of the Issuers or their Restricted Subsidiaries permitted under this Indenture; provided, however, that the Issuers have determined in good faith that the encumbrances and restrictions contained in the agreement
or agreements governing the other Indebtedness are not materially more restrictive, taken as a whole, than those contained in customary comparable financings and will not impair in any material respect the Issuers’ and the Guarantors’
ability to make payments on the Notes when due; 
 (3) existing with respect to any Person or the property or
assets of such Person acquired by an Issuer or any Restricted Subsidiary, existing at the time of such acquisition and not Incurred in contemplation thereof, which encumbrances or restrictions are not applicable to any Person or the property or
assets of any Person other than such Person or the property or assets of such Person so acquired and any amendments, modifications, restatements, extensions, increases, supplements, refundings, refinancing, renewals or replacements thereof;
provided, however, that the encumbrances and restrictions in any such amendments, modifications, restatements, extensions, increases, supplements, refundings, refinancing, renewals or replacements are entered into in the ordinary
course of business or not materially more restrictive, taken as a whole, than those contained in the instruments or agreements with respect to such Person or its property or assets as in effect on the date of such acquisition; 

(4) existing under, by reason of or with respect to provisions in joint venture, operating or similar agreements;

 (5) in the case of Section 4.13(a)(4): 

(i) that restrict in a customary manner the subletting, assignment or transfer of any property or asset that is a lease,
license, conveyance or contract or similar property or asset, 
 (ii) existing by virtue of any transfer of,
agreement to transfer, option or right with respect to, or Lien on, any property or assets of an Issuer or any Restricted Subsidiary not otherwise prohibited by this Indenture, 

(iii) existing under, by reason of or with respect to (1) purchase money obligations for property acquired in the
ordinary course of business or (2) capital leases or operating leases that impose encumbrances or restrictions on the property so acquired or covered thereby, or 

(iv) arising or agreed to in the ordinary course of business, not relating to any Indebtedness, and that do not,
individually or in the aggregate, detract from the value of property or assets of an Issuer or any Restricted Subsidiary in any manner material to an Issuer and its Restricted Subsidiaries taken as a whole; 

(6) any encumbrance or restriction with respect to a Restricted Subsidiary that is a Guarantor which was previously an
Unrestricted Subsidiary pursuant to or by reason of an agreement that such Subsidiary is a party to or entered into before the date on which such Subsidiary became a Restricted Subsidiary; provided that such agreement was not entered into in

  
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anticipation of an Unrestricted Subsidiary becoming a Restricted Subsidiary and any such encumbrance or restriction does not extend to any assets or property of the Issuers or any other
Restricted Subsidiary other than the assets and property of such Subsidiary; and 
 (7) with respect to a
Restricted Subsidiary and imposed pursuant to an agreement that has been entered into for the sale or disposition of the Capital Stock of, or property and assets of, such Restricted Subsidiary that restricts distributions by that Restricted
Subsidiary pending the closing of such sale or other disposition. 
 (c) Nothing contained in this Section 4.13 shall
prevent an Issuer or any Restricted Subsidiary from restricting the sale or other disposition of property or assets of an Issuer or any of its Restricted Subsidiaries that secure Indebtedness of the Issuers or any of their Restricted Subsidiaries.
For purposes of determining compliance with this Section 4.13, (1) the priority of any Preferred Stock in receiving dividends or liquidating distributions prior to distributions being paid on common stock shall not be deemed a restriction
on the ability to make distributions on Capital Stock and (2) the subordination of loans or advances made to a Restricted Subsidiary to other Indebtedness incurred by such Restricted Subsidiary shall not be deemed a restriction on the ability
to make loans or advances. 
 SECTION 4.14. Future Guarantees by Restricted Subsidiaries. 

(a) The Issuers will cause each Restricted Subsidiary that is not a Guarantor that borrows under or Guarantees the Credit Agreement on the
Issue Date, and any domestic Restricted Subsidiary that is not a Guarantor that borrows under or Guarantees the Credit Agreement or any other capital markets Indebtedness thereafter, to, within 30 days thereof, execute and deliver to the
Trustee a supplemental indenture pursuant to which such Restricted Subsidiary will unconditionally Guarantee, on a joint and several basis, the full and prompt payment of the principal of, premium, if any, and interest in respect of the Notes on a
senior basis and all other obligations under this Indenture. 
 (b) Any Subsidiary Guarantee by a Restricted Subsidiary shall
provide by its terms that it shall be automatically and unconditionally released and discharged upon: 
 (1) any
sale, exchange or transfer, to any Person that is not a Subsidiary of an Issuer of Capital Stock held by an Issuer and its Restricted Subsidiaries in, or all or substantially all the assets of, such Restricted Subsidiary (which sale, exchange or
transfer is not prohibited by this Indenture) such that, immediately after giving effect to such transaction, such Restricted Subsidiary would no longer constitute a Subsidiary of an Issuer, 

(2) in connection with the merger or consolidation of a Subsidiary Guarantor with (a) an Issuer or (b) any other
Subsidiary Guarantor (provided that the surviving entity remains a Subsidiary Guarantor), 
 (3) if the
Issuers properly designate any Restricted Subsidiary that is a Subsidiary Guarantor as an Unrestricted Subsidiary pursuant to the terms of this Indenture, 
 (4) upon the Legal Defeasance or Covenant Defeasance or satisfaction and discharge of this Indenture, 
 (5) upon a liquidation or dissolution of a Subsidiary Guarantor permitted under this Indenture, or 

  
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 (6) the release or discharge of the Guarantee that resulted in the creation
of such Subsidiary Guarantee, except a discharge or release by or as a result of payment under such Guarantee. 
 (c) In
addition, any Subsidiary Guarantee shall be automatically and unconditionally released and discharged if such Subsidiary ceases to guarantee obligations under the Credit Agreement or ceases to constitute a co-borrower with respect to the Credit
Agreement. 
 SECTION 4.15. Reports to Holders. 
 (a) Whether or not Opco is then required to file reports with the SEC, Opco shall file with the SEC all such reports and other information as it would be required to file with the SEC by
Sections 13(a) or 15(d) under the Exchange Act if it was subject thereto; provided, however, that, if filing such documents by Opco with the SEC is not permitted under the Exchange Act, Opco shall, within 15 days after the
time Opco would be required to file such information with the SEC if it were subject to Section 13 or 15(d) under the Exchange Act, provide such documents and reports to the Trustee and upon written request supply copies of such documents and
reports to any Holder and shall post such documents and reports on Opco’s public website. Opco shall supply the Trustee and each Holder or shall supply to the Trustee for forwarding to each such Holder, without cost to such Holder, copies of
such reports and other information. Delivery of such information, documents and reports to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained
therein or determinable from information contained therein, including the Issuers’ compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). 

(b) So long as permitted by the SEC, at any time that either (x) one or more Subsidiaries of Opco is an Unrestricted Subsidiary or
(y) Opco holds directly any material assets (including Capital Stock) other than the Capital Stock of the Issuers then the quarterly and annual financial information required by this Section 4.15 will include a reasonably detailed
presentation, either in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” or any other comparable section, of the financial condition and results of operations of the Issuers and their Restricted
Subsidiaries separate from the financial condition and results of operations of such Unrestricted Subsidiaries and other material assets of the Issuers. 
 (c) Opco shall also, within a reasonably prompt period of time following the disclosure of the annual and quarterly information required above, conduct a conference call with respect to such information
and results of operations for the relevant reporting period. No fewer than three Business Days prior to the date of the conference call required to be held in accordance with the preceding sentence, Opco shall issue a press release to the
appropriate internationally recognized wire services announcing the date that such information will be available and the time and date of such conference call. 
 (d) So long as the Parent is a Guarantor of the Notes, the Indenture will permit Opco to satisfy its obligations under this Section 4.15 with respect to filing, furnishing, providing and posting
documents, reports and other information relating to Opco by the Parent’s filing, furnishing, providing and posting, as the case may be, of such documents, reports and other information relating to the Parent; provided that the same is
accompanied by consolidating information that explains in reasonable detail and in the same manner described in the Prospectus the differences between the information relating to the Parent and its consolidated Subsidiaries on the one hand, and the
information relating to the Parent, the Issuers and the Subsidiary Guarantors on a standalone basis, on the other hand, as of the ending date of the period covered by such report. 

  
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 SECTION 4.16. Suspension of Covenants. During a Suspension Period, the Parent, the
Issuers and the Restricted Subsidiaries shall not be subject to Section 4.09, 4.11, 4.12, 4.13, 4.14 or 5.01(a)(3) (each a “Suspended Covenant”). All other provisions of this Indenture shall apply at all times during any
Suspension Period so long as any Notes remain outstanding hereunder; provided that the Interest Coverage Ratio that will be applicable under Section 4.08(c) will be 1.5 to 1.0 during any Suspension Period. 

“Suspension Period” means any period (1) beginning on the date that: 

(A) the Notes have Investment Grade Status; 

(B) no Default or Event of Default has occurred and is continuing; and 

(C) the Issuers have delivered an Officer’s Certificate to the Trustee certifying that the conditions set forth in
clauses (A) and (B) above are satisfied; 
 and (2) ending on the date (the “Reversion Date”) that the Notes
cease to have Investment Grade Status, notice of which shall be provided to the Trustee. 
 On each Reversion Date, all
Indebtedness, liens thereon and dividend blockages incurred during the Suspension Period prior to such Reversion Date shall be deemed to have been outstanding on the Issue Date. 

For purposes of calculating the amount available to be made as Restricted Payments under Section 4.09(a)(C), calculations under that
clause shall be made with reference to the Transaction Date, as set forth in that clause. Accordingly, (x) Restricted Payments made during the Suspension Period not otherwise permitted pursuant to any of clauses (1) through (11) of
Section 4.09(b), shall reduce the amount available to be made as Restricted Payments under Section 4.09(a)(C); provided, however, that the amount available to be made as a Restricted Payment on the Transaction Date shall not
be reduced to below zero solely as a result of such Restricted Payments, but may be reduced to below zero as a result of negative cumulative Funds From Operations during the Suspension Period for the purpose of Section 4.09(a)(C)(i), and
(y) the items specified in Section 4.09(a)(C)(i), (ii), (iii), (iv), (v) and (vi) that occur during the Suspension Period shall increase the amount available to be made as Restricted Payments under Section 4.09(a)(C). Any
Restricted Payment made during the Suspension Period that are of the type described in Section 4.09(b) (other than the Restricted Payment referred to in clauses (1) or (2) of Section 4.09(b) or any exchange of Capital Stock for
Capital Stock or Indebtedness referred to in clause (4) or (5) of Section 4.09(b)), and the Net Cash Proceeds from any issuance of Capital Stock referred to in clauses (4) and (5) of Section 4.09(b) (adjusted to avoid
double counting) shall not be included in calculating the amounts permitted to be incurred under Section 4.09(a)(C) on each Reversion Date. 
 For purposes of Section 4.11, on each Reversion Date, the unutilized Excess Proceeds shall be reset to zero. 
 No Default or Event of Default shall be deemed to have occurred on the Reversion Date (or thereafter) under any Suspended Covenant solely as a result of any actions taken by the Parent or any Restricted
Subsidiaries thereof, or events occurring, during the Suspension Period. For purposes of Section 4.10, if the Parent and its Restricted Subsidiaries are not in compliance with Section 4.10 as of a Reversion Date, no Default or Event of
Default shall be deemed to have occurred for up to 120 days following the Reversion Date; provided that neither the Parent nor any of its Restricted Subsidiaries shall incur any Secured Indebtedness until such time that the requirements of
Section 4.10 have been met. 

  
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 SECTION 4.17. Limitation on Activities of Finco. 

Finco may not hold any material assets, become liable for any material obligations, engage in any trade or business, or conduct any
business activity, other than (1) the issuance of its Capital Stock to Opco or any wholly owned Restricted Subsidiary of Opco, (2) the incurrence of Indebtedness as a co-obligor or guarantor, as the case may be, of the Notes, the Credit
Agreement and any other Indebtedness that is permitted to be incurred under Section 4.08; provided that the net proceeds of such Indebtedness are not retained by Finco, and (3) activities incidental thereto. Neither the Parent nor
any Restricted Subsidiary shall engage in any transaction with Finco in violation of the immediately preceding sentence. 

SECTION 4.18. Escrow of Net Proceeds 
 (a) Unless the Acquisition shall have been consummated simultaneously with the consummation of the offering of the Notes, the maximum Escrow Proceeds will be placed by the Issuers in escrow until the
satisfaction of the conditions described below. The terms of the escrow will be set forth in the Escrow Agreement, pursuant to which the Issuers will deposit with the Escrow Agent on the Issue Date the Escrow proceeds. The Issuers will grant the
Trustee, for the benefit of the Holders subject to any lien of the Escrow Agent, a first priority security interest in the escrow account and all deposits and investment property therein to secure the Special Mandatory Redemption. 

(b) Certain funds held in the Escrow Account will be released to the Issuers in accordance with the Escrow Agreement upon delivery by the
Issuers to the Escrow Agent and the Trustee of an Officers’ Certificate certifying that, prior to or concurrently with the release of funds from the Escrow Account (clauses (1) through (2) below, collectively, the “Escrow
Conditions”): 
 (i) (a) all conditions precedent to the consummation of the Acquisition will have been
satisfied or waived in accordance with the terms of the agreements governing the Acquisition (other than the payment of Purchase Price (as defined in the Transaction Agreement) and other than those conditions that by their terms are to be satisfied
simultaneously with the consummation of the Acquisition) and (B) the Acquisition will be consummated on substantially the terms described in the prospectus substantially concurrently with the release of funds on deposit with the Escrow Agent; and

 (ii) no Event of Default shall have occurred and be continuing under the Indenture. 

ARTICLE FIVE 

Successor Corporation 
 SECTION 5.01. Consolidation Merger and Sale of Assets. 
 (a) No Issuer shall
consolidate with or merge with or into, or sell, convey, transfer or otherwise dispose of all or substantially all of its and its Restricted Subsidiaries’ (taken as a whole) property and assets (as an entirety or substantially an entirety in
one transaction or a series of related transactions) to, any Person or permit any Person (other than a Restricted Subsidiary) to merge with or into it unless: 
 (1) such Issuer shall be the continuing Person, or the Person (if other than such Issuer) formed by such consolidation or into which such Issuer is merged or that acquired such property and assets of such
Issuer shall be a corporation, limited liability company, partnership (including a limited partnership) or trust organized and validly existing under the laws of the United States of America or any state or jurisdiction thereof and shall expressly
assume, by a supplemental indenture, executed and delivered to the Trustee, all of the obligations of such Issuer with respect to the Notes and under this Indenture (provided that in the case of a limited liability company, partnership
(including a limited partnership) or trust, there shall also be a corporation organized and validly existing under the laws of the United States of America or any state or jurisdiction thereof which shall expressly jointly with such limited
liability company, partnership (including a limited partnership) or trust, assume, by a supplemental indenture, executed and delivered to the Trustee, all of the obligations of such Issuer with respect to the Notes and under this Indenture);

 (2) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred
and be continuing; 
 (3) immediately after giving effect to such transaction and any related financing
transactions as if the same had occurred at the beginning of the applicable Four Quarter Period, on a pro forma basis the Issuers, or any Person becoming the successor obligor of the Notes, as the case may be, could Incur at least $1.00 of
Indebtedness under paragraphs (a) and (c) of Section 4.08; provided, however, that this clause (3) shall not apply to a consolidation or merger with or into a Wholly Owned Restricted Subsidiary; and 

(4) the Issuers deliver to the Trustee an Officer’s Certificate (attaching the arithmetic computations to demonstrate
compliance with clause (3) above) and an Opinion of Counsel, in each case stating that such consolidation, merger or transfer and such supplemental indenture complies with this Section 5.01 and that all conditions precedent provided for
herein relating to such transaction have been complied with and, with respect to the Opinion of Counsel, that the supplemental indenture constitutes a valid and binding obligation enforceable against the Issuers, or the Person (if other than an
Issuer) formed by such consolidation or into which such Issuer is merged or that acquired all or substantially all of such Issuer’s and its Restricted Subsidiaries’ property and assets; 

  
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 provided, however, that clause (3) above does not apply if, in the good faith
determination of the Board of Directors of the Parent, whose determination shall be evidenced by a Board Resolution, the principal purpose of such transaction is to change the state of domicile of an Issuer; provided further, however,
that any such transaction shall not have as one of its purposes the evasion of the foregoing limitations. 
 (b) Except as
provided in Section 10.04, the Issuers shall not permit any Subsidiary Guarantor to consolidate with or merge with or into, or convey or transfer, in one transaction or a series of transactions, all or substantially all of its property and
assets to any Person, unless: 
 (1)(i) the resulting, surviving or transferee Person (if not such Subsidiary)
shall be a Person organized and existing under the laws of the jurisdiction under which such Subsidiary was organized or under the laws of the United States of America, or any state thereof or the District of Columbia, and (ii) such Person
shall expressly assume, by a supplemental indenture, all the obligations of such Subsidiary Guarantor, if any, under the Notes or its Subsidiary Guarantee, as applicable; provided, however, that the foregoing requirement in clause
(ii) shall not apply in the case of a Subsidiary Guarantor or all or substantially all of its property and assets (x) that has been disposed of in its entirety to another Person (other than to an Issuer or an Affiliate of an Issuer),
whether through a merger, consolidation or sale of Capital Stock or assets or (y) that, as a result of the disposition of all or a portion of its Capital Stock, ceases to be a Subsidiary, so long as, in both cases, in connection therewith the
Issuers provide an Officer’s Certificate to the Trustee to the effect that the Issuers shall comply with their obligations under Section 4.11; 
 (2) immediately after giving effect to such transaction or transactions on a pro forma basis (and treating any Indebtedness which becomes an obligation of the resulting, surviving or transferee Person as
a result of such transaction as having been issued by such Person at the time of such transaction), no Default shall have occurred and be continuing; and 
 (3) the Issuers deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indenture, if any, complies
with this Indenture and, with respect to the Opinion of Counsel, that the supplemental indenture constitutes a valid and binding obligation enforceable against the Issuers, the Subsidiary Guarantors, the Parent and the surviving Persons. 

(c) Notwithstanding the foregoing, any Subsidiary Guarantor may (i) merge with an Affiliate of an Issuer or a Restricted Subsidiary
or another Subsidiary Guarantor solely for the purpose of changing the state of domicile of the Subsidiary Guarantor, (ii) merge with or into or transfer all or part of its properties and assets to another Subsidiary Guarantor or the Issuers or
(iii) convert into a corporation, partnership, limited partnership, limited liability company or trust organized under the laws of the jurisdiction of organization of such Subsidiary Guarantor. 

(d) Upon any such consolidation, combination or merger of an Issuer or a Guarantor, or any such sale, conveyance, transfer or other
disposition of all or substantially all of the assets of an Issuer in accordance with this Section 5.01, in which such Issuer or such Guarantor is not the continuing obligor under the Notes or its Guarantee, the surviving entity formed by such
consolidation or into which such Issuer or such Guarantor is merged or the entity to which the sale, conveyance, transfer or other disposition is made shall succeed to, and be substituted for, and may exercise every right and power of, such Issuer
or such Guarantor under this Indenture and, the Notes and the Guarantees with the same effect as if such surviving entity had been named therein as such Issuer or such Guarantor and such Issuer or such

  
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Guarantor, as the case may be, shall be released from the obligation to pay the principal of and interest on the Notes or in respect of its Guarantee, as the case may be, and all of such
Issuer’s or such Guarantor’s other obligations and covenants under the Notes, this Indenture and its Guarantee, if applicable. 
 (e) Notwithstanding the foregoing, the Acquisition and the related transactions shall be permitted under the Indenture. 
 ARTICLE SIX 
 Default and Remedies 

SECTION 6.01. Events of Default. Each of the following is an “Event of Default”: 

(1) default in the payment of principal of, or premium, if any, on any Note when they are due and payable at maturity,
upon acceleration, redemption or otherwise; 
 (2) default in the payment of interest on any Note when they are
due and payable, and such default continues for a period of 30 days; 
 (3) the Issuers or Restricted
Subsidiaries do not comply with their obligations under Section 5.01; 
 (4) the Issuers fail to make or
consummate a Change of Control Offer following a Change of Control when required under Section 4.07; 
 (5)
the Issuers or Restricted Subsidiaries default in the performance of or breach any other covenant or agreement of the Issuers or the Restricted Subsidiaries in this Indenture or under the Notes (other than a default specified in clause (1), (2),
(3) or (4) above) and such default or breach continues for 60 consecutive days after written notice by the Trustee or the Holders of 25% or more in aggregate principal amount of the Notes; 

(6) there occurs with respect to any issue or issues of Indebtedness of an Issuer or any Significant Subsidiary having an
outstanding principal amount of $45,000,000 or more in the aggregate for all such issues of all such Persons, whether such Indebtedness now exists or shall hereafter be created, 

(i) an event of default that has caused the Holder thereof to declare such Indebtedness to be due and payable prior to its
Stated Maturity and such Indebtedness has not been discharged in full or such acceleration has not been rescinded or annulled within 30 days of such acceleration and/or 

(ii) the failure to make a principal payment at the final (but not any interim) fixed maturity and such defaulted payment
shall not have been made, waived or extended within 30 days of such payment default; 
 (7) any final and
non-appealable judgment or order for the payment of money in excess of $45,000,000 in the aggregate for all such final judgments or orders against all such Persons: 

(i) shall be rendered against an Issuer or any Significant Subsidiary and shall not be paid or discharged and 

  
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 (ii) there shall be any period of 60 consecutive days following entry of the
final judgment or order that causes the aggregate amount for all such final judgments or orders outstanding and not paid or discharged against all such Persons to exceed $45,000,000 during which a stay of enforcement of such final judgment or order,
by reason of a pending appeal or otherwise, shall not be in effect; 
 (8) a court of competent jurisdiction
enters a decree or order for: 
 (i) relief in respect of an Issuer or any Significant Subsidiary in an
involuntary case under any applicable Bankruptcy Law now or hereafter in effect, 
 (ii) appointment of a
receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of an Issuer or any Significant Subsidiary or for all or substantially all of the property and assets of an Issuer or any Significant Subsidiary or 

(iii) the winding up or liquidation of the affairs of an Issuer or any Significant Subsidiary and, in each case, such
decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or 
 (9) an Issuer or
any Significant Subsidiary: 
 (i) commences a voluntary case under any applicable Bankruptcy Law now or
hereafter in effect, or consents to the entry of an order for relief in an involuntary case under such law, 

(ii) consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official of an Issuer or such Significant Subsidiary or for all or substantially all of the property and assets of an Issuer or such Significant Subsidiary or 

(iii) effects any general assignment for the benefit of its creditors. 

SECTION 6.02. Acceleration. If an Event of Default (other than an Event of Default specified in clause (8) or (9) of
Section 6.01 that occurs with respect to an Issuer) occurs and is continuing under this Indenture, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding, by written notice to the Issuers (and to
the Trustee if such notice is given by the Holders), may, and the Trustee at the request of the Holders of at least 25% in aggregate principal amount of the Notes then outstanding shall, declare the principal of, premium, if any, and accrued
interest on the Notes to be immediately due and payable. Upon a declaration of acceleration, such principal of, premium, if any, and accrued interest shall be immediately due and payable. In the event of a declaration of acceleration because an
Event of Default set forth in clause (6) of Section 6.01 has occurred and is continuing, such declaration of acceleration shall be automatically rescinded and annulled if the event of default triggering such Event of Default pursuant to
clause (6) of Section 6.01 shall be remedied or cured by the relevant Issuer or Significant Subsidiary or waived by the Holders of the relevant Indebtedness within 60 days after the declaration of acceleration with respect thereto.

 If an Event of Default specified in clause (8) or (9) of Section 6.01 occurs with respect to an Issuer, the
principal of, premium, if any, and accrued interest on the Notes then outstanding shall automatically become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. The Holders of at least a
majority in principal amount of the outstanding Notes by written notice to the Issuers and to the Trustee may waive all past Defaults and rescind and annul a declaration of acceleration and its consequences if: 

(x) all existing Events of Default, other than the nonpayment of the principal of, premium, if any, and interest on the
Notes that have become due solely by such declaration of acceleration, have been cured or waived; and 

  
 55 

 (y) the rescission would not conflict with any judgment or decree of a court
of competent jurisdiction. 
 No such rescission shall affect any subsequent Default or impair any right consequent thereto.

 SECTION 6.03. Other Remedies. If a Default occurs and is continuing, the Trustee may pursue any available remedy by
proceeding at law or in equity to collect the payment of principal of, or interest on, the Notes or to enforce the performance of any provision of the Notes or this Indenture. 
 The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in exercising any
right or remedy accruing upon a Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Default. No remedy is exclusive of any other remedy. All available remedies are cumulative to the extent permitted by law.

 SECTION 6.04. Waiver of Past Defaults. Subject to Sections 2.09, 6.07 and 9.02, the Holders of a majority in principal
amount of the outstanding Notes (which may include consents obtained in connection with a tender offer or exchange offer of Notes) by notice to the Trustee may waive an existing Default and its consequences, except a Default in the payment of
principal of, or interest on, any Note as specified in Section 6.01(1) or (2). The Issuers shall deliver to the Trustee an Officer’s Certificate stating that the requisite percentage of Holders have consented to such waiver and attaching
copies of such consents. When a Default is waived, it is cured and ceases. 
 SECTION 6.05. Control by Majority. The
Holders of at least a majority in aggregate principal amount of the outstanding Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the
Trustee. Subject to Section 7.01, however, the Trustee may refuse to follow any direction that conflicts with any law or this Indenture, that may involve the Trustee in personal liability, or that the Trustee determines in good faith may be
unduly prejudicial to the rights of Holders of Notes not joining in the giving of such direction received from the Holders of Notes; provided, however, that the Trustee may take any other action deemed proper by the Trustee which is
not inconsistent with such direction. 
 SECTION 6.06. Limitation on Suits. No Holder shall have any right to institute
any proceeding with respect to this Indenture or for any remedy thereunder, unless: 
 (1) the Holder gives the
Trustee written notice of a continuing Event of Default; 
 (2) the Holders of at least 25% in aggregate
principal amount of outstanding Notes make a written request to the Trustee to pursue the remedy; 
 (3) such
Holder or Holders offer the Trustee indemnity satisfactory to the Trustee against any costs, liability or expense; 

  
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 (4) the Trustee does not comply with the request within 60 days after
receipt of the request and the offer of indemnity; and 
 (5) during such 60-day period, the Holders of a
majority in aggregate principal amount of the outstanding Notes do not give the Trustee a direction that is inconsistent with the request. 
 However, such limitations do not apply to the right of any Holder of a Note to receive payment of the principal of, premium, if any, or interest on, such Note or to bring suit for the enforcement of any
such payment on or after the due date expressed in the Notes, which right shall not be impaired or affected without the consent of the Holder. 
 A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over such other Holder. 

SECTION 6.07. Rights of Holders To Receive Payment. Notwithstanding any other provision of this Indenture, the right of any Holder
to receive payment of principal of and premium, if any, and interest on, a Note, on or after the respective due dates therefor, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or
affected without the consent of the Holder. 
 SECTION 6.08. Collection Suit by Trustee. If a Default in payment of
principal or interest specified in Section 6.01(1) or (2) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Issuers or any other obligor on the Notes for the whole
amount of principal and accrued interest and fees remaining unpaid, together with interest on overdue principal and, to the extent that payment of such interest is lawful, interest on overdue installments of interest, in each case at the rate per
annum borne by the Notes and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

SECTION 6.09. Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee (including any claim for the compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relating to
the Issuers, their creditors or their property and shall be entitled and empowered to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same, and any custodian in any such judicial
proceedings is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agent and counsel, and any other amounts due the Trustee under Section 7.07. Nothing herein contained shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any
Holder in any such proceeding. The Trustee shall be entitled to participate as a member of any official committee of creditors in the matters as it deems necessary or advisable. 

SECTION 6.10. Priorities. If the Trustee collects any money or property pursuant to this Article Six, it shall pay out the money
or property in the following order: 
 First: to the Trustee for amounts due hereunder, including under
Section 7.07; 

  
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 Second: to Holders for interest accrued on the Notes, ratably, without
preference or priority of any kind, according to the amounts due and payable on the Notes for interest; 
 Third:
to Holders for principal amounts due and unpaid on the Notes, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal; and 

Fourth: to the Issuers or, if applicable, the Guarantors, as their respective interests may appear. 

The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section 6.10. 

SECTION 6.11. Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit
against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess
reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not
apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07, or a suit by a Holder or Holders of more than 10% in principal amount of the outstanding Notes. 

SECTION 6.12. Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any right
or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceedings or
any other proceedings, the Issuers, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies hereunder of the Trustee and the Holders shall continue as though
no such proceeding has been instituted. 
 ARTICLE SEVEN 
 Trustee 
 SECTION 7.01. Duties of Trustee. 

(a) If a Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture
and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 
 (b) Except during the continuance of a Default: 
 (1) The Trustee
need perform only those duties as are specifically set forth herein or in the Trust Indenture Act and no duties, covenants, responsibilities or obligations shall be implied in this Indenture against the Trustee. 

(2) In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates (including Officer’s Certificates) or opinions (including Opinions of Counsel) furnished to the Trustee and conforming to the requirements of this Indenture. However, in the case
of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this
Indenture. 

  
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 (c) Notwithstanding anything to the contrary herein, the Trustee may not be relieved from
liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
 (1) This paragraph does not limit the effect of Section 7.01(b). 
 (2) The Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts.

 (3) The Trustee shall not be liable with respect to any action it takes or omits to take in good faith in
accordance with a direction received by it pursuant to Section 6.05. 
 (d) No provision of this Indenture shall require
the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or to take or omit to take any action under this Indenture or take any action at the request or direction of
Holders if it shall have reasonable grounds for believing that repayment of such funds is not assured to it. 
 (e) Whether or
not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to this Section 7.01. 
 (f) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuers. Money held in trust by the Trustee need not be segregated from
other funds except to the extent required by law or unless otherwise agreed with the Issuers. 
 (g) In the absence of bad
faith, negligence or willful misconduct on the part of the Trustee, the Trustee shall not be responsible for the application of any money by any Paying Agent other than the Trustee. 

SECTION 7.02. Rights of Trustee. Subject to Section 7.01: 

(a) The Trustee may rely conclusively on any resolution, certificate (including any Officer’s Certificate), statement, instrument,
opinion (including any Opinion of Counsel), notice, request, direction, 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 Person. The Trustee need not
investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting, it may require an
Officer’s Certificate and an Opinion of Counsel, which shall conform to the provisions of Section 11.05. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate
or Opinion of Counsel. 
 (c) The Trustee may act through its attorneys and agents and shall not be responsible for the
misconduct or negligence of any agent (other than an agent who is an employee of the Trustee) appointed with due care. 
 (d)
The Trustee shall not be liable for any action it takes or omits to take in good faith which it reasonably believes to be authorized or within its rights or powers under this Indenture. 

  
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 (e) The Trustee may consult with counsel of its selection and the advice or opinion of such
counsel as to matters of law shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

 (f) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request, order or direction of any of the Holders pursuant to the provisions of this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity satisfactory to it against the costs, expenses and liabilities
which may be incurred therein or thereby. 
 (g) The Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate (including any Officer’s Certificate), statement, instrument, opinion (including any Opinion of Counsel), notice, request, direction, consent, order, bond, debenture, or other paper or document, but
the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled, upon reasonable
notice to the Issuers, to examine the books, records, and premises of the Issuers, personally or by agent or attorney at the sole cost of the Issuers. 
 (h) The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder. 
 (i) The permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as duties. 
 (j) Except with respect to Sections 4.01 and 4.05, the Trustee shall have no duty to inquire as to the performance of the Issuers with respect to the covenants contained in Article Four. In addition, the
Trustee shall not be deemed to have knowledge of an Event of Default except (i) any Default or Event of Default occurring pursuant to Section 4.01, 6.01(1) or 6.01(2) or (ii) any Default or Event of Default actually known to a
Responsible Officer. 
 (k) The rights, privileges, protections, immunities and benefits given to the Trustee, including its
right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other Person employed to act hereunder. 

SECTION 7.03. Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of
Notes and may otherwise deal with the Issuers, their Subsidiaries or their respective Affiliates with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. However, the Trustee shall comply with Sections
7.10 and 7.11. 
 SECTION 7.04. Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no
representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Issuers’ use of the proceeds from the Notes, and it shall not be responsible for any statement of the Issuers in this Indenture or
any document issued in connection with the sale of Notes or any statement in the Notes other than the Trustee’s certificate of authentication. The Trustee makes no representations with respect to the effectiveness or adequacy of this Indenture.

 SECTION 7.05. Notice of Default. If a Default occurs and is continuing and is deemed to be known to the Trustee
pursuant to Section 7.02(j), the Trustee shall mail to each Holder notice of the uncured Default within 60 days after the Trustee is deemed to know such Default occurred. Except in the case of a Default in payment of principal of, or interest
on, any Note, including an accelerated payment and the failure to make a payment pursuant to an Asset Sale Offer and/or Change of Control Offer or a 

  
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Default in complying with the provisions of Article Five, the Trustee may withhold the notice if and so long as the Board of Directors, the executive committee, or a trust committee of directors
and/or Responsible Officers, of the Trustee in good faith determines that withholding the notice is in the interest of the Holders. 
 SECTION 7.06. Reports by Trustee to Holders. Within 60 days after each November 1, beginning with November 1, 2012, the Trustee shall, to the extent that any of the events described in
Trust Indenture Act § 313(a) occurred within the previous twelve months, but not otherwise, mail to each Holder a brief report dated as of such date that complies with Trust Indenture Act § 313(a). The Trustee also shall comply
with Trust Indenture Act §§ 313(b), 313(c) and 313(d). 
 A copy of each report at the time of its mailing to
Holders shall be mailed to the Issuers and filed with the SEC and each securities exchange, if any, on which the Notes are listed. 
 The Issuers shall notify the Trustee if the Notes become listed on any securities exchange or of any delisting thereof and the Trustee shall comply with Trust Indenture Act § 313(d). 

SECTION 7.07. Compensation and Indemnity. The Issuers shall pay to the Trustee from time to time such compensation as the Issuers
and the Trustee shall from time to time agree in writing for its services hereunder. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuers shall reimburse the Trustee upon
request for all reasonable disbursements, expenses and advances (including reasonable fees and expenses of counsel) incurred or made by it in addition to the compensation for its services, except any such disbursements, expenses and advances as may
be attributable to the Trustee’s negligence, bad faith or willful misconduct. Such expenses shall include the reasonable fees and expenses of the Trustee’s agents and counsel. 

The Issuers shall indemnify each of the Trustee or any predecessor Trustee and its agents for, and hold them harmless against, any and
all loss, damage, claims including taxes (other than taxes based upon, measured by or determined by the income of the Trustee), liability or expense incurred by them except for such actions to the extent caused by any negligence, bad faith or
willful misconduct on their part, arising out of or in connection with this Indenture including the reasonable costs and expenses of defending themselves against or investigating any claim or liability in connection with the exercise or performance
of any of the Trustee’s rights, powers or duties hereunder. The Trustee shall notify the Issuers promptly of any claim asserted against the Trustee or any of its agents for which it may seek indemnity, provided that failure to provide such
notice shall not relieve the Issuers of their obligations in this Section 7.07. The Issuers may, at the request of the Trustee, defend the claim and the Trustee shall cooperate in the defense; provided that the Trustee and its agents subject to
the claim may have separate counsel and the Issuers shall pay the reasonable fees and expenses of such counsel; provided, however, that the Issuers shall not be required to pay such fees and expenses if the Issuers assume the
Trustee’s defense and there is no conflict of interest between the Issuers and the Trustee and its agents subject to the claim in connection with such defense as reasonably determined by the Trustee. The Issuers need not pay for any settlement
made without their written consent (which shall not be unreasonably withheld). The Issuers need not reimburse any expense or indemnify against any loss or liability to the extent incurred by the Trustee through its negligence, bad faith or willful
misconduct. 
 Notwithstanding anything to the contrary in this Indenture, to secure the Issuers’ payment obligations in
this Section 7.07, the Trustee shall have a Lien prior to the Notes against all money or property held or collected by the Trustee, in its capacity as Trustee, except money or property held in trust to pay principal and interest on particular
Notes. 

  
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 When the Trustee incurs expenses or renders services after a Default specified in
Section 6.01(8) or 6.01(9) occurs, such expenses and the compensation for such services shall be paid to the extent allowed under any Bankruptcy Law. 
 Notwithstanding any other provision in this Indenture, the foregoing provisions of this Section 7.07 shall survive the satisfaction and discharge of this Indenture or the appointment of a successor
Trustee. 
 SECTION 7.08. Replacement of Trustee. A resignation or removal of the Trustee and appointment of a successor
Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.08. The Trustee may resign with 60 days prior written notice by so notifying the Issuers in writing. The Holders of a
majority in principal amount of the outstanding Notes may remove the Trustee by so notifying the Issuers and the Trustee and may appoint a successor Trustee. The Issuers may remove the Trustee if: 

 

	 	(1)	the Trustee fails to comply with Section 7.10; 

  

	 	(2)	the Trustee is adjudged a bankrupt or an insolvent; 

  

	 	(3)	a receiver or other public officer takes charge of the Trustee or its property; or 

 

	 	(4)	the Trustee becomes incapable of acting. 

 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuers shall notify each Holder of such event and shall promptly appoint a successor Trustee.
Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Issuers. 

A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuers. Immediately after
that, the retiring Trustee shall transfer, after payment of all sums then owing to the Trustee pursuant to Section 7.07, all property held by it as Trustee to the successor Trustee, subject to the Lien provided in Section 7.07, the
resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A successor Trustee shall mail notice of its succession to each
Holder. 
 If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the
retiring Trustee, the Issuers or the Holders of at least 10% in principal amount of the outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee at the expense of the Issuers. 

If the Trustee fails to comply with Section 7.10, any Holder may petition any court of competent jurisdiction for the removal of the
Trustee and the appointment of a successor Trustee. 
 Notwithstanding replacement of the Trustee pursuant to this
Section 7.08, the Issuers’ obligations under Section 7.07 shall continue for the benefit of the retiring Trustee. 
 SECTION 7.09. Successor Trustee by Merger, Etc. Any business entity into which the Trustee may be merged or converted or with which it may be consolidated, or any entity resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any entity succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, without the execution or filing
of any paper or any further act on the part of any of the parties hereto. 

  
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 SECTION 7.10. Eligibility, Disqualification. This Indenture shall always have a
Trustee who satisfies the requirement of Trust Indenture Act §§ 310(a)(1), 310(a)(2) and 310(a)(5). The Trustee shall have a combined capital and surplus of at least $150,000,000 asset forth in its most recent published annual report
of condition. The Trustee shall comply with Trust Indenture Act § 310(b); provided, however, that there shall be excluded from the operation of Trust Indenture Act § 310(b)(1) any indenture or indentures under which
other securities, or certificates of interest or participation in other securities, of the Issuers are outstanding, if the requirements for such exclusion set forth in Trust Indenture Act § 310(b)(1) are met. The provisions of Trust
Indenture Act § 310 shall apply to the Issuers and any other obligor of the Notes. 
 SECTION 7.11. Preferential
Collection of Claims Against the Issuers. The Trustee, in its capacity as Trustee hereunder, shall comply with Trust Indenture Act § 311(a), excluding any creditor relationship listed in Trust Indenture Act § 311(b). A
Trustee who has resigned or been removed shall be subject to Trust Indenture Act § 311(a) to the extent indicated. 

SECTION 7.12. Escrow Authorization. Each Holder, by its acceptance of a Note, consents and agrees to the terms of the Escrow
Agreement, including related documents thereto, as the same may be in effect or may be amended from time to time in writing by the parties thereto (provided that no amendment that would materially adversely affect the rights of the Holders
may be effected without the consent of each Holder of Notes affected thereby), and authorizes and directs the Trustee to enter into the Escrow Agreement and to perform its obligations and exercise its rights thereunder in accordance therewith. The
Issuers shall do or cause to be done all such acts and things as may be necessary or proper, or as may be required by the provisions of the Escrow Agreement, to assure and confirm to the Trustee the security interest contemplated by the Escrow
Agreement or any part thereof, as from time to time constituted, so as to render the same available for the security and benefit of this Indenture and of the Notes secured hereby, according to the intent and purpose herein expressed. The Issuers
shall take, or shall cause to be taken, any and all actions reasonably required to cause the Escrow Agreement to create and maintain, as security for the obligations of the Issuers under this Indenture and the Notes as provided in the Escrow
Agreement, valid and enforceable first priority perfected Liens in and on all of the Escrow Proceeds, in favor of the Trustee for its benefit and the ratable benefit of the Holders, superior to and prior to the rights of third Persons and subject to
no other Lien other than any Lien of the Escrow Agent. 
 ARTICLE EIGHT 

Discharge of Indenture, Defeasance 
 SECTION 8.01. Termination of the Issuers’ Obligations. The Issuers may terminate their obligations under the Notes and this Indenture and the obligations of the Guarantors under the Guarantees
and this Indenture, and this Indenture shall cease to be of further effect, except those obligations referred to in the penultimate paragraph of this Section 8.01, if: 

 

	 	(1)	either 

 (A) all
the Notes theretofore authenticated and delivered (except lost, stolen or destroyed Notes which have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuers and
thereafter repaid to the Issuers or discharged from such trust) have been delivered to the Trustee for cancellation; or 

  
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 (B) all Notes not theretofore delivered to the Trustee for cancellation
(1) have become due and payable or (2) will become due and payable within one year, or are to be called for redemption within one year, under arrangements reasonably satisfactory to the Trustee for the giving of notice of redemption by the
Trustee in the name, and at the expense, of the Issuers, and the Issuers have irrevocably deposited or caused to be deposited with the Trustee funds in an amount sufficient to pay and discharge the entire Indebtedness on the Notes not theretofore
delivered to the Trustee for cancellation, for principal of, premium, if any, and interest on the Notes to the date of maturity or redemption, as the case may be, together with irrevocable instructions from the Issuers directing the Trustee to apply
such funds to the payment thereof at maturity or redemption, as the case may be; 
 (2) the Issuers have paid all
other sums payable under this Indenture by the Parent or the Issuers, and 
 (3) the Issuers have delivered to
the Trustee an Officer’s Certificate and an Opinion of Counsel stating that all conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 

In the case of clause (B) of this Section 8.01, and subject to the next sentence and notwithstanding the foregoing paragraph,
the Issuers’ obligations in Sections 2.05, 2.06, 2.07, 2.08, 7.07, 8.05 and 8.06 shall survive until the Notes are no longer outstanding pursuant to the last paragraph of Section 2.08. After the Notes are no longer outstanding, the
Issuers’ obligations in Sections 7.07, 8.05 and 8.06 shall survive. 
 After such delivery or irrevocable deposit, the
Trustee upon request shall acknowledge in writing the discharge of the Issuers’ obligations under the Notes and this Indenture except for those surviving obligations specified above. 

SECTION 8.02. Legal Defeasance and Covenant Defeasance. 
 (a) The Issuers may, at their option and at any time, elect to have either paragraph (b) or (c) below be applied to all outstanding Notes upon compliance with the conditions set forth in
Section 8.03. 
 (b) Upon the Issuers’ exercise under Section 8.02(a) hereof of the option applicable to this
Section 8.02(b), the Issuers and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.03, be deemed to have been discharged from their obligations with respect to all outstanding Notes on the date the
conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuers and the Guarantors shall be deemed to have paid and discharged the entire Indebtedness represented
by the outstanding Notes and Guarantees, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.04 hereof and the other Sections of this Indenture referred to in (i) and (ii) below, and to
have satisfied all its other obligations under such Notes and this Indenture and the Guarantors shall be deemed to have satisfied all of their obligations under the Guarantees and this Indenture (and the Trustee, on demand of and at the expense of
the Issuers, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder: 

(i) the rights of Holders of outstanding Notes to receive, solely from the trust fund described in Section 8.04, and
as more fully set forth in such Section 8.04, payments in respect of the principal of, premium, if any, and interest on such Notes when such payments are due; 

 

  
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 (ii) the Issuers’ obligations with respect to such Notes concerning
issuing temporary Notes, registration of Notes, mutilated, destroyed, lost or stolen Notes and Section 4.02 hereof; 
 (iii) the rights, powers, trusts, duties and immunities of the Trustee, and the Issuers’ obligations in connection therewith; and 

(iv) the provisions of this Article Eight applicable to Legal Defeasance. 

Subject to compliance with this Article Eight, the Issuers may exercise their option under this Section 8.02(b) notwithstanding the
prior exercise of its option under Section 8.02(c). 
 (c) Upon the Issuers’ exercise under Section 8.02(a)
hereof of the option applicable to this Section 8.02(c), the Issuers and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.03, be released from their respective obligations under the covenants
contained in Sections 4.03 (other than with respect to the legal existence of the Issuers), 4.04, 4.07 through 4.16 and clause (3) of Section 5.01(a) with respect to the outstanding Notes on and after the date the conditions set forth in
Section 8.03 are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the
consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes).
For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Issuers and the Guarantors may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such
covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall
not constitute an Event of Default under Section 6.01, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Issuers’ exercise under paragraph (a) hereof of
the option applicable to this paragraph (c), subject to the satisfaction of the conditions set forth in Section 8.03, clauses (3), (4), (5), (6) and (7) of Section 6.01 shall not constitute Events of Default. 

SECTION 8.03. Conditions to Legal Defeasance or Covenant Defeasance. The following shall be the conditions to the application of
either Section 8.02(b) or 8.02(c) hereof to the outstanding Notes: 
 (1) the Issuers shall irrevocably
deposit with the Trustee, in trust, for the benefit of the Holders, U.S. Legal Tender, U.S. Government Obligations or a combination thereof, in such amounts as will be sufficient (without reinvestment), in the opinion of a nationally recognized firm
of independent public accountants selected by the Issuers, to pay the principal of and interest and premium, if any, on the Notes on the stated date for payment or on the redemption date of the Notes; 

(2) in the case of Legal Defeasance, the Issuers shall have delivered to the Trustee an Opinion of Counsel in the United
States of America confirming that: 
 (a) the Issuers have received from, or there has been published by the
Internal Revenue Service, a ruling, or 
 (b) since the date of this Indenture, there has been a change in the
applicable U.S. Federal income tax law, 

  
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in either case to the effect that, and based thereon this Opinion of Counsel shall confirm that the Holders and beneficial owners will not recognize income, gain or loss for U.S. Federal income
tax purposes as a result of such Legal Defeasance and will be subject to U.S. Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 

(3) in the case of Covenant Defeasance, the Issuers shall have delivered to the Trustee an Opinion of Counsel in the
United States of America reasonably acceptable to the Trustee confirming that the Holders and beneficial owners will not recognize income, gain or loss for U.S. Federal income tax purposes as a result of such Covenant Defeasance and will be subject
to U.S. Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(4) no Default shall have occurred and be continuing on the date of such deposit (other than a Default resulting from the
borrowing of funds to be applied to such deposit and any similar and simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens on the deposited funds in connection therewith); 

(5) the Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default
under any other material agreement or instrument (other than this Indenture) to which the Parent or any of its Subsidiaries is a party or by which the Parent or any of its Subsidiaries is bound (other than any such Default or default relating to any
Indebtedness being defeased from any borrowing of funds to be applied to such deposit and any similar and simultaneous deposit relating to such Indebtedness, and the granting of Liens on the deposited funds in connection therewith); 

(6) the Issuers shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by
them with the intent of preferring the Holders over any other creditors of the Issuers or with the intent of defeating, hindering, delaying or defrauding any other of their creditors or others; and 

(7) the Issuers shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating
that the conditions provided for in, in the case of the Officer’s Certificate, clauses (1) through (6), as applicable, and, in the case of the Opinion of Counsel, clauses (2), if applicable, and/or (3) and (5) of this
Section 8.03 have been complied with. 
 SECTION 8.04. Application of Trust Money. Subject to Section 8.05, the
Trustee or Paying Agent shall hold in trust all U.S. Legal Tender and U.S. Government Obligations deposited with it pursuant to this Article Eight, and shall apply the deposited U.S. Legal Tender and the money from U.S. Government Obligations in
accordance with this Indenture to the payment of the principal of and the interest on the Notes. The Trustee shall be under no obligation to invest said U.S. Legal Tender and U.S. Government Obligations, except as it may agree with the Issuers.

 The Issuers shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S.
Legal Tender and U.S. Government Obligations deposited pursuant to Section 8.03 or the principal and interest received in respect thereof, other than any such tax, fee or other charge which by law is for the account of the Holders of the
outstanding Notes. 
 Anything in this Article Eight to the contrary notwithstanding, the Trustee shall deliver or pay to the
Issuers from time to time upon the Issuers’ request any U.S. Legal Tender and U.S. Government Obligations held by it as provided in Section 8.03 which, in the opinion of a nationally recognized firm of 

  
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 independent public accountants expressed in a written certification thereof delivered to the Trustee, are
in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 
 SECTION 8.05. Repayment to the Issuers. The Trustee and the Paying Agent shall pay to the Issuers upon request any money held by them for the payment of principal or interest that remains unclaimed
for two years. After payment to the Issuers, Holders entitled to such money shall look to the Issuers for payment as general creditors unless an applicable law designates another Person. 

SECTION 8.06. Reinstatement. If the Trustee or Paying Agent is unable to apply any U.S. Legal Tender and U.S. Government
Obligations in accordance with this Article Eight by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuers’
obligations under this Indenture, and the Notes and the Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to this Article Eight until such time as the Trustee or Paying Agent is permitted to apply all such U.S.
Legal Tender and U.S. Government Obligations in accordance with this Article Eight; provided that if the Issuers have made any payment of interest on, or principal of, any Notes because of the reinstatement of its obligations, the Issuers
shall be subrogated to the rights of the Holders of such Notes to receive such payment from the U.S. Legal Tender and U.S. Government Obligations held by the Trustee or Paying Agent. 

ARTICLE NINE  
 Amendments, Supplements and Waivers 
 SECTION 9.01. Without Consent of
Holders. 
 (a) The Parent, the Issuers, the Guarantors and the Trustee, together, may amend or supplement this Indenture,
the Notes or the Guarantees without notice to or consent of any Holder: 
 (1) to cure any ambiguity, omission,
defect or inconsistency; 
 (2) to provide for the assumption by a successor corporation of the obligations of
the Parent, the Issuers or any Subsidiary Guarantor under this Indenture; 
 (3) to provide for uncertificated
Notes in addition to or in place of certificated Notes; 
 (4) to add Guarantees with respect to the Notes or to
secure the Notes; 
 (5) to add to the covenants of the Parent, the Issuers or a Restricted Subsidiary for the
benefit of the Holders or to surrender any right or power conferred upon the Parent, the Issuers or a Restricted Subsidiary; 
 (6) to make any change that does not adversely affect the rights of any Holder, as evidenced by an Officer’s Certificate delivered to the Trustee (upon which it may fully rely); 

(7) to comply with any requirement of the SEC in order to effect or maintain the qualification of this Indenture under the
Trust Indenture Act; 
 (8) to make any amendment to the provisions of this Indenture relating to the transfer
and legending of Notes; provided, however, that (a) compliance with this Indenture as so 

  
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amended would not result in Notes being transferred in violation of the Securities Act or any other applicable securities law and (b) such amendment does not materially and adversely affect
the rights of Holders to transfer Notes; 
 (9) to conform the text of this Indenture or the Guarantees or the
Notes to any provision of the “Description of notes” section of the Prospectus; to the extent that such provision in the “Description of notes” section of the Prospectus was intended to be a substantially verbatim recitation of a
provision of this Indenture or the Guarantees or the Notes, as evidenced by an Officer’s Certificate delivered to the Trustee (upon which it may fully rely); 

(10) evidence and provide for the acceptance of appointment by a successor trustee, provided that the successor
trustee is otherwise qualified and eligible to act as such under the terms of this Indenture; 
 (11) provide for
a reduction in the minimum denominations of the Notes; 
 (12) comply with the rules of any applicable securities
depositary; or 
 (13) to provide for the issuance of Additional Notes and related guarantees in accordance with
the limitations set forth in this Indenture. 
 SECTION 9.02. With Consent of Holders. 

(a) Subject to Section 6.07, the Issuers, the Guarantors and the Trustee, together, with the consent of the Holder or Holders of not
less than a majority in aggregate principal amount of the outstanding Notes may amend or supplement this Indenture, the Notes or the Guarantees, without notice to any other Holders. Subject to Sections 6.07, the Holder or Holders of not less than a
majority in aggregate principal amount of the outstanding Notes may waive compliance with any provision of this Indenture, the Notes or the Guarantees without notice to any other Holders. 

(b) Notwithstanding Section 9.02(a), without the consent of each Holder affected, no amendment or waiver may: 

(1) change the Stated Maturity of the principal of, or any installment of interest on, any Note; 

(2) reduce the principal amount of, or premium, if any, or interest on, any Note; 

(3) change the place of payment of principal of, or premium, if any, or interest on, any Note; 

(4) impair the right to institute suit for the enforcement of any payment on or after the Stated Maturity (or, in the case
of a redemption, on or after the Redemption Date) of any Note; 
 (5) reduce the above-stated percentages of
outstanding Notes the consent of whose Holders is necessary to modify or amend this Indenture; 
 (6) waive a
default in the payment of principal of, premium, if any, or interest on the Notes (except a rescission of the declaration of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the Notes then outstanding
and a waiver of the pay-

  
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ment default that resulted from such acceleration, so long as all other existing Events of Default, other than the nonpayment of the principal of, premium, if any, and interest on the Notes that
have become due solely by such declaration of acceleration, have been cured or waived); 
 (7) voluntarily
release a Guarantor of the Notes, except as permitted by this Indenture; 
 (8) reduce the percentage or
aggregate principal amount of outstanding Notes the consent of whose Holders is necessary for waiver of compliance with Sections 6.02 and 6.04; or 
 (9) modify or change any provisions of this Indenture affecting the ranking of the Notes as to right of payment or the Guarantees thereof in any manner adverse to the Holders of the Notes. 

(c) It shall not be necessary for the consent of the Holders under this Section 9.02 to approve the particular form of any proposed
amendment, supplement or waiver but it shall be sufficient if such consent approves the substance thereof. 
 (d) A consent to
any amendment, supplement or waiver under this Indenture by any Holder given in connection with an exchange (in the case of an exchange offer) or a tender (in the case of a tender offer) of such Holder’s Notes shall not be rendered invalid by
such tender or exchange. 
 (e) After an amendment, supplement or waiver under this Section 9.02 becomes effective, the
Issuers shall mail to the Holders affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuers to give such notice to all Holders, or any defect therein, shall not, however, in any way impair or affect
the validity of any such amendment, supplement or waiver. 
 SECTION 9.03. Compliance with the Trust Indenture Act. Every
amendment, waiver or supplement of this Indenture, the Notes or the Guarantees shall comply with the Trust Indenture Act as then in effect. 
 SECTION 9.04. Revocation and Effect of Consents. Until an amendment, waiver or supplement becomes effective, a consent to it by a Holder is a continuing consent by the Holder and every subsequent
Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder or subsequent Holder may revoke the consent as to his Note or
portion of his Note by notice to the Trustee or the Issuers received before the date on which the Trustee receives an Officer’s Certificate certifying that the Holders of the requisite principal amount of Notes have consented (and not
theretofore revoked such consent) to the amendment, supplement or waiver. 
 The Issuers may, but shall not be obligated to, fix
a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement or waiver, which record date shall be at least 30 days prior to the first solicitation of such consent. If a record date is fixed, then
notwithstanding the last sentence of the immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to revoke any consent previously given,
whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 90 days after such record date. The Issuers shall inform the Trustee in writing of the fixed record date if
applicable. 
 After an amendment, supplement or waiver becomes effective, it shall bind every Holder, unless it makes a change
described in any of clauses (1) through (9) of Section 9.02(b), in which case, the 

  
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amendment, supplement or waiver shall bind only each Holder of a Note who has consented to it and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the
consenting Holder’s Note; provided, however, that any such waiver shall not impair or affect the right of any Holder to receive payment of principal of, and interest on, a Note, on or after the respective due dates therefor, or to
bring suit for the enforcement of any such payment on or after such respective dates without the consent of such Holder. 

SECTION 9.05. Notation on or Exchange of Notes. If an amendment, supplement or waiver changes the terms of a Note, the Issuers may
require the Holder of the Note to deliver it to the Trustee. The Issuers shall provide the Trustee with an appropriate notation on the Note about the changed terms and cause the Trustee to return it to the Holder at the Issuers’ expense.
Alternatively, if the Issuers or the Trustee so determines, the Issuers in exchange for the Note shall issue, and the Trustee shall authenticate, a new Note that reflects the changed terms. Failure to make the appropriate notation or issue a new
Note shall not affect the validity and effect of such amendment, supplement or waiver. 
 SECTION 9.06. Trustee To Sign
Amendments, Etc. The Trustee shall execute any amendment, supplement or waiver authorized pursuant to this Article Nine; provided, however, that the Trustee may, but shall not be obligated to, execute any such amendment, supplement
or waiver which affects the Trustee’s own rights, duties or immunities under this Indenture. The Trustee shall be entitled to receive, and shall be fully protected in relying upon, an Opinion of Counsel and an Officer’s Certificate each
stating that the execution of any amendment, supplement or waiver authorized pursuant to this Article Nine is authorized or permitted by this Indenture, all conditions precedent thereto have been compiled with and constitutes legal, valid and
binding obligations of the Issuers enforceable in accordance with its terms, subject to customary exceptions. Such Opinion of Counsel shall be at the expense of the Issuers. 
 ARTICLE TEN  
 Guarantee 

SECTION 10.01. Guarantee. Subject to this Article Ten, each of the Guarantors hereby, jointly and severally, unconditionally
guarantees on a senior unsecured basis to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the
obligations of the Issuers hereunder or thereunder, that: (a) the principal of and interest on the Notes shall be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue
principal of and interest on the Notes, if any, if lawful, and all other obligations of the Issuers to the Holders or the Trustee hereunder or thereunder shall be promptly paid in full or performed, all in accordance with the terms hereof and
thereof; and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal,
whether at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors shall be jointly and severally obligated to pay the same immediately.
Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 
 The Guarantors hereby agree that
their obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with
respect to any provisions hereof or thereof, the recovery of any judgment against the Issuers, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor.
Subject to Section 6.06 hereof, each Guarantor hereby waives, to the extent permitted by applicable law, diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or

  
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bankruptcy of the Issuers, any right to require a proceeding first against the Issuers, protest, notice and all demands whatsoever and covenant that this Guarantee shall not be discharged except
by complete performance of the obligations contained in the Notes and this Indenture. 
 If any Holder or the Trustee is
required by any court or otherwise to return to the Issuers, the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either the Issuers or the Guarantors, any amount paid by either to the Trustee or such
Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. 
 Each Guarantor
agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between
the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article Six hereof for the purposes of this Guarantee, notwithstanding
any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby and (y) in the event of any declaration of acceleration of such obligations as provided in Article Six hereof, such
obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors for the purpose of this Guarantee. 
 SECTION 10.02. Limitation on Guarantor Liability. Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Guarantee of
such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar Federal or state law to the extent applicable to any
Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor will, after giving effect to such maximum amount and all other contingent and fixed
liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other
Guarantor under this Article Ten, result in the obligations of such Guarantor under its Guarantee not constituting a fraudulent transfer or conveyance. Each Guarantor that makes a payment for distribution under its Guarantee is entitled to a
contribution from each other Guarantor in a pro rata amount based on the adjusted net assets of each Guarantor. 

SECTION 10.03. Execution and Delivery of Guarantee. To evidence its Guarantee set forth in Section 10.01, each Guarantor
hereby agrees that a notation of such Guarantee substantially in the form included in Exhibit C shall be endorsed by an Officer of such Guarantor on each Note authenticated and delivered by the Trustee and that this Indenture shall be
executed on behalf of such Guarantor by an Officer. 
 Each Guarantor hereby agrees that its Guarantee set forth in
Section 10.01 shall remain in full force and effect notwithstanding any failure to endorse on each Note a notation of such Guarantee. 
 If an Officer whose signature is on this Indenture or on the Guarantee no longer holds that office at the time the Trustee authenticates the Note on which a Guarantee is endorsed, the Guarantee shall be
valid nevertheless. 
 The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due
delivery of the Guarantee set forth in this Indenture on behalf of the Guarantors. 

  
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 SECTION 10.04. Release of a Guarantor . A Guarantor shall be automatically and
unconditionally released from its obligations under its Guarantee and its obligations under this Indenture in the event of: 
 (1) any sale, exchange or transfer, to any Person not a Subsidiary of the Parent of Capital Stock held by the Parent and its Restricted Subsidiaries in, or all or substantially all the assets of, such
Restricted Subsidiary (which sale, exchange or transfer is not prohibited by this Indenture), such that, immediately after giving effect to such transaction, such Restricted Subsidiary would no longer constitute a Subsidiary of the Parent,

 (2) in connection with the merger or consolidation of a Subsidiary Guarantor with (a) an Issuer or
(b) any other Guarantor (provided that the surviving entity remains a Guarantor), 
 (3) if Parent
properly designates any Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary, 
 (4) upon the
Legal Defeasance or Covenant Defeasance or satisfaction and discharge of this Indenture, 
 (5) upon a
liquidation or dissolution of a Subsidiary Guarantor permitted under this Indenture, or 
 (6) the release or
discharge of the Guarantee that resulted in the creation of such Subsidiary Guarantee, except a discharge or release by or as a result of payment under such Guarantee. 
 The Trustee may execute an appropriate instrument prepared by the Issuers evidencing the release of a Guarantor from its obligations under its Guarantee and this Indenture upon receipt of a request by the
Issuers or such Guarantor accompanied by an Officer’s Certificate and an Opinion of Counsel certifying as to the compliance with this Section 10.04; provided, however, that the legal counsel delivering such Opinion of Counsel
may rely as to matters of fact on one or more Officer’s Certificates of the Issuers. 
 Nothing contained in this Indenture
or in any of the Notes shall prevent any consolidation or merger of a Guarantor with or into an Issuer (in which case such Guarantor shall no longer be a Guarantor) or another Guarantor or shall prevent any sale or conveyance of the property of a
Guarantor as an entirety or substantially as an entirety to an Issuer or another Guarantor. 
 ARTICLE ELEVEN 

Miscellaneous 
 SECTION 11.01. Trust Indenture Act Controls . If any provision of this Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be included in this Indenture
by the Trust Indenture Act, such required or deemed provision shall control. 
 SECTION 11.02. Notices . Any notices or
other communications required or permitted hereunder shall be in writing, and shall be sufficiently given if made by hand delivery, by telex, by nationally recognized overnight courier service, by telecopy or email or registered or certified mail,
postage prepaid, return receipt requested, addressed as follows: 

  
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 If to the Issuers: 
 MPT Operating Partnership, L.P. 
 MPT Finance Corporation 

c/o Medical Properties Trust, Inc. 
 1000 Urban Center Drive, Suite 501 Birmingham, AL 35242 
 Facsimile:
(205) 969-3756 
 Attention: R. Steven Hamner 
 By e-mail: shamner@medicalpropertiestrust.com 
 with a copy to: 

Goodwin Procter LLP 
 53 State Street 
 Boston, MA 02109 

Facsimile: (617) 523-1231 
 Attention: James P.C. Barri, Esq. 
 By e-mail: jbarri@goodwinprocter.com

 If to Parent or any other Guarantor: 
 Medical Properties Trust, Inc. 
 1000 Urban Center Drive, Suite 501 

Birmingham, AL 35242 
 Facsimile: (205) 969-3756 
 Attention: R. Steven Hamner 

By e-mail: shamner@medicalpropertiestrust.com 
 with a copy to: 
 Goodwin Procter LLP 

53 State Street 

Boston, MA 02109 

Facsimile: (617) 523-1231 
 Attention: James P.C. Barri, Esq. 
 By e-mail: jbarri@goodwinprocter.com

 if to the Trustee: 
 Wilmington Trust, National Association 
 Rodney Square North 

1100 N. Market Street 
 Wilmington, DE 19890-0001 
 Attention: Corporate Trust Administration 

Telephone: (302) 636-6398 
 Facsimile: (302) 636-4145 
 via email to MWass@WilmingtonTrust.com

 If to the Escrow Agent: 
 Wilmington Trust, National Association 
 Rodney Square North 

1100 N. Market Street 
 Wilmington, DE 19890-0001 
 Attention: Thomas Morris 

Telephone: (302) 636-6432 
 Facsimile: (302) 636-4145 
 via email: tmorris@wilmingtontrust.com 

  
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 Each of the Issuers and the Trustee by written notice to each other such Person may
designate additional or different addresses for notices to such Person. Any notice or communication to the Issuers and the Trustee shall be deemed to have been given or made as of the date so delivered if personally delivered; when replied to; when
receipt is acknowledged, if telecopied; five (5) calendar days after mailing if sent by registered or certified mail, postage prepaid (except that a notice of change of address shall not be deemed to have been given until actually received by
the addressee); and next Business Day if by nationally recognized overnight courier service. 
 Any notice or communication
mailed to a Holder shall be mailed to him by first class mail or other equivalent means at his address as it appears on the registration books of the Registrar and shall be sufficiently given to him if so mailed within the time prescribed.

 Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to
other Holders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 
 SECTION 11.03. Communications by Holders with Other Holders. Holders may communicate pursuant to Trust Indenture Act § 312(b) with other Holders with respect to their rights under this
Indenture, the Notes or the Guarantees. The Issuers, the Trustee, the Registrar and any other Person shall have the protection of Trust Indenture Act § 312(c). 
 SECTION 11.04. Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Issuers to the Trustee to take any action under this Indenture, the Issuers shall furnish
to the Trustee at the request of the Trustee: 
 (1) an Officer’s Certificate, in form and substance
satisfactory to the Trustee, stating that, in the opinion of the signers, all conditions precedent to be performed or effected by the Issuers, if any, provided for in this Indenture relating to the proposed action have been complied with; and

 (2) an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have
been complied with. 
 SECTION 11.05. Statements Required in Certificate or Opinion. Each certificate or opinion with
respect to compliance with a condition or covenant provided for in this Indenture, other than the Officer’s Certificate required by Section 4.05, shall include: 

(1) a statement that the Person making such certificate or opinion has read such covenant or condition; 

(2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of such Person, he
has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with or satisfied; and 

(4) a statement as to whether or not, in the opinion of each such Person, such condition or covenant has been complied
with; provided, however, that with respect to matters of fact, an Opinion of Counsel may rely on an Officer’s Certificate or certificates of public officials. 

  
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 SECTION 11.06. Rules by Paying Agent or Registrar. The Paying Agent or Registrar may
make reasonable rules and set reasonable requirements for their functions. 
 SECTION 11.07. Legal Holidays. If a Payment
Date is not a Business Day, payment may be made on the next succeeding day that is a Business Day, and no interest shall accrue for the intervening period. If a Record Date is not a Business Day, the Record Date shall be unaffected. 

SECTION 11.08. Governing Law; Waiver of Jury Trial. This Indenture, the Notes and the Guarantees will be governed by and construed
in accordance with the laws of the State of New York. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to
this Indenture, the Notes, the Guarantees or the transaction contemplated hereby. 
 SECTION 11.09. No Adverse Interpretation
of Other Agreements. This Indenture may not be used to interpret another indenture, loan or debt agreement of any of the Issuers or any of their Subsidiaries. Any such indenture, loan or debt agreement may not be used to interpret this
Indenture. 
 SECTION 11.10. No Recourse Against Others. No recourse for the payment of the principal of, premium, if
any, or interest on any of the Notes or for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Issuers or the Guarantors in this Indenture, or in any of the Notes or
Guarantees or because of the creation of any Indebtedness represented hereby, shall be had against any incorporator, stockholder, officer, director, employee or controlling person of the Issuers or the Guarantors or of any successor Person thereof.
Each Holder, by accepting the Notes, waives and releases all such liability. Such waiver and release are part of the consideration for issuance of the Notes. 
 SECTION 11.11. Successors. All agreements of the Issuers and the Subsidiary Guarantors in this Indenture, the Notes and the Guarantees shall bind their respective successors. All agreements of the
Trustee in this Indenture shall bind its successor. 
 SECTION 11.12. Duplicate Originals. All parties may sign any
number of copies of this Indenture. Each signed copy or counterpart shall be an original, but all of them together shall represent the same agreement. Delivery of an executed counterpart of a signature page to this Indenture by facsimile, .pdf
transmission, email or other electronic means shall be effective as delivery of a manually executed counterpart of this Indenture. 
 SECTION 11.13. Severability. To the extent permitted by applicable law, in case any one or more of the provisions in this Indenture, in the Notes or in the Guarantees shall be held invalid, illegal
or unenforceable, in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions shall not in any way be affected or impaired thereby, it being intended that all
of the provisions hereof shall be enforceable to the full extent permitted by law. 
 SECTION 11.14. U.S.A. Patriot Act.
The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify,
and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request
in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act. 
 SECTION 11.15. Force Majeure. In no
event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or in- 

  
 75 

 
directly, forces beyond its control, including without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or
acts of God, and interruptions, loss or malfunctions or utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the
banking industry to resume performance as soon as practicable under the circumstances. 
 [signature pages follow] 

  
 76 

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

 

					
	 MPT OPERATING PARTNERSHIP, L.P.,
 as Issuer,

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	 MPT FINANCE CORPORATION,
 as Issuer,

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	 MEDICAL PROPERTIES TRUST, INC.,
 as Parent and a Guarantor,

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	 MEDICAL PROPERTIES TRUST, INC.

		
	By:	 	  

		 	Name:	 	R. Steven Hamner
		 	Title:	 	 Executive Vice President and

Chief Financial Officer

	
	 MEDICAL PROPERTIES TRUST, LLC

		
	By:	 	 MEDICAL PROPERTIES TRUST, INC.,
 its sole member

		
	By:	 	  

		 	Name:	 	R. Steven Hamner
		 	Title:	 	 Executive Vice President and

Chief Financial Officer

 [Guarantors] 

  

							
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee,
		
	By:	 	  

		 	 Name:
	 	
		 	 Title:
	 	

 EXHIBIT A 
 [Insert the Global Note Legend, if applicable pursuant to the provisions of the Indenture] 
 MPT OPERATING PARTNERSHIP, L.P. 
 MPT FINANCE CORPORATION 

[    ]% Senior Notes due [    ] 

CUSIP No.
  

					
	 No. [    ]
	  		  	$[        ]

 MPT OPERATING PARTNERSHIP, L.P., a Delaware limited partnership, and MPT FINANCE
CORPORATION, a Delaware corporation (the “Issuers”), for value received promise to pay to Cede & Co., or its registered assigns, the principal sum of [        ] DOLLARS [or such other
amount as is provided in a schedule attached hereto]a on
[                    ]. 

Interest Payment Dates
[                    ] and
[                    ], commencing
[                    ]. 

Record Dates: [                    ]
and [                    ]. 

Reference is made to the further provisions of this Note contained herein, which will for all purposes have the same effect as if set
forth at this place. 
 IN WITNESS WHEREOF, the Issuers have caused this Note to be signed manually or by facsimile by its duly
authorized officer. 
 Dated: 
  

							
	 MPT OPERATING PARTNERSHIP, L.P.,
 MPT FINANCE CORPORATION,
 as Issuers,

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
  

	a 	 This language should be included only if the Note is issued in global form. 

  
 A-1

 [FORM OF] TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the [    ]% Senior Notes due [    ] described in the within-mentioned Indenture.

 Dated: 
  

			
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,
 as Trustee,

		
	By:	 	  

		 	Authorized Signatory

  
 A-2

 (Reverse of Note) 
 [     ]% Senior Notes due [    ] 

Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 SECTION 1. Interest. MPT Operating Partnership, L.P., a Delaware limited partnership, and MPT Finance Corporation, a
Delaware corporation (the “Issuers”), promise to pay interest on the principal amount of this Note at [    ]% per annum from
[                    ], until maturity. The Issuers will pay interest semi-annually on
[                    ] and [                    ]
of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each an “Interest Payment Date”), commencing [    ]. Interest on the Notes will accrue from the most recent date to
which interest has been paid or, if no interest has been paid, from [                    ]. The Issuers shall pay interest on overdue principal and
premium, if any, from time to time on demand to the extent lawful at the interest rate applicable to the Notes; it shall pay interest on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at
the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
 SECTION
2. Method of Payment. The Issuers will pay interest on the Notes to the Persons who are registered Holders at the close of business on the
[                    ] or [                    ]
next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes will
be issued in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The Issuers shall pay principal, premium, if any, and interest on the Notes in such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts (“U.S. Legal Tender”). Principal, premium, if any, and interest on the Notes will be payable at the office or agency of the Issuers maintained for such purpose except that, at
the option of the Issuers, the payment of interest may be made by check mailed to the Holders at their respective addresses set forth in the register of Holders of Notes. Until otherwise designated by the Issuers, the Issuers’ office or agency
will be the office of the Trustee maintained for such purpose. 
 SECTION 3. Paying Agent and Registrar. Initially,
Wilmington Trust, National Association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Issuers may change any Paying Agent or Registrar without notice to any Holder. Except as provided in the Indenture, the Issuers or
any of their Subsidiaries may act in any such capacity. 
 SECTION 4. Indenture. The Issuers issued the Notes under an
Indenture dated as of [    ] (“Indenture”) by and among the Issuers, Medical Properties Trust, Inc., a Maryland corporation, the other Guarantors and the Trustee. Subject to the terms of the Indenture, the
Issuers shall be entitled to issue Additional Notes pursuant to Section 2.01 of the Indenture. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as
amended (15 U.S. Code §§ 77aaa-77bbbb) (the “Trust Indenture Act”). The Notes are subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of such terms. To the
extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 
 SECTION 5. Optional Redemption. Prior to [                    ], the Issuers will be entitled at
their option to redeem all or any portion of the Notes at a redemption price equal to 100% of the principal amount of such Notes plus the Applicable Premium as of, and any accrued and unpaid interest to, but not including, the Redemption Date
(subject to the right of each Holder on the relevant Record Date to receive interest due on the relevant Interest Payment Date). 

  
 A-3

 On or after
[                    ], the Issuers may redeem the Notes in whole or from time to time in part, at the redemption prices (expressed as percentages of
the principal amount thereof) set forth below, plus accrued and unpaid interest thereon to, but not including, the Redemption Date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant
Interest Payment Date), if redeemed during the 12-month period beginning on [                    ] of each of the years indicated below: 

 

					
	 Year
	  	Percentage	 
	 [            ]
	  	 	[        ]	% 
	 [            ]
	  	 	[        ]	% 
	 [            ]
	  	 	[        ]	% 
	 [            ] and thereafter
	  	 	100.000	% 

 SECTION 6. Optional Redemption upon Equity Offerings. At any time prior to
[                    ], the Issuers may redeem, on any one or more occasions, with all or a portion of the net cash proceeds of one or more Equity
Offerings (within 60 days of the consummation of any such Equity Offering), up to 35% of the aggregate principal amount of the Notes (including any Additional Notes) at a redemption price (expressed as a percentage of the aggregate principal
amount of the Notes so redeemed) equal to [    ]% plus accrued and unpaid interest to but not including, the Redemption Date (subject to the right of holders of record on the relevant record date to receive interest due on the
relevant interest payment date); provided, however, that at least 65% of the original aggregate principal amount of the Notes must remain outstanding immediately after each such redemption. 

SECTION 7. Notice of Redemption. Subject to Section 3.03 of the Indenture, notice of any optional redemption of any Notes
will be given to holders (with a copy to the Trustee) at their addresses, as shown in the Notes register, not more than 60 nor less than 30 days prior to the date fixed for redemption. The notice of redemption will specify, among other items,
the redemption price and the principal amount of the Notes held by the holder to be redeemed. No Notes of $2,000 or less shall be redeemed in part. On and after the Redemption Date interest ceases to accrue on Notes or portions thereof called for
redemption subject to Section 3.04 of the Indenture. 
 SECTION 8. Mandatory Redemption. Except as set forth in
Section 9 herein, the Issuers shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 
 SECTION 9. Special Mandatory Redemption. 
 The Notes will be subject to a
mandatory redemption (a “Special Mandatory Redemption”) in the event that either (i) the Escrow Proceeds have not been released to Opco for distribution in accordance with the terms and conditions of the Escrow Agreement (the
“Release Date”) on or before the Escrow End Date or (ii) prior to the Escrow End Date, the Issuers have determined, in their reasonable discretion, that the escrow conditions cannot be satisfied by such date (any such date, a
“Trigger Date”). The Issuers will cause a notice of Special Mandatory Redemption substantially in the form required by Section 3.03 of the Indenture to be mailed to the Holders, the Trustee and the Escrow Agent promptly but in any
event not later than five Business Days after the Trigger Date and will redeem the Notes no later than five Business Days following the date of the notice of redemption. The redemption price for any Special Mandatory Redemption will be the sum of
100% of the aggregate principal amount of the Notes issued on the Issue Date, together with accrued and unpaid interest on the Notes from the Issue Date up to but not including the date of the Special Mandatory Redemption. 

If the Escrow Agent receives a notice of a Special Mandatory Redemption pursuant to the terms of the Escrow Agreement, the Escrow Agent
will upon joint written direction of the Issuers, liquidate investments of all Escrow Proceeds if any, then held by it not later than the last Business Day prior to the date of the Special Mandatory Redemption. Concurrently with the release of the
amounts necessary to fund the Special Mandatory Redemption to the Paying Agent, the Escrow Agent will release any excess of Escrow Proceeds over the mandatory redemption price to the Issuers (less any amounts owing to the Escrow Agent), and the
Issuers will be permitted to use such excess Escrow Proceeds refunded to them at their discretion. 

  
 A-4

 SECTION 10. Repurchase at Option of Holder. Upon the occurrence of a Change of
Control, and subject to certain conditions set forth in the Indenture, the Issuers will be required to offer to purchase all of the outstanding Notes at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid
interest, if any, thereon to the date of repurchase. 
 The Issuers are, subject to certain conditions and exceptions set forth
in the Indenture, obligated to make an offer to purchase Notes at 100% of their principal amount, plus accrued and unpaid interest, if any, thereon to the date of repurchase, with certain Net Cash Proceeds of certain sales or other dispositions of
assets in accordance with the Indenture. 
 SECTION 11. Denominations, Transfer Exchange. The Notes are in registered
form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder,
among other things, to furnish appropriate endorsements and transfer documents and the Issuers may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuers and the Registrar are not required to transfer
or exchange any Note selected for redemption. Also, the Issuers and the Registrar are not required to transfer or exchange any Notes for a period of 15 days before a selection of Notes to be redeemed. 

SECTION 12. Persons Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes. 

SECTION 13. Amendment, Supplement and Waiver. Subject to certain exceptions, the Indenture and the Notes may be amended or
supplemented with the written consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding, and any existing Default or compliance with any provision may be waived with the consent of the Holders of a
majority in aggregate principal amount of the Notes then outstanding. Without notice to or consent of any Holder, the parties thereto may amend or supplement the Indenture, the Notes and the Guarantees as provided in the Indenture. 

SECTION 14. Defaults and Remedies. If an Event of Default occurs and is continuing (other than as specified in clauses
(8) and (9) of Section 6.01 that occurs with respect to an Issuer), the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare the principal of, premium, if any, and accrued interest on
the Notes to be due and payable immediately in accordance with the provisions of Section 6.02. Notwithstanding the foregoing, in the case of an Event of Default arising from clause (8) or (9) of Section 6.01, with respect to an
Issuer, all outstanding Notes will become due and payable without further action or notice. Holders of the Notes may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in
principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default if it determines that withholding notice is in their
interest in accordance with Section 7.05. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default and its
consequences under the Indenture except a Default in the payment of principal of, or interest on, any Note as specified in Section 6.01(1) and (2). 
 SECTION 15. Restrictive Covenants. The Indenture contains certain covenants as set forth in Article Four of the Indenture. 
 SECTION 16. No Recourse Against Others. No recourse for the payment of the principal of, premium, if any, or interest on any of the Notes or for any claim based thereon or otherwise in respect
thereof, and no recourse under or upon any obligation, covenant or agreement of the Issuers or the Guarantors 

  
 A-5

 
in the Indenture, or in any of the Notes or Guarantees or because of the creation of any Indebtedness represented thereby, shall be had against any incorporator, stockholder, officer, director,
employee or controlling person of the Issuers or the Guarantors or of any successor Person thereof. Each Holder, by accepting the Notes, waives and releases all such liability. Such waiver and release are part of the consideration for issuance of
the Notes. 
 SECTION 17. Guarantees. This Note will be entitled to the benefits of certain Guarantees made for the
benefit of the Holders. Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and obligations thereunder of the Guarantors, the Trustee and the Holders. 

SECTION 18. Authentication. This Note shall not be valid until authenticated by the manual signature of the Trustee or an
authenticating agent. 
 SECTION 19. Abbreviations. Customary abbreviations may be used in the name of a Holder or an
assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entirety), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to
Minors Act). 
 SECTION 20. CUSIP and ISIN Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Issuers have caused CUSIP and ISIN numbers to be printed on the Notes and the Trustee may use CUSIP or ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the
accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

SECTION 21. Governing Law. This Note shall be governed by, and construed in accordance with, the laws of the State of
New York. 
 The Issuers will furnish to any Holder upon written request and without charge a copy of the Indenture.

  
 A-6

 ASSIGNMENT FORM 
 I or we assign and transfer this Note to 
  

 
  

 
 (Print or type name, address and zip code of
assignee or transferee) 
  
  

(Insert Social Security or other identifying number of assignee or transferee) 
 and irrevocably appoint                     agent to transfer this Note on the books of the Issuers. The
agent may substitute another to act for him. 
  

							
	Dated:	 		 	Signed:	 	
		 		 		 	  
 (Sign exactly as name
appears on the other side

		 		 		 	of this Note)
				
	Signature Guarantee:	 		 		 	
			
		 		 	  
 Participant in a recognized Signature Guarantee
 Medallion Program (or other signature
guarantor
 program reasonably acceptable to the Trustee)

		 		 
		 		 

  
 A-7

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuers pursuant to Section 4.07 or Section 4.11 of the Indenture,
check the appropriate box: 
  

			
	Section 4.07   ̈	 	Section 4.11   ̈

 If you want to elect to have only part of this Note purchased by the Issuers pursuant to
Section 4.07 or Section 4.11 of the Indenture, state the amount (in denominations of $2,000 and integral multiples of $1,000 in excess thereof): $             

 

							
	Dated:	 	  	 	Signed:	 	  

		 		 		 	(Sign exactly as name appears on the other side
		 		 		 	of this Note)
		 		 	 Signature Guarantee:
	 	  

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

  
 A-8

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTEa 

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

									
	 Date of Exchange
	  	Amount of
decrease in
Principal Amount
of The Global Note	  	Amount of increase
in 
Principal
Amount of this
Global Note	  	Principal Amount
of this Global Note
following such
decrease
(or
increase)	  	Signature of
authorized officer
of Trustee of Note
custodian
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

	a 	 This schedule should be included only if the Note is issued in global form. 

  
 A-9

 EXHIBIT B 
 FORM OF LEGEND 
 Each Global Note authenticated and delivered hereunder shall bear
the following legend: 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A DEPOSITORY OR A SUCCESSOR DEPOSITORY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE
REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF
PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN SECTION 2.15 OF THE INDENTURE. 

  
 B-1

 EXHIBIT C 
 GUARANTEE 
 For value received, each of the undersigned (including any successor
Person under the Indenture) hereby unconditionally guarantees, jointly and severally, to the extent set forth in the Indenture (as defined below) to the Holder of this Note the payment of principal, premium, if any, and interest on this Note in the
amounts and at the times when due and interest on the overdue principal, premium, if any, and interest, if any, of this Note when due, if lawful, and, to the extent permitted by law, the payment or performance of all other obligations of the Issuers
under the Indenture or the Notes, to the Holder of this Note and the Trustee, all in accordance with and subject to the terms and limitations of this Note, the Indenture, including Article Ten thereof, and this Guarantee. This Guarantee will become
effective in accordance with Article Ten of the Indenture and its terms shall be evidenced therein. The validity and enforceability of any Guarantee shall not be affected by the fact that it is not affixed to any particular Note. 

Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Indenture dated as of
[                    ], among MPT Operating Partnership, L.P., a Delaware limited partnership, and MPT Finance Corporation, a Delaware corporation
(each, an “Issuer”, and together, the “Issuers”), Medical Properties Trust, Inc., a Maryland corporation, each of the other Guarantors named therein, and Wilmington Trust, National Association, a national banking
association organized and existing under the laws of the United States of America, as trustee (the “Trustee”), as amended or supplemented (the “Indenture”). 

The obligations of the undersigned to the Holders of Notes and to the Trustee pursuant to this Guarantee and the Indenture are expressly
set forth in Article Ten of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee and all of the other provisions of the Indenture to which this Guarantee relates. 

No director, officer, employee, incorporator, stockholder or controlling person or any successor Person thereof of any Guarantor, as
such, shall have any liability for any obligations of such Guarantors under such Guarantors’ Guarantee or the Indenture or for any claim based on, in respect of, or by reason of, such obligation or its creation. 

This Guarantee shall be governed by, and construed in accordance with, the laws of the State of New York. 

This Guarantee is subject to release upon the terms set forth in the Indenture. 

  
 C-1

 IN WITNESS WHEREOF, each Guarantor has caused its Guarantee to be duly executed. 

 

					
	[                    ]
		
	By:	 	  

		 	Name:	 	

  
 C-2Credit Agreement

 Exhibit 10.24 
 Execution Copy 
 Published CUSIP Number: 78411SAE7 

Revolving Credit CUSIP Number: 78411SAF4 
  

 
 $300,000,000 

CREDIT AGREEMENT 
 among 
 SEI INVESTMENTS COMPANY, 

THE LENDERS, 
 WELLS FARGO BANK, NATIONAL ASSOCIATION 
 as Administrative Agent,

 CITIZENS BANK OF PENNSYLVANIA 
 and 
 MANUFACTURERS AND TRADERS TRUST COMPANY, 

as Documentation Agents, 
 and 
 U.S. BANK NATIONAL ASSOCIATION, 

as Syndication Agent 
 Dated as of 
 February 2, 2012 

 
  
 WELLS FARGO SECURITIES, LLC 
 and 

U.S. BANK NATIONAL ASSOCIATION 
 as Joint Lead Arrangers and Joint Bookrunners 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  
	
	DEFINITIONS	  
			
	1.1.	 	 Defined Terms
	  	 	1	  
	1.2.	 	 Accounting Terms; Agreement Accounting Principles
	  	 	17	  
			
		 	ARTICLE II	  			
			
		 	THE CREDITS	  			
			
	2.1.	 	 Commitment
	  	 	17	  
	2.2.	 	 Repayments
	  	 	18	  
	2.3.	 	 Ratable Loans
	  	 	18	  
	2.4.	 	 Types of Advances
	  	 	18	  
	2.5.	 	 Swingline Loans
	  	 	18	  
	2.6.	 	 Fees
	  	 	19	  
	2.7.	 	 Reductions and Increases in Aggregate Commitment
	  	 	20	  
	2.8.	 	 Minimum Amount of Each Advance
	  	 	21	  
	2.9.	 	 Optional Principal Payments
	  	 	21	  
	2.10.	 	 Method of Selecting Types and Interest Periods for New Advances
	  	 	21	  
	2.11.	 	 Conversion and Continuation of Outstanding Advances
	  	 	22	  
	2.12.	 	 Changes in Interest Rate, etc
	  	 	22	  
	2.13.	 	 Rates Applicable After Default
	  	 	23	  
	2.14.	 	 Method of Payment; Waterfall
	  	 	23	  
	2.15.	 	 Noteless Agreement; Evidence of Indebtedness
	  	 	24	  
	2.16.	 	 Telephonic Notices
	  	 	25	  
	2.17.	 	 Interest Payment Dates; Interest and Fee Basis
	  	 	25	  
	2.18.	 	 Notification of Advances, Interest Rates, Prepayments and Commitment Reductions
	  	 	26	  
	2.19.	 	 Lending Installations
	  	 	26	  
	2.20.	 	 Non-Receipt of Funds by the Administrative Agent
	  	 	26	  
	2.21.	 	 Defaulting Lenders
	  	 	26	  
	2.22.	 	 Mitigation Obligations; Replacement of Lenders
	  	 	30	  
	2.23.	 	 Letters of Credit
	  	 	31	  
	
	ARTICLE III	  
	
	YIELD PROTECTION; CHANGE IN CIRCUMSTANCES; ILLEGALITY AND TAXES	  
			
	3.1.	 	 Increased Costs
	  	 	35	  
	3.2.	 	 Availability of Types of Loans
	  	 	36	  

  
 -i-

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	3.3.	 	 Illegality
	  	 	37	  
	3.4.	 	 Compensation
	  	 	37	  
	3.5.	 	 Taxes
	  	 	38	  
			
		 	ARTICLE IV	  			
			
		 	CONDITIONS PRECEDENT	  			
			
	4.1.	 	 Effectiveness and Initial Credit Extension
	  	 	42	  
	4.2.	 	 Each Advance
	  	 	43	  
	
	ARTICLE V	  
	
	REPRESENTATIONS AND WARRANTIES	  
			
	5.1.	 	 Existence and Standing
	  	 	44	  
	5.2.	 	 Authorization and Validity
	  	 	44	  
	5.3.	 	 No Conflict; Government Consent
	  	 	44	  
	5.4.	 	 Financial Statements
	  	 	45	  
	5.5.	 	 Material Adverse Change
	  	 	45	  
	5.6.	 	 Taxes
	  	 	45	  
	5.7.	 	 Litigation and Contingent Obligations
	  	 	45	  
	5.8.	 	 Subsidiaries
	  	 	46	  
	5.9.	 	 ERISA
	  	 	46	  
	5.10.	 	 Accuracy of Information
	  	 	46	  
	5.11.	 	 Regulations T, U and X
	  	 	46	  
	5.12.	 	 Material Agreements
	  	 	46	  
	5.13.	 	 Compliance With Laws
	  	 	47	  
	5.14.	 	 Ownership of Properties
	  	 	47	  
	5.15.	 	 Plan Assets; Prohibited Transactions
	  	 	47	  
	5.16.	 	 Investment Company Act
	  	 	47	  
	5.17.	 	 Subordinated Indebtedness
	  	 	47	  
	5.18.	 	 Insurance
	  	 	47	  
	5.19.	 	 Solvency
	  	 	47	  
	5.20.	 	 OFAC; Anti-Terrorism Laws
	  	 	48	  
	
	ARTICLE VI	  
	
	COVENANTS	  
			
	6.1.	 	 Financial Reporting
	  	 	48	  
	6.2.	 	 Use of Proceeds
	  	 	50	  

  
 -ii-

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	6.3.	 	 Notice of Default
	  	 	50	  
	6.4.	 	 Conduct of Business
	  	 	50	  
	6.5.	 	 Taxes
	  	 	50	  
	6.6.	 	 Insurance
	  	 	50	  
	6.7.	 	 Compliance with Laws
	  	 	50	  
	6.8.	 	 Maintenance of Properties
	  	 	50	  
	6.9.	 	 Inspection
	  	 	51	  
	6.10.	 	 Dividends
	  	 	51	  
	6.11.	 	 Indebtedness
	  	 	51	  
	6.12.	 	 Merger
	  	 	52	  
	6.13.	 	 Sale of Assets
	  	 	52	  
	6.14.	 	 Investments and Acquisitions
	  	 	52	  
	6.15.	 	 Liens
	  	 	53	  
	6.16.	 	 Affiliates
	  	 	54	  
	6.17.	 	 Sale of Accounts
	  	 	54	  
	6.18.	 	 Contingent Obligations
	  	 	54	  
	6.19.	 	 Inconsistent Agreements
	  	 	55	  
	6.20.	 	 Retirement of Repurchased Common Stock
	  	 	55	  
	6.21.	 	 Financial Covenant; Leverage Ratio
	  	 	55	  
	6.22.	 	 Subsidiary Guaranty
	  	 	55	  
	6.23.	 	 OFAC, PATRIOT Act Compliance
	  	 	55	  
	
	ARTICLE VII	  
	
	DEFAULTS	  
			
	7.1.	 	 Defaults
	  	 	55	  
	
	ARTICLE VIII	  
	
	ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES	  
			
	8.1.	 	 Acceleration
	  	 	58	  
	8.2.	 	 Amendments
	  	 	58	  
	8.3.	 	 Preservation of Rights
	  	 	60	  
	
	ARTICLE IX	  
	
	GENERAL PROVISIONS	  
			
	9.1.	 	 Survival of Representations
	  	 	60	  
	9.2.	 	 Governmental Regulation
	  	 	60	  

  
 -iii-

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	9.3.	 	 Headings
	  	 	60	  
	9.4.	 	 Several Obligations; Benefits of this Agreement
	  	 	60	  
	9.5.	 	 Expenses; Indemnity; Damage Waiver
	  	 	60	  
	9.6.	 	 Numbers of Documents
	  	 	62	  
	9.7.	 	 Accounting
	  	 	62	  
	9.8.	 	 Severability of Provisions
	  	 	62	  
	9.9.	 	 Nonliability of Lenders
	  	 	63	  
	9.10.	 	 Confidentiality
	  	 	63	  
	9.11.	 	 Nonreliance
	  	 	64	  
	9.12.	 	 Disclosure
	  	 	64	  
	9.13.	 	 Interest Rate Limitation
	  	 	64	  
	
	ARTICLE X	  
	
	THE AGENT	  
			
	10.1.	 	 Appointment and Authority
	  	 	65	  
	10.2.	 	 Rights as a Lender
	  	 	65	  
	10.3.	 	 Exculpatory Provisions
	  	 	65	  
	10.4.	 	 Reliance by Administrative Agent
	  	 	66	  
	10.5.	 	 Delegation of Duties
	  	 	67	  
	10.6.	 	 Resignation of Administrative Agent
	  	 	67	  
	10.7.	 	 Non-Reliance on Administrative Agent and Other Lenders
	  	 	68	  
	10.8.	 	 No Other Duties, etc
	  	 	68	  
	10.9.	 	 Administrative Agent May File Proofs of Claim
	  	 	68	  
	10.10.	 	 Guaranty Matters
	  	 	69	  
	10.11.	 	 Issuing Bank and Swingline Lender
	  	 	69	  
	
	ARTICLE XI	  
	
	SETOFF; RATABLE PAYMENTS	  
			
	11.1.	 	 Setoff
	  	 	69	  
	11.2.	 	 Ratable Payments
	  	 	70	  
	
	ARTICLE XII	  
	
	ASSIGNMENTS; PARTICIPATIONS	  
			
	12.1.	 	 Successors and Assigns Generally
	  	 	70	  
	12.2.	 	 Assignments by Lenders
	  	 	71	  
	12.3.	 	 Register
	  	 	73	  

  
 -iv-

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	12.4.	 	 Participations
	  	 	73	  
	12.5.	 	 Certain Pledges
	  	 	74	  
	12.6.	 	 Dissemination of Information
	  	 	74	  
	12.7.	 	 Resignation as Issuing Bank
	  	 	74	  
	
	ARTICLE XIII	  
	
	NOTICES; EFFECTIVENESS; ELECTRONIC COMMUNICATION	  
			
	13.1.	 	 Notices Generally
	  	 	75	  
	13.2.	 	 Electronic Communications
	  	 	75	  
	13.3.	 	 Platform
	  	 	76	  
	13.4.	 	 Change of Address
	  	 	76	  
	ARTICLE XIV	  
	
	COUNTERPARTS; INTEGRATION; EFFECTIVENESS; ELECTRONIC EXECUTION	  
			
	14.1.	 	 Counterparts; Integration; Effectiveness
	  	 	76	  
	14.2.	 	 Electronic Signatures
	  	 	76	  
	
	ARTICLE XV	  
	
	CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL	  
			
	15.1.	 	 Governing Law
	  	 	77	  
	15.2.	 	 Jurisdiction
	  	 	77	  
	15.3.	 	 Waiver of Venue
	  	 	77	  
	15.4.	 	 Service of Process
	  	 	77	  
	15.5.	 	 Waiver of Jury Trial
	  	 	78	  
	15.6.	 	 PATRIOT Act Notice
	  	 	78	  

  
 -v-

					
	EXHIBITS
			
	Exhibit A	 	Form of Compliance Certificate	  	
	Exhibit B	 	Form of Assignment and Assumption	  	
	Exhibit C	 	Form of Note	  	
	Exhibit D	 	Form of Swingline Note	  	
	Exhibit E	 	Forms of U.S. Tax Compliance Certificate	  	
	
	SCHEDULES
			
	Pricing Schedule	 		  	
	Schedule 1.1(a)	 	Commitments and Notice Addresses	  	
	Schedule 1.1(b)	 	Existing Letters of Credit	  	
	Schedule 5.8	 	Subsidiaries	  	
	Schedule 6.11	 	Indebtedness	  	
	Schedule 6.14	 	Investments	  	
	Schedule 6.15	 	Liens	  	

  
 -vi-

 CREDIT AGREEMENT 

This Credit Agreement, dated as of February 2, 2012, is among SEI Investments Company, a Pennsylvania corporation, the Lenders, U.S.
Bank National Association, as Syndication Agent, Citizens Bank of Pennsylvania and Manufacturers and Traders Trust Company, each as Documentation Agent, and Wells Fargo Bank, National Association, as Administrative Agent. 

RECITALS 
 A. The Borrower has requested the Lenders to make financial accommodations to it in the aggregate principal amount of up to $300,000,000, the proceeds of which will be used for the general corporate
purposes of the Borrower (including the repurchase of the common stock of the Borrower). 
 B. The Lenders are willing to extend
such financial accommodations on the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the premises
and of the mutual agreements made herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 

DEFINITIONS 
 1.1. Defined Terms. For purposes of this Agreement, in addition to the terms defined elsewhere herein, the following terms have the meanings set forth below (such meanings to be equally applicable
to the singular and plural forms thereof): 
 “Acquisition” means any transaction, or any series of related
transactions, consummated on or after the date of this Agreement, by which the Borrower or any of its Subsidiaries (i) acquires any going business or all or substantially all of the assets of any firm, corporation or limited liability company,
or division thereof, whether through purchase of assets, merger or otherwise or (ii) directly or indirectly acquires (in one transaction or as the most recent transaction in a series of transactions) at least a majority (in number of votes) of
the securities of a corporation which have ordinary voting power for the election of directors (other than securities having such power only by reason of the happening of a contingency) or a majority (by percentage or voting power) of the
outstanding ownership interests of a partnership or limited liability company. 
 “Adjusted LIBOR Rate” means,
at any time with respect to any LIBOR Advance, a rate per annum equal to the sum of (i) LIBOR Rate as in effect at such time plus (ii) the Applicable Margin for LIBOR Advances as in effect at such time. 

“Administrative Agent” means Wells Fargo in its capacity as administrative agent for the Lenders pursuant to Article
X, and not in its individual capacity as a Lender, and any successor Administrative Agent appointed pursuant to Article X. 

  
 Page 1 of 78

 “Administrative Questionnaire” means an Administrative Questionnaire in a
form supplied by the Administrative Agent. 
 “Advance” means (i) a borrowing hereunder, (a) made by
the Lenders on the same Borrowing Date, or (b) converted or continued by the Lenders on the same date of conversion or continuation, consisting, in either case, of the aggregate amount of the several Loans of the same Type and, in the case of
LIBOR Loans, for the same Interest Period or (ii) a Swingline Loan. 
 “Affiliate” of any Person means any
other Person directly or indirectly controlling, controlled by or under common control with such Person. A Person shall be deemed to control another Person if the controlling Person owns 10% or more of any class of voting securities (or other
ownership interests) of the controlled Person or possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of the controlled Person, whether through ownership of stock, by contract or otherwise.

 “Agent Parties” is defined in Section 13.3. 

“Aggregate Commitment” means the aggregate of the Commitments of all the Lenders, as reduced or increased from time to
time pursuant to the terms hereof. 
 “Agreement” means this Credit Agreement, as it may be amended, restated
or modified and in effect from time to time. 
 “Agreement Accounting Principles” means generally accepted
accounting principles as in effect from time to time, applied in a manner consistent with that used in preparing the financial statements referred to in Section 5.4. 

“Applicable Fee Rate” means, at any time, the percentage rate per annum at which commitment fees are accruing on the
aggregate Unutilized Commitments at such time as set forth in the Pricing Schedule attached hereto. 
 “Applicable
Margin” means, with respect to Advances of any Type at any time, the percentage rate per annum which is applicable at such time with respect to Advances of such Type as set forth in the Pricing Schedule attached hereto. 

“Applicable Percentage” means, with respect to any Lender, the percentage of the Aggregate Commitment represented by
such Lender’s Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments most recently in effect, giving effect to any assignments. 

“Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or
investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (i) a Lender, (ii) an Affiliate of a Lender or (iii) an entity or an Affiliate of an entity that
administers or manages a Lender. 
 “Article” means an article of this Agreement unless another document is
specifically referenced. 

  
 Page 2 of 78

 “Assignment and Assumption” means an Assignment and Assumption entered into
by a Lender and an Eligible Assignee (with the consent of any Person whose consent is required by Section 12.2), and accepted by the Administrative Agent, in substantially the form of Exhibit B or any other form approved by
the Administrative Agent. 
 “Authorized Officer” means any of the president, chief financial officer, vice
president-finance, treasurer or corporate controller of the Borrower, acting singly. 
 “Base Rate” means, for
any day, a rate of interest per annum equal to the highest of (i) the Prime Rate for such day, (ii) the sum of the Federal Funds Effective Rate for such day plus 1/2% per annum, and (iii) the LIBOR Rate for an Interest
Period of one month plus the difference between the Applicable Margin for LIBOR Loans and the Applicable Margin for Base Rate Loans at any Status (as set forth on the Pricing Schedule). 

“Base Rate Advance” means an Advance (other than a Swingline Loan) which, except as otherwise provided in
Section 2.13, bears interest at the Base Rate. 
 “Base Rate Loan” means a Loan which, except as
otherwise provided in Section 2.13, bears interest at the Base Rate. 
 “Borrower” means SEI
Investments Company, a Pennsylvania corporation, and its successors and assigns. 
 “Borrowing Date” means a
date on which a Credit Extension is made hereunder. 
 “Borrowing Notice” is defined in
Section 2.10. 
 “Business Day” means (i) any day other than a Saturday or Sunday, a legal
holiday or a day on which commercial banks in Charlotte, North Carolina or New York, New York are authorized or required by law to be closed and (ii) in respect of any determination relevant to a LIBOR Advance, any such day that is also a day
on which trading in Dollar deposits is conducted by banks in London, England in the London interbank Eurodollar market. 

“Capitalized Lease” of a Person means any lease of Property by such Person as lessee which would be capitalized on a
balance sheet of such Person prepared in accordance with Agreement Accounting Principles. 
 “Capitalized Lease
Obligations” of a Person means the amount of the obligations of such Person under Capitalized Leases which would be shown as a liability on a balance sheet of such Person prepared in accordance with Agreement Accounting Principles.

 “Cash Equivalent Investments” means (i) short-term obligations of, or fully guaranteed by, the United
States of America, (ii) commercial paper rated A-1 or better by S&P or P-1 or better by Moody’s, (iii) demand deposit accounts maintained in the ordinary course of business, (iv) fully collateralized repurchase agreements
with a term of not more than 365 days for securities described in clause (i) of this definition and (v) certificates of deposit issued by and time deposits with commercial banks (whether domestic or foreign) having capital and surplus in
excess of $100,000,000; provided in each case that the same provides for payment of both 

  
 Page 3 of 78

 
principal and interest (and not principal alone or interest alone) and is not subject to any contingency regarding the payment of principal or interest. 

“Change in Control” means any Person that becomes the owner of more than thirty percent (30%) of the
Borrower’s outstanding shares, excluding the Borrower and its Subsidiaries, any employee benefit plan of the Borrower or its Subsidiaries, any Person appointed or entity organized or established by the Borrower for or pursuant to any such
employee benefit plan, and Alfred P. West, Jr. or his spouse, and/or a member of his immediate family. 
 “Change in
Law” means the occurrence, after the date of this Agreement, of any of the following: (i) the adoption or taking effect of any law, rule, regulation or treaty, (ii) any change in any law, rule, regulation or treaty or in the
administration, interpretation, implementation or application thereof by any Governmental Authority or (iii) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental
Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith
and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory
authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued. 
 “Code” means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to time. 
 “Commitment” means, for each Lender, the commitment of such Lender to make Revolving Loans and to acquire participations in Letters of Credit and Swingline Loans hereunder not exceeding
the amount set forth opposite its name on Schedule 1.1(a) hereto, as it may be modified as a result of any assignment that has become effective pursuant to Section 12.2 or as otherwise modified from time to time pursuant to the
terms hereof. 
 “Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net
income (however denominated) or that are franchise Taxes or branch profits Taxes. 
 “Consolidated EBITDA”
means Consolidated Net Income plus, to the extent deducted from revenues in determining Consolidated Net Income, (i) Consolidated Interest Expense, (ii) expense for taxes paid or accrued, (iii) depreciation, (iv) amortization, (v) expense for
non-cash, stock-based employee compensation and (vi) extraordinary losses incurred other than in the ordinary course of business, minus, to the extent included in Consolidated Net Income, extraordinary gains realized other than in the
ordinary course of business, all calculated for the Borrower and its Subsidiaries on a consolidated basis. 

“Consolidated Indebtedness” means, at any time, the aggregate dollar amount of Indebtedness of the Borrower and its
Subsidiaries calculated on a consolidated basis outstanding at such time, whether or not such amount is due or payable at such time. 

  
 Page 4 of 78

 “Consolidated Interest Expense” means, with reference to any period, the
interest expense of the Borrower and its Subsidiaries calculated on a consolidated basis for such period. 

“Consolidated Net Income” means, with reference to any period, the net income (or loss) of the Borrower and its
Subsidiaries calculated on a consolidated basis for such period. 
 “Consolidated Net Worth” means at any time
the stockholders’ equity of the Borrower and its Subsidiaries calculated on a consolidated basis as of such time. 

“Contingent Obligation” of a Person means any agreement, undertaking or arrangement by which such Person assumes,
guarantees, endorses, contingently agrees to purchase or provide funds for the payment of, or otherwise becomes or is contingently liable upon, the obligation or liability of any other Person, or agrees to maintain the net worth or working capital
or other financial condition of any other Person, or otherwise assures any creditor of such other Person against loss, including, without limitation, any comfort letter, operating agreement, take-or-pay contract or the obligations of any such Person
as general partner of a partnership with respect to the liabilities of the partnership. 
 “Controlled Group”
means all members of a controlled group of corporations or other business entities and all trades or businesses (whether or not incorporated) under common control which, together with the Borrower or any of its Subsidiaries, are treated as a single
employer under Section 414 of the Code. 
 “Conversion/Continuation Notice” is defined in
Section 2.11. 
 “Credit Extension” means the making of an Advance or the issuance of a Letter of
Credit hereunder. 
 “Debtor Relief Laws” means the Bankruptcy Code of the United States of America, and all
other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from
time to time in effect. 
 “Default” means an event described in Article VII. 

“Defaulting Lender” means, subject to Section 2.21.2, any Lender that (i) has failed to (A) fund
all or any portion of its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such
Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (B) pay to the
Administrative Agent, the Issuing Bank, the Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swingline Loans) within two (2) Business
Days of the date when due, (ii) has notified the Borrower, the Administrative Agent or the Issuing Bank or the Swingline Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement
to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s 

  
 Page 5 of 78

 
determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot
be satisfied), (iii) has failed, within three (3) Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective
funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (iii) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (iv) has, or
has a direct or indirect parent company that has, (A) become the subject of a proceeding under any Debtor Relief Law, or (B) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of
creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity; provided that
a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not
result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject,
repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (i) through (iv) above shall be
conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.21.2) upon delivery of written notice of such determination to the Borrower, the Issuing Bank, the Swingline
Lender and each Lender. 
 “De Minimus Sales” means any sale, transfer or other disposition of assets which
does not, together with any related sales, transfers or other dispositions, result in Net Proceeds in excess of $250,000. 

“Dollars” or “$” means dollars of the United States of America. 

“Domestic Subsidiary” means any Subsidiary of the Borrower organized under the laws of the United States or any
jurisdiction within the United States. 
 “Effective Date” is defined in Section 4.1. 

“Eligible Assignee” means any Person that meets the requirements to be an assignee under Section 12.2.3,
12.2.5 and 12.2.6 (subject to such consents, if any, as may be required under Section 12.2.3). 

“Environmental Laws” means any and all federal, state, local and foreign statutes, laws, judicial decisions,
regulations, ordinances, rules, judgments, orders, decrees, plans, injunctions, permits, concessions, grants, franchises, licenses, agreements and other governmental restrictions relating to (i) the protection of the environment, (ii) the
effect of the environment on human health, (iii) emissions, discharges or releases of pollutants, contaminants, hazardous substances or wastes into surface water, ground water or land, or (iv) the manufacture, processing, distribution,
use, treatment, storage, disposal, transport or handling of pollutants, contaminants, hazardous substances or wastes or the clean-up or other remediation thereof. 

  
 Page 6 of 78

 “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended from time to time, and any rule or regulation issued thereunder. 
 “Excluded Taxes” means any of the
following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in
each case, (A) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political
subdivision thereof) or (B) that are Other Connection Taxes, (ii) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or
Commitment pursuant to a law in effect on the date on which (A) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 2.22.2) or (B) such Lender
changes its lending office, except in each case to the extent that, pursuant to Section 3.5, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to
such Lender immediately before it changed its lending office, (iii) Taxes attributable to such Recipient’s failure to comply with Section 3.5.7 and (iv) any U.S. federal withholding Taxes imposed under FATCA. 

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

“Existing Credit Agreement” means that certain Credit Agreement dated as of July 25, 2007 by and among the
Borrower, JPMorgan Chase Bank, N.A., as agent and the financial institutions party thereto, as amended, restated, supplemented or otherwise modified from time to time. 
 “Existing Letters of Credit” means, collectively, the letters of credit outstanding on the Effective Date issued by JPMorgan Chase Bank, N.A. pursuant to the Existing Credit Agreement,
which letters of credit are listed on Schedule 1.1(b) hereto. 
 “Facility Termination Date” means
February 2, 2017 or any earlier date on which the Aggregate Commitment is reduced to zero or otherwise terminated pursuant to the terms hereof. 
 “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more
onerous to comply with) and any current or future regulations or official interpretations thereof. 
 “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 

  
 Page 7 of 78

 
by the Administrative Agent from three Federal funds brokers of recognized standing selected by it. 
 “Fee Letters” means, collectively, (i) the fee letter, dated January 5, 2012, among the Borrower, Wells Fargo, and Wells Fargo Securities, LLC and (ii) the fee letter,
dated January 5, 2012, among the Borrower and U.S. Bank National Association. 
 “Foreign Lender” means
any Lender that is organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be
deemed to constitute a single jurisdiction. 
 “Fronting Exposure” means, at any time there is a Defaulting
Lender, (i) with respect to the Issuing Bank, such Defaulting Lender’s Applicable Percentage of the outstanding LC Obligations with respect to Letters of Credit issued by the Issuing Bank other than LC Obligations as to which such
Defaulting Lender’s participation obligation has been reallocated to other Lenders or cash collateralized in accordance with the terms hereof, and (ii) with respect to the Swingline Lender, such Defaulting Lender’s Applicable
Percentage of outstanding Swingline Loans made by such Swingline Lender other than Swingline Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders. 

“Future LSV Employee Groups” means any Person formed, organized or incorporated after the Effective Date by employees of
LSV Asset Management for the sole purpose of acquiring an ownership interest in LSV Asset Management. 
 “Gao Fu
Acquisition” means the acquisition of stock of Gao Fu Limited, a Hong Kong limited company, for a purchase price of approximately $7,500,000. 
 “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. 

“Guarantor” means any of (i) SEI Investments Management Corporation, a Delaware corporation
(“SIMC”), (ii) SEI Global Services, Inc., a Delaware corporation (“Global Services”), (iii) SEI Funds, Inc., a Delaware corporation (“Funds”), (iv) SEI Investments Global Fund
Services, a Delaware statutory trust (“SIGFS”) and (v) any Person which becomes a party to the Guaranty pursuant to Section 6.22 or otherwise, provided that SEI Investments Distribution Company, SEI Private
Trust Company, SEI Trust Company, LSV Asset Management and their direct or indirect Subsidiaries shall not be or be obligated to become Guarantors. 
 “Guaranty” means that certain Guaranty dated as of the date hereof executed by certain of the Material Domestic Subsidiaries of the Borrower in favor of the Administrative Agent, for the
ratable benefit of the Administrative Agent and the Lenders and all joinders thereto, in each case as amended or modified and in effect from time to time. 

  
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 “Indebtedness” of a Person means such Person’s (i) obligations
for borrowed money, (ii) obligations representing the deferred purchase price of Property or services (other than accounts payable arising in the ordinary course of such Person’s business payable on terms customary in the trade),
(iii) obligations, whether or not assumed, secured by Liens or payable out of the proceeds or production from Property now or hereafter owned or acquired by such Person, (iv) obligations which are evidenced by notes, acceptances, or other
instruments, (v) obligations of such Person to purchase securities or other Property arising out of or in connection with the sale of the same or substantially similar securities or Property, (vi) Capitalized Lease Obligations,
(vii) any other obligation for borrowed money or other financial accommodation which in accordance with Agreement Accounting Principles would be shown as a liability on the consolidated balance sheet of such Person, (viii) net liabilities
under Rate Management Obligations or in respect of any other derivative financial instrument, (ix) contingent reimbursement obligations in respect of, and unreimbursed draws under, any letters of credit and (x) Contingent Obligations.

 “Indemnified Taxes” means (i) Taxes, other than Excluded Taxes, imposed on or with respect to any
payment made by or on account of any obligation of any Loan Party under any Loan Document and (ii) to the extent not otherwise described in clause (i), Other Taxes. 
 “Indemnitee” is defined in Section 9.5.2. 

“Interest Period” means, with respect to a LIBOR Advance, a period of one, two, three or six months commencing on a
Business Day selected by the Borrower pursuant to this Agreement. Such Interest Period shall end on the day which corresponds numerically to such date one, two, three or six months thereafter; provided, however, that if there is no
such numerically corresponding day in such next, second, third or sixth succeeding month, such Interest Period shall end on the last Business Day of such next, second, third or sixth succeeding month. If an Interest Period would otherwise end on a
day which is not a Business Day, such Interest Period shall end on the next succeeding Business Day; provided, however, that if said next succeeding Business Day falls in a new calendar month, such Interest Period shall end on the
immediately preceding Business Day. 
 “Investment” of a Person means any loan, advance (other than commission,
travel and similar advances to officers and employees made in the ordinary course of business), extension of credit (other than accounts receivable arising in the ordinary course of business on terms customary in the trade) or contribution of
capital by such Person; stocks, bonds, mutual funds, partnership interests, notes, debentures or other securities owned by such Person; any deposit accounts and certificate of deposit owned by such Person; and structured notes, derivative financial
instruments and other similar instruments or contracts owned by such Person. 
 “ISP” is defined in
Section 15.1. 
 “Issuing Bank” means Wells Fargo, in its capacity as the issuer of Letters of
Credit hereunder, and its successors in such capacity as provided in Section 2.23.9. The Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of the Issuing Bank, in which case the
term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. 

  
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 “Joint Lead Arrangers” means, collectively, Wells Fargo Securities, LLC,
U.S. Bank National Association, and each of their respective successors, in their capacity as Joint Lead Arrangers and Joint Bookrunners. 
 “LC Disbursement” means a payment made by the Issuing Bank pursuant to a Letter of Credit. 
 “LC Exposure” means, at any time, the sum of (i) the aggregate undrawn amount of all outstanding Letters of Credit (including all outstanding Existing Letters of Credit) at such time
plus (ii) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. The LC Exposure of any Lender at any time shall be its Applicable Percentage of the total LC Exposure
at such time. 
 “Lenders” means the lending institutions listed on the signature pages of this Agreement, or
added pursuant to Section 2.7, and their respective successors and assigns. Unless the context otherwise requires, the term “Lenders” includes the Swingline Lender. 

“Lending Installation” means, with respect to a Lender or the Administrative Agent, the office, branch, subsidiary or
affiliate of such Lender or the Administrative Agent listed on the signature pages hereof or on a Schedule or otherwise selected by such Lender or the Administrative Agent pursuant to Section 2.19. 

“Letter of Credit” means any standby letter of credit issued pursuant to this Agreement. 

“Leverage Ratio” means the ratio of (i) Consolidated Indebtedness to (ii) Consolidated EBITDA for the then
most-recently ended four fiscal quarters of the Borrower. 
 “LIBOR Advance” means an Advance which, except as
otherwise provided in Section 2.13, bears interest at the applicable Adjusted LIBOR Rate. 
 “LIBOR
Loan” means a Loan which, except as otherwise provided in Section 2.13, bears interest at the applicable Adjusted LIBOR Rate. 
 “LIBOR Rate” means, with respect to each LIBOR Advance for any Interest Period, an interest rate per annum obtained by dividing (i) (y) the rate of interest appearing on Reuters
Screen LIBOR01 Page (or any successor page) that represents an average British Bankers Association Interest Settlement Rate for Dollar deposits or (z) if no such rate is available, the rate of interest determined by the Administrative Agent to
be the rate or the arithmetic mean of rates at which Dollar deposits in immediately available funds are offered to first-tier banks in the London interbank Eurodollar market, in each case under (y) and (z) above at approximately 11:00
a.m., London time, two Business Days prior to the first day of such Interest Period for a period substantially equal to such Interest Period and in an amount substantially equal to the amount of Wells Fargo’s LIBOR Loan comprising part of such
Borrowing, by (ii) the amount equal to 1.00 minus the Reserve Requirement (expressed as a decimal) for such Interest Period. 
 “Lien” means any lien (statutory or other), mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance or preference, priority or other security agreement or
preferential arrangement of any kind or nature whatsoever (including, without limitation, the 

  
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interest of a vendor or lessor under any conditional sale, Capitalized Lease or other title retention agreement). 
 “Loan Parties” means the Borrower and each Guarantor; each a “Loan Party”. 
 “Loans” means the loans made by the Lenders to the Borrower pursuant to this Agreement. 
 “Loan Documents” means this Agreement, the Guaranty, any Notes issued pursuant to Section 2.15 and all other agreements, instruments, documents and certificates now or
hereafter executed and delivered to the Administrative Agent or any Lender by or on behalf of the Borrower or any Guarantor with respect to this Agreement, in each case as amended, modified, supplemented or restated from time to time. 

“Material Adverse Effect” means a material adverse effect on (i) the business, Property, condition (financial or
otherwise), results of operations, or prospects of the Borrower and its Subsidiaries taken as a whole, (ii) the ability of the Borrower to perform its obligations under the Loan Documents or (iii) the validity or enforceability of any of
the Loan Documents or the rights or remedies of the Administrative Agent or the Lenders thereunder. 
 “Material
Indebtedness” means Indebtedness in an outstanding principal amount of $5,000,000 or more in the aggregate (or the equivalent thereof in any currency other than U.S. dollars). 

“Material Indebtedness Agreement” means any agreement under which any Material Indebtedness was created or is governed
or which provides for the incurrence of Indebtedness in an amount which would constitute Material Indebtedness (whether or not an amount of Indebtedness constituting Material Indebtedness is outstanding thereunder). 

“Material Domestic Subsidiary” means a Domestic Subsidiary, the assets or Consolidated Net Income of which represents
more than (i) 5% of assets (valued at the greater of book or fair market value) of the Borrower and its Subsidiaries on a consolidated basis or (ii) 5% of the Consolidated Net Income for the preceding four fiscal quarter period, in each
case determined as of the most recent fiscal quarter end for which financials have been delivered by the Borrower pursuant to Section 6.1. 
 “Minimum Collateral Amount” means, at any time, (i) with respect to cash collateral consisting of cash or deposit account balances, an amount equal to 100% of the Fronting Exposure
of the Issuing Bank with respect to Letters of Credit issued and outstanding at such time and (ii) otherwise, an amount determined by the Administrative Agent and the Issuing Bank in their sole discretion. 

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

“Multiemployer Plan” means a Plan maintained pursuant to a collective bargaining agreement or any other arrangement to
which the Borrower or any member of the Controlled Group is a party to which more than one employer is obligated to make contributions. 

  
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 “Net Proceeds” means net cash proceeds realized upon (i) the sale,
transfer, or other disposition of assets, (ii) the sale or series of sales or issuance of any common or preferred equity interest, limited liability company membership interests, warrant or other equity, or (iii) the issuance of new
Indebtedness, in each case after the payment or reserving of all direct expenses and taxes related to such transaction and the net cash proceeds of the liquidation (at any time) of securities received as consideration from such transaction.

 “Non-Consenting Lender” means any Lender that does not approve any consent, waiver or amendment that
(i) requires the approval of all affected Lenders in accordance with the terms of Section 8.2 and (ii) has been approved by the Required Lenders. 
 “Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such time. 
 “Northstar Acquisition” means the acquisition of certain assets of Northstar Systems International, Inc., a Delaware corporation, for a purchase price of approximately $10,000,000.

 “Note” is defined in Section 2.15. 

“Obligations” means all unpaid principal of and accrued and unpaid interest (including interest accruing after the
filing of a petition or commencement of a case by or with respect to the Borrower seeking relief under any applicable federal and state laws pertaining to bankruptcy, reorganization, arrangement, moratorium, readjustment of debts, dissolution,
liquidation or other debtor relief, specifically including, without limitation, the Bankruptcy Code and any fraudulent transfer and fraudulent conveyance laws, whether or not the claim for such interest is allowed in such proceeding) on (i) the
Loans, (ii) the Swingline Loans and (iii) any LC Disbursements, and all fees, expenses, reimbursements, indemnities and other obligations owing, due or payable at any time by the Borrower or any Guarantor to the Administrative Agent, any
Lender, the Swingline Lender, the Issuing Bank or any other Person entitled thereto, under this Agreement or any of the other Loan Documents. 
 “OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control, and any successor thereto. 

“Operating Lease” of a Person means any lease of Property (other than a Capitalized Lease) by such Person as lessee
which has an original term (including any required renewals and any renewals effective at the option of the lessor) of one year or more. 
 “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax
(other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant
to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 
 “Other
Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the
receipt or perfection of a security 

  
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interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made
pursuant to Section 2.22). 
 “Participant Register” is defined in Section 12.4.

 “Participants” is defined in Section 12.4. 

“PATRIOT Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism (USA PATRIOT Act) of 2001, as amended from time to time, and any successor statute, and all rules and regulations from time to time promulgated thereunder. 
 “Payment Date” means the last day of each March, June, September and December. 
 “PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto. 
 “Permitted Acquisitions” means the Gao Fu Acquisition and the Northstar Acquisition. 
 “Permitted Receivables Financing” means the sale of accounts receivable by the Borrower or a Subsidiary, respectively, to a Loan Party, which sale may also be characterized as a loan from
such Loan Party to the Borrower or such other Subsidiary, respectively, secured by such accounts receivable, any guaranties or other credit support of such accounts receivable, and the proceeds thereof. 

“Person” means any natural person, corporation, firm, joint venture, partnership, limited liability company,
association, enterprise, trust or other entity or organization, or any government or political subdivision or any agency, department or instrumentality thereof. 
 “Plan” means an employee pension benefit plan which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Code as to which the Borrower
or any member of the Controlled Group may have any liability. 
 “Platform” is defined in
Section 13.2. 
 “Prime Rate” means a rate per annum equal to the prime rate of interest announced
from time to time by Wells Fargo (which is not necessarily the lowest rate charged to any customer), changing when and as said prime rate changes. 
 “Property” of a Person means any and all property, whether real, personal, tangible, intangible, or mixed, of such Person, or other assets owned, leased or operated by such Person.

 “Rate Management Obligations” of a Person means any and all obligations of such Person, whether absolute or
contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (i) any and all Rate Management Transactions, and (ii) any and
all cancellations, buy backs, reversals, terminations or assignments of any Rate Management Transactions. 

  
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 “Rate Management Transaction” means any transaction (including an agreement
with respect thereto) now existing or hereafter entered by the Borrower which is a rate swap, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest
rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, forward transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction (including any
option with respect to any of these transactions) or any combination thereof, whether linked to one or more interest rates, foreign currencies, commodity prices, equity prices or other financial measures. 

“Recipient” means (i) the Administrative Agent, (ii) any Lender and (iii) the Issuing Bank, as
applicable. 
 “Register” has the meaning given to such term in Section 12.3. 

“Regulation D” means Regulation D of the Board of Governors of the Federal Reserve System as from time to time in effect
and any successor thereto or other regulation or official interpretation of said Board of Governors relating to reserve requirements applicable to member banks of the Federal Reserve System. 

“Regulation T” means Regulation T of the Board of Governors of the Federal Reserve System as from time to time in effect
and any successor thereto or other regulation or official interpretation of said Board of Governors relating thereto. 

“Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System as from time to time in effect
and any successor or other regulation or official interpretation of said Board of Governors relating to the extension of credit by banks for the purpose of purchasing or carrying margin stocks applicable to member banks of the Federal Reserve
System. 
 “Regulation X” means Regulation X of the Board of Governors of the Federal Reserve System as from
time to time in effect and any successor thereto or other regulation or official interpretation of said Board of Governors relating thereto. 
 “Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective directors, officers, employees, agents and advisors of such Person and such
Person’s Affiliates. 
 “Reportable Event” means a reportable event as defined in Section 4043 of
ERISA and the regulations issued under such section, with respect to a Plan, excluding, however, such events as to which the PBGC has by regulation waived the requirement of Section 4043(a) of ERISA that it be notified within 30 days of the
occurrence of such event; provided, however, that a failure to meet the minimum funding standard of Section 412 of the Code and of Section 302 of ERISA shall be a Reportable Event regardless of the issuance of any such waiver
of the notice requirement in accordance with either Section 4043(a) of ERISA or Section 412(c) of the Code. 

“Required Lenders” means Lenders in the aggregate having at least a majority of the Aggregate Commitment or, if the
Aggregate Commitment has been terminated, Lenders in the 

  
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aggregate holding at least 51% of the aggregate unpaid principal amount of the total Revolving Credit Exposure. The Aggregate Commitment (or, if the Aggregate Commitment has been terminated, the
aggregate unpaid principal amount of the total Revolving Credit Exposure) of any Defaulting Lender shall be disregarded in determining Required Lenders at any time. 
 “Reserve Requirement” means, with respect to an Interest Period, the maximum aggregate reserve requirement (including all basic, supplemental, marginal and other reserves) which is
imposed under Regulation D on Eurocurrency liabilities. 
 “Resignation Effective Date” is defined in
Section 10.6.1. 
 “Revolving Advance” means an Advance comprised of Revolving Loans. 

“Revolving Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount
of such Lender’s Revolving Loans and its LC Exposure and Swingline Exposure at such time. 
 “Revolving
Loan” means a Loan made to the Borrower pursuant to Section 2.1. 
 “Sanctioned Country”
means a country subject to a sanctions program identified on the list maintained by OFAC and available at http://www.treas.gov/offices/enforcement/ofac/programs/, or as otherwise published from time to time. 

“Sanctioned Person” means (i) a Person named on the list of Specially Designated Nationals or Blocked Persons
maintained by OFAC available at http://www.treas.gov/-offices/enforcement/ofac/sdn/index.shtml, or as otherwise published from time to time, or (ii) (A) an agency of the government of a Sanctioned Country, (B) an organization
controlled by a Sanctioned Country, or (C) a Person resident in a Sanctioned Country, to the extent subject to a sanctions program administered by OFAC. 
 “S&P” means Standard and Poor’s Ratings Services, a division of The McGraw Hill Companies, Inc. 
 “Schedule” refers to a specific schedule to this Agreement, unless another document is specifically referenced. 
 “Section” means a numbered section of this Agreement, unless another document is specifically referenced. 
 “Single Employer Plan” means a Plan maintained by the Borrower or any member of the Controlled Group for employees of the Borrower or any member of the Controlled Group. 

“Subordinated Indebtedness” of a Person means any Indebtedness of such Person the payment of which is subordinated to
payment of the Obligations to the written satisfaction of the Required Lenders. 
 “Subsidiary” of a Person
means (i) any corporation more than 50% of the outstanding securities having ordinary voting power of which shall at the time be owned or controlled, 

  
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directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, or (ii) any partnership, limited liability company,
association, joint venture or similar business organization more than 50% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled. Unless otherwise expressly provided, all references herein to a
“Subsidiary” shall mean a Subsidiary of the Borrower. 
 “Substantial Portion” means, with respect to
the Property of the Borrower and its Subsidiaries, Property which represents more than 10% of the consolidated assets of the Borrower and its Subsidiaries or property which is responsible for more than 10% of the consolidated net sales or of the
consolidated net income of the Borrower and its Subsidiaries, in each case, as would be shown in the consolidated financial statements of the Borrower and its Subsidiaries as at the beginning of the twelve-month period ending with the month in which
such determination is made (or if financial statements have not been delivered hereunder for that month which begins the twelve-month period, then the financial statements delivered hereunder for the quarter ending immediately prior to that month).

 “Swingline Exposure” means, at any time, the aggregate principal amount of all Swingline Loans outstanding
at such time. The Swingline Exposure of any Lender at any time shall be its Applicable Percentage of the total Swingline Exposure at such time. 
 “Swingline Lender” means Wells Fargo, in its capacity as lender of Swingline Loans hereunder. 
 “Swingline Loan” means a Loan made pursuant to Section 2.5. 
 “Taxes” means any and all present or future taxes, duties, levies, imposts, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any
Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 
 “Type”
means, with respect to any Advance, its nature as a Base Rate Advance or a LIBOR Advance and with respect to any Loan, its nature as a Base Rate Loan or a LIBOR Loan. 
 “Unfunded Liabilities” means the amount (if any) by which the present value of all vested and unvested accrued benefits under all Single Employer Plans exceeds the fair market value of
all such Plan assets allocable to such benefits, all determined as of the then most recent valuation date for such Plans using PBGC actuarial assumptions for single employer plan terminations. 

“Unmatured Default” means an event which but for the lapse of time or the giving of notice, or both, would constitute a
Default. 
 “Unutilized Commitment” means, with respect to any Lender at any time, such Lender’s
Commitment at such time less the sum of (i) the aggregate principal amount of all Loans made by such Lender that are outstanding at such time, (ii) such Lender’s LC Exposure at such time and (iii) such Lender’s
Swingline Exposure at such time. 
 “U.S. Borrower” means any Borrower that is a U.S. Person. 

  
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 “U.S. Person” means any Person that is a “United States Person”
as defined in Section 7701(a)(30) of the Code. 
 “U.S. Tax Compliance Certificate” has the meaning
assigned to such term in Section 3.5.7(ii)(b)(3). 
 “Wells Fargo” means Wells Fargo Bank, National
Association and its successors and assigns. 
 “Wholly-Owned Subsidiary” of a Person means (i) any
Subsidiary all of the outstanding voting securities of which shall at the time be owned or controlled, directly or indirectly, by such Person or one or more Wholly-Owned Subsidiaries of such Person, or by such Person and one or more Wholly-Owned
Subsidiaries of such Person, or (ii) any partnership, limited liability company, association, joint venture or similar business organization 100% of the ownership interests having ordinary voting power of which shall at the time be so owned or
controlled. 
 “Withholding Agent” means the Borrower and the Administrative Agent. 

1.2. Accounting Terms; Agreement Accounting Principles. Except as otherwise expressly provided herein, all accounting or financial
terms used herein shall be interpreted, all accounting determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared in accordance with, Agreement Accounting Principles applied on a basis
consistent with the most recent audited consolidated financial statements of the Borrower delivered to the Lenders prior to the Effective Date; 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 date hereof in Agreement Accounting Principles 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 Agreement Accounting Principles or in the application thereof, then such
provision shall be interpreted on the basis of Agreement Accounting Principles 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. 
 ARTICLE II 
 THE CREDITS 
 2.1. Commitment. From and including the date of
this Agreement and prior to the Facility Termination Date, each Lender severally agrees, on the terms and conditions set forth in this Agreement, to make Revolving Loans to the Borrower from time to time in amounts that will not result in
(a) such Lender’s Revolving Credit Exposure exceeding the amount of its Commitment or (b) the sum of the total Revolving Credit Exposures exceeding the Aggregate Commitment. Subject to the terms of this Agreement, the Borrower may
borrow, repay and reborrow at any time prior to the Facility Termination Date. The Commitments to lend hereunder shall expire immediately prior to the Facility Termination Date. 

  
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 2.2. Repayments. 

2.2.1. Repayment of Loans. The Borrower hereby unconditionally promises to pay (i) to the Administrative Agent for the
account of each Lender the then unpaid principal amount of each Revolving Loan on the Facility Termination Date and (ii) to the Swingline Lender the then unpaid principal amount of each Swingline Loan on the earlier of the Facility Termination
Date and the first date after such Swingline Loan is made that is the 15th or last day of a calendar month and is at least two Business Days after such Swingline Loan is made; provided that on each date that a Revolving Advance is made, the
Borrower shall repay all Swingline Loans then outstanding and no Swingline Loan may be repaid with the proceeds of a new Swingline Loan. 
 2.2.2. Prepayment Requirement. If at any time the aggregate Revolving Credit Exposure of the Lenders exceeds the Aggregate Commitment, the Borrower shall immediately prepay the Revolving Loans
and/or the Swingline Loans in the amount of such excess. To the extent that, after the prepayment of all Revolving Loans and Swingline Loans an excess of the Revolving Credit Exposure over the Aggregate Commitment still exists, the Borrower shall
promptly cash collateralize the Letters of Credit in the manner described in Section 2.23.10 in an amount sufficient to eliminate such excess. 
 2.3. Ratable Loans. Each Revolving Advance hereunder shall consist of Loans made from the several Lenders ratably in proportion to the ratio that their respective Commitments bear to the Aggregate
Commitment. 
 2.4. Types of Advances. The Revolving Advances may be comprised of Base Rate Loans or LIBOR Loans, or a
combination thereof, selected by the Borrower in accordance with Sections 2.10 and 2.11. Each Swingline Loan shall be a Base Rate Loan. 
 2.5. Swingline Loans. 
 2.5.1. Swingline Commitment. Subject to the
terms and conditions set forth herein, the Swingline Lender agrees to make Swingline Loans to the Borrower from time to time before the Facility Termination Date, in an aggregate principal amount at any time outstanding that will not result in
(i) the aggregate principal amount of outstanding Swingline Loans exceeding $50,000,000 or (ii) the sum of the total Revolving Credit Exposures exceeding the Aggregate Commitment; provided that the Swingline Lender shall not be
required to make a Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Swingline Loans. 

2.5.2. Notice of Swingline Loans. To request a Swingline Loan, the Borrower shall notify the Administrative Agent of such request
by telephone (confirmed by telecopy), not later than 11:00 a.m., Charlotte time, on the day of a proposed Swingline Loan. Each such notice shall be irrevocable and shall specify the requested date (which shall be a Business Day) and amount of the
requested Swingline Loan. The Administrative Agent will promptly advise the Swingline Lender of any such notice received from the Borrower. Not later than 1:00 p.m., Charlotte time, on the requested date of such Swingline Loan, the Swingline Lender
will make 

  
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available to the Administrative Agent’s address specified pursuant to Article XIII an amount, in Dollars and in immediately available funds, equal to the amount of the requested
Swingline Loan. To the extent the Swingline Lender has made such amount available to the Administrative Agent as provided hereinabove, the Administrative Agent will make such amount available to the Borrower by means of a credit to the general
deposit account of the Borrower with the Swingline Lender (or, in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in Section 2.23.5, by remittance to the Issuing Bank) by 3:00 p.m.,
Charlotte time, on the requested date of such Swingline Loan. 
 2.5.3. Participations. The Swingline Lender may by
written notice given to the Administrative Agent not later than 11:00 a.m., Charlotte time, on any Business Day require the Lenders to acquire participations on such Business Day in all or a portion of the Swingline Loans outstanding. Such notice
shall specify the aggregate amount of Swingline Loans in which Lenders will participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Lender, specifying in such notice such Lender’s Applicable
Percentage of such Swingline Loan or Loans. Each Lender hereby absolutely and unconditionally agrees, upon receipt of notice as provided above, to pay to the Administrative Agent, for the account of the Swingline Lender, such Lender’s
Applicable Percentage of such Swingline Loan or Loans. Each Lender acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any
circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Lender
shall comply with its obligation under this paragraph by wire transfer of immediately available funds to the account of the Administrative Agent, and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it
from the Lenders. The Administrative Agent shall notify the Borrower of any participations in any Swingline Loan acquired pursuant to this Section, and thereafter payments in respect of such Swingline Loan shall be made to the Administrative Agent
and not to the Swingline Lender. Any amounts received by the Swingline Lender from the Borrower (or other party on behalf of the Borrower) in respect of a Swingline Loan after receipt by the Swingline Lender of the proceeds of a sale of
participations therein shall be promptly remitted to the Administrative Agent; any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Lenders that shall have made their payments pursuant
to this Section and to the Swingline Lender, as their interests may appear; provided that any such payment so remitted shall be repaid to the Swingline Lender or to the Administrative Agent, as applicable, if and to the extent such payment is
required to be refunded to the Borrower for any reason. The purchase of participations in a Swingline Loan pursuant to this Section shall not relieve the Borrower of any default in the payment thereof. 

2.6. Fees. 
 2.6.1. Commitment Fees. The Borrower agrees to pay to the Administrative Agent for the account of each Lender a commitment fee for each calendar quarter (or portion thereof) for the period from the
date of this Agreement to the Facility Termination Date, at a per annum rate equal to the Applicable Fee Rate in effect for such fee from time to time during such quarter on such Lender’s portion of the average daily aggregate Unutilized
Revolving 

  
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Commitments (excluding clause (iii) of the definition thereof for purposes of this Section 2.6.1 only), payable on each Payment Date hereafter and on the Facility Termination
Date; provided, however, that no commitment fee shall accrue on the Unutilized Revolving Commitment of a Defaulting Lender during any period that such Lender shall be a Defaulting Lender. 

2.6.2. Letter of Credit Participation and Fronting Fees. The Borrower agrees to pay (i) to the Administrative Agent for the
account of each Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at the same Applicable Margin used to determine the interest rate applicable to LIBOR Loans, on the average daily amount of such
Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s Commitment terminates
and the date on which such Lender ceases to have any LC Exposure, and (ii) to the Issuing Bank a fronting fee, which shall accrue at the rate or rates per annum separately agreed upon between the Borrower and the Issuing Bank, on the average
daily amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date of termination of the Commitments and the
date on which there ceases to be any LC Exposure, as well as the Issuing Bank’s standard fees with respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder. Participation fees and
fronting fees accrued through and including the last day of March, June, September and December of each year shall be payable on the third Business Day following such last day, commencing on the first such date to occur after the Effective Date;
provided that all such fees shall be payable on the date on which the Commitments terminate and any such fees accruing after the date on which the Commitments terminate shall be payable on demand. Any other fees payable to the Issuing Bank
pursuant to this Section shall be payable within 10 days after demand. All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day
but excluding the last day). 
 2.7. Reductions and Increases in Aggregate Commitment. 

2.7.1. Reductions in Aggregate Commitments. The Borrower may permanently reduce the Aggregate Commitment in whole, or in part
ratably among the Lenders in a minimum aggregate amount of $10,000,000 or any integral multiple of $5,000,000 in excess thereof, upon at least two Business Days’ written notice to the Administrative Agent, which notice shall specify the amount
of any such reduction; provided, however, that the amount of the Aggregate Commitment may not be reduced below the aggregate principal amount of the total Revolving Credit Exposure. All accrued commitment fees shall be payable on the
effective date of any termination of the obligations of the Lenders to make Loans hereunder. 
 2.7.2. Increase in Aggregate
Commitments. The Borrower may, at its option, seek to increase the Aggregate Commitment by up to an aggregate amount of $100,000,000 (resulting in a maximum Aggregate Commitment of $400,000,000) in a minimum amount of $20,000,000 and in integral
multiples of $5,000,000 in excess thereof, upon at least three (3) Business Days’ prior written notice to the Administrative Agent, which notice shall specify the amount of any such increase and shall be delivered at a time when no Default
or Unmatured Default has occurred and is continuing. The Borrower may, after giving such notice, offer the 

  
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increase (which may be declined by any Lender in its sole discretion) in the Aggregate Commitment on either a ratable basis to the Lenders or on a non pro-rata basis to one or more Lenders and/or
to other lenders or entities reasonably acceptable to the Administrative Agent. No increase in the Aggregate Commitment shall become effective until the existing or new Lenders extending such incremental Commitment amount and the Borrower shall have
delivered to the Administrative Agent a document in form and substance reasonably satisfactory to the Administrative Agent pursuant to which any such existing Lender states the amount of its Commitment increase, any such new Lender states its
Commitment amount and agrees to assume and accept the obligations and rights of a Lender hereunder and the Borrower accepts such incremental Commitments. The Lenders (new or existing) shall accept an assignment from the existing Lenders, and the
existing Lenders shall make an assignment or sell a sub-participation to the new or existing Lender accepting a new or increased Commitment, of an interest or sub-participation in each then outstanding Advance and Letter of Credit such that, after
giving effect thereto, all Revolving Credit Exposure is held ratably by the Lenders in proportion to their respective Applicable Percentages. Assignments pursuant to the preceding sentence shall be made in exchange for the principal amount assigned
plus accrued and unpaid interest and commitment and Letter of Credit fees and shall not be subject to the assignment fee set forth in Section 12.2.4. The Borrower shall make any payments under Section 3.4 resulting from such
assignments. Any such increase of the Aggregate Commitment shall be subject to receipt by the Administrative Agent from the Borrower of such supplemental opinions, resolutions, certificates and other documents as the Administrative Agent may
reasonably request. 
 2.8. Minimum Amount of Each Advance. Each LIBOR Advance shall be in the minimum amount of
$5,000,000 (and in multiples of $1,000,000 if in excess thereof), and each Base Rate Advance shall be in the minimum amount of $5,000,000 (and in multiples of $1,000,000 if in excess thereof); provided, however, that any Base Rate
Advance may be in the amount of the unused Aggregate Commitment or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.23.5. Each Swingline Loan shall be in the minimum amount of $250,000 (and
in integral multiples of $250,000 if in excess thereof). 
 2.9. Optional Principal Payments. The Borrower may from time
to time pay, without penalty or premium, all outstanding Base Rate Advances or Swingline Loans or any portion of the outstanding Base Rate Advances or Swingline Loans upon notice to the Administrative Agent (or Swingline Lender, as appropriate) by
11:00 a.m., Charlotte time, on the Business Day of the proposed prepayment. The Borrower may from time to time pay, subject to the payment of any funding indemnification amounts required by Section 3.4 but without penalty or premium, all
outstanding LIBOR Advances, or, in a minimum aggregate amount of $5,000,000 or any integral multiple of $1,000,000 in excess thereof, any portion of the outstanding LIBOR Advances upon three Business Days’ prior written notice to the
Administrative Agent. 
 2.10. Method of Selecting Types and Interest Periods for New Advances. The Borrower shall select
the Type of Advance and, in the case of each LIBOR Advance, the Interest Period applicable thereto from time to time. The Borrower shall give the Administrative Agent irrevocable notice (a “Borrowing Notice”) not later than 11:00
a.m., Charlotte time, on the Borrowing Date of each Base Rate Advance and three (3) Business Days before the Borrowing Date for each LIBOR Advance, specifying: 

  
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	 	(i)	the Borrowing Date, which shall be a Business Day, of such Advance, 

  

	 	(ii)	the aggregate amount of such Advance, 

  

	 	(iii)	the Type of Advance selected, and 

  

	 	(iv)	in the case of each LIBOR Advance, the Interest Period applicable thereto. 

 Not later than 1:00 p.m., Charlotte time, on each Borrowing Date, each Lender shall make available to the Administrative Agent at the Administrative Agent’s address specified pursuant to Article
XIII an amount, in Dollars and in immediately available funds, equal to the amount of the Loan or Loans to be made by such Lender. To the extent such Lenders have made such amounts available to the Administrative Agent as provided hereinabove,
the Administrative Agent will make the aggregate of such amounts available to the Borrower at the Administrative Agent’s aforesaid address. 
 2.11. Conversion and Continuation of Outstanding Advances. Base Rate Advances shall continue as Base Rate Advances unless and until such Base Rate Advances are converted into LIBOR Advances
pursuant to this Section 2.11 or are repaid in accordance with Section 2.9. Each LIBOR Advance shall continue as a LIBOR Advance until the end of the then applicable Interest Period therefor, at which time such LIBOR Advance
shall be automatically converted into a Base Rate Advance unless (x) such LIBOR Advance is or was repaid in accordance with Section 2.9 or (y) the Borrower shall have given the Administrative Agent a Conversion/Continuation
Notice (as defined below) requesting that, at the end of such Interest Period, such LIBOR Advance continue as a LIBOR Advance for the same or another Interest Period. Subject to the terms of Section 2.8, the Borrower may elect from time
to time to convert all or any part of a Base Rate Advance into a LIBOR Advance. The Borrower shall give the Administrative Agent irrevocable notice (a “Conversion/Continuation Notice”) of each conversion of a Base Rate Advance into
a LIBOR Advance or continuation of a LIBOR Advance not later than 11:00 a.m., Charlotte time, at least three Business Days prior to the date of the requested conversion or continuation, specifying: 

(i) the requested date, which shall be a Business Day, of such conversion or continuation, 

(ii) the aggregate amount and Type of the Advance which is to be converted or continued, and 

(iii) the amount of such Advance which is to be converted into or continued as a LIBOR Advance and the duration of the
Interest Period applicable thereto. 
 2.12. Changes in Interest Rate, etc. Each Base Rate Advance shall bear interest on
the outstanding principal amount thereof, for each day from and including the date such Advance is made or is automatically converted from a LIBOR Advance into a Base Rate Advance pursuant to Section 2.11, to but excluding the date it is
paid or is converted into a LIBOR Advance pursuant to Section 2.11 hereof, at a rate per annum equal to the Base Rate for such day. Each Swingline Loan shall bear interest on the outstanding principal amount thereof, for each day from
and including the date such Loan is made to but excluding the date it is paid at a rate per 

  
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annum equal to the Base Rate for such day. Changes in the rate of interest on any Swingline Loan and that portion of any Advance maintained as a Base Rate Advance will take effect simultaneously
with each change in the Base Rate. Each LIBOR Advance shall bear interest on the outstanding principal amount thereof from and including the first day of the Interest Period applicable thereto to (but not including) the last day of such Interest
Period at the interest rate determined by the Administrative Agent as applicable to such LIBOR Advance based upon the Borrower’s selections under Sections 2.10 and 2.11 and otherwise in accordance with the terms hereof. No
Interest Period may end after the Facility Termination Date. 
 2.13. Rates Applicable After Default. Notwithstanding
anything to the contrary contained in Section 2.10, 2.11 or 2.12, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at
the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued as a LIBOR
Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring
unanimous consent of the Lenders to changes in interest rates), declare that (i) each LIBOR Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus
2% per annum and (ii) each Swingline Loan and each Base Rate Advance shall bear interest at a rate per annum equal to the Base Rate in effect from time to time plus 2% per annum, provided that, during the continuance of
a Default under Section 7.1.6 or 7.1.7, the interest rates set forth in clauses (i) and (ii) above shall be applicable to all Advances without any election or action on the part of the Administrative Agent or any Lender.

 2.14. Method of Payment; Waterfall. 
 2.14.1. Method of Payment. Except as otherwise expressly provided herein, all payments of the Obligations hereunder shall be made, without setoff, deduction, or counterclaim, in immediately
available funds to the Administrative Agent at the Administrative Agent’s address specified pursuant to Article XIII, or at any other Lending Installation of the Administrative Agent specified in writing by the Administrative Agent to
the Borrower, by 12:00 noon, Charlotte time, on the date when due and shall be applied ratably by the Administrative Agent among the Lenders. Each payment delivered to the Administrative Agent for the account of any Lender shall be delivered
promptly by the Administrative Agent to such Lender in the same type of funds that the Administrative Agent received at its address specified pursuant to Article XIII or at any Lending Installation specified in a notice received by the
Administrative Agent from such Lender. The Administrative Agent is hereby authorized to charge the account of the Borrower maintained with Wells Fargo for each payment of principal, interest and fees as it becomes due hereunder. 

2.14.2. Waterfall. Notwithstanding any other provision of this Agreement or any other Loan Document to the contrary, all amounts
collected or received by the Administrative Agent or any Lender after acceleration of the Loans pursuant to Section 8.1 shall be applied by the Administrative Agent as follows: 

  
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 (i) first, to the payment of all reasonable out-of-pocket costs and
expenses (including, without limitation, reasonable attorneys’ and consultants’ fees irrespective of whether such fees are allowed as a claim after the occurrence of a Bankruptcy Event) of the Administrative Agent in connection with
enforcing the rights of the Lenders under the Loan Documents; 
 (ii) second, to the payment of any fees
owed to the Administrative Agent hereunder or under any other Loan Document; 
 (iii) third, to the
payment of all reasonable and documented out-of-pocket costs and expenses (including, without limitation, reasonable attorneys’ and consultants’ fees irrespective of whether such fees are allowed as a claim after the occurrence of a
Bankruptcy Event) of each of the Lenders in connection with enforcing its rights under the Loan Documents or otherwise with respect to the Obligations owing to such Lender; 

(iv) fourth, to the payment of all of the Obligations consisting of accrued fees and interest (including, without
limitation, fees incurred and interest accruing at the then applicable rate after the occurrence of a Bankruptcy Event irrespective of whether a claim for such fees incurred and interest accruing is allowed in such proceeding); 

(v) fifth, to the payment of the outstanding principal amount of the Obligations (including the payment of any
outstanding reimbursement obligations in respect of any LC Disbursement and the obligation to cash collateralize Letter of Credit Exposure), and including Obligations in connection with any Rate Management Transaction between any Loan Party and any
Lender (or any Affiliate of any Lender) (to the extent such Rate Management Transaction is required or permitted hereunder); 
 (vi) sixth, to the payment of all other Obligations and other obligations that shall have become due and payable under the Loan Documents or otherwise and not repaid; and 

(vii) seventh, to the payment of the surplus (if any) to whomever may be lawfully entitled to receive such surplus.

 2.15. Noteless Agreement; Evidence of Indebtedness. 

2.15.1. Lender Accounts. 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 from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

2.15.2. Administrative Agent Register. The Administrative Agent shall maintain the Register pursuant to Section 12.3,
and a subaccount for each Lender, in which it will record (i) the amount of each Loan made hereunder, the Type thereof and the Interest Period with respect 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 from the Borrower and each Lender’s share thereof. 

  
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 2.15.3. Evidence of Indebtedness. The entries maintained in the accounts, Register
and subaccounts maintained pursuant to Section 2.15.2 (and, if consistent with the entries of the Administrative Agent, Section 2.15.1) shall be prima facie evidence of the existence and amounts of the Obligations
therein recorded; provided, however, that the failure of the Administrative Agent or any Lender to maintain such account, such Register or such subaccount, as applicable, or any error therein, shall not in any manner affect the
obligation of the Borrower to repay the Obligations in accordance with the terms of this Agreement. 
 2.15.4. Notes. Any
Lender may request that its Loans be evidenced by a promissory note in substantially the form of Exhibit C (or, in the case of the Swingline Lender, Exhibit D) (a “Note”). In such event, the Borrower shall prepare,
execute and deliver to such Lender such Note payable to the order of such Lender. Thereafter, the Loans evidenced by such Note and interest thereon shall at all times (prior to any assignment pursuant to Section 12.2) be represented by
one or more Notes payable to the order of the payee named therein, except to the extent that any such Lender subsequently returns any such Note for cancellation and requests that such Loans once again be evidenced as described in Sections
2.15.1 and 2.15.2. 
 2.16. Telephonic Notices. The Borrower hereby authorizes the Lenders and the
Administrative Agent to extend, convert or continue Advances, effect selections of Types of Advances and to transfer funds based on telephonic notices made by any person or persons the Administrative Agent or any Lender in good faith believes to be
acting on behalf of the Borrower, it being understood that the foregoing authorization is specifically intended to allow Borrowing Notices and Conversion/Continuation Notices to be given telephonically. The Borrower agrees to deliver promptly to the
Administrative Agent a written confirmation, if such confirmation is requested by the Administrative Agent or any Lender, of each telephonic notice signed by an Authorized Officer. If the written confirmation differs in any material respect from the
action taken by the Administrative Agent and the Lenders, the records of the Administrative Agent and the Lenders shall govern absent manifest error. 
 2.17. Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Base Rate Advance and Swingline Loan shall be payable on each Payment Date, commencing with the first such date to
occur after the date hereof, on any date on which the Swingline Loan or Base Rate Advance is prepaid, whether due to acceleration or otherwise, and at maturity. Interest accrued on that portion of the outstanding principal amount of any Base Rate
Advance converted into a LIBOR Advance on a day other than a Payment Date shall be payable on the date of conversion. Interest accrued on each LIBOR Advance shall be payable on the last day of its applicable Interest Period, on any date on which the
LIBOR Advance is prepaid, whether by acceleration or otherwise, and at maturity. Interest accrued on each LIBOR Advance having an Interest Period longer than three months shall also be payable on the last day of each three-month interval during such
Interest Period. Interest with respect to any Swingline Loans shall be payable on the date that such Loan is required to be repaid. Interest with respect to LIBOR Loans and commitment fees shall be calculated for actual days elapsed on the basis of
a 360-day year. Interest with respect to Base Rate Loans shall be calculated for the actual days elapsed on the basis of a 365 or 366-day year, as applicable. Interest shall be payable for the day an Advance is made but not for the day of any
payment on the amount paid if payment is received prior to noon (local time) at the place of payment. If any payment of principal of or interest on an Advance shall become due on a day which is not a Business Day, such payment shall be made

  
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on the next succeeding Business Day and, in the case of a principal payment, such extension of time shall be included in computing interest in connection with such payment. 

2.18. Notification of Advances, Interest Rates, Prepayments and Commitment Reductions. Promptly after receipt thereof, the
Administrative Agent will notify each Lender of the contents of each Aggregate Commitment reduction notice, Borrowing Notice, Conversion/Continuation Notice, and repayment notice received by it hereunder. The Administrative Agent will notify each
Lender of the interest rate applicable to each LIBOR Advance promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the Base Rate. 

2.19. Lending Installations. Each Lender may book its Loans at any Lending Installation selected by such Lender and may change its
Lending Installation from time to time. All terms of this Agreement shall apply to any such Lending Installation and the Loans and any Notes issued hereunder shall be deemed held by each Lender for the benefit of any such Lending Installation. Each
Lender may, by written notice to the Administrative Agent and the Borrower in accordance with Article XIII, designate replacement or additional Lending Installations through which Loans will be made by it and for whose account Loan payments
are to be made. 
 2.20. Non-Receipt of Funds by the Administrative Agent. Unless the Borrower or a Lender, as the case
may be, notifies the Administrative Agent prior to the date on which it is scheduled to make payment to the Administrative Agent of (i) in the case of a Lender, the proceeds of a Loan or (ii) in the case of the Borrower, a payment of
principal, interest, fees or reimbursement of LC Disbursements to the Administrative Agent for the account of the Lenders or the Issuing Bank hereunder, that it does not intend to make such payment, the Administrative Agent may assume that such
payment has been made. The Administrative Agent may, but shall not be obligated to, make the amount of such payment available to the intended recipient in reliance upon such assumption. If such Lender or the Borrower, as the case may be, has not in
fact made such payment to the Administrative Agent, the recipient of such payment shall, on demand by the Administrative Agent, repay to the Administrative Agent the amount so made available together with interest thereon in respect of each day
during the period commencing on the date such amount was so made available by the Administrative Agent until the date the Administrative Agent recovers such amount at a rate per annum equal to (x) in the case of payment by a Lender, the Federal
Funds Effective Rate for such day for the first three days and, thereafter, the interest rate applicable to the relevant Loan or (y) in the case of payment by the Borrower, the interest rate applicable to the relevant Loan. 

2.21. Defaulting Lenders. 
 2.21.1. Defaulting Lender Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no
longer a Defaulting Lender, to the extent permitted by applicable law: 
 (i) Waivers and Amendments. Such
Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of Required Lenders. 

  
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 (ii) Defaulting Lender Waterfall. Any payment of principal, interest,
fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 8.1 or otherwise) or received by the Administrative Agent from a
Defaulting Lender pursuant to Section 11.1 shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the
Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the Issuing Bank or the Swingline Lender hereunder; third, to cash collateralize the Issuing Bank’s
Fronting Exposure with respect to such Defaulting Lender in accordance with Section 2.21.4; fourth, as the Borrower may request (so long as no Unmatured Default or Default exists), to the funding of any Loan in respect of which
such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and
released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) cash collateralize the Issuing Bank’s future Fronting Exposure with
respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with Section 2.21.4; sixth, to the payment of any amounts owing to the Lenders, the Issuing Bank or the
Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the Issuing Bank or the Swingline Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations
under this Agreement; seventh, so long as no Unmatured Default or Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such
Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if
(x) such payment is a payment of the principal amount of any Loans or LC Disbursements in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit
were issued at a time when the conditions set forth in Section 4.2 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and LC Disbursements owed to, all Non-Defaulting Lenders on a pro rata basis prior to
being applied to the payment of any Loans of, or LC Disbursements owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in LC Obligations and Swingline Loans are held by the Lenders pro rata in
accordance with the Commitments without giving effect to Section 2.21.1(iv). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to
post cash collateral pursuant to this Section 2.21.1(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 

(iii) Certain Fees. 
 (a) No Defaulting Lender shall be entitled to receive any Commitment Fee for any period during which that Lender is a Defaulting Lender (and the 

  
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Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender). 

(b) Each Defaulting Lender shall be entitled to receive participation fees with respect to its participations in Letters
of Credit for any period during which that Lender is a Defaulting Lender only to the extent allocable to its Applicable Percentage of the stated amount of Letters of Credit for which it has provided cash collateral pursuant to
Section 2.21.4. 
 (c) With respect to any participation fee not required to be paid to any
Defaulting Lender pursuant to Section 2.21.1(iii)(b), the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such participation fee otherwise payable to such Defaulting Lender with respect to such Defaulting
Lender’s participation in LC Obligations or Swingline Loans that has been reallocated to such Non-Defaulting Lender pursuant to Section 2.21.1(iv), (y) pay to the Issuing Bank and the Swingline Lender, as applicable, the amount
of any such participation fee otherwise payable to such Defaulting Lender to the extent allocable to the Issuing Bank’s or the Swingline Lender’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the
remaining amount of any such participation fee. 
 (iv) Reallocation of Participations to Reduce Fronting
Exposure. All or any part of such Defaulting Lender’s participation in LC Obligations and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Percentages (calculated without
regard to such Defaulting Lender’s Commitment) but only to the extent that (x) the conditions set forth in Section 4.2 are satisfied at the time of such reallocation (and, unless the Borrower shall have otherwise notified the
Administrative Agent at such time, the Borrower shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate Revolving Credit Exposure of any
Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Commitment. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a
Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation. 

(v) Cash Collateral, Repayment of Swingline Loans. If the reallocation described in Section 2.21.1(iv)
cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, (x) first, prepay Swingline Loans in an amount equal to the Swingline Lender’s Fronting
Exposure and (y) second, cash collateralize the Issuing Bank’s Fronting Exposure in accordance with the procedures set forth in Section 2.21.4. 
 2.21.2. Defaulting Lender Cure. If the Borrower, the Administrative Agent, the Swingline Lender and the Issuing Bank agree in writing that a Lender is no longer a Defaulting Lender, the
Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include 

  
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arrangements with respect to any cash collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as
the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit and Swingline Loans to be held pro rata by the Lenders in accordance with the Commitments (without giving effect to
Section 2.21.4), whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender
was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any
party hereunder arising from that Lender’s having been a Defaulting Lender. 
 2.21.3. New Swingline Loans/Letters of
Credit. So long as any Lender is a Defaulting Lender, (i) the Swingline Lender shall not be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline Loan and
(ii) no Issuing Bank shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto. 

2.21.4. Cash Collateral. At any time that there shall exist a Defaulting Lender, within one (1) Business Day following the
written request of the Administrative Agent or the Issuing Bank (with a copy to the Administrative Agent), the Borrower shall cash collateralize the Issuing Bank’s Fronting Exposure with respect to such Defaulting Lender (determined after
giving effect to Section 2.21.1(iv) and any cash collateral provided by such Defaulting Lender), by depositing in an account with the Administrative Agent cash in an amount not less than the Minimum Collateral Amount. The Administrative
Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. 

(i) Grant of Security Interest. The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting
Lender, hereby grants to the Administrative Agent, for the benefit of the Issuing Bank, and agrees to maintain, a first priority security interest in all such cash collateral as security for the Defaulting Lenders’ obligation to fund
participations in respect of LC Obligations, to be applied pursuant to Section 2.21.4(ii). If at any time the Administrative Agent determines such cash collateral is subject to any right or claim of any Person other than the
Administrative Agent and the Issuing Bank as herein provided, or that the total amount of such cash collateral is less than the Minimum Collateral Amount, the Borrower will, promptly upon demand by the Administrative Agent, pay or provide to the
Administrative Agent additional cash collateral in an amount sufficient to eliminate such deficiency (after giving effect to any cash collateral provided by the Defaulting Lender). 

(ii) Application. Notwithstanding anything to the contrary contained in this Agreement, cash collateral provided
under this Section 2.21 in respect of Letters of Credit shall be applied to the satisfaction of the Defaulting Lender’s obligation to fund participations in respect of LC Obligations (including, as to cash collateral provided by a
Defaulting Lender, any interest accrued on such obligation) for which the cash collateral was so provided, prior to any other application of such property as may otherwise be provided for herein. 

  
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 (iii) Termination of Requirement. Cash collateral (or the appropriate
portion thereof) provided to reduce the Issuing Bank’s Fronting Exposure shall no longer be required to be held as cash collateral pursuant to this Section 2.21.4 following (x) the elimination of the applicable Fronting
Exposure (including by the termination of Defaulting Lender status of the applicable Lender), or (y) the determination by the Administrative Agent and the Issuing Bank that there exists excess cash collateral; provided that, subject to
this Section 2.21.4 the Person providing cash collateral and the Issuing Bank may agree that cash collateral shall be held to support future anticipated Fronting Exposure or other obligations and provided further that to
the extent that such cash collateral was provided by the Borrower, such cash collateral shall remain subject to the security interest granted pursuant to the Loan Documents. 
 2.22. Mitigation Obligations; Replacement of Lenders. 
 2.22.1.
Designation of a Different Lending Office. If any Lender requests compensation under Section 3.1, or requires the Borrower to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the
account of any Lender pursuant to Section 3.5, then such Lender shall (at the request of the Borrower) 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 (x) would eliminate or reduce amounts payable pursuant to Section 3.1 or 3.5, as the
case may be, in the future, and (y) 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. 
 2.22.2. Replacement of Lenders. If any Lender requests
compensation under Section 3.1, or if the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.5 and, in each
case, such Lender has declined or is unable to designate a different lending office in accordance with Section 2.22.1, or if any Lender is a Defaulting Lender or a Non-Consenting Lender, then the Borrower may, at its sole expense and
effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Article XII), all of its
interests, rights (other than its existing rights to payments pursuant to Section 3.1 or Section 3.5) and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such
obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that: 

(i) the Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Article XII;

 (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and
participations in LC Disbursements, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.4) from the assignee (to

  
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the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts); 

(iii) in the case of any such assignment resulting from a claim for compensation under Section 3.1 or payments
required to be made pursuant to Section 3.5, such assignment will result in a reduction in such compensation or payments thereafter; 
 (iv) such assignment does not conflict with applicable law; and 

(v) in the case of any assignment resulting from a Lender becoming a Non- Consenting Lender, the applicable assignee shall
have consented to the applicable amendment, waiver or consent. 
 A Lender shall not be required to make any such assignment or delegation if,
prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 
 2.23. Letters of Credit. 
 2.23.1. General. Subject to the terms and
conditions set forth herein, the Borrower may request the issuance of Letters of Credit for its own account, in a form reasonably acceptable to the Administrative Agent and the Issuing Bank, at any time and from time to time prior to the date five
(5) Business Days prior to the Facility Termination Date. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted
by the Borrower to, or entered into by the Borrower with, the Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. 
 2.23.2. Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of
Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the Issuing Bank) to the Issuing Bank and the Administrative Agent (reasonably in advance of the
requested date of issuance, amendment, renewal or extension) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or
extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.23.3), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other
information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by the Issuing Bank, the Borrower also shall submit a letter of credit application on the Issuing Bank’s standard form in connection with
any request for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Borrower shall be deemed to represent and warrant that),
after giving effect to such issuance, amendment, renewal or extension (i) the LC Exposure shall not exceed $200,000,000, (ii) the sum of the total Revolving Credit Exposures shall not exceed the Aggregate Commitment and (iii) if any
Lender 

  
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is at that time a Defaulting Lender, the Issuing Bank has entered into an arrangement, including the delivery of cash collateral, satisfactory to the Issuing Bank (in its sole discretion) with
the Borrower or such Lender to eliminate the Issuing Bank’s actual or potential Fronting Exposure (after giving effect to Section 2.21.1(iv)) with respect to the Defaulting Lender arising from either the Letter of Credit then
proposed to be issued or that Letter of Credit and all other LC Exposure as to which the Issuing Bank has actual or potential Fronting Exposure, as it may elect in its sole discretion. 

2.23.3. Expiration Date. Each Letter of Credit shall expire at or prior to the close of business on the earlier of (i) the
date one year after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or extension) and (ii) the date that is five (5) Business Days prior to the Facility
Termination Date. 
 2.23.4. Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit
increasing the amount thereof) and without any further action on the part of the Issuing Bank or the Lenders, the Issuing Bank hereby grants to each Lender, and each Lender hereby acquires from the Issuing Bank, a participation in such Letter of
Credit equal to such Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay
to the Administrative Agent, for the account of the Issuing Bank, such Lender’s Applicable Percentage of each LC Disbursement made by the Issuing Bank and not reimbursed by the Borrower on the date due as provided Section 2.23.5, or
of any reimbursement payment required to be refunded to the Borrower for any reason. Each Lender acknowledges and agrees that its obligation to acquire participations pursuant to this Section in respect of Letters of Credit is absolute and
unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments, and that
each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. 
 2.23.5.
Reimbursement. If the Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than
12:00 noon, Charlotte time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., Charlotte time, on such date, or, if such notice has not been received by the Borrower
prior to such time on such date, then not later than 12:00 noon, Charlotte time, on (i) the Business Day that the Borrower receives such notice, if such notice is received prior to 10:00 a.m., Charlotte time, on the day of receipt, or
(ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time on the day of receipt; provided that the Borrower may, subject to the conditions to borrowing
set forth herein, request in accordance with Sections 2.5 or 2.10 that such payment be financed with Base Rate Loan or Swingline Loan in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such
payment shall be discharged and replaced by the resulting Base Rate Loan or Swingline Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Lender of the applicable LC Disbursement, the payment then
due from the Borrower in respect thereof and 

  
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such Lender’s Applicable Percentage thereof. Promptly following receipt of such notice, each Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due
from the Borrower by wire transfer of immediately available funds to the account of the Administrative Agent, and the Administrative Agent shall promptly pay to the Issuing Bank the amounts so received by it from the Lenders. Promptly following
receipt by the Administrative Agent of any payment from the Borrower pursuant to this Section, the Administrative Agent shall distribute such payment to the Issuing Bank or, to the extent that Lenders have made payments pursuant to this Section to
reimburse the Issuing Bank, then to such Lenders and the Issuing Bank as their interests may appear. Any payment made by a Lender pursuant to this Section to reimburse the Issuing Bank for any LC Disbursement (other than the funding of Base Rate
Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement. 
 2.23.6. Obligations Absolute. The Borrower’s obligation to reimburse LC Disbursements as provided in Section 2.23.5 shall be absolute, unconditional and irrevocable, and shall be
performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision
therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the Issuing Bank
under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that
might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower’s obligations hereunder. Neither the Administrative Agent, the Lenders nor the Issuing Bank, nor any
of their Affiliates, shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances
referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a
drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuing Bank; provided that the foregoing shall not be construed to excuse the Issuing Bank from liability to
the Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by the Issuing
Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or wilful
misconduct on the part of the Issuing Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the
generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Bank may, in its sole discretion, either accept and make
payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the
terms of such Letter of Credit. 

  
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 2.23.7. Disbursement Procedures. The Issuing Bank shall, promptly following its
receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. The Issuing Bank shall promptly notify the Administrative Agent and the Borrower by telephone (confirmed by telecopy) of such demand for
payment and whether the Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse the Issuing Bank and the
Lenders with respect to any such LC Disbursement. 
 2.23.8. Interim Interest. If the Issuing Bank shall make any LC
Disbursement, then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to
but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Base Rate Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to
Section 2.23.5, then Section 2.13 shall apply. Interest accrued pursuant to this Section shall be for the account of the Issuing Bank, except that interest accrued on and after the date of payment by any Lender pursuant to
Section 2.23.5 to reimburse the Issuing Bank shall be for the account of such Lender to the extent of such payment. 

2.23.9. Replacement of the Issuing Bank. The Issuing Bank may be replaced at any time by written agreement among the Borrower, the
Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of the Issuing Bank. At the time any such replacement shall become effective, the Borrower
shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.6.2. From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and
obligations of the Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing
Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and
obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit. 

2.23.10. Cash Collateralization. If any Default shall occur and be continuing, on the Business Day that the Borrower receives
notice from the Administrative Agent or the Required Lenders demanding the deposit of cash collateral pursuant to this Section, the Borrower shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for
the benefit of the Lenders, an amount in cash equal to 103% of the LC Exposure as of such date plus any accrued and unpaid interest thereon; provided that the obligation to deposit such cash collateral shall become effective immediately, and
such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Default with respect to the Borrower described in Section 7.1.6 or 7.1.7. Such deposit shall be held by
the Administrative Agent as collateral for the payment and performance of the obligations of the Borrower under this Agreement. The Borrower hereby grants to the Administrative Agent, for the benefit of the Issuing Bank and the Lenders, a Lien upon
and security interest in the account in which such cash collateral is maintained and in all amounts 

  
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held therein from time to time as security for LC Exposure, for application to the Borrower’s reimbursement obligations as and when the same shall arise. The Administrative Agent shall have
exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the
Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative
Agent to reimburse the Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the LC Exposure at such time or,
if the maturity of the Loans has been accelerated, be applied to satisfy other obligations of the Borrower under this Agreement. If the Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of a
Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three Business Days after all Defaults have been cured or waived. 
 ARTICLE III 
 YIELD PROTECTION; CHANGE IN CIRCUMSTANCES; ILLEGALITY
AND TAXES 
 3.1. Increased Costs. 
 3.1.1. Increased Costs Generally. If any Change in Law shall: 
 (i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or
participated in by, any Lender (except any reserve requirement reflected in the Adjusted LIBOR Rate) or the Issuing Bank; 
 (ii) subject any Recipient to any Taxes (other than (x) Indemnified Taxes, (y) Taxes described in clauses (ii) through (iv) of the definition of Excluded Taxes and (z) Connection
Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or 

(iii) impose on any Lender or the Issuing Bank or the London interbank market any other condition, cost or expense (other
than Taxes) affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein; 
 and the result of any of
the foregoing shall be to increase the cost to such Lender or such other Recipient of making, converting to, continuing or maintaining any Loan or of maintaining its obligation to make any such Loan, or to increase the cost to such Lender, the
Issuing Bank or such other Recipient of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by
such Lender, the Issuing Bank or other Recipient hereunder (whether of principal, interest or any other amount) then, upon request of such Lender, the Issuing Bank or other Recipient, the Borrower will pay to such Lender, the Issuing Bank or other
Recipient, as the case may be, such additional amount or amounts as will compensate such 

  
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Lender, the Issuing Bank or other Recipient, as the case may be, for such additional costs incurred or reduction suffered. 

3.1.2. Capital Requirements. If any Lender or the Issuing Bank determines that any Change in Law affecting such Lender or the
Issuing Bank or any lending office of such Lender or such Lender’s or the Issuing Bank’s holding company, if any, regarding capital or liquidity requirements, has or would have the effect of reducing the rate of return on such
Lender’s or the Issuing Bank’s capital or on the capital of such Lender’s or the Issuing Bank’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations
in Letters of Credit or Swingline Loans held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a level below that which such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company could
have achieved but for such Change in Law (taking into consideration such Lender’s or the Issuing Bank’s policies and the policies of such Lender’s or the Issuing Bank’s holding company with respect to capital adequacy), then from
time to time the Borrower will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company for any
such reduction suffered. 
 3.1.3. Certificates for Reimbursement. A certificate of a Lender or the Issuing Bank setting
forth the amount or amounts necessary to compensate such Lender or the Issuing Bank or its holding company, as the case may be, as specified in Section 3.1.1 or 3.1.2 and delivered to the Borrower, shall be conclusive absent
manifest error. The Borrower shall pay such Lender or the Issuing Bank, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof. 

3.1.4. Delay in Requests. Failure or delay on the part of any Lender or the Issuing Bank to demand compensation pursuant to this
Section 3.1 shall not constitute a waiver of such Lender’s or the Issuing Bank’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender or the Issuing Bank pursuant to
this Section 3.1 for any increased costs incurred or reductions suffered more than nine months prior to the date that such Lender or the Issuing Bank, as the case may be, notifies the Borrower of the Change in Law giving rise to such
increased costs or reductions, and of such Lender’s or the Issuing Bank’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month
period referred to above shall be extended to include the period of retroactive effect thereof). 
 3.2. Availability of
Types of Loans. If, on or prior to the first day of any Interest Period, (i) the Administrative Agent shall have determined that adequate and reasonable means do not exist for ascertaining the applicable LIBOR Rate for such Interest Period
or (ii) the Administrative Agent shall have received written notice from the Required Lenders of their determination that the rate of interest referred to in the definition of “LIBOR Rate” upon the basis of which the Adjusted LIBOR
Rate for LIBOR Loans for such Interest Period is to be determined will not adequately and fairly reflect the cost to such Lenders of making or maintaining LIBOR Loans during such Interest Period, the Administrative Agent will forthwith so notify the
Borrower and the Lenders. Upon such notice, (x) all then outstanding LIBOR Loans shall automatically, on the expiration date of the respective Interest Periods applicable 

  
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thereto (unless then repaid in full), be converted into Base Rate Loans, (y) the obligation of the Lenders to make, to convert Base Rate Loans into, or to continue, LIBOR Loans shall be
suspended (including pursuant to the Loan to which such Interest Period applies), and (z) any Borrowing Notice or Conversion/Continuation Notice given at any time thereafter with respect to LIBOR Loans shall be deemed to be a request for Base
Rate Loans, in each case until the Administrative Agent or the Required Lenders, as the case may be, shall have determined that the circumstances giving rise to such suspension no longer exist (and the Required Lenders, if making such determination,
shall have so notified the Administrative Agent), and the Administrative Agent shall have so notified the Borrower and the Lenders. 
 3.3. Illegality. Notwithstanding any other provision in this Agreement, if, at any time after the date hereof and from time to time, any Lender shall have determined in good faith that the
introduction of or any Change in Law has or would have the effect of making it unlawful for such Lender to make or to continue to make or maintain LIBOR Loans, such Lender will forthwith so notify the Administrative Agent and the Borrower. Upon such
notice, (i) each of such Lender’s then outstanding LIBOR Loans shall automatically, on the expiration date of the respective Interest Period applicable thereto (or, to the extent any such LIBOR Loan may not lawfully be maintained as a
LIBOR Loan until such expiration date, upon such notice) and to the extent not sooner prepaid, be converted into a Base Rate Loan, (ii) the obligation of such Lender to make, to convert Base Rate Loans into, or to continue, LIBOR Loans shall be
suspended (including pursuant to any Borrowing for which the Administrative Agent has received a Borrowing Notice but for which the applicable date of such borrowing has not arrived), and (iii) any Borrowing Notice or Conversion/Continuation
Notice given at any time thereafter with respect to LIBOR Loans shall, as to such Lender, be deemed to be a request for a Base Rate Loan, in each case until such Lender shall have determined that the circumstances giving rise to such suspension no
longer exist and shall have so notified the Administrative Agent, and the Administrative Agent shall have so notified the Borrower. 
 3.4. Compensation. The Borrower will compensate each Lender upon demand for all losses, expenses and liabilities (including, without limitation, any loss, expense or liability incurred by reason of
the liquidation or reemployment of deposits or other funds required by such Lender to fund or maintain LIBOR Loans) that such Lender may incur or sustain (i) if for any reason (other than a default by such Lender) an Advance or continuation of,
or conversion into, a LIBOR Loan does not occur on a date specified therefor in a Borrowing Notice or Conversion/Continuation Notice, (ii) if any repayment, prepayment or conversion of any LIBOR Loan occurs on a date other than the last day of
an Interest Period applicable thereto (including as a consequence of any assignment made pursuant to Section 2.22 or any acceleration of the maturity of the Loans pursuant to Section 8.1), (iii) if any prepayment of any
LIBOR Loan is not made on any date specified in a notice of prepayment given by the Borrower or (iv) as a consequence of any other failure by the Borrower to make any payments with respect to any LIBOR Loan when due hereunder. Calculation of
all amounts payable to a Lender under this Section 3.4 shall be made as though such Lender had actually funded its relevant LIBOR Loan through the purchase of a Eurodollar deposit bearing interest at the LIBOR Rate in an amount equal to
the amount of such LIBOR Loan, having a maturity comparable to the relevant Interest Period; provided, however, that each Lender may fund its LIBOR Loans in any manner it sees fit and the foregoing assumption shall be utilized only for
the calculation of amounts payable under this Section 3.4. A certificate (which shall be in reasonable detail) showing the basis for the 

  
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determinations set forth in this Section 3.4 by any Lender as to any additional amounts payable pursuant to this Section 3.4 shall be submitted by such Lender to the
Borrower either directly or through the Administrative Agent. Determinations set forth in any such certificate made in good faith for purposes of this Section 3.4 of any such losses, expenses or liabilities shall be conclusive absent
manifest error. 
 3.5. Taxes. 
 3.5.1. Issuing Bank. For purposes of this Section 3.5, the term “Lender” includes the Issuing Bank. 
 3.5.2. Payments Free of Taxes. Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, except
as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable
Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then
the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the
applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made. 

3.5.3. Payment of Other Taxes by the Borrower. The Loan Parties shall jointly and severally timely pay to the relevant
Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes. 
 3.5.4. Indemnification by the Borrower. The Borrower shall indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes
imposed or asserted on or attributable to amounts payable under this Section 3.5) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or
with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with
a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 
 3.5.5. Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (x) any Indemnified Taxes attributable to such
Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (y) any Taxes attributable to such
Lender’s failure to comply with the provisions of Article XII relating to the maintenance of a Participant Register and (z) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by

  
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the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed
or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the
Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative
Agent under this Section 3.5.5. 
 3.5.6. Evidence of Payments. As soon as practicable after any payment of
Taxes by any Loan Party to a Governmental Authority pursuant to this Section 3.5, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing
such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 3.5.7. Status of Lenders. 
 (i) Any Lender that is entitled
to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative
Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if
reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the
Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of
such documentation (other than such documentation set forth in Sections 3.5.7(ii)(a), 3.5.7(ii)(b) and 3.5.7(ii)(d) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or
submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 
 (ii) Without limiting the generality of the foregoing, in the event that the Borrower is a U.S. Borrower, 
 (a) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time
thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; 

(b) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the
Administrative Agent (in such number of 

  
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copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable
request of the Borrower or the Administrative Agent), whichever of the following is applicable: 
 (1) in the
case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN establishing an exemption from,
or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN establishing an exemption from, or
reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; 
 (2) executed originals of IRS Form W-8ECI; 
 (3) in the case of a
Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit E-1 to the effect that such Foreign Lender is not a
“bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described
in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN; or 
 (4) to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in
the form of Exhibit E-2 or Exhibit E-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect
partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit E-4 on behalf of each such direct and indirect partner;

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

  
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prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 

(d) if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by
FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the
Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable 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 and the Administrative Agent to comply with their obligations under
FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this Section 3.5.7(ii)(d), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement. 
 Each Lender agrees that if any
form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do
so. 
 3.5.8. Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that
it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 3.5 (including by the payment of additional amounts pursuant to this Section 3.5), it shall pay to the indemnifying party an
amount equal to such refund (but only to the extent of indemnity payments made under this Section 3.5 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party
and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over
pursuant to this Section 3.5.8 (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.
Notwithstanding anything to the contrary in this Section 3.5.8, in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 3.5.8 the payment of which would place the
indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This paragraph shall not be construed to
require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 

3.5.9. Survival. Each party’s obligations under this Section 3.5 shall survive the resignation or replacement of
the Administrative Agent or any assignment of rights by, or the 

  
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replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document. 

ARTICLE IV 

CONDITIONS PRECEDENT 
 4.1. Effectiveness and Initial Credit Extension. This Agreement shall not become effective, the Lenders shall not be required to make the initial Advances and the Issuing Bank shall not be required
to issue any Letters of Credit until such date as (i) the Borrower has satisfied the conditions precedent set forth in Section 4.2, (ii) the Borrower has furnished to the Administrative Agent with sufficient copies for the
Lenders each of the following documents and (iii) each of the following events shall have occurred, as applicable (such date being the “Effective Date”): 

(i) Copies of the certificate of trust or the articles or certificate of incorporation, as applicable, of the Borrower and
each Guarantor, together with all amendments, and a certificate of good standing, each certified by the appropriate governmental officer in its jurisdiction of incorporation. 

(ii) Copies, certified by the Secretary or Assistant Secretary of the Borrower and each Guarantor, of each such
Person’s by-laws or deed of trust, as applicable, and of its Board of Directors’ or Trustee’s resolutions, as applicable, and of resolutions or actions of any other body authorizing the execution of the Loan Documents to which the
Borrower or such Guarantor is a party. 
 (iii) An incumbency certificate, executed by the Secretary or Assistant
Secretary of the Borrower and each Guarantor, which shall identify by name and title and bear the signatures of the Authorized Officers and any other officers of the Borrower or such Guarantor authorized to sign the Loan Documents to which the
Borrower or such Guarantor is a party, upon which certificate the Administrative Agent and the Lenders shall be entitled to rely until informed of any change in writing by the Borrower or such Guarantor. 

(iv) A certificate, signed by the chief financial officer or corporate controller of the Borrower, certifying that on the
date hereof and after giving effect to any Advances made or Letters of Credit issued on the Effective Date, the Borrower is in compliance with the conditions set forth in paragraphs (i) and (ii) of Section 4.2. 

(v) A written opinion of Morgan, Lewis & Bockius LLP, the Borrower’s counsel, addressed to the Lenders in
form and substance satisfactory to the Administrative Agent. 
 (vi) Any Notes requested by a Lender pursuant to
Section 2.15 payable to the order of each such requesting Lender. 
 (vii) Such money transfer
authorizations as the Administrative Agent may have reasonably requested. 

  
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 (viii) A compliance certificate in substantially the form of Exhibit
A signed by the Borrower’s chief financial officer showing the calculations necessary to determine compliance with this Agreement for fiscal quarter ended September 30, 2011. 

(ix) The Borrower shall have paid all fees due to the Joint Lead Arrangers or the Administrative Agent under the Fee
Letters. 
 (x) This Agreement duly completed and executed by Borrower. 

(xi) The Guaranty in form and substance reasonably acceptable to the Administrative Agent and duly completed and executed
by the Guarantors. 
 (xii) The Existing Credit Agreement shall have been terminated and all outstanding
indebtedness thereunder shall have been, or substantially contemporaneously shall be, paid in full; and the Administrative Agent shall have received evidence of the foregoing satisfactory to it, including a payoff letter executed by the lenders or
the agent under the Existing Credit Facility. 
 (xiii) All approvals, permits and consents of any Governmental
Authorities or other Persons required in connection with the execution and delivery of this Agreement and the other Loan Documents shall have been obtained, without the imposition of conditions that are not acceptable to the Administrative Agent,
and all related filings, if any, shall have been made, and all such approvals, permits, consents and filings shall be in full force and effect and the Administrative Agent shall have received such copies thereof as it shall have reasonably
requested; and no action, proceeding, investigation, regulation or legislation shall have been instituted, threatened or proposed before, and no order, injunction or decree shall have been entered by, any court or other Governmental Authority, in
each case to enjoin, restrain or prohibit, to obtain substantial damages in respect of, or to impose materially adverse conditions upon, this Agreement or any of the other Loan Documents or that could reasonably be expected to have a Material
Adverse Effect. 
 (xiv) The Administrative Agent shall have received copies of the financial statements referred
to in Section 5.4, together with copies of unaudited quarterly consolidated financial statements of the Borrower and its Subsidiaries through the last day of the fiscal quarter most recently ended prior to the Effective Date for which
financial statements of the Borrower and its Subsidiaries are available. 
 (xv) The Lenders shall have received
all documentation and other information requested by them and required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act. 

(xvi) Such other documents as any Lender or its counsel may have reasonably requested. 

4.2. Each Advance. The Lenders shall not be required to make any Advance and the Issuing Bank shall not be required to issue,
amend, renew or extend any Letter of Credit unless on the applicable Borrowing Date: 

  
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 (i) There exists no Default or Unmatured Default. 

(ii) The representations and warranties contained in Article V are true and correct as of such Borrowing Date
except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct on and as of such earlier date. 

Each Borrowing Notice or request for the issuance of a Letter of Credit with respect to each such Credit Extension shall constitute a
representation and warranty by the Borrower that the conditions contained in Sections 4.2(i) and (ii) have been satisfied. Any Lender may require a duly completed compliance certificate in substantially the form of Exhibit
A as a condition to making a Credit Extension. 
 ARTICLE V 

REPRESENTATIONS AND WARRANTIES 
 The Borrower represents and warrants to the Lenders that: 
 5.1. Existence and
Standing. Each of the Borrower, its Material Domestic Subsidiaries and the Guarantors is a corporation, partnership (in the case of Subsidiaries only), statutory trust or limited liability company duly and properly incorporated or organized, as
the case may be, validly existing and (to the extent such concept applies to such entity) in good standing under the laws of its jurisdiction of incorporation or organization and has all requisite authority to conduct its business in each
jurisdiction in which its business is conducted, except where the absence of such authority could not reasonably be expected to result in a Material Adverse Effect. 
 5.2. Authorization and Validity. The Borrower has the power and authority and legal right to execute and deliver the Loan Documents and to perform its obligations thereunder. The execution and
delivery by the Borrower of the Loan Documents and the performance of its obligations thereunder have been duly authorized by proper corporate proceedings, and the Loan Documents to which the Borrower is a party constitute legal, valid and binding
obligations of the Borrower enforceable against the Borrower in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally. 

5.3. No Conflict; Government Consent. Neither the execution and delivery by the Borrower of the Loan Documents, nor the
consummation of the transactions therein contemplated, nor compliance with the provisions thereof will violate (i) any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on the Borrower or any of its Subsidiaries
or (ii) the Borrower’s or any Subsidiary’s articles or certificate of incorporation, partnership agreement, certificate of partnership, articles or certificate of organization, by-laws, or operating or other management agreement, as
the case may be, or (iii) the provisions of any indenture, instrument or agreement to which the Borrower, any Guarantor or any Material Domestic Subsidiary is a party or is subject, or by which it, or its Property, is bound, or conflict with or
constitute a default thereunder, or result in, or require, the creation or imposition of any Lien in, of or on the Property of the Borrower, any Guarantor or any Material Domestic 

  
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Subsidiary pursuant to the terms of any such indenture, instrument or agreement. No order, consent, adjudication, approval, license, authorization, or validation of, or filing, recording or
registration with, or exemption by, or other action in respect of any governmental or public body or authority, or any subdivision thereof, which has not been obtained by the Borrower, any Guarantor or any Material Domestic Subsidiary, is required
to be obtained by the Borrower, any Guarantor or any Material Domestic Subsidiary in connection with the execution and delivery of the Loan Documents, the borrowings under this Agreement, the payment and performance by the Borrower of the
Obligations or the legality, validity, binding effect or enforceability of any of the Loan Documents. 
 5.4. Financial
Statements. The December 31, 2010, 2009 and 2008 audited consolidated financial statements of the Borrower and its Subsidiaries and the September 30, 2011 unaudited consolidated financial statements of the Borrower and its Subsidiaries
heretofore delivered to the Lenders were prepared in accordance with generally accepted accounting principles in effect on the date such statements (subject, with respect to the unaudited financial statements, to the absence of notes required by
GAAP and to normal year-end adjustments) and fairly present the consolidated financial condition and operations of the Borrower and its Subsidiaries at such date and the consolidated results of their operations for the period then ended. Except as
fully reflected in the most recent financial statements referred to above and the notes thereto, there are no material liabilities or obligations with respect to the Borrower and its Subsidiaries of any nature whatsoever (whether absolute,
contingent or otherwise and whether or not due) that are required in accordance with GAAP to be reflected in such financial statements and that are not so reflected. 
 5.5. Material Adverse Change. Since December 31, 2010 there has been no change in the business, Property, prospects, condition (financial or otherwise) or results of operations of the Borrower
and its Subsidiaries which could reasonably be expected to have a Material Adverse Effect. 
 5.6. Taxes. The Borrower
and its Subsidiaries have filed all United States federal tax returns and all other tax returns which are required to be filed and have paid all taxes due pursuant to said returns or pursuant to any assessment received by the Borrower or any of its
Subsidiaries, except such taxes, if any, as are being contested in good faith and as to which adequate reserves have been provided in accordance with Agreement Accounting Principles and as to which no Lien exists. The United States income tax
returns of the Borrower and its Subsidiaries have been audited by the Internal Revenue Service through the fiscal year ended December 31, 2007. No tax liens have been filed and no claims are being asserted with respect to any such taxes. The
charges, accruals and reserves on the books of the Borrower and its Subsidiaries in respect of any taxes or other governmental charges are adequate. 
 5.7. Litigation and Contingent Obligations. There is no litigation, arbitration, governmental investigation, proceeding or inquiry pending or, to the knowledge of any of their officers, threatened
against or affecting the Borrower or any of its Subsidiaries which could reasonably be expected to have a Material Adverse Effect or which seeks to prevent, enjoin or delay the making of any Loans. Other than any liability incident to any
litigation, arbitration or proceeding which could not reasonably be expected to have a Material Adverse Effect, the 

  
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Borrower has no material contingent obligations not provided for or disclosed in the financial statements referred to in Section 5.4. 

5.8. Subsidiaries. Schedule 5.8 contains an accurate list of all Subsidiaries of the Borrower as of the date of this
Agreement, setting forth their respective jurisdictions of organization and the percentage of their respective capital stock or other ownership interests owned by the Borrower or other Subsidiaries. All of the issued and outstanding shares of
capital stock or other ownership interests of such Subsidiaries have been (to the extent such concepts are relevant with respect to such ownership interests) duly authorized and issued and are fully paid and non-assessable. 

5.9. ERISA. Neither the Borrower nor any other member of the Controlled Group has incurred, or is reasonably expected to incur,
any withdrawal liability to Multiemployer Plans in excess of $500,000 in the aggregate. Each Plan complies in all material respects with all applicable requirements of law and regulations, no Reportable Event has occurred with respect to any Plan,
neither the Borrower nor any other member of the Controlled Group has withdrawn from any Multiemployer Plan or initiated steps to do so, and no steps have been taken to reorganize or terminate any Plan. 

5.10. Accuracy of Information. No information, exhibit or report furnished by the Borrower or any of its Subsidiaries to the
Administrative Agent or to any Lender in connection with the negotiation of, or compliance with, the Loan Documents contained any material misstatement of fact or omitted to state a material fact or any fact necessary to make the statements
contained therein not misleading; provided, however, that this representation shall not apply to any forecasts or projections or other forward-looking statements (“Projections”) provided by the Borrower or any of its
Subsidiaries, as such Projections have been based on a variety of estimates and assumptions which, though considered reasonable by the Borrower, are inherently subject to significant business, economic, regulatory and competitive uncertainties and
contingencies, many of which are beyond the control of the Borrower and are subject to material change. All Projections have been or will be prepared in good faith by the Borrower based on assumptions it believes to be reasonable at the time of
preparation. 
 5.11. Regulations T, U and X. Margin stock (as defined in Regulation U) constitutes less than 25% of the
value of those assets of the Borrower and its Subsidiaries which are subject to any limitation on sale, pledge, or other restriction hereunder. No part of the proceeds of any Loan will be used in a manner which would violate, or result in a
violation of, Regulation T, Regulation U or Regulation X. Neither the making of any Advance hereunder nor the use of the proceeds thereof will violate or be inconsistent with the provisions of Regulation T, Regulation U or Regulation X. 

5.12. Material Agreements. Neither the Borrower nor any Subsidiary is a party to any agreement or instrument or subject to any
charter or other corporate restriction which could reasonably be expected to have a Material Adverse Effect. Neither the Borrower nor any Subsidiary is in default in the performance, observance or fulfillment of any of the obligations, covenants or
conditions contained in (i) any agreement to which it is a party, which default could reasonably be expected to have a Material Adverse Effect or (ii) any agreement or instrument evidencing or governing Material Indebtedness. 

  
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 5.13. Compliance With Laws. The Borrower and its Subsidiaries have complied with all
applicable statutes, rules, regulations, orders and restrictions of any domestic or foreign government or any instrumentality or agency thereof having jurisdiction over the conduct of their respective businesses or the ownership of their respective
Property, except for any failure to comply with any of the foregoing which could not reasonably be expected to have a Material Adverse Effect. 
 5.14. Ownership of Properties. On the date of this Agreement, the Borrower and its Subsidiaries will have good title, free of all Liens other than those permitted by Section 6.15, to
all of the Property and assets reflected in the Borrower’s most recent consolidated financial statements provided to the Administrative Agent as owned by the Borrower and its Subsidiaries. 

5.15. Plan Assets; Prohibited Transactions. Neither the Borrower nor any member of the Controlled Group is an entity deemed to
hold “plan assets” within the meaning of 29 C.F.R. § 2510.3-101 of an employee benefit plan (as defined in Section 3(3) of ERISA) which is subject to Title I of ERISA or any plan (within the meaning of Section 4975(e)
of the Code), and neither the execution of this Agreement nor the making of Loans hereunder gives rise to a prohibited transaction within the meaning of Section 406 of ERISA or Section 4975 of the Code. 

5.16. Investment Company Act. Neither the Borrower nor any Subsidiary is an “investment company” or a company
“controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended. 
 5.17. Subordinated Indebtedness. The Obligations constitute senior indebtedness which is entitled to the benefits of the subordination provisions of all outstanding Subordinated Indebtedness.

 5.18. Insurance. The properties of the Borrower and its Subsidiaries are insured with financially sound and reputable
insurance companies (not Affiliates of the Borrower) in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and are similarly situated. 

5.19. Solvency. 
 (i) Immediately following the making of each Loan, if any, made on the date hereof and after giving effect to the application of the proceeds of such Loans, (a) the fair value of the assets of the
Borrower and its Subsidiaries on a consolidated basis, at a fair valuation, will exceed the debts and liabilities, subordinated, contingent or otherwise, of the Borrower and its Subsidiaries on a consolidated basis; (b) the present fair
saleable value of the Property of the Borrower and its Subsidiaries on a consolidated basis will be greater than the amount that will be required to pay the probable liability of the Borrower and its Subsidiaries on a consolidated basis on their
debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (c) the Borrower and its Subsidiaries on a consolidated basis will be able to pay their debts and liabilities,
subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (d) the Borrower and its Subsidiaries on a consolidated basis will not have unreasonably small capital with which to conduct the

  
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businesses in which they are engaged as such businesses are now conducted and are proposed to be conducted after the date hereof. 

(ii) The Borrower does not intend to, or to permit any of its Subsidiaries to, and does not believe that it or any of its
Subsidiaries will, incur debts beyond its ability to pay such debts as they mature, taking into account the timing of and amounts of cash to be received by it or any such Subsidiary and the timing of the amounts of cash to be payable on or in
respect of its Indebtedness or the Indebtedness of any such Subsidiary. 
 5.20. OFAC; Anti-Terrorism Laws. 

(i) Neither the Borrower nor any Affiliate of the Borrower (a) is a Sanctioned Person, (b) has more than 10% of
its assets in Sanctioned Countries, or (c) derives more than 10% of its operating income from investments in, or transactions with, Sanctioned Persons or Sanctioned Countries. No part of the proceeds of any Loan hereunder will be used directly
or indirectly to fund any operations in, finance any investments or activities in or make any payments to, a Sanctioned Person or a Sanctioned Country. 
 (ii) Neither the making of the Loans hereunder nor the use of the proceeds thereof will violate the PATRIOT Act, the Trading with the Enemy Act, as amended, the Foreign Corrupt Practices Act or any of the
foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto. Each of the Borrower and its Affiliates are in compliance in all
material respects with the PATRIOT Act. 
 ARTICLE VI 

COVENANTS 
 Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees and other amounts payable under the Loan Documents (other than contingent indemnification
obligations not then due and payable) shall have been paid in full and all Letters of Credit shall have expired or terminated and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that: 

6.1. Financial Reporting. The Borrower will maintain, for itself and each Subsidiary, a system of accounting established and
administered in accordance with generally accepted accounting principles, and furnish to the Lenders: 
 (i)
Within 90 days after the close of each of its fiscal years, an unqualified audit report certified by independent certified public accountants acceptable to the Lenders, prepared in accordance with Agreement Accounting Principles on a consolidated
and consolidating basis (consolidating statements need not be certified by such accountants) for itself and its Subsidiaries, including balance sheets as of the end of such period, related profit and loss and reconciliation of surplus statements,
and a statement of cash flows, accompanied by a certificate of said accountants that, in the course of their examination necessary for their certification of the foregoing, they have obtained no knowledge of any Default or Unmatured Default with
respect to a breach of 

  
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Section 6.21, or if, in the opinion of such accountants, any Default or Unmatured Default shall exist with respect to a breach of Section 6.21, stating the nature and
status thereof. 
 (ii) Within 45 days after the close of the first three quarterly periods of each of its fiscal
years (with the first such period being the period ended March 31, 2012), for itself and its Subsidiaries, consolidated and consolidating unaudited balance sheets as at the close of each such period and consolidated and consolidating profit and
loss and reconciliation of surplus statements and a statement of cash flows for the period from the beginning of such fiscal year to the end of such quarter, all certified by its chief financial officer. 

(iii) Together with the financial statements required under Sections 6.1(i) and (ii), a compliance
certificate in substantially the form of Exhibit A signed by its chief financial officer or corporate controller showing the calculations necessary to determine compliance with this Agreement and stating that no Default or Unmatured Default
exists, or if any Default or Unmatured Default exists, stating the nature and status thereof. 
 (iv) To the
extent the Company establishes any Single Employer Plan, notice thereof as soon as possible and in any event within 10 days after the establishment, and within 270 days after the close of each fiscal year thereafter, a statement of the Unfunded
Liabilities of each Single Employer Plan, certified as correct by an actuary enrolled under ERISA. 
 (v) As soon
as possible and in any event within 10 days after the Borrower knows that any Reportable Event has occurred with respect to any Plan, a statement, signed by the chief financial officer of the Borrower, describing said Reportable Event and the action
which the Borrower proposes to take with respect thereto. 
 (vi) As soon as possible and in any event within 10
days after receipt by the Borrower, a copy of (a) any notice or claim to the effect that the Borrower or any of its Subsidiaries is or may be liable to any Person as a result of the release by the Borrower, any of its Subsidiaries, or any other
Person of any toxic or hazardous waste or substance into the environment, and (b) any notice alleging any violation of any federal, state or local environmental, health or safety law or regulation by the Borrower or any of its Subsidiaries,
which, in either case, could reasonably be expected to have a Material Adverse Effect. 
 (vii) Promptly upon the
furnishing thereof to the shareholders of the Borrower, copies of all financial statements, reports and proxy statements so furnished. 
 (viii) Promptly upon the filing thereof, copies of all registration statements and annual, quarterly, monthly or other regular reports which the Borrower or any of its Subsidiaries files with the
Securities and Exchange Commission. 
 (ix) Promptly following any request therefor, (a) such other
information with documentation required by bank regulatory authorities under applicable “know your customer” and Anti-Money Laundering rules and regulations (including, without limitation, the PATRIOT Act), as from time to time may be
reasonably requested by the 

  
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Administrative Agent or such Lender and (b) such other information (including non-financial information) as the Administrative Agent or any Lender may from time to time reasonably request.

 6.2. Use of Proceeds. The Borrower will, and will cause each Subsidiary to, use the proceeds of the Advances to
(i) to repay the Existing Credit Agreement in full and (ii) provide for working capital and general corporate purposes (including the repurchase of the common stock of the Borrower). The Borrower will not, nor will it permit any Subsidiary
to, use any of the proceeds of the Advances to make any Acquisition or to purchase or carry any “margin stock” (as defined in Regulation U) other than relating to the repurchase of the common stock of the Borrower in compliance with
Section 6.20. 
 6.3. Notice of Default. The Borrower will, and will cause each Subsidiary to, give prompt
notice in writing to the Lenders of the occurrence (i) of any Default or Unmatured Default and (ii) of any other development, financial or otherwise, which could reasonably be expected to have a Material Adverse Effect. 

6.4. Conduct of Business. The Borrower will, and will cause each Subsidiary to, carry on and conduct its business in substantially
the same manner and in substantially the same fields of enterprise as it is presently conducted and do all things necessary to remain duly incorporated or organized, validly existing and (to the extent such concept applies to such entity) in good
standing as a domestic corporation, partnership or limited liability company in its jurisdiction of incorporation or organization, as the case may be, and maintain all requisite authority to conduct its business in each jurisdiction in which its
business is conducted. 
 6.5. Taxes. The Borrower will, and will cause each Subsidiary to, timely file complete and
correct United States federal and applicable foreign, state and local tax returns required by law and pay when due all taxes, assessments and governmental charges and levies upon it or its income, profits or Property, except those which are being
contested in good faith by appropriate proceedings and with respect to which adequate reserves have been set aside in accordance with Agreement Accounting Principles. 
 6.6. Insurance. The Borrower will, and will cause each Subsidiary to, maintain with financially sound and reputable insurance companies (not Affiliates of the Borrower) insurance on all their
Property in such amounts and covering such risks as is consistent with sound business practice, and the Borrower will furnish to any Lender upon request full information as to the insurance carried. 

6.7. Compliance with Laws. The Borrower will, and will cause each Subsidiary to, comply with all laws, rules, regulations, orders,
writs, judgments, injunctions, decrees or awards to which it may be subject including, without limitation, all Environmental Laws except for any failure to comply with any of the foregoing which could not reasonably be expected to have a Material
Adverse Effect. 
 6.8. Maintenance of Properties. The Borrower will, and will cause each Subsidiary to, do all things
necessary to maintain, preserve, protect and keep its Property in good repair, working order and condition, and make all necessary and proper repairs, renewals and 

  
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replacements so that its business carried on in connection therewith may be properly conducted at all times. 
 6.9. Inspection. The Borrower will, and will cause each Subsidiary to, permit the Administrative Agent and the Lenders, by their respective representatives and agents, to inspect any of the
Property, books and financial records of the Borrower and each Subsidiary, to examine and make copies of the books of accounts and other financial records of the Borrower and each Subsidiary, and to discuss the affairs, finances and accounts of the
Borrower and each Subsidiary with, and to be advised as to the same by, their respective officers at such reasonable times and intervals as the Administrative Agent or any Lender may designate. 

6.10. Dividends. The Borrower will not, nor will it permit any Subsidiary to, declare or pay any dividends or make any
distributions on its capital stock (other than dividends payable in its own capital stock) or redeem, repurchase or otherwise acquire or retire any of its capital stock at any time outstanding, except that (i) any Subsidiary may declare and pay
dividends or make distributions to the Borrower or to a Wholly-Owned Subsidiary, and (ii) the Borrower may declare and pay dividends on its capital stock or repurchase or redeem its common stock provided that no Default or Unmatured
Default shall exist before or after giving effect to such dividends or be created as a result thereof. 
 6.11.
Indebtedness. The Borrower will not, nor will it permit any Subsidiary to, create, incur or suffer to exist any Indebtedness, except: 
 (i) The Loans. 
 (ii) Indebtedness existing on the date hereof and
described in Schedule 6.11. 
 (iii) Indebtedness arising under Rate Management Transactions related to
the Loans or related to Indebtedness on Schedule 6.11. 
 (iv) Unsecured trade credits or open accounts
incurred in the ordinary course of business. 
 (v) Indebtedness related to purchase money security interests
arising in the ordinary course of the Borrower’s business; provided that the amount of such Indebtedness shall not exceed an amount equal to 100% of the lesser of the total purchase price or fair market value at the time of acquisition
of such assets. 
 (vi) Capitalized Lease Obligations under Capitalized Leases arising in the ordinary course of
business consistent with past practice. 
 (vii) Indebtedness which constitutes a renewal, extension,
substitution, refinancing or replacement (collectively “Restructuring”) of Indebtedness of the Borrower and its Subsidiaries; provided that the resulting Indebtedness from such Restructuring shall continue to be solely the
obligation of the original obligor on such restructured Indebtedness and shall not increase the outstanding principal amount of such restructured Indebtedness. 

  
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 (viii) Contingent Obligations permitted by Section 6.18.

 (ix) Intercompany Indebtedness permitted as Investments pursuant to Section 6.14. 

(x) Other Indebtedness in an aggregate principal amount outstanding at any one time not to exceed $40,000,000. 

6.12. Merger. The Borrower will not, nor will it permit any Subsidiary to, merge or consolidate with or into any other Person,
except that a Subsidiary may merge into the Borrower or a Wholly-Owned Subsidiary. 
 6.13. Sale of Assets. The Borrower
will not, nor will it permit any Subsidiary to, lease, sell or otherwise dispose of its Property to any other Person, except: 
 (i) Sales of inventory in the ordinary course of business. 
 (ii)
Leases, sales or other dispositions of its Property that, together with all other Property of the Borrower and its Subsidiaries previously leased, sold or disposed of (other than inventory in the ordinary course of business) as permitted by this
Section during the twelve-month period ending with the month in which any such lease, sale or other disposition occurs, shall not exceed $30,000,000; provided that no Unmatured Default or Default shall have occurred and be continuing or would
result therefrom. 
 (iii) Transfers of assets (a) by a Subsidiary that is not a Guarantor to SEI or another
Subsidiary, or (b) by SEI or a Subsidiary that is a Guarantor to SEI or a Subsidiary that is a Guarantor. 

(iv) Sale of interests in non-Wholly-Owned Subsidiaries of the Borrower of which the Net Proceeds to the Borrower do not
exceed $150,000,000. 
 (v) Transfers of accounts receivable and any guaranties or other credit support of such
accounts receivable, in each case in connection with Permitted Receivables Financings. 
 6.14. Investments and
Acquisitions. The Borrower will not, nor will it permit any Subsidiary to, make or suffer to exist any Investments (including without limitation, loans and advances to, and other Investments in, Subsidiaries), or commitments therefor, or to
create any Subsidiary or to become or remain a partner in any partnership or joint venture, or to make any Acquisition of any Person, except: 
 (i) Cash Equivalent Investments. 
 (ii) Existing Investments in
Subsidiaries and other Investments in existence on the date hereof and described in Schedule 6.14. 

(iii) Investments by the Borrower and its Subsidiaries in and to Wholly-Owned Subsidiaries. 

  
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 (iv) Investments in new mutual funds or other pooled investment vehicles
sponsored, managed or administered by the Borrower or any Subsidiary; provided that the aggregate amount of all Investments in such new mutual funds or other pooled investment vehicles administered (but not sponsored or managed) by the
Borrower or any Subsidiary shall not at any time exceed $10,000,000. 
 (v) Investments in mutual funds or other
pooled investment vehicles sponsored, managed or administered by LSV Asset Management or its Affiliates; provided that the aggregate amount of all Investments in such mutual funds or other pooled investment vehicles shall not at any time
exceed $10,000,000. 
 (vi) Subject to Section 6.10, Investments in the Borrower’s common stock
related to a disclosed stock repurchase or buy-back plan. 
 (vii) the Permitted Acquisitions. 

(viii) Other Investments; provided that immediately after giving effect thereto the aggregate outstanding value of
all such other Investments (valued immediately after giving effect thereto) would not exceed the greater of (A) $100,000,000 or (B) 15% of Consolidated Net Worth, both determined as of the date of such additional other Investment is made.

 In valuing any Investments for the purpose of applying the limitations set forth in this Section 6.14, such Investment shall be
taken at the original cost thereof, without allowance for any subsequent write-offs or application or depreciation therein, but less any amount repaid or recovered on account of capital or principal. 

6.15. Liens. The Borrower will not, nor will it permit any Subsidiary to, create, incur, or suffer to exist any Lien in, of or on
the Property of the Borrower or any of its Subsidiaries, except: 
 (i) Liens for taxes, assessments or
governmental charges or levies on its Property if the same shall not at the time be delinquent or thereafter can be paid without penalty, or are being contested in good faith and by appropriate proceedings and for which adequate reserves in
accordance with Agreement Accounting Principles shall have been set aside on its books. 
 (ii) Liens imposed by
law, such as carriers’, warehousemen’s and mechanics’ liens and other similar liens arising in the ordinary course of business which secure payment of obligations not more than 60 days past due or which are being contested in good
faith by appropriate proceedings and for which adequate reserves shall have been set aside on its books. 
 (iii)
Liens arising out of pledges or deposits under worker’s compensation laws, unemployment insurance, old age pensions, or other social security or retirement benefits, or similar legislation. 

  
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 (iv) Utility easements, building restrictions and such other encumbrances or
charges against real property as are of a nature generally existing with respect to properties of a similar character and which do not in any material way affect the marketability of the same or interfere with the use thereof in the business of the
Borrower or its Subsidiaries. 
 (v) Liens existing on the date hereof and described in Schedule 6.15.

 (vi) Liens securing Indebtedness permitted by (A) Sections 6.11(v) and (vi) and
(B) Section 6.11(vii); provided that such resulting Lien from such Restructuring is in the same collateral as the existing Lien securing such restructured Indebtedness. 

(vii) Liens on accounts receivable, any guaranties or other credit support of such accounts receivable and the proceeds
thereof, sold, contributed, assigned or pledged by the Borrower or its Subsidiary in connection with a Permitted Receivables Financing. 
 (viii) Other Liens securing an aggregate principal amount of Indebtedness not to exceed $10,000,000. 
 6.16. Affiliates. The Borrower will not, and will not permit any Subsidiary to, enter into any transaction (including, without limitation, the purchase or sale of any Property or service) with, or
make any payment or transfer to, any Affiliate other than a Wholly-Owned Subsidiary except in the ordinary course of business and pursuant to the reasonable requirements of the Borrower’s or such Subsidiary’s business and upon fair and
reasonable terms no less favorable to the Borrower or such Subsidiary than the Borrower or such Subsidiary would obtain in a comparable arms-length transaction. 
 6.17. Sale of Accounts. The Borrower will not, nor will it permit any Subsidiary to, sell or otherwise dispose of any notes receivable or accounts receivable, with or without recourse, other than
as a Permitted Receivables Financing. 
 6.18. Contingent Obligations. The Borrower will not, nor will it permit any
Subsidiary to, make or suffer to exist any Contingent Obligation (including, without limitation, any Contingent Obligation with respect to the obligations of a Subsidiary), except (i) the Guaranty, (ii) by endorsement of instruments for
deposit or collection in the ordinary course of business, (iii) the guaranty by the Borrower of the obligations (not exceeding $3,655,000 in aggregate principal amount) of LSV Employee Group II, LLC arising under that certain credit agreement
dated as of April 11, 2011, by LSV Employee Group II, LLC with Bank of America, National Association (as such credit agreement may be from time to time amended, restated or refinanced so long as the outstanding principal amount thereof is not
increased by such amendment, restatement or refinancing), (iv) the guaranty by the Borrower of Indebtedness of Future LSV Employee Groups in an aggregate principal amount not exceeding $50,000,000 outstanding at any time, (v) any guaranty
entered into pursuant to Section 6.22, (vi) any guaranty of Indebtedness permitted by Section 6.11 or (vii) any guaranty of performance (but not payment) by the Borrower of any of its Subsidiaries’ obligations
to the extent that such underlying obligations are incurred in the ordinary course of such Subsidiaries’ business and not otherwise prohibited by this Agreement. 

  
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 6.19. Inconsistent Agreements. The Borrower shall not, nor shall it permit any
Subsidiary to, enter into any indenture, agreement, instrument (or amendment thereto) or other arrangement which (i) directly or indirectly prohibits or restrains, or has the effect of prohibiting or restraining, or imposes materially adverse
conditions upon, the incurrence or repayment of the Obligations, the amendment of the Loan Documents, or the ability of any Subsidiary to pay dividends or make other distributions on its capital stock or (ii) contains any provision which would
be violated or breached by the making of the Loans or by the performance by the Borrower of any of its obligations under any Loan Document. 
 6.20. Retirement of Repurchased Common Stock. The Borrower will not use the proceeds of the Advances to repurchase the common stock of the Borrower unless the Borrower immediately retires such
common stock. 
 6.21. Financial Covenant; Leverage Ratio. The Borrower will at all times cause the Leverage Ratio to be
not more than 1.75 to 1.0. 
 6.22. Subsidiary Guaranty. Effective upon any Person becoming a Material Domestic
Subsidiary, the Borrower shall cause such Person to execute and deliver to the Administrative Agent for the benefit of the Administrative Agent and the Lenders a joinder to the Guaranty, all pursuant to documentation (including related certificates
and opinions) reasonably acceptable to the Administrative Agent; provided, that if any Domestic Subsidiaries (other than (i) SEI Investments Distribution Company, SEI Private Trust Company and SEI Trust Company and (ii) LSV Asset
Management, should it ever become a Domestic Subsidiary) which are not party to the Guaranty hold, on an aggregate basis, an amount in excess of the lesser of (x) 10% of Consolidated Net Income or (y) 25% of total assets (valued at the
higher of book or fair market value) of the Borrower and its Subsidiaries on a consolidated basis, then one or more of such Domestic Subsidiaries shall promptly execute a joinder to the Guaranty so that such threshold is no longer exceeded, all
pursuant to documentation (including related certificates and opinions) reasonably acceptable to the Administrative Agent. The Borrower shall notify the Administrative Agent as promptly as possible but in any event within thirty (30) days
following the date on which any Person is required to join the Guaranty in accordance with the provisions of this Section 6.22. 
 6.23. OFAC, PATRIOT Act Compliance. The Borrower will, and will cause each of its Subsidiaries to, (i) refrain from doing business in a Sanctioned Country or with a Sanctioned Person in
violation of the economic sanctions of the United States administered by OFAC, and (ii) provide, to the extent commercially reasonable, such information and take such actions as are reasonably requested by the Administrative Agent or any Lender
in order to assist the Administrative Agent and the Lenders in maintaining compliance with the PATRIOT Act. 
 ARTICLE VII

 DEFAULTS 
 7.1. Defaults. The occurrence of any one or more of the following events shall constitute a “Default”: 

  
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 7.1.1. Any representation or warranty made or deemed made by or on behalf of the Borrower or
any of its Subsidiaries to the Lenders or the Administrative Agent under or in connection with this Agreement, any Loan, or any certificate or information delivered in connection with this Agreement or any other Loan Document shall be materially
false on the date as of which made. 
 7.1.2. Nonpayment of principal of any Loan or any reimbursement obligation in respect of
any LC Disbursement or any cash collateral amount due pursuant to Section 2.23.10 when due, or nonpayment of interest upon any Loan or of any commitment fee or other obligations under any of the Loan Documents within five days after the
same becomes due. 
 7.1.3. The breach by the Borrower of any of the terms or provisions of Section 6.2,
6.3(i) or 6.10 through 6.22. 
 7.1.4. The breach by the Borrower (other than a breach which constitutes a
Default under another Section of this Article VII) of any of the terms or provisions of this Agreement which is not remedied within thirty days after written notice from the Administrative Agent or any Lender. 

7.1.5. Failure of the Borrower or any of its Subsidiaries to pay when due any Material Indebtedness; or the default by the Borrower or
any of its Subsidiaries in the performance (beyond the applicable grace period with respect thereto, if any) of any term, provision or condition contained in any Material Indebtedness Agreement, or any other event shall occur or condition exist, the
effect of which default, event or condition is to cause, or to permit the holder(s) of such Material Indebtedness or the lender(s) under any Material Indebtedness Agreement to cause, such Material Indebtedness to become due prior to its stated
maturity or any commitment to lend under any Material Indebtedness Agreement to be terminated prior to its stated expiration date; or any Material Indebtedness of the Borrower or any of its Subsidiaries shall be declared to be due and payable or
required to be prepaid or repurchased (other than by a regularly scheduled payment) prior to the stated maturity thereof; or the Borrower or any of its Subsidiaries shall not pay, or admit in writing its inability to pay, its debts generally as they
become due. 
 7.1.6. The Borrower or any of its Subsidiaries shall (i) have an order for relief entered with respect to it
under the Federal bankruptcy laws as now or hereafter in effect, (ii) make an assignment for the benefit of creditors, (iii) apply for, seek, consent to, or acquiesce in, the appointment of a receiver, custodian, trustee, examiner,
liquidator or similar official for it or any Substantial Portion of its Property, (iv) institute any proceeding seeking an order for relief under the Federal bankruptcy laws as now or hereafter in effect or seeking to adjudicate it a bankrupt
or insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors or fail to file an
answer or other pleading denying the material allegations of any such proceeding filed against it, (v) take any corporate or partnership action to authorize or effect any of the foregoing actions set forth in this Section 7.1.6 or
(vi) fail to contest in good faith any appointment or proceeding described in Section 7.1.7. 

  
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 7.1.7. Without the application, approval or consent of the Borrower or any of its
Subsidiaries, a receiver, custodian, trustee, examiner, liquidator or similar official shall be appointed for the Borrower or any of its Subsidiaries or any Substantial Portion of its Property, or a proceeding described in
Section 7.1.6(iv) shall be instituted against the Borrower or any of its Subsidiaries and such appointment continues undischarged or such proceeding continues undismissed or unstayed for a period of 45 consecutive days. 

7.1.8. Any court, government or governmental agency shall condemn, seize or otherwise appropriate, or take custody or control of, all or
any portion of the Property of the Borrower and its Subsidiaries which, when taken together with all other Property of the Borrower and its Subsidiaries so condemned, seized, appropriated, or taken custody or control of, during the twelve-month
period ending with the month in which any such action occurs, constitutes a Substantial Portion. 
 7.1.9. The Borrower or any
of its Subsidiaries shall fail within 30 days to pay, bond or otherwise discharge one or more (i) judgments or orders for the payment of money in excess of $5,000,000 (or the equivalent thereof in currencies other than U.S. Dollars) in the
aggregate, or (ii) nonmonetary judgments or orders which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, which judgment(s), in any such case, is/are not stayed on appeal or otherwise being
appropriately contested in good faith. 
 7.1.10. The Unfunded Liabilities of all Single Employer Plans shall exceed in the
aggregate $500,000 or any Reportable Event shall occur in connection with any Plan that, when taken together with all other Reportable Events and other events or conditions that have occurred or are then existing, has or could reasonably be expected
to result in a Material Adverse Effect. 
 7.1.11. Nonpayment by the Borrower or any Subsidiary of any Rate Management
Obligation when due or the breach by the Borrower or any Subsidiary of any term, provision or condition contained in any Rate Management Transaction or any transaction of the type described in the definition of “Rate Management
Transactions,” whether or not any Lender or Affiliate of a Lender is a party thereto, if such Rate Management Obligation constitutes Material Indebtedness. 
 7.1.12. Any Change in Control shall occur. 
 7.1.13. The occurrence of any
“default”, as defined in any Loan Document (other than this Agreement) or the breach of any of the terms or provisions of any Loan Document (other than this Agreement), which default or breach continues beyond any period of grace therein
provided. 
 7.1.14. The Guaranty shall fail to remain in full force or effect or any action shall be taken to discontinue or to
assert the invalidity or unenforceability of any Guaranty, or any Guarantor shall fail to comply with any of the terms or provisions of any Guaranty to which it is a party, or any Guarantor shall deny that it has any further liability under any
Guaranty to which it is a party, or shall give notice to such effect. 

  
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 ARTICLE VIII 
 ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES 
 8.1.
Acceleration. If any Default described in Section 7.1.6 or 7.1.7 occurs with respect to the Borrower, the obligations of the Lenders to make Loans and of the Issuing Bank to issue, amend or extend Letters of Credit
hereunder shall automatically terminate and the Obligations shall immediately become due and payable without any election or action on the part of the Administrative Agent or any Lender. If any other Default occurs, the Required Lenders (or the
Administrative Agent with the consent of the Required Lenders) may, upon notice to the Borrower, terminate or suspend the obligations of the Lenders to make Loans and the Issuing Bank to issue, amend or extend Letters of Credit hereunder, or declare
the Obligations to be due and payable, or both, whereupon the Obligations shall become immediately due and payable, without presentment, demand, protest or notice of any kind, all of which the Borrower hereby expressly waives. 

If, within 30 days after acceleration of the maturity of the Obligations or termination of the obligations of the Lenders to make Loans
and the Issuing Bank to issue, amend or extend Letters of Credit hereunder as a result of any Default (other than any Default as described in Section 7.1.6 or 7.1.7 with respect to the Borrower) and before any judgment or decree
for the payment of the Obligations due shall have been obtained or entered, the Required Lenders (in their sole discretion) shall so direct, the Administrative Agent shall, by notice to the Borrower, rescind and annul such acceleration and/or
termination. 
 8.2. Amendments. No amendment, modification, waiver, discharge or termination of, or consent to any
departure by the Borrower or any Guarantor from, any provision of this Agreement or any other Loan Document shall be effective unless in a writing signed by the Required Lenders (or by the Administrative Agent at the direction or with the consent of
the Required Lenders), and then the same shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no such amendment, modification, waiver, discharge, termination or consent
shall: 
 (i) unless agreed to in writing by each Lender directly affected thereby, (A) reduce or forgive
the principal amount of any Loan or LC Disbursement payment obligation, reduce the rate of or forgive any interest thereon (provided that only the consent of the Required Lenders shall be required to waive the applicability of any
post-default increase in interest rates), or reduce or forgive any fees hereunder (other than fees payable to the Administrative Agent, the Joint Lead Arrangers or the Issuing Bank for its own account), (B) extend the final scheduled maturity
date or any other scheduled date for the payment of any principal of or interest on any Loan, extend the time of payment of any LC Disbursement payment obligation or any interest thereon, extend the expiry date of any Letter of Credit beyond the
date six (6) Business Days prior to the Facility Termination Date, or extend the time of payment of any fees hereunder (other than fees payable to the Administrative Agent, the Joint Lead Arrangers or the Issuing Bank for its own account), or
(C) increase any Commitment of any such Lender over the amount thereof in effect or extend the maturity thereof (it being understood that a waiver of any condition precedent set forth in Section 4.2 or of any Unmatured Default or
Default or 

  
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mandatory reduction in the Commitments, if agreed to by the Required Lenders, Required Revolving Lenders or all Lenders (as may be required hereunder with respect to such waiver), shall not
constitute such an increase), or (D) reduce the percentage of the aggregate Commitments or of the aggregate unpaid principal amount of the Loans, or the number or percentage of Lenders, that shall be required for the Lenders or any of them to
take or approve, or direct the Administrative Agent to take, any action hereunder or under any other Loan Document (including as set forth in the definition of “Required Lenders”); 

(ii) unless agreed to in writing by all of the Lenders, (A) release any Guarantor from its obligations under the
Guaranty (except as permitted by Section 10.10), (B) change any other provision of this Agreement or any of the other Loan Documents requiring, by its terms, the consent or approval of all the Lenders for such amendment,
modification, waiver, discharge, termination or consent, or (C) change or waive any provision of Section 2.14 or 11.2, any other provision of this Agreement or any other Loan Document requiring pro rata treatment of any
Lenders, or this Section 8.2; and 
 (iii) unless agreed to in writing by the Issuing Bank, the
Swingline Lender or the Administrative Agent in addition to the Lenders required as provided hereinabove to take such action, affect the respective rights or obligations of the Issuing Bank, the Swingline Lender or the Administrative Agent, as
applicable, hereunder or under any of the other Loan Documents; 
 and provided further that the Fee Letters may only be amended
or modified, and any rights thereunder waived, in a writing signed by the parties thereto. 
 Notwithstanding the fact that the consent of all
Lenders is required in certain circumstances as set forth above, each Lender is entitled to vote as such Lender sees fit on any bankruptcy reorganization plan that affects the Loans, and each Lender acknowledges that the provisions of
Section 1126(c) of the Bankruptcy Code supersedes the unanimous consent provisions set forth herein. 
 Notwithstanding anything to the
contrary herein, (i) no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected
Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any
waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender and
(ii) if the Administrative Agent and the Borrower shall have jointly identified (each in its sole discretion) an obvious error or omission of a technical or immaterial nature, in each case, in any provision of the Loan Documents, then the
Administrative Agent and the applicable parties thereto shall be permitted to amend such provision and such amendment shall become effective without any further action or consent of any other party to any Loan Document if the same is not

  
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objected to in writing by the Required Lenders within five Business Days following the posting of such amendment to the Lenders. 

8.3. Preservation of Rights. No delay or omission of the Lenders, the Administrative Agent or the Issuing Bank to exercise any
right under the Loan Documents shall impair such right or be construed to be a waiver of any Default or an acquiescence therein, and the making of a Loan or issuance of a Letter of Credit notwithstanding the existence of a Default or the inability
of the Borrower to satisfy the conditions precedent to such Loan or issuance of a Letter of Credit shall not constitute any waiver or acquiescence. Any single or partial exercise of any such right shall not preclude other or further exercise thereof
or the exercise of any other right, and no waiver, amendment or other variation of the terms, conditions or provisions of the Loan Documents whatsoever shall be valid unless in writing signed by the Lenders required pursuant to
Section 8.2, and then only to the extent in such writing specifically set forth. All remedies contained in the Loan Documents or by law afforded shall be cumulative and all shall be available to the Administrative Agent, the Lenders and
the Issuing Bank until the Obligations have been paid in full. 
 ARTICLE IX 

GENERAL PROVISIONS 
 9.1. Survival of Representations. All representations and warranties of the Borrower contained in this Agreement shall survive the making of the Loans herein contemplated. 

9.2. Governmental Regulation. Anything contained in this Agreement to the contrary notwithstanding, no Lender shall be obligated
to extend credit to the Borrower in violation of any limitation or prohibition provided by any applicable statute or regulation. 
 9.3. Headings. Section headings in the Loan Documents are for convenience of reference only, and shall not govern the interpretation of any of the provisions of the Loan Documents. 

9.4. Several Obligations; Benefits of this Agreement. The respective obligations of the Lenders hereunder are several and not
joint and no Lender shall be the partner or agent of any other (except to the extent to which the Administrative Agent is authorized to act as such). The failure of any Lender to perform any of its obligations hereunder shall not relieve any other
Lender from any of its obligations hereunder. This Agreement shall not be construed so as to confer any right or benefit upon any Person other than the parties to this Agreement and their respective successors and assigns; provided,
however, that the parties hereto expressly agree that the Joint Lead Arrangers shall enjoy the benefits of the provisions of Sections 9.5, 9.9 and 10.7 to the extent specifically set forth therein and shall have the right
to enforce such provisions on its own behalf and in its own name to the same extent as if it were a party to this Agreement. 

9.5. Expenses; Indemnity; Damage Waiver. 
 9.5.1. Costs and Expenses. The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees, charges and
disbursements of counsel for the Administrative Agent), in 

  
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connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents
or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by the Issuing Bank in
connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder, (iii) all out-of-pocket expenses incurred by the Administrative Agent, any Lender or the Issuing Bank (including the
fees, charges and disbursements of any counsel for the Administrative Agent, any Lender or the Issuing Bank), in connection with the enforcement or protection of its rights (a) in connection with this Agreement and the other Loan Documents,
including its rights under this Section 9.5, or (b) in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in
respect of such Loans or Letters of Credit, and (iv) any civil penalty or fine assessed by OFAC against, and all reasonable costs and expenses (including counsel fees and disbursements) incurred in connection with defense thereof by, the
Administrative Agent or any Lender as a result of conduct of the Borrower that violates a sanction enforced by OFAC. 
 9.5.2.
Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender, the Issuing Bank 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 any
Indemnitee or asserted against any Indemnitee by any Person (including the Borrower or any Guarantor) other than such Indemnitee and its Related Parties arising out of, in connection with, or as a result of (i) the execution or delivery of this
Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated
hereby or thereby, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection
with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of any toxic or hazardous waste or substance on or from any property owned or operated by the Borrower or any of
its Affiliates, or any environmental claim related in any way to the Borrower or any of its Affiliates, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on
contract, tort or any other theory, whether brought by a third party or by the Borrower or any of its Affiliates, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be
available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful
misconduct of such Indemnitee or (y) result from a claim brought by the Borrower or any of its Affiliates against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the
Borrower or such Affiliate has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction. This Section 9.5.2 shall not apply with respect to Taxes other than any Taxes that
represent losses, claims, damages or related liabilities or expenses arising from any non-Tax claim. 

  
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 9.5.3. Reimbursement by the Lenders. To the extent that the Borrower for any reason
fails to indefeasibly pay any amount required under Section 9.5.1 or 9.5.2 to be paid by it to the Administrative Agent (or any sub-agent thereof), the Issuing Bank, the Swingline Lender or any Related Party of any of the
foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), the Issuing Bank, the Swingline Lender or such Related Party, as the case may be, such Lender’s Applicable Percentage of such unpaid amount
(including any such unpaid amount in respect of a claim asserted by such Lender); provided that, with respect to such unpaid amounts owed to the Issuing Bank or the Swingline Lender solely in their respective capacities as such, only the
Lenders holding outstanding Loans shall be required to pay such unpaid amounts, such payment to be made severally among them based on each such Lender’s Applicable Percentage; provided further that the unreimbursed expense or
indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent), against the Issuing Bank or the Swingline Lender in their respective capacities
as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) or the Issuing Bank or the Swingline Lender in connection with such capacity. The obligations of the Lenders under this
Section 9.5.3 are subject to the provisions of Section 9.4. 
 9.5.4. Waiver of Consequential
Damages, Etc. To the fullest extent permitted by applicable law, the Borrower, each Guarantor and each Related Party of any of the foregoing persons shall not assert, and each hereby waives, any claim against any Indemnitee, on any theory of
liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated
hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit, or the use of the proceeds thereof. No Indemnitee referred to in Section 9.5.2 shall be liable for any damages arising from the use by unintended
recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems (including the Platform, Intralinks, SyndTrak or similar systems) in connection with this Agreement
or the other Loan Documents or the transactions contemplated hereby or thereby. 
 9.5.5. Payments. All amounts due under
this Section 9.5 shall be payable by the Borrower upon demand therefore. 
 9.5.6. Survival. Each
party’s obligations under this Section 9.5 shall survive the termination of the Loan Documents and payment of the obligations hereunder. 
 9.6. Numbers of Documents. All statements, notices, closing documents, and requests hereunder shall be furnished to the Administrative Agent with sufficient counterparts so that the Administrative
Agent may furnish one to each of the Lenders. 
 9.7. Accounting. Except as provided to the contrary herein, all
accounting terms used herein shall be interpreted and all accounting determinations hereunder shall be made in accordance with Agreement Accounting Principles. 
 9.8. Severability of Provisions. Any provision in any Loan Document that is held to be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be

  
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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 all Loan Documents are declared to be severable. 
 9.9. Nonliability of Lenders. The
relationship between the Borrower on the one hand and the Lenders and the Administrative Agent on the other hand shall be solely that of borrower and lender. Neither the Administrative Agent, the Joint Lead Arrangers, the Issuing Bank nor any Lender
shall have any fiduciary responsibilities to the Borrower. Neither the Administrative Agent, the Joint Lead Arrangers, the Issuing Bank nor any Lender undertakes any responsibility to the Borrower to review or inform the Borrower of any matter in
connection with any phase of the Borrower’s business or operations. The Borrower agrees that neither the Administrative Agent, the Joint Lead Arrangers, the Issuing Bank nor any Lender shall have liability to the Borrower (whether sounding in
tort, contract or otherwise) for losses suffered by the Borrower in connection with, arising out of, or in any way related to, the transactions contemplated and the relationship established by the Loan Documents, or any act, omission or event
occurring in connection therewith, unless it is determined in a final non-appealable judgment by a court of competent jurisdiction that such losses resulted from the gross negligence or willful misconduct of the party from which recovery is sought.
Neither the Administrative Agent, the Joint Lead Arrangers, the Issuing Bank nor any Lender shall have any liability with respect to, and the Borrower hereby waives, releases and agrees not to sue for, any special, indirect, consequential or
punitive damages suffered by the Borrower in connection with, arising out of, or in any way related to the Loan Documents or the transactions contemplated thereby. 
 9.10. Confidentiality. Each of the Administrative Agent, the Issuing Bank and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may
be disclosed (i) to its, its Affiliates’ and its Related Parties’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made
will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (ii) to the extent required by any regulatory authority, (iii) to the extent required by applicable laws or regulations
or by any subpoena or similar legal process, (iv) to any other party to this Agreement, (v) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights
hereunder, (vi) subject to an agreement containing provisions substantially the same as those of this Section, to (x) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations
under this Agreement or (y) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (vii) on a confidential basis to (x) any rating agency in
connection with rating the Borrower or its Subsidiaries or the facility or (y) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the facility, (viii) with the
consent of the Borrower or (ix) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, the Issuing Bank or any Lender on a
non-confidential basis from a source other than the Borrower. For the purposes of this Section, “Information” means all information received from the Borrower relating to the Borrower or its business, other than any such information
that is available to the Administrative Agent, the Issuing Bank or any Lender on a non-confidential basis prior to disclosure by the Borrower; provided that, in the case of information received from

  
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the Borrower after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided
in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential
information. 
 EACH LENDER ACKNOWLEDGES THAT INFORMATION (AS DEFINED ABOVE) FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY
INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL
HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS. 
 ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE
SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWER AND ITS AFFILIATES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES) AND ITS SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWER
AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW.

 9.11. Nonreliance. Each Lender hereby represents that it is not relying on or looking to any margin stock (as
defined in Regulation U of the Board of Governors of the Federal Reserve System) for the repayment of the Loans or the Letters of Credit provided for herein. 
 9.12. Disclosure. The Borrower and each Lender hereby acknowledge and agree that Wells Fargo and/or its Affiliates from time to time may hold investments in, make other loans to or have other
relationships with the Borrower and its Affiliates. 
 9.13. Interest Rate Limitation. Notwithstanding anything herein to
the contrary, if at any time the interest rate applicable to any Loan or LC Disbursement, together with all fees, charges and other amounts which are treated as interest on such Loan or LC Disbursement under applicable law (collectively the
“Charges”), shall exceed the maximum non-usurious interest rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan or participation in such LC
Disbursement in accordance with applicable law, the rate of interest payable in respect of such Loan or LC Disbursement 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 or LC Disbursement but were not payable as a result of the operation of this 

  
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Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or participations in LC Disbursements 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. 

ARTICLE X 

THE AGENT 
 10.1. Appointment and Authority. Each of the Lenders (for purposes of this Article X, references to the Lenders shall also mean the Issuing Bank and the Swingline Lender) hereby
irrevocably appoints Wells Fargo to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to
the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. Except as set forth in Section 10.6, the provisions of this Article X are solely for the
benefit of the Administrative Agent and the Lenders, and neither the Borrower nor any Guarantor shall have rights as a third-party beneficiary of any of such provisions. It is understood and agreed that the use of the term “agent” (or any
other similar term) herein or in any other Loan Document with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations under agency doctrine of any applicable law. Instead, such term is
used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties. 
 10.2. Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as
though it were not the Administrative Agent, and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent
hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the
Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders. 
 10.3. Exculpatory Provisions. 
 10.3.1. The Administrative Agent shall not
have any duties or obligations except those expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent:

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

(iii) shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and
shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity.

 10.3.2. The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at
the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 8.1
and 8.2), or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment. The Administrative Agent shall be deemed not to have
knowledge of any Unmatured Default or Default unless and until notice describing such Unmatured Default or Default is given to the Administrative Agent in writing by the Borrower or a Lender. 

10.3.3. The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement,
warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith,
(iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Unmatured Default or Default, (iv) the validity, enforceability, effectiveness or
genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items
expressly required to be delivered to the Administrative Agent. 
 10.4. Reliance by Administrative Agent. The
Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, internet or
intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone
and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension, renewal or increase of a
Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the Issuing Bank, the Administrative Agent may presume that such condition is satisfactory to such Lender or the Issuing Bank unless the Administrative Agent
shall have received notice to the contrary from such Lender or the Issuing Bank prior to the 

  
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making of such Loan or the issuance, extension, renewal or increase of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower),
independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

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

10.6. Resignation of Administrative Agent. 
 10.6.1. The Administrative Agent may at any time give notice of its resignation to the Lenders and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right,
in consultation with the Borrower, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the
Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective
Date”), then the retiring Administrative Agent may (but shall not be obligated to), on behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above. Regardless of whether a successor has been
appointed or has accepted such appointment, such resignation shall become effective in accordance with such note on the Resignation Effective Date. 
 10.6.2. If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (iv) of the definition thereof, the Required Lenders may, to the extent permitted by applicable law, by
notice in writing to the Borrower and such Person remove such Person as Administrative Agent and, in consultation with the Borrower, appoint a successor. If no such successor shall have been so appointed by the Required Lenders and shall have
accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the
Removal Effective Date. 
 10.6.3. With effect from the Resignation Effective Date or the Removal Effective Date, (i) the
retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any cash collateral held by the Administrative Agent on behalf of the Lenders or
the Issuing 

  
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Banks under any of the Loan Documents, the retiring or removed Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is
appointed) and (ii) except for any indemnity payments owed to the retiring or removed Administrative Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by
or to each Lender or the Issuing Bank, as applicable, directly, until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for in Section 10.6.1. Upon the acceptance of a successor’s
appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring or removed Administrative Agent (other than any rights to indemnity payments owed
to the retiring or removed Administrative Agent), and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents. The fees payable by the Borrower to a
successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring or removed Administrative Agent’s resignation or removal hereunder and
under the other Loan Documents, the provisions of this Article X and Section 9.5 shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and their respective Related Parties in
respect of any actions taken or omitted to be taken by any of them while the retiring or removed Administrative Agent was acting as Administrative Agent. 
 10.7. Non-Reliance on Administrative Agent and Other Lenders. Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of
their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance
upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or
based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. 

10.8. No Other Duties, etc. Anything herein to the contrary notwithstanding, none of the Joint Lead Arrangers, Syndication Agent,
Documentation Agent or other agents listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent or a
Lender hereunder. 
 10.9. Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding under
any Debtor Relief Law or any other judicial proceeding relative to the Borrower or any Guarantor, the Administrative Agent (irrespective of whether the principal of any Loan or LC Disbursement payment obligation shall then be due and payable as
herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise
(i) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, LC Disbursement payment obligations and all other Obligations that are owing and unpaid and to file such other documents
as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, 

  
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expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective agents, sub-agents and counsel and all other amounts due the Lenders and the Administrative
Agent under Sections 2.6 and 9.5) allowed in such judicial proceeding and (ii) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same. Any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent
to the making of such payments to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents, sub-agents and counsel, and any other
amounts due the Administrative Agent under Section 2.6 or 9.5. Notwithstanding anything in this Section 10.9 to the contrary, nothing contained herein shall be deemed to authorize the Administrative Agent to authorize
or consent to or accept or adopt on behalf of any Lender, the Issuing Bank or the Swingline Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender, the Issuing Bank or the
Swingline Lender or to authorize the Administrative Agent to vote in respect of the claim of any Lender, the Issuing Bank or the Swingline Lender. 
 10.10. Guaranty Matters. The Lenders hereby authorize the Administrative Agent, at its option and in its discretion, to release any Guarantor from its obligations under the Guaranty if such
Subsidiary (i) ceases to be a Subsidiary as a result of a transaction permitted under the Loan Documents; or (ii) no longer meets the criteria requiring such Subsidiary to provide such Guaranty under Section 6.22 (and the
Borrower provides the Administrative Agent with a written certificate, which shall be in reasonable detail, showing the basis for the determination that such Subsidiary is no longer a Material Domestic Subsidiary), provided that if such
Subsidiary shall at any time thereafter become a Material Domestic Subsidiary, such Subsidiary shall re-join the Guaranty in accordance with the provisions of Section 6.22. Upon request by the Administrative Agent at any time, the
Lenders will confirm in writing the Administrative Agent’s authority to release any Guarantor from its obligations under the Guaranty, pursuant to this Section 10.10. 

10.11. Issuing Bank and Swingline Lender. The provisions of this Article X (other than Section 10.2) shall
apply to the Issuing Bank and the Swingline Lender mutatis mutandis to the same extent as such provisions apply to the Administrative Agent. 
 ARTICLE XI 
 SETOFF; RATABLE PAYMENTS 

11.1. Setoff. If a Default shall have occurred and be continuing, each Lender, the Issuing Bank, and each of their respective
Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any
time held, and other obligations (in whatever currency) at any time owing, by such Lender, the Issuing Bank or any such Affiliate, to or for the credit or the account of any Loan Party against any and all of the obligations of such Loan Party now or
hereafter existing under this Agreement or any other Loan Document to such Lender or the Issuing Bank or their respective Affiliates, 

  
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irrespective of whether or not such Lender, Issuing Bank or Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations of such Loan Party
may be contingent or unmatured or are owed to a branch, office or Affiliate of such Lender or the Issuing Bank different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness; provided that in the event
that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.21 and,
pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the Issuing Bank, and the Lenders, and (y) the Defaulting Lender shall provide
promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, the Issuing Bank and their respective
Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, the Issuing Bank or their respective Affiliates may have. Each Lender and the Issuing Bank agrees to notify the Borrower
and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application. 

11.2. Ratable Payments. If any Lender, whether by setoff or otherwise, has payment made to it upon its Revolving Loans or
participations in LC Disbursements or Swingline Loans (other than payments received pursuant to Section 3.1, 3.2, 3.3, 3.4 or 3.5) in a greater proportion than that received by any other Lender, such Lender
agrees, promptly upon demand, to purchase a portion of the Revolving Loans held by the other Lenders so that after such purchase each Lender will hold its ratable proportion of Revolving Loans and participations in LC Disbursements and Swingline
Loans. If any Lender, whether in connection with setoff or amounts which might be subject to setoff or otherwise, receives collateral or other protection for its Obligations or such amounts which may be subject to setoff, such Lender agrees,
promptly upon demand, to take such action necessary such that all Lenders share in the benefits of such collateral ratably in proportion to their Loans and participations in LC Disbursements and Swingline Loans. In case any such payment is disturbed
by legal process, or otherwise, appropriate further adjustments shall be made. 
 ARTICLE XII 

ASSIGNMENTS; PARTICIPATIONS 
 12.1. Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted
hereby, except that neither the Borrower nor any Guarantor may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or
otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of Section 12.2, (ii) by way of participation in accordance with the provisions of
Section 12.4 or (iii) by way of pledge or assignment of a security interest subject to the restrictions of Section 12.5 (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing
in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns 

  
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permitted hereby, Participants to the extent provided in Section 12.4 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. 
 12.2. Assignments by
Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans (including for purposes of this
Section 12.2, participations in Letters of Credit and in Swingline Loans) at the time owing to it); provided that any such assignment shall be subject to the following conditions: 

12.2.1. Minimum Amounts. (A) in the case of an assignment of the entire remaining amount of the assigning Lender’s
Commitment and/or the Loans at the time owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned, or (B) in any case not described in clause (A) above, the
aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such
assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date) shall not
be less than (x) $5,000,000, in the case of any assignment in respect of its commitment to make Revolving Loans (which for this purpose includes Revolving Loans outstanding), or (y) its entire commitment to acquire participations in
Swingline Loans and the full amount of its outstanding Swingline Exposure, unless each of the Administrative Agent and, so long as no Unmatured Default or Default has occurred and is continuing, the Borrower otherwise consents (each such consent not
to be unreasonably withheld or delayed); 
 12.2.2. Proportionate Amounts. Each partial assignment shall be made as an
assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loan or the Commitment assigned. 
 12.2.3. Required Consents. No consent shall be required for any assignment except to the extent required by clause (B) of Section 12.2.1 and, in addition: 

(i) the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless
(y) an Unmatured Default or Default has occurred and is continuing at the time of such assignment or (z) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided that the Borrower shall be deemed to
have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five Business Days after having received notice thereof; 

(ii) the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required
for assignments in respect of a Commitment if such assignment is to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender; 

  
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 (iii) the consent of the Issuing Bank (such consent not to be unreasonably
withheld or delayed) shall be required for any assignment that increases the obligation of the assignee to participate in exposure under one or more Letters of Credit (whether or not then outstanding); and 

(iv) the consent of the Swingline Lender (such consent not to be unreasonably withheld or delayed) shall be required for
any assignment in respect of a Commitment. 
 12.2.4. Assignment and Assumption. The parties to each assignment shall
execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500 for each assignment and the assignee, if it is not a Lender, shall deliver to the Administrative Agent an
Administrative Questionnaire; provided that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. 

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

12.2.6. No Assignment to Natural Persons. No such assignment shall be made to a natural person. 

12.2.7. Certain Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender
hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount
sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrower and the
Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all
payment liabilities then owed by such Defaulting Lender to the Administrative Agent, the Issuing Bank, the Swingline Lender and each other Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) its full pro
rata share of all Loans and participations in Letters of Credit and Swingline Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender
hereunder shall become effective under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance
occurs. 
 Subject to acceptance and recording thereof by the Administrative Agent pursuant to Section 12.3, from and after the
effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under
this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by 

  
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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 Article III and Section 9.5 with respect to facts and circumstances occurring prior to the
effective date of such assignment; provided that, except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising
from such Lender’s having been a Defaulting Lender. If requested by or on behalf of the assignee, the Borrower, at its own expense, will execute and deliver to the Administrative Agent a new Note or Notes to the order of the assignee (and, if
the assigning Lender has retained any portion of its rights and obligations hereunder, to the order of the assigning Lender), prepared in accordance with the applicable provisions of Section 2.15 as necessary to reflect, after giving
effect to the assignment, the Commitments and/or outstanding Loans, as the case may be, of the assignee and (to the extent of any retained interests) the assigning Lender, in substantially the form of Exhibits C and/or D, as
applicable. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 12.2 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 Section 12.4. 
 12.3. Register. The Administrative Agent,
acting solely for this purpose as an agent of the Borrower, shall maintain at one of its offices in Charlotte, North Carolina a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of
the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans and LC Disbursements 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, the Issuing Bank 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. In addition, the Administrative Agent shall maintain on the Register information regarding the designation, revocation of designation, of any Lender as a Defaulting Lender. The Register shall be available for inspection
by each of the Borrower and the Issuing Bank, at any reasonable time and from time to time upon reasonable prior notice. 

12.4. Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent,
sell participations to any Person (other than a natural person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations
under this Agreement (including all or a portion of its Commitments and/or the Loans (including such Lender’s participations in Letters of Credit and Swingline Loans) owing to it); provided that (i) such Lender’s obligations
under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent, the Lenders, the Issuing
Bank and the Swingline Lender shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a
participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide
that such Lender 

  
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will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 8.2(i) that affects such Participant. The Borrower agrees
that each Participant shall be entitled to the benefits of Article III to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 12.2; provided that such Participant
(A) agrees to be subject to the provisions of Section 2.22 as if it were an assignee under Section 12.2 and (B) shall not be entitled to receive any greater payment under Section 3.1 or 3.5, with
respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the
applicable participation. Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 2.22 with respect to
any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 11.1 as though it were a Lender; provided that such Participant agrees to be subject to Section 11.2
as though it were a Lender. 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 the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of
the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans, Letters of Credit or its other obligations under any Loan Document) to any Person except to
the extent that such disclosure is necessary to establish such Commitment, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant
Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement. For the avoidance of doubt, the
Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 
 12.5. Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Notes, if any) to secure
obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such
pledgee or assignee for such Lender as a party hereto. 
 12.6. Dissemination of Information. Any Lender or participant
may, in connection with any assignment, participation, pledge or proposed assignment, participation or pledge pursuant to this Article XII, disclose to the assignee, Participant or pledgee or proposed assignee, Participant or pledgee any
information relating to the Borrower and its Subsidiaries furnished to it by or on behalf of any other party hereto; provided that such assignee, Participant or pledgee or proposed assignee, Participant or pledgee agrees in writing to keep
such information confidential to the same extent required of the Lenders under Section 9.10. 
 12.7. Resignation
as Issuing Bank. Notwithstanding anything to the contrary contained herein, if Wells Fargo assigns all of its Commitments and Revolving Loans in accordance with Article XII, Wells Fargo may resign as Issuing Bank upon thirty
(30) days’ prior written notice 

  
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to the Borrower and the Lenders. Upon any such notice of resignation, the Borrower shall have the right to appoint from among the Lenders a successor Issuing Bank; provided that no failure
by the Borrower to make such appointment shall affect the resignation of Wells Fargo as Issuing Bank. Wells Fargo shall retain all of the rights and obligations of the Issuing Bank hereunder with respect to all Letters of Credit issued by it and
outstanding as of the effective date of its resignation and all obligations of the Borrower and the Lenders with respect thereto (including the right to require the Lenders to make Revolving Loans or acquire participations in Letters of Credit and
Swingline Loans hereunder). 
 ARTICLE XIII 
 NOTICES; EFFECTIVENESS; ELECTRONIC COMMUNICATION 
 13.1. Notices
Generally. Except in the cases of notices and other communications expressly permitted to be given by telephone (and except as provided in Section 13.2), all notices and other communications provided for herein shall be in writing
and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile as follows: 
 (i) if to the Borrower, the Administrative Agent, the Issuing Bank or the Swingline Lender, to it at the address (or facsimile number) specified for such Person on Schedule 1.1(a); and 

(ii) if to any Lender, to it at its address (or facsimile number) set forth in its Administrative Questionnaire

 Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when
received; notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for
the recipient). Notices delivered through electronic communications, to the extent provided in Section 13.2, shall be effective as provided in Section 13.2. 

13.2. Electronic Communications. Notices and other communications to the Lenders and the Issuing Bank hereunder may be delivered
or furnished by electronic communication including e-mail or by posting such notices or communications on internet or intranet websites such as SyndTrak or a substantially similar electronic transmission system (the “Platform”)
pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices to any Lender or the Issuing Bank pursuant to Article II if such Lender or the Issuing Bank, as applicable, has
notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it
hereunder by electronic communication pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications. Unless the Administrative Agent otherwise prescribes,
(i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as
available, return e-

  
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mail or other written acknowledgement), and (ii) notices or other communications posted to an internet or intranet website shall be deemed received upon the deemed receipt by the intended
recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and
(ii) above, if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the
recipient. 
 13.3. Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” The Agent Parties
do not warrant the adequacy of the platform and expressly disclaim liability for errors or omissions in the communications effected thereby. No warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness
for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with any such communications or the Platform. In no event shall the Administrative Agent or any
of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower or any Guarantor, any Lender or any other Person or entity for damages of any kind, including direct or indirect, special, incidental or
consequential damages, losses or expenses (whether in tort, contract or otherwise), arising out of the Borrower’s, any Guarantor’s or the Administrative Agent’s transmission of any notices or communications through the Platform, other
than for direct or actual damages resulting from the gross negligence or willful misconduct of such Agent Party as determined by a final and nonappealable judgment of a court of competent jurisdiction. 

13.4. Change of Address. The Borrower, the Administrative Agent and any Lender may each change the address for service of notice
upon it by a notice in writing to the other parties hereto. 
 ARTICLE XIV 

COUNTERPARTS; INTEGRATION; EFFECTIVENESS; ELECTRONIC EXECUTION 

14.1. Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in
different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents, and any separate letter agreements with respect to fees
payable to the Administrative Agent, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.
Except as provided in Section 4.1, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together,
bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a
manually executed counterpart of this Agreement. 
 14.2. Electronic Signatures. The words “execution,”
“signed,” “signature,” and words of like import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal

  
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effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law,
including the Federal Electronic Signatures in Global and National Commerce Act or any state laws based on the Uniform Electronic Transactions Act. 
 ARTICLE XV 
 CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY
TRIAL 
 15.1. Governing Law. This Agreement and the other Loan Documents and any claims, controversy, dispute or
cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Agreement or any other Loan Document (except, as to any other Loan Document, except as expressly set forth therein) shall be governed by, and
construed in accordance with, the law of the State of New York (including Sections 5-1401 and 5-1402 of the New York General Obligations Law, but excluding all other choice of law and conflicts of law rules); provided that each Letter of
Credit shall be governed by, and construed in accordance with, the laws or rules designated in such Letter of Credit or application therefor or, if no such laws or rules are designated, the International Standby Practices of the International
Chamber of Commerce, as in effect from time to time (the “ISP”), and, as to matters not governed by the ISP, the laws of the State of New York (including Sections 5-1401 and 5-1402 of the New York General Obligations Law, but
excluding all other choice of law and conflicts of law rules). 
 15.2. Jurisdiction. Each of the parties hereto
irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the courts of the State of New York sitting in New York County and of the United States District Court of the for the Southern District of New
York and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto irrevocably and
unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the fullest extent permitted by applicable law, in such Federal court. Each of the parties hereto
agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or in any other Loan Document
shall affect any right that the Administrative Agent, the Issuing Bank 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 any other Loan Party or its
properties in the courts of any jurisdiction. 
 15.3. Waiver of Venue. The Borrower irrevocably and unconditionally
waives, to the fullest extent permitted by applicable law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court
referred to in Section 15.3. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 15.4. Service of Process. Each party hereto irrevocably consents to service of process in the manner provided for
notices in Section 13.1. Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable law 

  
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 15.5. Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT
OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION. 
 15.6. PATRIOT Act Notice. Each Lender that is subject to the PATRIOT Act and the
Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the PATRIOT Act, it is required to obtain, verify and record information that identifies each Loan Party, which
information includes the name and address of each Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify each Loan Party in accordance with the PATRIOT Act. 

[Signature pages follow] 

  
 Page 78 of 78

 IN WITNESS WHEREOF, the Borrower, the Lenders and the Administrative Agent have executed
this Agreement as of the date first above written. 
  

			
	SEI INVESTMENTS COMPANY
		
	By:	 	 /s/ Dennis J. McGonigle

	Name:	 	Dennis J. McGonigle
	Title:	 	Chief Financial Officer
	
	WELLS FARGO BANK, NATIONAL
ASSOCIATION, as Administrative Agent,
Swingline Lender, Issuing Bank and Lender
		
	By:	 	 /s/ Grainne Pergolini

	Name:	 	Grainne Pergolini
	Title:	 	Director
	
	U.S. BANK NATIONAL ASSOCIATION, as
Syndication Agent and Lender
		
	By:	 	 /s/ Patrick Engel

	Name:	 	Patrick Engel
	Title:	 	Vice President
	
	CITIZENS BANK OF PENNSYLVANIA, as
Documentation Agent and Lender
		
	By:	 	 /s/ Dale R. Carr

	Name:	 	Dale R. Carr
	Title:	 	Senior Vice President
	
	MANUFACTURERS AND TRADERS TRUST
COMPANY, as Documentation Agent and Lender
		
	By:	 	 /s/ Erik Zeppuher

	Name:	 	Erik Zeppuher
	Title:	 	Vice President

 SIGNATURE PAGE TO SEI INVESTMENTS
COMPANY 
 CREDIT AGREEMENT 

			
	BANK OF AMERICA, N.A., as Lender
		
	By:	 	 /s/ Phillip P. Whewell

	Name:	 	Phillip P. Whewell
	Title:	 	Assistant Vice President
	
	THE BANK OF NEW YORK MELLON, as Lender
		
	By:	 	 /s/ Richard G. Shaw

	Name:	 	Richard G. Shaw
	Title:	 	Vice President

 SIGNATURE PAGE TO SEI INVESTMENTS
COMPANY 
 CREDIT AGREEMENT 

 PRICING SCHEDULE 

 

																	
	 APPLICABLE MARGIN
	  	LEVEL I
STATUS	 	 	LEVEL II
STATUS	 	 	LEVEL III
STATUS	 	 	LEVEL IV
STATUS	 
	 LIBOR Rate Loans
	  	 	1.250	% 	 	 	1.500	% 	 	 	1.750	% 	 	 	2.000	% 
	 Base Rate Loans
	  	 	0.250	% 	 	 	0.500	% 	 	 	0.750	% 	 	 	1.000	% 

  

																	
	 APPLICABLE FEE RATE
	  	LEVEL I
STATUS	 	 	LEVEL II
STATUS	 	 	LEVEL III
STATUS	 	 	LEVEL IV
STATUS	 
	 Commitment Fee
	  	 	0.150	% 	 	 	0.200	% 	 	 	0.250	% 	 	 	0.300	% 

 For the purposes of this Schedule, the following terms have the following meanings, subject to the final
paragraph of this Schedule: 
 “Financials” means the annual or quarterly financial statements of the Borrower
delivered pursuant to the Credit Agreement. 
 “Level I Status” exists at any date if, as of the last day of
the fiscal quarter of the Borrower referred to in the most recent Financials, the Leverage Ratio is less than or equal to 0.50 to 1.00. 
 “Level II Status” exists at any date if, as of the last day of the fiscal quarter of the Borrower referred to in the most recent Financials, (i) the Borrower has not qualified for
Level I Status and (ii) the Leverage Ratio is less than or equal to 1.00 to 1.00. 
 “Level III Status”
exists at any date if, as of the last day of the fiscal quarter of the Borrower referred to in the most recent Financials, (i) the Borrower has not qualified for Level I Status or Level II Status and (ii) the Leverage Ratio is less than or
equal to 1.50 to 1.00. 
 “Level IV Status” exists at any date if the Borrower has not qualified for Level I
Status, Level II Status or Level III Status. 
 “Status” means Level I Status, Level II Status, Level III
Status or Level IV Status. 
 The Applicable Margins and Applicable Fee Rates shall be determined in accordance with the
foregoing table based on the Borrower’s Status as reflected in the then most recent Financials. Adjustments, if any, to the Applicable Margins or Applicable Fee Rates shall be effective five Business Days after the Administrative Agent has
received the applicable Financials. If the Borrower fails to deliver the Financials to the Administrative Agent at the time required pursuant to the Credit Agreement, then the Applicable Margins and Applicable Fee Rates shall be the highest
Applicable Margins and Applicable Fee Rates set forth in the foregoing table until five days after such Financials are so delivered. Until further adjusted as provided above, Level I Status shall be deemed to exist. 

 SCHEDULE 1.1(A) 

Commitments and Notice Addresses 
 Commitments 
  

					
	 Lender
	  	Commitment	 
	 Wells Fargo Bank, National Association
	  	$	70,000,000	  
	 U.S. Bank National Association
	  	$	70,000,000	  
	 Citizens Bank of Pennsylvania
	  	$	55,000,000	  
	 Manufacturers and Traders Trust Company
	  	$	40,000,000	  
	 Bank of America, N.A.
	  	$	35,000,000	  
	 The Bank of New York Mellon
	  	$	30,000,000	  
		  	  
	  
	 
	 Total
	  	$	300,000,000	  
		  	  
	  
	 

 Notice Addresses 
 Borrower: 
 SEI Investments Company 

1 Freedom Valley Drive 
 Oaks, Pennsylvania 19456 
 Attention: Dennis J. McGonigle, Chief Financial Officer

 Telephone: (610) 676-1620 
 Facsimile: (484) 676-1620 
 Wells Fargo Bank, National Association as Administrative
Agent: 
 Wells Fargo Bank, National Association 
 1525 W. W.T. Harris Blvd 
 Mail Code: D1109-019 

Charlotte, North Carolina 28262 
 Attention: Syndication Agency Services 
 Telephone: (704) 590-2706 

Facsimile: (704) 590-2790 
 E-mail: agencyservices.requests@wellsfargo.com 
 Wells Fargo Bank, National Association
as Issuing Bank and Swingline Lender: 
 Wells Fargo US Corporate Banking 

One South Broad Street 
 Philadelphia, PA 19107 
 Y1375-080 

 Attention: Grainne Pergolini 

Telephone: (267) 321-6205 
 Facsimile: (267) 321-7021 
 E-mail: grainne.pergolini@wachovia.com

 Instructions for wire transfers to the Administrative Agent: 
 Wells Fargo Bank, N.A. 
 Charlotte, NC 

ABA: 121000248 

Acct: 01104331628807 
 Acct Name: Agency Services Clearing A/C 
 Ref: SEI Investments Company 

Attn: Financial Cash Controls 
 [Other Schedules and Exhibits Intentionally Omitted]

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