Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

NEW TERM LOAN CREDIT AGREEMENT 

Dated as of July 22, 2020 

among 
 CPQ MIDCO I CORPORATION,

 as Holdings, 
 PQ CORPORATION,

 as the Parent Borrower, 
 ECO
SERVICES OPERATIONS CORP., 
 as a Borrower, 

THE FINANCIAL INSTITUTIONS PARTY HERETO, 

as Lenders, 
 CREDIT SUISSE AG,
CAYMAN ISLANDS BRANCH, 
 as Administrative Agent and Collateral Agent 

and 
 CITIBANK, N.A., CREDIT
SUISSE LOAN FUNDING LLC, 
 BOFA SECURITIES, INC., DEUTSCHE BANK SECURITIES INC., 

GOLDMAN SACHS BANK USA, JEFFERIES FINANCE LLC, 

JPMORGAN CHASE BANK, N.A., KEYBANC CAPITAL MARKETS INC. 

MORGAN STANLEY SENIOR FUNDING, INC., and SUNTRUST ROBINSON HUMPHREY, INC., 

as Joint Lead Arrangers 
 and Joint
Bookrunners 
  
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE 1	 
	
	DEFINITIONS	 
			
	 Section 1.01
	 	 Defined Terms
	  	 	1	
	 Section 1.02
	 	 Classification of Loans and Borrowings
	  	 	55	
	 Section 1.03
	 	 Terms Generally
	  	 	55	
	 Section 1.04
	 	 Accounting Terms; GAAP
	  	 	56	
	 Section 1.05
	 	 Effectuation of Transactions
	  	 	57	
	 Section 1.06
	 	 Timing of Payment of Performance
	  	 	57	
	 Section 1.07
	 	 Times of Day
	  	 	57	
	 Section 1.08
	 	 Currency Generally
	  	 	57	
	 Section 1.09
	 	 Cashless Rollovers
	  	 	58	
	 Section 1.10
	 	 Certain Calculations and Tests
	  	 	58	
	 Section 1.11
	 	 Rounding
	  	 	59	
	 Section 1.12
	 	 Divisions
	  	 	59	
	
	ARTICLE 2	 
	
	THE CREDITS	 
			
	 Section 2.01
	 	 Commitments
	  	 	60	
	 Section 2.02
	 	 Loans and Borrowings
	  	 	60	
	 Section 2.03
	 	 Requests for Borrowings
	  	 	61	
	 Section 2.04
	 	 [Reserved]
	  	 	62	
	 Section 2.05
	 	 [Reserved
	  	 	62	
	 Section 2.06
	 	 [Reserved
	  	 	62	
	 Section 2.07
	 	 Funding of Borrowings
	  	 	62	
	 Section 2.08
	 	 Type; Interest Elections
	  	 	62	
	 Section 2.09
	 	 Termination and Reduction of Commitments
	  	 	64	
	 Section 2.10
	 	 Repayment of Loans; Evidence of Debt
	  	 	64	
	 Section 2.11
	 	 Prepayment of Loans
	  	 	65	
	 Section 2.12
	 	 Fees
	  	 	69	
	 Section 2.13
	 	 Interest
	  	 	70	
	 Section 2.14
	 	 Alternate Rate of Interest
	  	 	71	
	 Section 2.15
	 	 Increased Costs
	  	 	72	
	 Section 2.16
	 	 Break Funding Payments
	  	 	73	
	 Section 2.17
	 	 Taxes
	  	 	74	
	 Section 2.18
	 	 Payments Generally; Allocation of Proceeds; Sharing of Payments
	  	 	77	
	 Section 2.19
	 	 Mitigation Obligations; Replacement of Lenders
	  	 	79	
	 Section 2.20
	 	 Illegality
	  	 	80	
	 Section 2.21
	 	 Defaulting Lenders
	  	 	81	
	 Section 2.22
	 	 Incremental Facilities
	  	 	82	
	 Section 2.23
	 	 Extensions of Loans and Additional Revolving Commitments
	  	 	85	
	 Section 2.24
	 	 Borrower Representative; Joint and Several Obligations of the Borrowers
	  	 	88	

  
 -i- 

							
	 	 	 	  	Page	 
	ARTICLE 3	 
	
	REPRESENTATIONS AND WARRANTIES	 
			
	 Section 3.01
	 	 Organization; Powers
	  	 	89	
	 Section 3.02
	 	 Authorization; Enforceability
	  	 	89	
	 Section 3.03
	 	 Governmental Approvals; No Conflicts
	  	 	89	
	 Section 3.04
	 	 Financial Condition; No Material Adverse Effect
	  	 	89	
	 Section 3.05
	 	 Properties
	  	 	90	
	 Section 3.06
	 	 Litigation and Environmental Matters
	  	 	90	
	 Section 3.07
	 	 Compliance with Laws
	  	 	91	
	 Section 3.08
	 	 Investment Company Status
	  	 	91	
	 Section 3.09
	 	 Taxes
	  	 	91	
	 Section 3.10
	 	 ERISA
	  	 	91	
	 Section 3.11
	 	 Disclosure
	  	 	91	
	 Section 3.12
	 	 Solvency
	  	 	91	
	 Section 3.13
	 	 Capitalization and Subsidiaries
	  	 	92	
	 Section 3.14
	 	 Security Interest in Collateral
	  	 	92	
	 Section 3.15
	 	 Labor Disputes
	  	 	92	
	 Section 3.16
	 	 Federal Reserve Regulations
	  	 	92	
	 Section 3.17
	 	 Economic and Trade Sanctions and Anti-Corruption Laws
	  	 	92	
	
	ARTICLE 4	 
	
	CONDITIONS	 
			
	 Section 4.01
	 	 Closing Date
	  	 	93	
	
	ARTICLE 5	 
	
	AFFIRMATIVE COVENANTS	 
			
	 Section 5.01
	 	 Financial Statements and Other Reports
	  	 	95	
	 Section 5.02
	 	 Existence
	  	 	98	
	 Section 5.03
	 	 Payment of Taxes
	  	 	98	
	 Section 5.04
	 	 Maintenance of Properties
	  	 	98	
	 Section 5.05
	 	 Insurance
	  	 	99	
	 Section 5.06
	 	 Inspections
	  	 	99	
	 Section 5.07
	 	 Maintenance of Book and Records
	  	 	99	
	 Section 5.08
	 	 Compliance with Laws
	  	 	99	
	 Section 5.09
	 	 Environmental
	  	 	100	
	 Section 5.10
	 	 Designation of Subsidiaries
	  	 	101	
	 Section 5.11
	 	 Use of Proceeds
	  	 	101	
	 Section 5.12
	 	 Covenant to Guarantee Obligations and Give Security
	  	 	102	
	 Section 5.13
	 	 Maintenance of Ratings
	  	 	103	
	 Section 5.14
	 	 Post-Closing Matters
	  	 	103	
	 Section 5.15
	 	 Further Assurances
	  	 	103	

  
 -ii- 

							
	 	 	 	  	Page	 
	ARTICLE 6	  

	
	NEGATIVE COVENANTS	 
			
	 Section 6.01
	 	 Indebtedness
	  	 	104	
	 Section 6.02
	 	 Liens
	  	 	109	
	 Section 6.03
	 	 No Further Negative Pledges
	  	 	113	
	 Section 6.04
	 	 Restricted Payments; Certain Payments of Indebtedness
	  	 	114	
	 Section 6.05
	 	 Restrictions on Subsidiary Distributions
	  	 	119	
	 Section 6.06
	 	 Investments
	  	 	120	
	 Section 6.07
	 	 Fundamental Changes; Disposition of Assets
	  	 	124	
	 Section 6.08
	 	 Sale and Lease-Back Transactions
	  	 	127	
	 Section 6.09
	 	 Transactions with Affiliates
	  	 	128	
	 Section 6.10
	 	 Conduct of Business
	  	 	129	
	 Section 6.11
	 	 Amendments or Waivers of Organizational Documents
	  	 	130	
	 Section 6.12
	 	 Amendments of or Waivers with Respect to Restricted Debt
	  	 	130	
	 Section 6.13
	 	 Fiscal Year
	  	 	130	
	 Section 6.14
	 	 Permitted Activities of Holdings
	  	 	130	
	
	ARTICLE 7	  

	
	EVENTS OF DEFAULT	 
			
	 Section 7.01
	 	 Events of Default
	  	 	132	
	
	ARTICLE 8	  

	
	THE ADMINISTRATIVE AGENT	 
	
	ARTICLE 9	  

	
	MISCELLANEOUS	 
			
	 Section 9.01
	 	 Notices
	  	 	142	
	 Section 9.02
	 	 Waivers; Amendments
	  	 	144	
	 Section 9.03
	 	 Expenses; Indemnity
	  	 	150	
	 Section 9.04
	 	 Waiver of Claim
	  	 	151	
	 Section 9.05
	 	 Successors and Assigns
	  	 	152	
	 Section 9.06
	 	 Survival
	  	 	159	
	 Section 9.07
	 	 Counterparts; Integration; Effectiveness
	  	 	160	
	 Section 9.08
	 	 Severability
	  	 	160	
	 Section 9.09
	 	 Right of Setoff
	  	 	160	
	 Section 9.10
	 	 Governing Law; Jurisdiction; Consent to Service of Process
	  	 	160	
	 Section 9.11
	 	 Waiver of Jury Trial
	  	 	161	
	 Section 9.12
	 	 Headings
	  	 	162	
	 Section 9.13
	 	 Confidentiality
	  	 	162	
	 Section 9.14
	 	 No Fiduciary Duty
	  	 	163	
	 Section 9.15
	 	 Several Obligations
	  	 	163	
	 Section 9.16
	 	 USA PATRIOT Act
	  	 	163	
	 Section 9.17
	 	 Disclosure
	  	 	164	
	 Section 9.18
	 	 Appointment for Perfection
	  	 	164	

  
 -iii- 

							
	 	 	 	  	Page	 
	 Section 9.19
	 	 Interest Rate Limitation
	  	 	164	
	 Section 9.20
	 	 Acknowled
	  	 	164	
	 Section 9.21
	 	 Conflicts
	  	 	165	
	 Section 9.22
	 	 Release of Loan Parties
	  	 	165	
	 Section 9.23
	 	 Certain ERISA Matters.
	  	 	165	
	 Section 9.24
	 	 Undesignation of a Borrower
	  	 	167	
	 Section 9.25
	 	 Acknowledgement Regarding Any Supported QFCs.
	  	 	167	

  

					
	 SCHEDULES:
	 		    	
			
	 Schedule 1.01(a)
	 	–	    	Commitment Schedule
	 Schedule 1.01(b)
	 	–	    	Material Real Estate Assets
	 Schedule 1.01(c)
	 	–	    	Specified Lease Transactions
	 Schedule 1.01(d)
	 	–	    	Specified Closing Date Properties
	 Schedule 3.05
	 	–	    	Fee Owned Real Estate Assets
	 Schedule 3.13
	 	–	    	Subsidiaries
	 Schedule 5.10
	 	–	    	Unrestricted Subsidiaries
	 Schedule 6.01
	 	–	    	Existing Indebtedness
	 Schedule 6.02
	 	–	    	Existing Liens
	 Schedule 6.06
	 	–	    	Existing Investments
	 Schedule 6.08
	 	–	    	Sale and Leaseback Transactions
	 Schedule 9.01
	 	–	    	Borrower’s Website Address for Electronic Delivery
			
	 EXHIBITS:
	 		    	
			
	 Exhibit A-1
	 	–	    	Form of Assignment and Assumption
	 Exhibit A-2
	 	–	    	Form of Affiliated Lender Assignment and Assumption
	 Exhibit B
	 	–	    	Form of Borrowing Request
	 Exhibit C
	 	–	    	Form of Compliance Certificate
	 Exhibit D
	 	–	    	Form of Interest Election Request
	 Exhibit E
	 	–	    	Form of Perfection Certificate
	 Exhibit F
	 	–	    	Form of Perfection Certificate Supplement
	 Exhibit G
	 	–	    	Form of Promissory Note
	 Exhibit H-1
	 	–	    	Form of Trademark Security Agreement
	 Exhibit H-2
	 	–	    	Form of Patent Security Agreement
	 Exhibit H-3
	 	–	    	Form of Copyright Security Agreement
	 Exhibit I
	 	–	    	Form of Guaranty Agreement
	 Exhibit J
	 	–	    	Form of Security Agreement
	 Exhibit K-1
	 	–	    	Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	 Exhibit K-2
	 	–	    	Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	 Exhibit K-3
	 	–	    	Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
	 Exhibit K-4
	 	–	    	Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
	 Exhibit L
	 	–	    	Form of Solvency Certificate
	 Exhibit M
	 	–	    	Form of Global Intercompany Note

  
 -iv- 

 NEW TERM LOAN CREDIT AGREEMENT 

NEW TERM LOAN CREDIT AGREEMENT, dated as of July 22, 2020 (this “Agreement”), by and among CPQ Midco I Corporation, a
Delaware corporation (“Holdings”), PQ Corporation, a Pennsylvania corporation (“PQ” or the “Parent Borrower”), Eco Services Operations Corp., a Delaware corporation (“Eco Services”;
and, together with the Parent Borrower, collectively, the “Borrowers” and each, a “Borrower”), the Lenders from time to time party hereto and Credit Suisse AG, Cayman Islands Branch (“Credit
Suisse”), in its capacities as administrative agent and collateral agent for the Lenders (the “Administrative Agent”); with Citibank, N.A. (“Citi”), Credit Suisse Loan Funding LLC, BofA Securities, Inc.,
Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Jefferies Finance LLC, JPMorgan Chase Bank, N.A, Keybanc Capital Markets Inc., Morgan Stanley Senior Funding, Inc. and Suntrust Robinson Humphrey, Inc., as joint lead arrangers and joint
bookrunners (in such capacities, collectively, the “Arrangers”). 
 RECITALS 

A.    The Borrowers have requested that, upon satisfaction (or waiver) of the conditions precedent set forth in
Section 4.01, the Lenders make available to the Borrowers a $650.0 million term loan facility, the proceeds of which, together with the proceeds from the issuance of senior unsecured notes in a Rule 144A or other private placement (and, at
the Borrowers’ option, cash on hand) will be used to consummate the Refinancing (as defined below). 
 B.    The
Lenders are willing to extend such credit to the Borrowers on the terms and subject to the conditions set forth herein. Accordingly, the parties hereto agree as follows: 

ARTICLE 1 
 DEFINITIONS 

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

 “ABL Administrative Agent” means Citi in its capacity as administrative agent and collateral agent under the ABL
Facility Documentation, or any successor administrative agent and collateral agent under the ABL Facility Documentation. 
 “ABL
Collateral” means “ABL Priority Collateral” as defined in the ABL Intercreditor Agreement. 
 “ABL Credit
Agreement” means that certain ABL Credit Agreement, dated as of the Existing Credit Agreement Closing Date, by and among Holdings, PQ, the other borrowers and guarantors party thereto, the lenders party thereto in their capacities as
lenders thereunder and the ABL Administrative Agent and the other agents party thereto and any amendments, restatements, amendments and restatements, supplements, refinancings, renewals, extensions or modifications thereof. 

“ABL Facility” means the credit facility governed by the ABL Credit Agreement and any Refinancing Indebtedness that
refinances or replaces any part of the loans, notes, guarantees, other credit facilities or commitments thereunder. 
 “ABL Facility
Documentation” means the ABL Facility and all related notes, collateral documents, letters of credit and guarantees, instruments and agreements executed in connection therewith, and any appendices, exhibits or schedules to any of the
foregoing (as the same may be in effect from time to time). 

 “ABL Intercreditor Agreement” means the ABL Intercreditor Agreement dated
as of the Existing Credit Agreement Closing Date, by and among the Existing Credit Agreement Administrative Agent, the ABL Administrative Agent and, after giving effect to the ABL Intercreditor Agreement Joinder, the Administrative Agent and the
other parties thereto from time to time and acknowledged by PQ, as amended, restated, amended and restated, supplemented or otherwise modified from time to time. 

“ABL Intercreditor Agreement Joinder” means the joinder agreement to the ABL Intercreditor Agreement, dated as of the date
hereof, by and among, the Administrative Agent, the Existing Credit Agreement Administrative Agent and the ABL Administrative Agent, and acknowledged by PQ. 

“ABL Loans” shall mean the revolving loans under the ABL Facility. 

“ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing,
bears interest at a rate determined by reference to the Alternate Base Rate. 
 “ABR Loan” means a Loan bearing interest at
a rate determined by reference to the Alternate Base Rate. 
 “Acceptable Intercreditor Agreement” means the Intercreditor
Agreements, a Market Intercreditor Agreement or another intercreditor agreement that is reasonably satisfactory to the Parent Borrower and the Administrative Agent. 

“ACH” means automated clearing house transfers. 

“Additional Agreement” has the meaning assigned to such term in Article 8. 

“Additional Commitments” means any commitments hereunder added pursuant to Section 2.22,
2.23 or 9.02(c). 
 “Additional Lender” has the meaning assigned to such term in
Section 2.22(b). 
 “Additional Loans” means the Additional Revolving Loans and the Additional
Term Loans. 
 “Additional Revolving Commitments” means any revolving credit commitment added pursuant to
Section 2.22, 2.23 or 9.02(c)(ii). 
 “Additional Revolving Facility” means any
revolving credit facility added pursuant to Section 2.22, 2.23 or 9.02(c)(ii). 

“Additional Revolving Loans” means any revolving loan made hereunder pursuant to any Additional Revolving Commitments. 

“Additional Term Commitments” means any term commitment added pursuant to Section 2.22, 2.23
or 9.02(c)(i). 

  
 -2- 

 “Additional Term Loans” means any term loan added pursuant to
Section 2.22, 2.23 or 9.02(c)(i). 
 “Administrative Agent” has the meaning
assigned to such term in the preamble to this Agreement. 
 “Administrative Agent Fee Letter” means that certain
Administrative Agent Fee Letter, dated as of June 22, 2020 by and among, inter alias, the Parent Borrower and Credit Suisse. 

“Administrative Questionnaire” means a customary administrative questionnaire in the form provided by the Administrative
Agent. 
 “Adverse Proceeding” means any action, suit, proceeding (whether administrative, judicial or otherwise),
governmental investigation or arbitration (whether or not purportedly on behalf of Holdings, the Parent Borrower or any of their respective Restricted Subsidiaries) at law or in equity, or before or by any Governmental Authority, domestic or foreign
(including any Environmental Claim), whether pending or, to the knowledge of Holdings, the Parent Borrower or any of their respective Restricted Subsidiaries, threatened in writing, against or affecting Holdings, the Parent Borrower or any of their
respective Restricted Subsidiaries or any property of Holdings, the Parent Borrower or any of their respective Restricted Subsidiaries. 

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

“Affiliate” means, as applied to any Person, any other Person directly or indirectly Controlling, Controlled by, or under
common Control with, that Person. No Person shall be an “Affiliate” solely because it is an unrelated portfolio company of the Sponsor and none of the Administrative Agent, the Arrangers, any Lender (other than any Affiliated Lender or any
Debt Fund Affiliate) or any of their respective Affiliates shall be considered an Affiliate of Holdings or any subsidiary thereof. For purposes of the Loan Documents, Jefferies Finance LLC and its Affiliates shall be deemed to be
“Affiliates” of Jefferies LLC and its Affiliates. 
 “Affiliated Lender” means any
Non-Debt Fund Affiliate, Holdings, any Borrower and/or any subsidiary of Holdings. 

“Affiliated Lender Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Affiliated
Lender (with the consent of any party whose consent is required by Section 9.05) and accepted by the Administrative Agent in the form of Exhibit A-2 or any
other form approved by the Administrative Agent and the Parent Borrower. 
 “Affiliated Lender Cap” has the meaning
assigned to such term in Section 9.05(g)(iv). 
 “Agreement” has the meaning assigned to such
term in the preamble to this Credit Agreement. 
 “Alternate Base Rate” means, for any day, a rate per annum equal to the
highest of (a) the Federal Funds Effective Rate in effect on such day plus 0.50%, (b) to the extent ascertainable, the Published LIBO Rate (which rate shall be calculated based upon an Interest Period of one month and shall be determined
on a daily basis) plus 1.00%; provided that for the purpose of this clause (b), the Published LIBO Rate for any day shall be based on the rate determined on such day at approximately 11 a.m. (London time) by reference to the
rate of interest appearing on Reuters Screen LIBOR01 Page (or on any 

  
 -3- 

 
successor or substitute page of such service as determined by the Administrative Agent), (c) the Prime Rate and (d) 2.00%. Any change in the Alternate Base Rate due to a change in the Prime
Rate, the Federal Funds Effective Rate or the Published LIBO Rate, as the case may be, shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Published LIBO Rate, as the
case may be. 
 “Applicable Percentage” means, with respect to any Lender for any Class, a percentage equal to a fraction
the numerator of which is the aggregate outstanding principal amount of the Loans and unused Additional Commitments of such Lender for such Class and the denominator of which is the aggregate outstanding principal amount of the Loans and unused
Commitments of all Lenders for such Class; provided that for purposes of Section 2.21 and otherwise herein, when there is a Defaulting Lender, any such Defaulting Lender’s Commitment shall be disregarded in the
relevant calculations. 
 “Applicable Rate” means, for any day, 

(a)    with respect to Initial Term Loans, the rate per annum applicable to the relevant Class of Loans set forth
below: 
  

			
	 ABR Spread for

Term Loans
	  	 LIBO Rate Spread for

Term Loans

	 2.00%
	  	3.00%

 (b)    with respect to any Additional Loan of any Class, the rate or rates per annum
specified in the applicable Refinancing Amendment, Incremental Facility, or Extension Amendment. 
 “Approved Fund” means,
with respect to any Lender, any Person (other than a natural person) that is engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities and is
administered, advised or managed by (a) such Lender, (b) any Affiliate of such Lender or (c) any entity or any Affiliate of any entity that administers, advises or manages such Lender. 

“Arrangers” has the meaning assigned to such term in the preamble to this Agreement. 

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of
any party whose consent is required by Section 9.05), and accepted by the Administrative Agent in the form of Exhibit A-1 or any other form approved by the
Administrative Agent and the Parent Borrower. 
 “Available Amount” means, at any time, an amount equal to, without
duplication: 
 (a)    the sum of: 

(i)    $75,000,000; plus 

(ii)    if positive, the CNI Growth Amount; provided that the CNI Growth Amount shall not be
available for any Restricted Payment pursuant to Section 6.04(a)(iii)(A) unless no Event of Default then exists; plus 

  
 -4- 

 (iii)    the amount of any capital contributions or
other proceeds of any issuance of Capital Stock after the Existing Credit Agreement Closing Date (other than any amounts (x) constituting a Cure Amount or an Available Excluded Contribution Amount or proceeds of an issuance of Disqualified
Capital Stock, (y) received from the Parent Borrower or any Restricted Subsidiary or (z) incurred from the proceeds of any loan or advance made pursuant to Section 6.06(h)(ii) of this Agreement (or, if prior to
the Closing Date, the Existing Credit Agreement)) received as Cash equity by a Borrower or any of its Restricted Subsidiaries, plus the fair market value, as reasonably determined by the Parent Borrower, of Cash Equivalents, marketable
securities or other property received by the Parent Borrower or any Restricted Subsidiary as a capital contribution or in return for any issuance of Capital Stock (other than any amounts (x) constituting a Cure Amount or an Available Excluded
Contribution Amount or proceeds of any issuance of Disqualified Capital Stock or (y) received from the Parent Borrower or any Restricted Subsidiary), in each case, during the period from and including the day immediately following the Existing
Credit Agreement Closing Date through and including such time; plus 
 (iv)    the aggregate
principal amount of any Indebtedness or Disqualified Capital Stock, in each case, of the Parent Borrower or any Restricted Subsidiary issued after the Existing Credit Agreement Closing Date (other than Indebtedness or such Disqualified Capital Stock
issued to the Parent Borrower or any Restricted Subsidiary), which has been converted into or exchanged for Capital Stock of the Parent Borrower, any Restricted Subsidiary or any Parent Company that does not constitute Disqualified Capital Stock,
together with the fair market value of any Cash Equivalents and the fair market value (as reasonably determined by the Parent Borrower) of any property or assets received by the Parent Borrower or such Restricted Subsidiary upon such exchange or
conversion, in each case, during the period from and including the day immediately following the Existing Credit Agreement Closing Date through and including such time; plus 

(v)    the net proceeds received by the Parent Borrower or any Restricted Subsidiary during the period from
and including the day immediately following the Existing Credit Agreement Closing Date through and including such time in connection with the Disposition to any Person (other than the Parent Borrower or any Restricted Subsidiary) of any Investment
made pursuant to Section 6.06(r)(i) of this Agreement (or, if prior to the Closing Date, the Existing Credit Agreement); plus 

(vi)    to the extent not already reflected as a return of capital with respect to such Investment for
purposes of determining the amount of such Investment, the proceeds received by the Parent Borrower or any Restricted Subsidiary during the period from and including the day immediately following the Existing Credit Agreement Closing Date through
and including such time in connection with cash returns, cash profits, cash distributions and similar cash amounts, including cash principal repayments of loans, in each case received in respect of any Investment made after the Existing Credit
Agreement Closing Date pursuant to Section 6.06(r)(i) of this Agreement (or, if prior to the Closing Date, the Existing Credit Agreement); plus 

(vii)    an amount equal to the sum of (A) the amount of any Investments by the Parent Borrower or any
Restricted Subsidiary pursuant to Section 6.06(r)(i) in any Unrestricted Subsidiary (in an amount not to exceed the original amount of such Investment) that has been redesignated as a Restricted Subsidiary or has been
merged, 

  
 -5- 

 
consolidated or amalgamated with or into, or is liquidated, wound up or dissolved into, the Parent Borrower or any Restricted Subsidiary and (B) the fair market value (as reasonably
determined by the Parent Borrower) of the property or assets of any Unrestricted Subsidiary that have been transferred, conveyed or otherwise distributed to the Parent Borrower or any Restricted Subsidiary, in each case, during the period from and
including the day immediately following the Existing Credit Agreement Closing Date through and including such time; plus 

(viii)    the amount of any Declined Proceeds; minus 

(b)    an amount equal to the sum of (i) Restricted Payments made pursuant to
Section 6.04(a)(iii)(A), plus (ii) Restricted Debt Payments made pursuant to Section 6.04(b)(vi)(A), plus (iii) Investments made pursuant to
Section 6.06(r)(i), in each case, of this Agreement (or, if prior to the Closing Date, of the Existing Credit Agreement) after the Existing Credit Agreement Closing Date and prior to such time or contemporaneously
therewith. 
 “Available Excluded Contribution Amount” means the aggregate amount of Cash or Cash Equivalents or the fair
market value of other assets or property (as reasonably determined by the Parent Borrower, but excluding any Cure Amount) received by the Parent Borrower or any of its Restricted Subsidiaries after the Existing Credit Agreement Closing Date from:

 (1)    contributions in respect of Qualified Capital Stock (other than any amounts received from the
Parent Borrower or any of its Restricted Subsidiaries), and 
 (2)    the sale of Qualified Capital Stock
of the Parent Borrower or any of its Restricted Subsidiaries (other than (x) to the Parent Borrower or any Restricted Subsidiary of the Parent Borrower, (y) pursuant to any management equity plan or stock option plan or any other
management or employee benefit plan or (z) with the proceeds of any loan or advance made pursuant to Section 6.06(h)(ii)), 
 in
each case, designated as Available Excluded Contribution Amounts pursuant to a certificate of a Responsible Officer on or promptly after the date the relevant capital contribution is made or the relevant proceeds are received, as the case may be,
and which are excluded from the calculation of the Available Amount. 
 “Bail-In
Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. 

“Bail-In Legislation” means (a) with respect to any EEA Member Country
implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the
United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings). 

“Banking Services” means each and any of the following bank services provided to any Loan Party or any Restricted Subsidiary:
commercial credit cards, stored value cards, purchasing cards, treasury management services, netting services, overdraft protections, check drawing services, automated payment services (including depository, overdraft, controlled disbursement, ACH
transactions, return 

  
 -6- 

 
items and interstate depository network services), employee credit card programs, cash pooling services and any arrangements or services similar to any of the foregoing and/or otherwise in
connection with Cash management and Deposit Accounts. 
 “Banking Services Obligations” means any and all obligations of
any Loan Party, whether absolute or contingent and however and whenever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), in connection with Banking Services
(a) under any arrangement that is in effect on the Closing Date between any Loan Party and a counterparty that is (or is an Affiliate of) the Administrative Agent, any Lender or any Arranger as of the Closing Date or (b) under any
arrangement that is entered into after the Closing Date by any Loan Party with any counterparty that is (or is an Affiliate of) the Administrative Agent, any Lender or any Arranger at the time such arrangement is entered into, in each case, that has
been designated to the Administrative Agent in writing by the Parent Borrower as being Banking Services Obligations for the purposes of the Loan Documents, it being understood that each counterparty thereto shall be deemed (A) to appoint the
Administrative Agent as its agent under the applicable Loan Documents and (B) to agree to be bound by the provisions of Article 8, Section 9.03 and Section 9.10 as if it were a Lender.

 “Bankruptcy Code” means Title 11 of the United States Code (11 U.S.C. § 101 et seq.). 

“Beneficial Ownership Certification” means a certification regarding beneficial ownership required by the Beneficial
Ownership Regulation. 
 “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230. 

“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of
ERISA, (b) a “plan” as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA
or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”. 

“Board” means the Board of Governors of the Federal Reserve System of the U.S. 

“Bona Fide Debt Fund” means any debt fund, investment vehicle, regulated bank entity or unregulated lending entity that is
primarily engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of business which is managed, sponsored or advised by any Person controlling, controlled by or under
common control with (a) any Company Competitor or (b) any Affiliate of such competitor, but with respect to which no personnel involved with any investment in such Person (i) makes, has the right to make or participates with others in
making any investment decisions with respect to such debt fund, investment vehicle, regulated bank entity or unregulated lending entity or (ii) has access to any information (other than information that is publicly available) relating to
Holdings, the Borrowers or their respective subsidiaries or any entity that forms a part of any of their respective businesses; it being understood and agreed that the term “Bona Fide Debt Fund” shall not include any Person that is
separately identified to the Arrangers in accordance with clause (a)(i) of the definition of “Disqualified Institution” or any Affiliate of any such Person that is reasonably identifiable on the basis of such Affiliate’s name.

 “Borrower” and “Borrowers” have the meanings assigned to such terms in the preamble to this Agreement.

 “Borrower Materials” has the meaning assigned to such term in Section 9.01(d). 

  
 -7- 

 “Borrowing” means any Loans of the same Type and Class made, converted
or continued on the same date and, in the case of LIBO Rate Loans, as to which a single Interest Period is in effect. 
 “Borrowing
Base” means the sum, in Dollars, of the following with respect to the Borrowers and the other applicable obligors: 

(a)    85% of eligible accounts receivable; plus 

(b)    the lesser of (x) 85% of the net orderly liquidation value or (ii) 70% of the book value of
eligible inventory (calculated at the lower of cost or market value); plus 
 (c)     100% of the
cash and cash equivalents on deposit in accounts secured by a first priority lien in favor of the applicable ABL Facility. 

“Borrowing Request” means a request by the Parent Borrower for a Borrowing in accordance with
Section 2.03 and substantially in the form attached hereto as Exhibit B or such other form that is reasonably acceptable to the Administrative Agent and the Parent Borrower. 

“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are
authorized or required by law to remain closed; provided that (x) when used in connection with a LIBO Rate Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in Dollar deposits in
the London interbank market or (y) when used in connection with a LIBO Rate Loan denominated in Euros, the term “Business Day” shall also exclude any TARGET2 Day. 

“Capital Lease” means, as applied to any Person, any lease of any property (whether real, personal or mixed) by that Person
as lessee that, in conformity with GAAP, is or should be accounted for as a capital lease on the balance sheet of that Person. 

“Capital Stock” means any and all shares, interests, participations or other equivalents (however designated) of capital
stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation), including partnership interests and membership interests, and any and all warrants, rights or options to purchase or other arrangements or
rights to acquire any of the foregoing, but excluding for the avoidance of doubt any Indebtedness convertible into or exchangeable for any of the foregoing. 

“Captive Insurance Subsidiary” means any Restricted Subsidiary of any Borrower that is subject to regulation as an insurance
company (or any Restricted Subsidiary thereof). 
 “Cash” means money, currency or a credit balance in any Deposit Account,
in each case determined in accordance with GAAP. 
 “Cash Equivalents” means, as at any date of determination,
(a) readily marketable securities (i) issued or directly and unconditionally guaranteed or insured as to interest and principal by the U.S. government or (ii) issued by any agency or instrumentality of the U.S. the obligations of
which are backed by the full faith and credit of the U.S., in each case maturing within one year after such date and, in each case, repurchase agreements and reverse repurchase agreements relating thereto; (b) readily marketable direct
obligations issued by any state of the U.S. or any political subdivision of any such state or any public instrumentality thereof, in each case maturing within one year after such date and having, at the time of the acquisition thereof, a rating of
at least A-2 from S&P or at least P-2 from Moody’s (or, if 

  
 -8- 

 
at any time neither S&P nor Moody’s shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency) and, in each case, repurchase
agreements and reverse repurchase agreements relating thereto; (c) commercial paper maturing no more than one year from the date of creation thereof and having, at the time of the acquisition thereof, a rating of at least A-2 from S&P or at least P-2 from Moody’s (or, if at any time neither S&P nor Moody’s shall be rating such obligations, an equivalent rating from another
nationally recognized statistical rating agency); (d) deposits, money market deposits, time deposit accounts, certificates of deposit or bankers’ acceptances (or similar instruments) maturing within one year after such date and issued or
accepted by any Lender or by any bank organized under, or authorized to operate as a bank under, the laws of the U.S., any state thereof or the District of Columbia or any political subdivision thereof and that has capital and surplus of not less
than $100,000,000 and, in each case, repurchase agreements and reverse repurchase agreements relating thereto; (e) shares of any money market mutual fund that has (i) substantially all of its assets invested in the types of investments
referred to in clauses (a) through (d) above, (ii) net assets of not less than $250,000,000 and (iii) a rating of at least A-2 from S&P or at least P-2 from Moody’s; and (f) solely with respect to any Captive Insurance Subsidiary, any investment that such Captive Insurance Subsidiary is not prohibited to make in accordance with applicable law. 

In the case of any Investment by any Foreign Subsidiary, “Cash Equivalents” shall also include (x) Investments of the type and
maturity described in clauses (a) through (f) above of foreign obligors, which Investments or obligors (or the parent companies thereof) have the ratings described in such clauses or equivalent ratings from comparable foreign
rating agencies and (y) other short-term Investments utilized by Foreign Subsidiaries in accordance with normal investment practices for cash management in Investments analogous to the Investments described in clauses (a) through
(f) and in this paragraph. 
 “CFC” means a “controlled foreign corporation” within the meaning of
Section 957 of the Code. 
 “CFC Holdco” means any direct or indirect Subsidiary that has no material assets other
than the capital stock of, or indebtedness and capital stock of, one or more subsidiaries that are CFCs or other CFC Holdcos (for the avoidance of doubt, on the Closing Date, Potters GP, Potters LP, Potters Holdings II L.P. and Potters Holdings II
GP, LLC shall not be considered CFC Holdcos). 
 “Change in Law” means (a) the adoption of any law, treaty, rule or
regulation after the Closing Date, (b) any change in any law, treaty, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the Closing Date or (c) compliance by any Lender (or, for purposes
of Section 2.15(b), by any lending office of such Lender or by such Lender’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made
or issued after the Closing Date (other than any such request, guideline or directive to comply with any law, rule or regulation that was in effect on the Closing Date). For purposes of this definition and Section 2.15,
(x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder or issued in connection therewith or in implementation thereof and (y) all requests, rules,
guidelines, requirements or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or U.S. or foreign regulatory authorities, in each case pursuant to
Basel III, shall in each case described in clauses (a), (b) and (c) above, be deemed to be a Change in Law, regardless of the date enacted, adopted, issued or implemented. 

  
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 “Change of Control” means the earliest to occur of: 

(a)    the acquisition, directly or indirectly, by any Person or group (within the meaning of
Section 13(d)(3) or Section 14(d)(2) of the Exchange Act), including any group acting for the purpose of acquiring, holding or disposing of Securities (within the meaning of Rule 13d-5(b)(1) under
the Exchange Act, but excluding any employee benefit plan and/or Person acting as the trustee, agent or other fiduciary or administrator therefor), other than one or more Permitted Holders, of Capital Stock representing more than the greater of (x)
35% of the total voting power of all of the outstanding voting stock of Holdings and (y) the percentage of the total voting power of all of the outstanding voting stock of Holdings owned, directly or indirectly, beneficially by the Permitted
Holders (it being understood that a “Change of Control” shall not be deemed to have occurred with respect to clauses (a) and (b) above if the Permitted Holders have, at such time, the right or ability by voting power,
contract or otherwise to elect or designate for election a majority of the board of directors or similar governing body of Holdings); and 

(b)    a Borrower ceasing to be a direct or indirect Wholly-Owned Subsidiary of Holdings; 

provided that the creation of a Parent Company shall not in and of itself cause a Change of Control so long as at the time such Person became a Parent
Company, no Person and no group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act), including any such group acting for the purpose of acquiring, holding or disposing of Securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) (other than the Permitted Holders), shall have beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any
successor provisions), directly or indirectly, of 50% or more, in the case of clause (a) above, or 35% or more (or, if higher, the percentage then held by the Permitted Holders), in the case of clause (b) above, of the total voting power
of all of the outstanding voting stock of Holdings. 
 “Charge” means any charge, fee, expense, cost, accrual or reserve of
any kind. 
 “Charged Amounts” has the meaning assigned to such term in Section 9.19. 

“Citi” has the meaning assigned to such term in the preamble to this Agreement. 

“Class”, when used in reference to any Loan, Borrowing or Commitment, refers to whether such Loan, or the Loans comprising
such Borrowing, are Initial Term Loans or respective Commitments related thereto or other loans or commitments added as a separate Class pursuant to Section 2.22, 2.23 or 9.02(c). 

“Closing Date” means July 22, 2020. 

“CNI Growth Amount” shall mean, at any date of determination, an amount equal to (a) 50% of Consolidated Net Income for each
fiscal quarter in which Consolidated Net Income is positive (commencing with the fiscal quarter ending June 30, 2016), minus (b) in the case of any fiscal quarter in which Consolidated Net Income is an amount less than zero, 100% of
the absolute value of such deficit. 
 “Code” means the Internal Revenue Code of 1986 as amended (unless otherwise provided
herein). 
 “Co-Investors” means (a) INEOS Investments Partnership and any of
its controlled Affiliates and funds managed or advised by any of them or any of their respective controlled Affiliates and (b) the officers, directors and members of the management of any Borrower, any Parent Company and/or any subsidiary of
any Borrower solely to the extent that such Persons own Capital Stock in such Borrower or any direct or indirect parent thereof on the Closing Date. 

  
 -10- 

 “Collateral” means any and all property of any Loan Party subject (or
purported to be subject) to a Lien under any Collateral Document and any and all other property of any Loan Party, now existing or hereafter acquired, that is or becomes subject (or purported to be subject) to a Lien pursuant to any Collateral
Document to secure the Secured Obligations. 
 “Collateral and Guarantee Requirement” means, at any time, subject to
(x) the applicable limitations set forth in this Agreement and/or any other Loan Document and (y) the time periods (and extensions thereof) set forth in Section 5.12, the requirement that: 

(a)    the Administrative Agent shall have received: 

(i)    (A) a joinder to the Loan Guaranty in substantially the form attached as an exhibit thereto,
(B) a supplement to the Security Agreement in substantially the form attached as an exhibit thereto, (C) if the respective Restricted Subsidiary required to comply with the requirements set forth in this definition pursuant to
Section 5.12 owns registrations of or applications for U.S. Patents, Trademarks and/or Copyrights that constitute Collateral, an Intellectual Property Security Agreement in substantially the form attached as an exhibit
hereto, (D) a completed Perfection Certificate Supplement with respect thereto and (E) Uniform Commercial Code financing statements in appropriate form for filing in such jurisdictions as the Administrative Agent may reasonably request;
and 
 (ii)    each item of Collateral that such Restricted Subsidiary is required to deliver under
Section 4.02 of the Security Agreement (which, for the avoidance of doubt, shall be delivered within the time periods set forth in Section 5.12(a)); 

(b)    the Administrative Agent shall have received with respect to any Material Real Estate Assets
acquired after the Closing Date (or, with respect to any Specified Closing Date Property, on the date specified in Section 5.12(b)) a Mortgage and any necessary UCC fixture filing in respect thereof, in each case together
with, to the extent customary and appropriate (as reasonably determined by the Administrative Agent and the Parent Borrower): 

(i)    evidence that (A) counterparts of such Mortgage have been duly executed, acknowledged and
delivered and such Mortgage and any corresponding UCC or equivalent fixture filing are in form suitable for filing or recording in all filing or recording offices that the Administrative Agent may deem reasonably necessary in order to create a valid
and subsisting Lien on such Material Real Estate Asset in favor of the Administrative Agent for the benefit of the Secured Parties, (B) such Mortgage and any corresponding UCC or equivalent fixture filings have been duly recorded or filed, as
applicable, and (C) all filing and recording taxes and fees have been paid or otherwise provided for in a manner reasonably satisfactory to the Administrative Agent; 

(ii)    one or more fully paid policies of title insurance (the “Mortgage Policies”) in an
amount reasonably acceptable to the Administrative Agent (not to exceed the fair market value of the Material Real Estate Asset covered thereby (as reasonably determined by the Parent Borrower)) issued by a nationally recognized title insurance
company in the applicable jurisdiction that is reasonably acceptable to the Administrative Agent, insuring the relevant Mortgage as having created a valid subsisting Lien on the 

  
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real property described therein with the ranking or the priority which it is expressed to have in such Mortgage, subject only to Permitted Liens, together with such endorsements, coinsurance and
reinsurance as the Administrative Agent may reasonably request to the extent the same are available in the applicable jurisdiction; 

(iii)    customary legal opinions of local counsel for the relevant Loan Party in the jurisdiction in which
such Material Real Estate Asset is located, and if applicable, in the jurisdiction of formation of the relevant Loan Party, in each case as the Administrative Agent may reasonably request; 

(iv)    surveys and appraisals (if required under the Financial Institutions Reform Recovery and
Enforcement Act of 1989, as amended) and “Life-of-Loan” flood certifications and any required borrower notices under Regulation H (together with evidence of
federal flood insurance for any such Flood Hazard Property located in a flood hazard area); provided that the Administrative Agent may in its reasonable discretion accept any such existing certificate, appraisal or survey so long as such
existing certificate or appraisal satisfies any applicable local law requirements; and 
 (v)    such
other evidence that all other actions that the Administrative Agent may reasonably request and deem necessary in order to create a valid and subsisting Lien on such Material Real Estate Assets have been taken. 

“Collateral Documents” means, collectively, (i) the Security Agreement, (ii) each Mortgage, (iii) each
Intellectual Property Security Agreement, (iv) any supplement to any of the foregoing delivered to the Administrative Agent pursuant to the definition of “Collateral and Guarantee Requirement” and (v) each of the other
instruments and documents pursuant to which any Loan Party grants a Lien on any Collateral as security for payment of the Secured Obligations. 

“Commercial Tort Claim” has the meaning set forth in Article 9 of the UCC. 

“Commitment” means, with respect to each Lender, such Lender’s Initial Commitment and Additional Commitment, as
applicable, in effect as of such time. 
 “Commitment Schedule” means the Schedule attached hereto as Schedule
1.01(a). 
 “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.). 

“Company Competitor” means (a) any competitor of a Borrower and/or any of its subsidiaries and (b) any
Affiliate of any such competitor (other than any such Affiliate that is a Bona Fide Debt Fund). 
 “Compliance Certificate”
means a Compliance Certificate substantially in the form of Exhibit C. 
 “Confidential
Information” has the meaning assigned to such term in Section 9.13. 
 “Consolidated Adjusted
EBITDA” means, as to any Person for any period, an amount determined for such Person on a consolidated basis equal to the total of (a) Consolidated Net Income for 

  
 -12- 

 
such period plus (b) the sum, without duplication, of (to the extent deducted in calculating Consolidated Net Income, other than in respect of clauses (x), (xi),
(xii) and (xiv) below) the amounts of: 
 (i)    consolidated interest expense
determined in accordance with GAAP and, to the extent not reflected in such total interest expense, any losses on hedging obligations or other derivative instruments entered into for the purpose of hedging interest rate risk (net of interest income
and gains on such hedging obligations), costs of surety bonds in connection with financing activities (whether amortized or immediately expensed), and fees and expenses paid to the Administrative Agent in connection with its services hereunder,
other bank, administrative agency (or trustee) and financing fees; 
 (ii)    Taxes paid (including
pursuant to any Tax sharing arrangement or any Tax distribution) and provisions for Taxes of such Person and its subsidiaries, including, in each case, arising out of tax examinations; 

(iii)    (A) depreciation, amortization (including, without limitation, amortization of goodwill, software
and other intangible assets), (B) impairment of goodwill and other assets and (C) any asset write-off and/or write-down; 

(iv)    any non-cash Charge (including, without limitation,
(A) any non-cash increase in expenses resulting from the revaluation of inventory (including any impact of changes to inventory valuation policy methods) including changes in capitalization and variances
and non-cash adjustments for LIFO accounting and (B) losses or expenses recognized in respect of any pension related benefits as a result of the application of FASB ASC 715); provided that to the
extent any such non-cash Charge represents an accrual or reserve for potential cash items in any future period, (A) such Person may determine not to add back such
non-cash Charge in the then-current period and (B) to the extent such Person elects to add back such non-cash Charge, the cash payment in respect thereof in such
future period shall be subtracted from Consolidated Adjusted EBITDA to such extent; 

(v)    (A) Transaction Costs, and (B) transaction fees and Charges (1) incurred in
connection with the consummation of any transaction (or any transaction proposed and not consummated) permitted under this Agreement, including the issuance or offering of Capital Stock, Investments, acquisitions, Dispositions, recapitalizations,
mergers, consolidations or amalgamations, option buyouts or incurrences, repayments, refinancings, amendments or modifications of Indebtedness (including any amortization or write-off of debt issuance or
deferred financing costs, premiums and prepayment penalties) or similar transactions, (2) incurred in connection with any Qualifying IPO and/or (3) that are actually reimbursed or reimbursable by third parties pursuant to indemnification
or reimbursement provisions or similar agreements or insurance; provided that in respect of any fee, cost, expense or reserve that is added back in reliance on clause (3) above, such Person in good faith expects to receive
reimbursement for such fee, cost, expense or reserve within the next four Fiscal Quarters (it being understood that to the extent any reimbursement amount is not actually received within such Fiscal Quarters, such reimbursement amount shall be
deducted in calculating Consolidated Adjusted EBITDA for such Fiscal Quarters); 
 (vi)    Public Company
Costs; 
 (vii)    the amount of management, monitoring, consulting, transaction and advisory fees and
related expenses actually paid by or on behalf of, or accrued by, such Person or any of its subsidiaries (A) to the Investors (or their Affiliates or management companies) to the extent permitted under this Agreement or (B) as permitted by
Section 6.09(f); 

  
 -13- 

 (viii)    the amount of any expense or deduction that is
associated with any Restricted Subsidiary and attributable to any non-controlling interest and/or minority interest of any third party; 

(ix)    the amount of earnout obligation expense incurred in connection with (A) acquisitions
and Investments completed prior to the Closing Date and (B) any Permitted Acquisition or other Investment permitted by this Agreement, in each case, which is paid or accrued during the applicable period; 

(x)    expected cost savings (including sourcing), operating expense reductions, operating improvements and
synergies (collectively, “Expected Cost Savings”) (net of actual amounts realized) that are reasonably identifiable and factually supportable (in the good faith determination of such Person, as certified by a chief financial
officer, treasurer or equivalent officer of such Person) related to (A) the Existing Credit Agreement Transactions and (B) whether before or after the Closing Date, but in no event prior to the Existing Credit Agreement Closing Date,
permitted asset sales, acquisitions, Investments, Dispositions, operating improvements, restructurings, cost saving initiatives, similar initiatives and/or specified transaction (any such operating improvement, restructuring, cost savings
initiative, similar initiative or specified transaction, a “Cost Savings Initiative”); provided that (x) such cost savings, operating expense reductions, operating improvements or synergies are reasonably expected to be
realized within 18 months of the event giving rise thereto and (y) the aggregate amount of addbacks made under this clause (x) shall not exceed an amount equal to 25% of Consolidated Adjusted EBITDA for the period of four consecutive
fiscal quarters most recently ended (and such determination shall be made prior to the making of, and without giving effect to, any adjustments pursuant to this clause (x); 

(xi)    Charges attributable to the undertaking and/or implementation of cost savings initiatives,
operating expense reductions, transition, opening and pre-opening expenses, business optimization and other restructuring and integration Charges (including inventory optimization programs, software
development costs, costs related to the closure or consolidation of facilities and plants, costs relating to curtailments, costs related to entry into new markets, strategic initiatives and contracts, consulting fees, signing or retention costs,
retention or completion bonuses, expansion and relocation expenses, severance payments, modifications to pension and post-retirement employee benefit plans, new systems design and implementation costs and startup costs); 

(xii)    proceeds of business interruption insurance in an amount representing the earnings for the
applicable period that such proceeds are intended to replace (whether or not then received so long as such Person in good faith expects to receive such proceeds within the next four Fiscal Quarters (it being understood that to the extent not
actually received within such Fiscal Quarters, such proceeds shall be deducted in calculating Consolidated Adjusted EBITDA for such Fiscal Quarters)); 

(xiii)    unrealized net losses in the fair market value of any arrangements under Hedge Agreements; 

(xiv)    the amount of Cash actually received (or the amount of the benefit of any netting arrangement
resulting in reduced Cash expenditures) during such period, and not included in Consolidated Net Income in any period, to the extent that the related non-Cash gain was deducted in the calculation of
Consolidated Adjusted EBITDA; 

  
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 (xv)    [Reserved]; 

(xvi)     accretion of asset retirement obligations in accordance with FASB ASC 410; 

(xvii)    with respect to any joint venture that is not a Restricted Subsidiary, an amount equal to the
proportion of those items described in clauses (i) through (iii) above relating to such joint venture corresponding to the proportionate share of such joint venture’s consolidated net income (determined as if such joint venture were a
Restricted Subsidiary); and 
 (xviii)    other add-backs and
adjustments reflected in the model delivered by the Sponsor to the Arrangers (as defined in the Existing Credit Agreement) on March 28, 2016; 

minus (c) to the extent such amounts increase Consolidated Net Income: 

(i)    non-cash gains or income; provided that to the extent
any non-cash gain or income represents an accrual or deferred income in respect of potential Cash items in any future period, such Person may determine not to deduct such
non-cash gain or income in the then current period; 

(ii)    unrealized net gains in the fair market value of any arrangements under Hedge Agreements; 

(iii)    the amount added back to Consolidated Adjusted EBITDA pursuant to clause (b)(v)(B)(3) above
(as described in such clause) to the extent the relevant reimbursement amounts were not received within the time period required by such clause; 

(iv)    the amount added back to Consolidated Adjusted EBITDA pursuant to clause (b)(xii) above (as
described in such clause) to the extent the relevant business interruption insurance proceeds were not received within the time period required by such clause; 

(v)    to the extent that such Person adds back the amount of any
non-Cash charge to Consolidated Adjusted EBITDA pursuant to clause (b)(iv) above, the cash payment in respect thereof in the relevant future period; and 

(vi)    the excess of actual Cash rent paid over rent expense during such period due to the use of straight
line rent for GAAP purposes. 
 “Consolidated Interest Expense” means, with respect to any Person for any period, without
duplication, the sum of: 
 (1) consolidated interest expense of such Person and its Restricted Subsidiaries paid or payable
in respect of such period, to the extent such expense was deducted (and not added back) in computing Consolidated Net Income (including (a) amortization of original issue discount resulting from the issuance of Indebtedness at less than par and
other bank, administrative agency (or trustee) and financing fees, (b) all commissions, discounts and other fees and charges owed with respect to letters of credit, bank guarantees, bankers’ acceptances, ancillary facilities or any similar
facility or financing and hedging agreements, (c) non-cash interest payments (but excluding any non-cash interest expense attributable to the movement in the mark
to market valuation of Hedging Obligations or other derivative instruments pursuant to GAAP), (d) the interest component of obligations under Capital Leases, and (e) net payments, if any, made (less net payments, if any, received) pursuant to
interest rate Hedging Obligations with respect to 

  
 -15- 

 
Indebtedness, and excluding (i) penalties and interest related to taxes, (ii) amortization of deferred financing fees, debt issuance costs, discounted liabilities, commissions, fees and
expenses, (iii) any expensing of bridge, commitment and other financing fees, (iv) commissions, discounts, yield and other fees and charges (including any interest expense) related to any receivables facility and (v) any expense
resulting from the discounting of Indebtedness in connection with the application of recapitalization accounting or, if applicable, acquisition accounting); plus 

(2) consolidated capitalized interest of such Person and its Restricted Subsidiaries for such period, whether paid or accrued;
less 
 (3) interest income of such Person and its Restricted Subsidiaries for such period. 

For purposes of this definition, interest on Capital Leases shall be deemed to accrue at an interest rate reasonably determined by the Issuer
to be the rate of interest implicit in such Capital Leases in accordance with GAAP. 
 “Consolidated Net Income” means, as
to any Person (the “Subject Person”) for any period, the net income (or loss) of the Subject Person on a consolidated basis for such period taken as a single accounting period determined in accordance with GAAP; provided that
there shall be excluded, without duplication, 
 (a)    (i) the income of any Person (other than a
Restricted Subsidiary of the Subject Person) in which any other Person (other than the Subject Person or any of its Restricted Subsidiaries) has a joint interest, except to the extent of the amount of dividends or distributions or other payments
(including any ordinary course dividend, distribution or other payment) paid in cash (or to the extent converted into cash) to the Subject Person or any of its Restricted Subsidiaries by such Person during such period or (ii) the loss of any
Person (other than a Restricted Subsidiary of the Subject Person) in which any other Person (other than the Subject Person or any of its Restricted Subsidiaries) has a joint interest, other than to the extent that the Subject Person or any of its
Restricted Subsidiaries has contributed cash or Cash Equivalents to such Person in respect of such loss during such period, 

(b)    gains or losses (less all fees and expenses chargeable thereto) attributable to any sales or
dispositions of Capital Stock or assets (including asset retirement costs) or of returned surplus assets outside of the ordinary course of business, 

(c)    gains or losses from (i) extraordinary items and (ii) nonrecurring or unusual items
(including costs of and payments of actual or prospective legal settlements, fines, judgments or orders), including in connection with any acquisition, 

(d)    any unrealized or realized net foreign currency translation or transaction gains or losses impacting
net income (including currency re-measurements of Indebtedness), 

(e)    any net gains, Charges or losses with respect to (i) any disposed, abandoned, divested and/or
discontinued asset, property or operation (other than, at the option of the Parent Borrower, any asset, property or operation pending the disposal, abandonment, divestiture and/or termination thereof), (ii) any disposal, abandonment, divestiture
and/or discontinuation of any asset, property or operation and/or (iii) facilities or plants that have been closed during such period or for which Charges and losses were required to be recorded pursuant to GAAP, 

  
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 (f)    any net income or loss (less all fees and
expenses or charges related thereto) attributable to the early extinguishment of Indebtedness (and the termination of any associated Hedge Agreements), 

(g)    (i) any Charges incurred pursuant to any management equity plan, profits interest or stock option
plan or any other management or employee benefit plan or agreement, pension plan, any stock subscription or shareholder agreement or any distributor equity plan or agreement, including any fair value adjustments that may be required under liquidity
puts for such arrangements and (ii) any Charges in connection with the rollover, acceleration or payout of Capital Stock held by management of any Parent Company, the Parent Borrower and/or any Restricted Subsidiary, in each case, to the extent
that any cash Charge is funded with net cash proceeds contributed to relevant Person as a capital contribution or as a result of the sale or issuance of Qualified Capital Stock, 

(h)    accruals and reserves that are established or adjusted within 12 months after the Existing Credit
Agreement Closing Date that are required to be established or adjusted as a result of the Existing Credit Agreement Transactions in accordance with GAAP or as a result of the adoption or modification of accounting policies in accordance with GAAP,

 (i)    any (A) write-off or amortization made in such
period of deferred financing costs and premiums paid or other expenses incurred directly in connection with any early extinguishment of Indebtedness, (B) goodwill or other asset impairment charges, write-offs or write-downs and
(C) amortization of intangible assets, and 
 (j)    (A) effects of adjustments (including the
effects of such adjustments pushed down to the Subject Person and its subsidiaries) in the Subject Person’s consolidated financial statements pursuant to GAAP (including in the inventory, property and equipment, software, goodwill, intangible
assets, in-process research and development, deferred revenue, deferred rent, deferred trade incentives and other lease-related items, advanced billings and debt line items thereof) resulting from the
application of recapitalization accounting or acquisition accounting, as the case may be, in relation to the Existing Credit Agreement Transaction, the Transactions or any consummated acquisition or the amortization or
write-off of any amounts thereof, net of Taxes and (B) the cumulative effect of changes in accounting principles or policies made in such period in accordance with GAAP which affect Consolidated Net
Income. 
 “Consolidated Secured Debt” means, as to any Person at any date of determination, the aggregate principal amount
of Consolidated Total Debt outstanding on such date that is secured by a Lien on any asset or property of such Person or its Restricted Subsidiaries. 

“Consolidated Senior Secured Debt” means, as to any Person at any date of determination, the aggregate principal amount of
Consolidated Total Debt outstanding on such date that is secured by a first priority Lien on any asset or property of such Person or its Restricted Subsidiaries. 

“Consolidated Total Assets” means, at any date, all amounts that would, in conformity with GAAP, be set forth opposite the
caption “total assets” (or any like caption) on a consolidated balance sheet of the applicable Person at such date. 

“Consolidated Total Debt” means, as to any Person at any date of determination, the aggregate principal amount of all third
party debt for borrowed money, Capital Leases and purchase money Indebtedness (but excluding, for the avoidance of doubt, undrawn letters of credit); provided that, Consolidated Total Debt shall (i) be calculated net of
(x) unrestricted Cash and Cash Equivalents of such 

  
 -17- 

 
Person and (y) Cash and Cash Equivalents restricted in favor of the Credit Facilities (which may also include Cash and Cash Equivalents securing other Indebtedness secured by a Lien on the
Collateral) in each case determined in accordance with GAAP and (ii) not include any Indebtedness of the Parent Borrower and/or any Restricted Subsidiary incurred in connection with a NMTC Transaction permitted by
Section 6.01(x)(ii). 
 “Consolidated Working Capital” means, as at any date of determination,
the excess of Current Assets over Current Liabilities. 
 “Consolidated Working Capital Adjustment” means, for any period
on a consolidated basis, the amount (which may be a negative number) by which Consolidated Working Capital as of the beginning of such period exceeds (or is less than) Consolidated Working Capital as of the end of such period; provided that
there shall be excluded (a) the effect of reclassification during such period between current assets and long term assets and current liabilities and long term liabilities (with a corresponding restatement of the prior period to give effect to
such reclassification), (b) the effect of any Disposition of any Person, facility or line of business or acquisition of any Person, facility or line of business during such period, (c) the effect of any fluctuations in the amount of accrued and
contingent obligations under any Hedge Agreement, and (d) the application of purchase or recapitalization accounting. 

“Contractual Obligation” means, as applied to any Person, any provision of any Security issued by that Person or of any
indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any of its properties is bound or to which it or any of its properties is subject. 

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

“Copyright” means the following: (a) all copyrights, rights and interests in copyrights, works protectable by copyright
whether published or unpublished, copyright registrations and copyright applications; (b) all renewals of any of the foregoing; (c) all income, royalties, damages, and payments now or hereafter due and/or payable under any of the
foregoing, including, without limitation, damages or payments for past, present or future infringements for any of the foregoing; (d) the right to sue for past, present, and future infringements of any of the foregoing; and (e) all rights
corresponding to any of the foregoing. 
 “Cost Savings Initiative” has the meaning assigned to such term in the definition
of “Consolidated Adjusted EBITDA”. 
 “Credit Facilities” means the Term Facility and any Additional Revolving
Facility. 
 “Credit Suisse” has the meaning assigned to such term in the preamble to this Agreement. 

“Cure Amount” means the amount of cash contributions to the capital of the Parent Borrower made pursuant to
Section 6.15 of the ABL Credit Agreement. 
 “Current Assets” means, at any time, the
consolidated current assets (other than Cash and Cash Equivalents, Tax assests, permitted loans made to third parties, assets held for sale, pension assets, deferred bank fees and derivative financial instruments) of any Person and its Restricted
Subsidiaries. 

  
 -18- 

 “Current Liabilities” means, at any time, the consolidated current
liabilities of any Person and its Restricted Subsidiaries at such time, but excluding, without duplication, (a) the current portion of any long-term Indebtedness, (b) outstanding revolving loans, (c) the current portion of interest
expense, (d) the current portion of any Capital Lease, (e) Tax Liabilities, (f) liabilities in respect of unpaid earn-outs, (g) the current portion of any other long-term liabilities, (h) accruals relating to restructuring
reserves, (i) liabilities in respect of funds of third parties on deposit with the Parent Borrower or any of its Restricted Subsidiaries and (j) any liabilities recorded in connection with stock-based awards, partnership interest-based
awards, awards of profits interests, deferred compensation awards and similar incentive based compensation awards or arrangements. 

“Debt Fund Affiliate” means any Affiliate of any Investor (other than a natural person) that is primarily engaged in, or
advises funds or other investment vehicles that are engaged in, making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course of business and for which no personnel making
investment decisions in respect of any equity fund which has a direct or indirect equity investment in Holdings, the Parent Borrower or its Restricted Subsidiaries has the right to make any investment decisions. 

“Debtor Relief Laws” means the Bankruptcy Code of the U.S., and all other liquidation, conservatorship, bankruptcy, general
assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization or similar debtor relief laws of the U.S. or other applicable jurisdictions from time to time in effect and affecting the rights of
creditors generally. 
 “Declined Proceeds” has the meaning assigned to such term in
Section 2.11(b)(v). 
 “Default” means any event or condition which upon notice, lapse of time or
both would become an Event of Default. 
 “Defaulting Lender” means any Lender that has (a) defaulted in its
obligations under this Agreement, including without limitation, to make a Loan within two Business Days of the date required to be made by it hereunder, (b) notified the Administrative Agent or any Loan Party in writing that it does not intend
to satisfy any such obligation or has made a public statement to the effect that it does not intend to comply with its funding obligations under this Agreement or under agreements in which it commits to extend credit generally, (c) failed,
within two Business Days after the request of Administrative Agent or the Parent Borrower, to confirm in writing that it will comply with the terms of this Agreement relating to its obligations to fund prospective Loans; provided that such
Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent, (d) become (or any parent company thereof has become) insolvent or been determined by
any Governmental Authority having regulatory authority over such Person or its assets, to be insolvent, or the assets or management of which has been taken over by any Governmental Authority or (e) (1) become (or any parent company thereof has
become) the subject of a Bail-In Action or (2) become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, assignee for the benefit of
creditors or similar Person charged with reorganization or liquidation of its business or custodian, appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in, any such proceeding or
appointment, unless in the case of any Lender subject to this clause (e), the Parent Borrower and the Administrative Agent shall each have determined that such Lender intends, and has all approvals required to enable it (in form and substance
satisfactory to the Parent Borrower and the Administrative Agent), to continue to perform its obligations as a Lender hereunder; provided that no Lender shall be deemed to be a Defaulting Lender solely by virtue of (i) the ownership or
acquisition of any Capital Stock in such Lender or its parent by any Governmental Authority or (ii) in the case of a solvent Person, the commencement of silent administration proceedings under The Financial Supervision Act (Wet financieel
toezicht – Wft) then in 

  
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effect in the Netherlands; provided that, in either case, such action does not result in or provide such Lender with immunity from the jurisdiction of courts within the U.S. 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 contract or agreement to which such Lender is a party. 

“Deposit Account” means a demand, time, savings, passbook or like account with a bank, savings and loan association, credit
union or like organization, other than an account evidenced by a negotiable certificate of deposit. 
 “Derivative
Transaction” means (a) any interest-rate transaction, including any interest-rate swap, basis swap, forward rate agreement, interest rate option (including a cap, collar or floor), and any other instrument linked to interest rates that
gives rise to similar credit risks (including when-issued securities and forward deposits accepted), (b) any exchange-rate transaction, including any cross-currency interest-rate swap, any forward foreign-exchange contract, any currency option, and
any other instrument linked to exchange rates that gives rise to similar credit risks, (c) any equity derivative transaction, including any equity-linked swap, any equity-linked option, any forward equity-linked contract, and any other
instrument linked to equities that gives rise to similar credit risk and (d) any commodity (including precious metal) derivative transaction, including any commodity-linked swap, any commodity-linked option, any forward commodity-linked
contract, and any other instrument linked to commodities that gives rise to similar credit risks; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors,
officers, employees, members of management, managers or consultants of any Borrower or its subsidiaries shall be a Derivative Transaction. 

“Designated Non-Cash Consideration” means the fair market value (as determined by the
Parent Borrower in good faith) of non-Cash consideration received by the Parent Borrower or any Restricted Subsidiary in connection with any Disposition pursuant to Section 6.07(h) or
any Sale Lease-Back Transaction pursuant to Section 6.08 that is designated as Designated Non-Cash Consideration pursuant to a certificate of a Responsible Officer of the Parent
Borrower, setting forth the basis of such valuation (which amount will be reduced by the amount of Cash or Cash Equivalents received in connection with a subsequent sale or conversion of such Designated
Non-Cash Consideration to Cash or Cash Equivalents). 
 “Disposition” or
“Dispose” means the sale, lease, sublease, or other disposition of any property of any Person. 
 “Disqualified
Capital Stock” means any Capital Stock which, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event, (a) matures (excluding any maturity as the
result of an optional redemption by the issuer thereof) or is mandatorily redeemable (other than for Qualified Capital Stock), pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof (other than for
Qualified Capital Stock), in whole or in part, on or prior to 91 days following the Latest Maturity Date at the time such Capital Stock is issued (it being understood that if any such redemption is in part, only such part coming into effect prior to
91 days following the Latest Maturity Date shall constitute Disqualified Capital Stock), (b) is or becomes convertible into or exchangeable (unless at the sole option of the issuer thereof) for (i) debt securities or (ii) any Capital Stock
that would constitute Disqualified Capital Stock, in each case at any time on or prior to 91 days following the Latest Maturity Date at the time such Capital Stock is issued, (c) contains any mandatory repurchase obligation or any other
repurchase obligation at the option of the holder thereof (other than for Qualified Capital Stock), in whole or in part, which may come into 

  
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effect prior to 91 days following the Latest Maturity Date at the time such Capital Stock is issued (it being understood that if any such repurchase obligation is in part, only such part coming
into effect prior to 91 days following the Latest Maturity Date shall constitute Disqualified Capital Stock) or (d) provides for the scheduled payments of dividends in Cash on or prior to 91 days following the Latest Maturity Date at the time
such Capital Stock is issued; provided that any Capital Stock that would not constitute Disqualified Capital Stock but for provisions thereof giving holders thereof (or the holders of any security into or for which such Capital Stock is
convertible, exchangeable or exercisable) the right to require the issuer thereof to redeem such Capital Stock upon the occurrence of any change in control, Qualifying IPO or any Disposition occurring prior to 91 days following the Latest Maturity
Date at the time such Capital Stock is issued shall not constitute Disqualified Capital Stock if such Capital Stock provides that the issuer thereof will not redeem any such Capital Stock pursuant to such provisions prior to the Termination Date.

 Notwithstanding the preceding sentence, (A) if such Capital Stock is issued pursuant to any plan for the benefit of directors,
officers, employees, members of management, managers or consultants or by any such plan to such directors, officers, employees, members of management, managers or consultants, in each case in the ordinary course of business of Holdings, the Parent
Borrower or any Restricted Subsidiary, such Capital Stock shall not constitute Disqualified Capital Stock solely because it may be required to be repurchased by the issuer thereof in order to satisfy applicable statutory or regulatory obligations,
and (B) no Capital Stock held by any future, present or former employee, director, officer, manager, member of management or consultant (or their respective Affiliates or Immediate Family Members) of the Parent Borrower (or any Parent Company
or any subsidiary) shall be considered Disqualified Capital Stock because such stock is redeemable or subject to repurchase pursuant to any management equity subscription agreement, stock option, stock appreciation right or other stock award
agreement, stock ownership plan, put agreement, stockholder agreement or similar agreement that may be in effect from time to time. 

“Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person which, by its terms, or by the terms
of any security into which it is convertible or for which it is redeemable or exchangeable, or upon the happening of any event, matures or is mandatorily redeemable (other than solely as a result of a change of control or asset sale) pursuant to a
sinking fund obligation or otherwise or is redeemable at the option of the holder thereof (other than solely as a result of a change of control or asset sale), in whole or in part, in each case prior to the date 91 days after the earlier of the
maturity date of the 2022 Senior Secured Notes or the date the 2022 Senior Secured Notes are no longer outstanding; provided, however, that if such Capital Stock is issued to any current or former employee or to any plan for the benefit of
employees, directors, officers, members of management or consultants of the Parent Borrower or its Subsidiaries or by any such plan to such employees, directors, officers, members or management or consultants, such Capital Stock shall not constitute
Disqualified Stock solely because it may be required to be repurchased by the Parent Borrower or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s, director’s,
officer’s, management member’s or consultant’s termination, death or disability. 
 “Disqualified
Institution” means (a) (i) any Person identified in writing to the Arrangers on or prior to the Closing Date and (ii) any Affiliate of such Person that is reasonably identifiable on the basis of such Affiliate’s name or that
the Parent Borrower has otherwise identified by name in writing as an Affiliate to the Administrative Agent (provided that any such designation may not apply retroactively to disqualify any person that has previously acquired an assignment or
participation interest in any Loan) and (b) (i) any Person that is or becomes a Company Competitor and is designated by the Parent Borrower as such in a writing provided to the Administrative Agent after the Closing Date, which designation
shall not apply retroactively to disqualify any Person that has previously acquired any assignment or participation interest in any Loan and (ii) any Affiliate of any such Company Competitor (other than a Bona Fide Debt Fund) that is reasonably
identifiable on the basis of such Affiliate’s name or that the Parent Borrower has otherwise identified as an Affiliate; provided that an entity becoming an Affiliate of a Company Competitor shall not retroactively disqualify any Person
that has previously acquired any assignment or participation interest in any Loan. 

  
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 “Dollars” or “$” refers to lawful money of the U.S. 

“Domestic Subsidiary” means any Subsidiary incorporated or organized under the laws of the U.S., any state thereof or the
District of Columbia. 
 “Eco Services” has the meaning assigned to such term in the preamble to this Agreement. 

“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country
which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution
established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent; 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EEA Resolution Authority” means any public administrative authority or any Person entrusted with public administrative
authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Effective Yield” means, as to any Indebtedness, the effective yield applicable thereto calculated by the Administrative
Agent in consultation with the Parent Borrower in a manner consistent with generally accepted financial practices, taking into account (a) interest rate margins, (b) interest rate floors (subject to the proviso set forth below), (c) any
amendment to the relevant interest rate margins and interest rate floors prior to the applicable date of determination and (d) original issue discount and upfront or similar fees (based on an assumed four-year average life to maturity or lesser
remaining average life to maturity), but excluding (i) any arrangement, commitment, structuring, underwriting and/or amendment fees (regardless of whether any such fees are paid to or shared in whole or in part with any lender) and/or
(ii) any other fee that is not payable to all relevant lenders generally; provided, however, that (A) to the extent that LIBO Rate (with an Interest Period of three months and without giving effect to any floor specified in
the definition thereof) or Alternate Base Rate (without giving effect to any floor specified in the definition thereof) is less than any floor applicable to the Term Loans in respect of which the Effective Yield is being calculated on the date on
which the Effective Yield is determined, the amount of the resulting difference will be deemed added to the interest rate margin applicable to the relevant Indebtedness for purposes of calculating the Effective Yield, (B) to the extent that the
LIBO Rate (with an Interest Period of three months and without giving effect to any floor specified in the definition thereof) or Alternate Base Rate (without giving effect to any floor specified in the definition thereof) is greater than any
applicable floor on the date on which the Effective Yield is determined, the floor will be disregarded in calculating the Effective Yield and (C) any stepdowns in interest rate margins shall be disregarded in calculating the Effective Yield.

 “Eligible Assignee” means (a) any Lender, (b) any commercial bank, insurance company, or finance company,
financial institution, any fund that invests in loans or any other “accredited investor” (as defined in Regulation D of the Securities Act), (c) any Affiliate of any Lender, (d) any Approved Fund of any Lender or (e) to the
extent permitted under Section 9.05(g), any Affiliated Lender or any Debt Fund Affiliate; provided that in any event, “Eligible Assignee” shall not include (i) any natural person, (ii) any
Disqualified Institution or (iii) except as permitted under Section 9.05(g), any Borrower or any of such Borrower’s Affiliates. 

  
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 “Environment” means ambient air, indoor air, surface water, groundwater,
drinking water, land surface and subsurface strata and natural resources such as wetlands, flora and fauna. 
 “Environmental
Claim” means any investigation, notice, notice of violation, claim, action, suit, proceeding, demand, abatement order or other order or directive (conditional or otherwise), by any Governmental Authority or any other Person, arising
(a) pursuant to or in connection with any actual or alleged violation of any Environmental Law; (b) in connection with any Hazardous Material or any actual or alleged Hazardous Materials Activity; or (c) in connection with any actual
or alleged damage, injury, threat or harm to the Environment. 
 “Environmental Laws” means any and all current or future
foreign or domestic, federal or state (or any subdivision of either of them), statutes, ordinances, orders, rules, regulations, judgments, Governmental Authorizations, or any other applicable requirements of Governmental Authorities and the common
law relating to environmental matters, including those relating to any Hazardous Materials Activity or exposure to Hazardous Materials. 

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of
environmental investigation or remediation, fines, penalties or indemnities), directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment
or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the Release or threatened Release of any Hazardous Materials into the Environment or (e) any contract, agreement or other consensual arrangement
pursuant to which liability is assumed or imposed with respect to any of the foregoing. 
 “ERISA” means the Employee
Retirement Income Security Act of 1974, as amended from time to time, the regulations promulgated thereunder and any successor thereto. 

“ERISA Affiliate” means, as applied to any Person, (a) any corporation which is a member of a controlled group of
corporations within the meaning of Section 414(b) of the Code of which that Person is a member; (b) any trade or business (whether or not incorporated) which is a member of a group of trades or businesses under common control within the
meaning of Section 414(c) of the Code of which that Person is a member; and (c) any trade or business (whether or not incorporated) which, solely for purposes of Section 302 or 303 of ERISA or Section 412 or 430 of the Code, is
treated as a single employer under Section 414 of the Code. 
 “ERISA Event” means (a) a “reportable
event” within the meaning of Section 4043 of ERISA and the regulations issued thereunder with respect to any Pension Plan (excluding those for which the 30-day notice period has been waived); (b) the
failure to meet the minimum funding standard of Section 412 or 430 of the Code or Section 302 or 303 of ERISA with respect to any Pension Plan, or the filing of any request for or receipt of a minimum funding waiver under Section 412
of the Code with respect to any Pension Plan or a failure to make a required contribution to a Multiemployer Plan; (c) the provision by the administrator of any Pension Plan pursuant to Section 4041(a)(2) of ERISA of a notice of intent to
terminate such plan in a distress termination described in Section 4041(c) of ERISA; (d) the withdrawal by any Borrower, any of its Restricted Subsidiaries or any of their respective ERISA Affiliates from any Pension Plan with two or more
contributing sponsors or the termination of any such Pension Plan resulting in liability to any Borrower, any of its Restricted Subsidiaries or any of their respective ERISA Affiliates pursuant to Section 4063 or 4064 of ERISA; (e) the
institution by the PBGC of proceedings to terminate any Pension Plan; (f) the imposition of liability on a Borrower, any of its 

  
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Restricted Subsidiaries or any of their respective ERISA Affiliates pursuant to Section 4062(e) or 4069 of ERISA or by reason of the application of Section 4212(c) of ERISA; (g) a
complete or partial withdrawal (within the meaning of Sections 4203 and 4205 of ERISA) of a Borrower, any of its Restricted Subsidiaries or any of their respective ERISA Affiliates from any Multiemployer Plan, or the receipt by any Borrower, any of
its Restricted Subsidiaries or any of their respective ERISA Affiliates of notice from any Multiemployer Plan that it is in reorganization or insolvency pursuant to Section 4241 or 4245 of ERISA, or that it intends to terminate or has
terminated under Section 4041A or 4042 of ERISA or is in “endangered” or “critical” status, within the meaning of Section 432 of the Code or Section 305 of ERISA; (h) a failure by any Borrower, any of its
Restricted Subsidiaries or any of their respective ERISA Affiliates to pay when due (after expiration of any applicable grace period) any installment payment with respect to withdrawal liability under Section 4201 of ERISA; (i) a
determination that any Pension Plan is, or is reasonably expected to be, in “at-risk” status, within the meaning of Section 430(i)(4) of the Code or Section 303(i)(4) of ERISA; or
(j) the incurrence of liability or the imposition of a Lien pursuant to Section 436 or 430(k) of the Code or pursuant to Section 303(k) ERISA with respect to any Pension Plan. 

“EU Bail-In Legislation Schedule” means the EU
Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time. 

“Event of Default” has the meaning assigned to such term in Article 7. 

“Excess Cash Flow” means, for any Test Period ending on the last day of any Fiscal Year, an amount (if positive) equal to:

 (a)    the sum, without duplication, of the amounts for such period of the following: 

(i)    Consolidated Adjusted EBITDA for such period without giving effect to clause (b)(x) of the
definition thereof, plus 
 (ii)    the Consolidated Working Capital Adjustment for such period,
plus 
 (iii)    cash gains of the type described in clauses (b), (c), (d),
(e) and (f) of the definition of “Consolidated Net Income”, to the extent not otherwise included in calculating Consolidated Adjusted EBITDA (except to the extent such gains consist of proceeds applied pursuant to
Section 2.11(b)(ii)), plus 
 (iv)    to the extent not otherwise
included in the calculation of Consolidated Adjusted EBITDA for such period, cash payments received by Holdings or any of its Restricted Subsidiaries with respect to amounts deducted from Excess Cash Flow in a prior period pursuant to clause
(b)(vii) below, minus 
 (b)    the sum, without duplication, of the amounts for such period of the
following: 
 (i)    permanent repayments of long-term Indebtedness, including for purposes of clarity,
the current portion of any such Indebtedness (including (x) payments under Section 2.10(a) and Section 2.11(a) and (y) prepayments of Initial Term Loans and Additional Term Loans to the
extent (and only to the extent) made with the Net Proceeds of a Prepayment Asset Sale or Net Insurance/Condemnation Proceeds that resulted in an increase to Consolidated Net Income and not in excess of the amount of such increase, but excluding
(A) the amount of all deductions and reductions to the amount of mandatory prepayments pursuant to clause (B) of Section 2.11(b)(i), (B) all other repayments of the Initial Term Loans or Additional Term
Loans and (C) repayments of 

  
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any Additional Revolving Loans or loans under any revolving credit facility or arrangement, except to the extent a corresponding amount of the commitments under such revolving credit facility or
arrangement are permanently reduced in connection with such repayments), in each case, to the extent not financed with long-term Indebtedness (other than revolving Indebtedness), plus 

(ii)    without duplication of amounts deducted from Excess Cash Flow pursuant to this clause
(ii) or clause (ix) below in respect of a prior period, all Cash payments in respect of capital expenditures as would be reported in Holdings’ consolidated statement of cash flows made during such period and, at the option
of the Parent Borrower, any Cash payments in respect of any such capital expenditures made after such period and prior to the date of the applicable Excess Cash Flow payment (except, in each case, to the extent financed with long-term Indebtedness
(other than revolving Indebtedness)), plus 
 (iii)    consolidated interest expense added back
pursuant to clause (b)(i) of the definition of “Consolidated Adjusted EBITDA” to the extent paid in Cash, plus 

(iv)    Taxes (including pursuant to any Tax sharing arrangement or any Tax distribution) paid and
provisions for Taxes, to the extent payable in Cash with respect to such period, plus 

(v)    without duplication of amounts deducted from Excess Cash Flow pursuant to this clause
(v) or (ix) below in respect of a prior period, Cash payments made during such period in respect of Permitted Acquisitions and other Investments permitted by Section 6.06 or otherwise consented to by the
Required Lenders (other than Investments in (x) Cash and Cash Equivalents and (y) the Parent Borrower or any of its Restricted Subsidiaries), or, at the option of the Parent Borrower, any Cash payments in respect of Permitted Acquisitions
and other Investments permitted by Section 6.06 or otherwise consented to by the Required Lenders (other than Investments in (x) Cash and Cash Equivalents and (y) the Parent Borrower or any of its Restricted
Subsidiaries) made after such period and prior to the date of the applicable Excess Cash Flow payment (except, in each case, to the extent financed with long-term Indebtedness (other than revolving Indebtedness)), plus 

(vi)    the aggregate amount of all Restricted Payments made under
Sections 6.04(a)(i), (ii), (iv), (x) and (xiii) or otherwise consented to by the Required Lenders, in each case to the extent actually paid in Cash during such period, or, at the option of
the Parent Borrower, made after such period and prior to the date of the applicable Excess Cash Flow payment (except, in each case, to the extent financed with long-term Indebtedness (other than revolving Indebtedness)), plus 

(vii)    amounts added back under clause (b)(v)(B) or (b)(xii) of the
definition of “Consolidated Adjusted EBITDA” to the extent such amounts have not yet been received by the Parent Borrower or its Restricted Subsidiaries, plus 

(viii)    an amount equal to all expenses, charges and losses either (A) excluded in calculating
Consolidated Net Income or (B) added back in calculating Consolidated Adjusted EBITDA, in the case of clauses (A) and (B), to the extent paid in Cash, plus 

  
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 (ix)    without duplication of amounts deducted from
Excess Cash Flow in respect of a prior period, at the option of the Parent Borrower, the aggregate consideration (A) required to be paid in Cash by the Parent Borrower or its Restricted Subsidiaries pursuant to binding contracts entered into
prior to or during such period relating to capital expenditures, acquisitions or Investments permitted by Section 6.06 and/or (B) otherwise committed or budgeted to be made in connection with capital expenditures,
acquisitions or Investments (clause (A) and (B), the “Scheduled Consideration”) (other than Investments in (x) Cash and Cash Equivalents and (y) the Parent Borrower or any of its Restricted Subsidiaries) to be
consummated or made during the period of four consecutive Fiscal Quarters of the Parent Borrower following the end of such period (except, in each case, to the extent financed with long-term Indebtedness (other than revolving Indebtedness));
provided that to the extent the aggregate amount actually utilized to finance such capital expenditures, acquisitions or Investments during such subsequent period of four consecutive Fiscal Quarters is less than the Scheduled Consideration,
the amount of the resulting shortfall shall be added to the calculation of Excess Cash Flow at the end of such subsequent period of four consecutive Fiscal Quarters, plus 

(x)    to the extent not expensed (or exceeding the amount expensed) during such period or not deducted (or
exceeding the amount deducted) in calculating Consolidated Net Income, the aggregate amount of expenditures, fees, costs and expenses paid in Cash by the Parent Borrower and its Restricted Subsidiaries during such period, other than to the extent
financed with long-term Indebtedness (other than revolving Indebtedness), plus 
 (xi)    Cash
payments (other than in respect of Taxes, which are governed by clause (iv) above) made during such period for any liability the accrual of which in a prior period did not increase Excess Cash Flow in such prior period (provided
there was no other deduction to Consolidated Adjusted EBITDA or Excess Cash Flow related to such payment), except to the extent financed with long-term Indebtedness (other than revolving Indebtedness), plus 

(xii)    Cash expenditures made in respect of any Hedge Agreement during such period to the extent
(A) not otherwise deducted in the calculation of Consolidated Net Income or Consolidated Adjusted EBITDA and (B) not financed with long-term Indebtedness (other than revolving Indebtedness), plus 

(xiii)    amounts paid in Cash (except to the extent financed with long-term Indebtedness (other than
revolving Indebtedness)) during such period on account of (A) items that were accounted for as non-Cash reductions of Consolidated Net Income or Consolidated Adjusted EBITDA in a prior period and
(B) reserves or amounts established in purchase accounting to the extent such reserves or amounts are added back to, or not deducted from, Consolidated Net Income, plus 

(xiv)    without duplication of clause (b)(i) above, cash payments made by Holdings or its Restricted
Subsidiaries during such period in respect of long-term liabilities, including for purposes of clarity, the current portion of any such liabilities (other than Indebtedness) of Holdings or its Restricted Subsidiaries, except to the extent such cash
payments were (A) deducted in the calculation of Consolidated Net Income or Consolidated Adjusted EBITDA for such period or (B) financed with long-term Indebtedness (other than revolving Indebtedness). 

  
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 “Exchange Act” means the Securities Exchange Act of 1934 and the rules and
regulations of the SEC promulgated thereunder. 
 “Excluded Assets” means each of the following: 

(a)    any contract, instrument, lease, license, agreement or other document as to which the grant of a
security interest would (i) constitute a violation of a restriction in favor of a third party (other than Holdings, the Parent Borrower or any of its Restricted Subsidiaries) or result in the abandonment, invalidation or unenforceability of any
right of the relevant Loan Party, unless and until any required consents shall have been obtained, or (ii) result in a breach, termination (or a right of termination) or default under such contract, instrument, lease, license, agreement or
other document (including pursuant to any “change of control” or similar provision); provided, however, that any such asset will only constitute an Excluded Asset under clause (i) or
clause (ii) above to the extent such violation or breach, termination (or right of termination) or default would not be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions) of any relevant jurisdiction or any other applicable law;
provided further that any such asset shall cease to constitute an Excluded Asset at such time as the condition causing such violation, breach, termination (or right of termination) or default or right to amend or require other actions
no longer exists and to the extent severable, the security interest granted under the applicable Collateral Document shall attach immediately to any portion of such contract, instrument, lease, license, agreement or document that does not result in
any of the consequences specified in clauses (i) and (ii) above, 
 (b)    the Capital
Stock of any (i) Immaterial Subsidiary (except to the extent the security interest in such Capital Stock may be perfected by the filing of a Form UCC-1 (or similar) financing statement), (ii) Captive
Insurance Subsidiary, (iii) Unrestricted Subsidiary (except to the extent the security interest in such Capital Stock may be perfected by the filing of a Form UCC-1 (or similar) financing statement), (iv)
not-for-profit subsidiary and/or (v) special purpose entity used for any securitization facility, 

(c)    any intent-to-use
Trademark application prior to the filing and acceptance of a “Statement of Use” or an “Amendment to Allege Use” with respect thereto, only to the extent, if any, that, and solely during the period, if any, in which, the grant of
a security interest therein may impair the validity or enforceability of any registration that issues from such intent-to-use Trademark application under applicable
federal law, 
 (d)    any asset or property, the grant or perfection of a security interest in which
would (A) require any governmental consent, approval, license or authorization that has not been obtained, (B) be prohibited by enforceable anti-assignment provisions of applicable Requirements of Law, except, in the case of this clause
(B), to the extent such prohibition would be rendered ineffective under the UCC or other applicable law notwithstanding such prohibition, or (C) be prohibited by enforceable anti-assignment provisions of contracts governing such asset in
existence on the Closing Date (or on the date of acquisition of the relevant asset (and in each case not entered into in anticipation of the Closing Date or such acquisition and except, in each case, to the extent that term in such contract
providing for such prohibition purports to prohibit the granting of a security interest over all assets of such Loan Party or any other Loan Party)) other than to the extent such prohibition would be rendered in effective under the UCC or other
applicable law, 
 (e)    (i) any leasehold Real Estate Asset and (ii) any owned Real Estate
Asset that is not a Material Real Estate Asset, 

  
 -27- 

 (f)    any interest in any partnership, joint venture or
non-Wholly-Owned Subsidiary which cannot be pledged without (i) the consent of one or more third parties other than Holdings, the Parent Borrower or any of its Restricted Subsidiaries (after giving effect
to Section 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or
provisions) of any relevant jurisdiction or any other applicable law) or (ii) giving rise to a “right of first refusal”, a “right of first offer” or a similar right that may be exercised by any third party other than
Holdings, the Parent Borrower or any of its Restricted Subsidiaries, 
 (g)    any Margin Stock, 

(h)    the Capital Stock of (i) any CFC, (ii) any CFC Holdco or (iii) Potters Holdings II
GP, LLC, Potters Holdings II, LP, Potters GP and Potters LP, other than 65% of the issued and outstanding voting Capital Stock and 100% of any issued and outstanding non-voting Capital Stock of (i) each
first-tier CFC, (ii) each first tier CFC Holdco, and (iii) Potters GP and Potters LP, 

(i)    Commercial Tort Claims with a value (as reasonably estimated by the Parent Borrower) of less than
$15,000,000, 
 (j)    any Cash or Cash Equivalents comprised of (a) funds specially and exclusively
used or to be used for payroll and payroll taxes and other employee benefit payments to or for the benefit of any Loan Party’s employees, (b) funds used or to be used to pay all Taxes required to be collected, remitted or withheld
(including, without limitation, U.S. federal and state withholding Taxes (including the employer’s share thereof)) and (c) any other funds which any Loan Party holds as an escrow or fiduciary for the benefit of another Person, 

(k)    any accounts receivable and related assets that are sold or disposed of in connection with any
factoring or similar arrangement permitted by this Agreement, and 
 (l)    any asset with respect to
which the Administrative Agent and the relevant Loan Party have reasonably determined in writing that the cost, burden, difficulty or consequence (including any effect on the ability of the relevant Loan Party to conduct its operations and business
in the ordinary course of business) of obtaining or perfecting a security interest therein outweighs the benefit of a security interest to the relevant Secured Parties afforded thereby. 

“Excluded Subsidiary” means: 

(a)    any Restricted Subsidiary that is not a Wholly-Owned Subsidiary, 

(b)    any Immaterial Subsidiary, 

(c)    any Restricted Subsidiary that is prohibited by law, regulation or contractual obligation existing
on the Closing Date or at the time such Restricted Subsidiary becomes a subsidiary (which Contractual Obligation was not entered into in contemplation of such Restricted Subsidiary becoming a subsidiary) from providing a Loan Guaranty or that would
require a governmental (including regulatory) consent, approval, license or authorization to provide a Loan Guaranty (unless such consent, approval, license or authorization has been obtained), 

(d)    any not-for-profit
subsidiary, 

  
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 (e)    any Captive Insurance Subsidiary, 

(f)    any special purpose entity used for any permitted securitization or receivables facility or
financing, 
 (g)    any CFC, 

(h)    (i) any CFC Holdco, (ii) Potters GP, Potters LP and Potters Holdings II GP, LLC and/or
(iii) any Subsidiary that is a direct or indirect subsidiary of any (x) CFC or (y) CFC Holdco, provided that clause (h)(iii) hereof shall not apply to any direct or indirect subsidiary of Potters LP or Potters GP that is a
Guarantor as of the Closing Date to the extent such clause would otherwise apply solely by reason of Potters LP or Potters GP becoming a CFC after the Closing Date, 

(i)    any Unrestricted Subsidiary, and 

(k)    any other Restricted Subsidiary with respect to which, in the reasonable judgment of the
Administrative Agent and the Parent Borrower, the burden or cost of providing a Loan Guaranty outweighs the benefits afforded thereby. 

“Excluded Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a
portion of the Loan Guaranty of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Loan Guaranty thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or
order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the
Commodity Exchange Act and the regulations thereunder (determined after giving effect to Section 3.20 of the Loan Guaranty and any other “keepwell,” support or other agreement for the benefit of such Guarantor) at
the time the Loan Guaranty of such Guarantor or the grant of such security interest becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply
only to the portion of such Swap Obligation that is attributable to swaps for which such Loan Guaranty or security interest is or becomes illegal. 

“Excluded Taxes” means, with respect to the Administrative Agent or any Lender or any other recipient of any payment to be
made by or on account of any obligation of any Loan Party hereunder or under any other Loan Document, (a) Taxes imposed on (or measured by) its income or franchise Taxes, in each case (i) imposed as a result of the Administrative Agent or
such Lender being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office in, the jurisdiction imposing such Tax or (ii) that are Other Connection Taxes, (b) any branch
profits Taxes or similar Taxes imposed by any jurisdiction described in clause (a), (c) in the case of any Foreign Lender, any U.S. federal withholding Tax that is imposed on amounts payable to such Foreign Lender under any Loan Document
pursuant to Requirements of Law in effect at the time such Foreign Lender becomes a party to this Agreement (or designates a new lending office), except (i) pursuant to an assignment or designation of a new lending office under
Section 2.19 and (ii) to the extent that such Foreign Lender (or its assignor, if any) was entitled, immediately prior to the designation of a new lending office (or assignment), to receive additional amounts from any
Loan Party with respect to such withholding Tax pursuant to Section 2.17, (d) any Tax imposed as a result of a failure by the Administrative Agent or any Lender to comply with the requirements of Section 2.17(f) and
(e) any U.S. federal withholding Tax under FATCA. 

  
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 “Existing Credit Agreement” means (i) that certain Term Loan Credit
Agreement, dated as of May 4, 2016, by and among PQ, Holdings, the Lenders from time to time party thereto and Credit Suisse, in its capacities as administrative agent and collateral agent for the Lenders (the “Existing Credit Agreement
Administrative Agent”), as amended by the First Amendment Agreement, dated as of November 14, 2016, the Second Amendment Agreement, dated as of August 7, 2017, the Third Amendment Agreement, dated as of February 8, 2018, and
the Fourth Amendment Agreement, dated as of February 7, 2020, and any other amendments, restatements, amendments and restatements, supplements, refinancings, renewals, extensions or modifications thereof. 

“Existing Credit Agreement Administrative Agent” has the meaning assigned to such term in the definition of “Existing
Credit Agreement”. 
 “Existing Credit Agreement Closing Date” means May 4, 2016. 

“Existing Credit Agreement Transaction Costs” has the meaning assigned to “Transaction Costs” in the Existing
Credit Agreement as in effect on the date hereof. 
 “Existing Credit Agreement Transactions” has the meaning assigned to
“Transactions” in the Existing Credit Agreement as in effect on the date hereof. 
 “Expected Cost
Savings” has the meaning assigned to such term in the definition of “Consolidated Adjusted EBITDA”. 
 “Extended
Revolving Credit Commitment” has the meaning assigned to such term in Section 2.23(a). 

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

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

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

“Extension Amendment” means an amendment to this Agreement that is reasonably satisfactory to the Administrative Agent (to
the extent required by Section 2.23) and the Parent Borrower executed by each of (a) Holdings, (b) each Borrower, (c) the Administrative Agent and (d) each Lender that has accepted the applicable Extension
Offer pursuant hereto and in accordance with Section 2.23. 
 “Extension Offer” has the meaning
assigned to such term in Section 2.23(a). 
 “Facility” means any real property (including all
buildings, fixtures or other improvements located thereon) now, hereafter or, except with respect to Articles 5 and 6, hereof owned, leased, operated or used by the Parent Borrower or any of its Restricted Subsidiaries. 

“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), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to current Section 1471(b)(1) of the Code (or any
amended or successor version described above), any intergovernmental agreement between the U.S. and any other jurisdiction that facilitates the implementation of such Sections of the Code and any treaty, law, regulation or other official guidance
issued under or with respect to the foregoing. 

  
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 “FCPA” means the U.S. Foreign Corrupt Practices Act of 1977. 

“Federal Funds Effective Rate” means, for any day, the weighted average of the rates on overnight Federal funds transactions
with members of the Federal Reserve System, 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 of the quotations for such day
for such transactions received by Administrative Agent from three Federal funds brokers of recognized standing selected by it. 

“Fee Letters” means the Administrative Agent Fee Letter and any other fee letter between the Parent Borrower and Citigroup
Global Markets, Inc., dated as of June 22, 2020. 
 “Fiscal Quarter” means a fiscal quarter of any Fiscal Year. 

“Fiscal Year” means the fiscal year of the Parent Borrower ending December 31 of each calendar year. 

“Fixed Charge Coverage Ratio” means, with respect to any Person for any period, the ratio (1) Consolidated Adjusted
EBITDA to (2) the Fixed Charges for the Test Period then most recently ended, in each case for the Parent Borrower and its Restricted Subsidiaries on a consolidated basis. 

“Fixed Charges” means with respect to any Person for any period, the sum, without duplication, of (i) Consolidated
Interest Expense of such Person for such period, (ii) all cash dividends or other distributions paid (excluding items eliminated in consolidation) on any series of Preferred Stock during such period, and (iii) all cash dividends or other
distributions paid (excluding items eliminated in consolidation) on any series of Disqualified Stock during such period. 
 “Flood
Hazard Property” means any parcel of any Material Real Estate Asset subject to a Mortgage located in the U.S. in an area designated by the Federal Emergency Management Agency as having special flood or mud slide hazards. 

“Flood Insurance Laws” means, collectively, (i) the National Flood Insurance Act of 1968 as now or hereafter in effect
or any successor statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statue thereto, (iii) the National Flood Insurance Reform Act of 1994 as now or hereafter in effect or any
successor statute thereto, (iv) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto and (iv) Biggert-Waters Flood Insurance Reform Act of 2012 as now or hereafter in effect or any successor
statute thereto. 
 “Foreign Lender” means any Lender that is not a “United States person” within the meaning of
Section 7701(a)(30) of the Code. 
 “Foreign Subsidiary” means any Restricted Subsidiary that is not a Domestic
Subsidiary. 
 “Funding Account” has the meaning assigned to such term in Section 2.03(f). 

“GAAP” means generally accepted accounting principles in the U.S. in effect and applicable to the accounting period in
respect of which reference to GAAP is made. 
 “Global Intercompany Note” means the Global Intercompany Note in effect from
time to time in the form attached hereto as Exhibit M, or such other form reasonably acceptable to the Administrative Agent and the Parent Borrower, among the Loan Parties and the Restricted Subsidiaries party thereto. 

  
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 “Governmental Authority” means any federal, state, municipal, national or
other government, governmental department, commission, board, bureau, court, agency or instrumentality or political subdivision thereof or any entity or officer exercising executive, legislative, judicial, regulatory or administrative functions of
or pertaining to any government or any court, in each case whether associated with a state or locality of the U.S., the U.S., or a foreign government or any other political subdivision thereof, including central banks and supra national bodies. 

“Governmental Authorization” means any permit, license, authorization, plan, directive, consent order or consent decree of or
from any Governmental Authority. 
 “Granting Lender” has the meaning assigned to such term in
Section 9.05(e). 
 “Guarantee” of or by any Person (the “Guarantor”) means any
obligation, contingent or otherwise, of the Guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other monetary obligation of any other Person (the “Primary Obligor”) in any manner and including
any obligation of the Guarantor (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other monetary obligation or to purchase (or to advance or supply funds for the purchase of) any security
for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other monetary obligation of the payment thereof, (c) to maintain working capital, equity
capital or any other financial statement condition or liquidity of the Primary Obligor so as to enable the Primary Obligor to pay such Indebtedness or other monetary obligation, (d) as an account party in respect of any letter of credit or
letter of guaranty issued to support such Indebtedness or monetary obligation, (e) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other monetary obligation of the payment or
performance thereof or to protect such obligee against loss in respect thereof (in whole or in part) or (f) secured by any Lien on any assets of such Guarantor securing any Indebtedness or other monetary obligation of any other Person, whether
or not such Indebtedness or monetary other obligation is assumed by such Guarantor (or any right, contingent or otherwise, of any holder of such Indebtedness or other monetary obligation to obtain any such Lien); provided that the term
“Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business, or customary and reasonable indemnity obligations in effect on the Closing Date or entered into in connection with any acquisition,
Disposition or other transaction permitted under this Agreement (other than such obligations with respect to Indebtedness). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary
obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. 

“Hazardous Materials” means any chemical, material, substance or waste, or any constituent thereof, which is prohibited,
limited or regulated as “toxic”, “hazardous” or as a “pollutant” or “contaminant” or words of similar meaning or effect by any Environmental Law or any Governmental Authority. 

“Hazardous Materials Activity” means any past, current, proposed or threatened activity, event or occurrence involving any
Hazardous Material, including the use, manufacture, possession, storage, holding, presence, existence, location, Release, threatened Release, discharge, placement, generation, transportation, processing, construction, treatment, abatement, removal,
remediation, disposal, disposition or handling of any Hazardous Material, and any corrective action or response action with respect to any of the foregoing. 

  
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 “Hedge Agreement” means any agreement with respect to any Derivative
Transaction between any Loan Party or any Restricted Subsidiary and any other Person. 
 “Hedging Obligations” means, with
respect to any Person, the obligations of such Person under any Hedge Agreement. 
 “Holdings” has the meaning assigned to
such term in the preamble to this Agreement. 
 “IFRS” means international accounting standards within the meaning of the
IAS Regulation 1606/2002, as in effect from time to time (subject to the provisions of Section 1.04), to the extent applicable to the relevant financial statements. 

“Immaterial Subsidiary” means, as of any date, any Restricted Subsidiary of any Borrower (a) that does not have assets
in excess of 2.5% of Consolidated Total Assets of the Parent Borrower and its Restricted Subsidiaries and (b) that does not contribute Consolidated Adjusted EBITDA in excess of 2.5% of the Consolidated Adjusted EBITDA of the Parent Borrower and
its Restricted Subsidiaries, in each case, as of the last day of the most recently ended Test Period; provided that the Consolidated Total Assets and Consolidated Adjusted EBITDA (as so determined) of all Immaterial Subsidiaries shall not
exceed 5.0% of Consolidated Total Assets and 5.0% of Consolidated Adjusted EBITDA, in each case, of the Parent Borrower and its Restricted Subsidiaries for the relevant Test Period; provided further that, at all times prior to the
first delivery of financial statements pursuant to Section 5.01(a) or (b), this definition shall be applied based on the pro forma consolidated financial statements of the Parent Borrower delivered pursuant to
Section 4.01. 
 “Immediate Family Member” means, with respect to any individual, such
individual’s child, stepchild, grandchild or more remote descendant, parent, stepparent, grandparent, spouse, former spouse, domestic partner, former domestic partner, sibling,
mother-in-law, father-in-law, son-in-law and daughter-in-law (including adoptive relationships), any trust, partnership or other bona fide estate-planning
vehicle the only beneficiaries of which are any of the foregoing individuals, such individual’s estate (or an executor or administrator acting on its behalf), heirs or legatees or any private foundation or fund that is controlled by any of the
foregoing individuals or any donor-advised fund of which any such individual is the donor. 
 “Incremental Cap” means: 

(a)    (i) $200,000,000 less (ii) the aggregate principal amount of all Incremental Facilities
and Incremental Equivalent Debt incurred or issued after the Closing Date in reliance on clause (a)(i) of this definition, plus 

(b)    in the case of any Incremental Facility that effectively extends the Maturity Date with respect to
any Class of Loans and/or commitments hereunder, an amount equal to the portion of the relevant Class of Loans or commitments that will be replaced by such Incremental Facility, plus 

(c)    in the case of any Incremental Facility that effectively replaces any Additional Revolving
Commitment terminated in accordance with Section 2.19, an amount equal to the relevant terminated Additional Revolving Commitment, plus 

(d)    the amount of any optional prepayment or acquisition (including through Dutch Auctions, open market
purchases and contributions, so long as acquired Loans are cancelled) of any Loan in accordance with Section 2.11(a) (or Section 9.05(g) in the case of repurchases)

  
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and/or the amount of any permanent reduction of any Additional Revolving Commitment so long as, in the case of any optional prepayment, such prepayment or acquisition was not funded (i) with
the proceeds of any long-term Indebtedness (other than revolving Indebtedness) or (ii) with the proceeds of any Incremental Facility incurred in reliance on clause (b) above or clause (e) below, plus 

(e)    an unlimited amount so long as, in the case of this clause (e), (i) if
such Incremental Facility is secured by a Lien on the Collateral that is pari passu with the Lien securing the Credit Facilities on the Closing Date, the Senior Secured Leverage Ratio would not exceed 4.50:1.00, (ii) if such Incremental
Facility is secured by a Lien on the Collateral that is junior to the Lien securing the Credit Facilities on the Closing Date, the Secured Leverage Ratio would not exceed 5.00:1.00 or (iii) if such Incremental Facility is unsecured, either
(A) the Fixed Charge Coverage Ratio would not be less than 2.00:1.00 or (B) the Total Leverage Ratio would not exceed 6.00:1.00, in each case of clauses (i) through (iii), calculated on a Pro Forma Basis, including the
application of the proceeds thereof (without “netting” the Cash proceeds of the applicable Incremental Facility) (and determined on the basis of the financial statements for the most recently ended Test Period), and, in the case of any
Incremental Revolving Facility, assuming a full drawing under such Incremental Revolving Facility. 
 Unless the Parent Borrower otherwise
notifies the Administrative Agent, any Incremental Facility or Incremental Equivalent Debt shall be deemed to have been incurred in reliance on clause (d) above prior to any amounts under clause (a) or (e) above.
Unless the Parent Borrower otherwise notifies the Administrative Agent, any Incremental Facility or Incremental Equivalent Debt shall be deemed to have been incurred in reliance on clause (e) above prior to any amounts under clause
(a) above. 
 “Incremental Commitment” means any commitment made by a lender to provide all or any portion of any
Incremental Facility or Incremental Loans. 
 “Incremental Equivalent Debt” has the meaning assigned to such term in
Section 6.01(z). 
 “Incremental Facilities” has the meaning assigned to such term in
Section 2.22(a). 
 “Incremental Facility Agreement” means an amendment to this Agreement that is
reasonably satisfactory to the Administrative Agent (to the extent required by Section 2.21) and the Parent Borrower executed by each of (a) Holdings and each Borrower, (b) the Administrative Agent and
(c) each Lender that agrees to provide all or any portion of the Incremental Facility being incurred pursuant thereto and in accordance with Section 2.22. 

“Incremental Loans” has the meaning assigned to such term in Section 2.22(a). 

“Incremental Revolving Commitment” means any commitment made by a lender to provide all or any portion of any Incremental
Revolving Facility. 
 “Incremental Revolving Facility” has the meaning assigned to such term in
Section 2.22(a). 
 “Incremental Revolving Loans” has the meaning assigned to such term in
Section 2.22(a). 
 “Incremental Term Facility” has the meaning assigned to such term in
Section 2.22(a). 

  
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 “Incremental Term Loan Borrowing Date” means, with respect to each
Class of Incremental Term Loans, each date on which Incremental Term Loans of such Class are incurred pursuant to Section 2.01(b) and as otherwise specified in any amendment providing for Incremental Term Loans in
accordance with Section 2.22. 
 “Incremental Term Loans” has the meaning assigned to such term
in Section 2.22(a). 
 “Indebtedness” as applied to any Person means, without duplication,
(a) all indebtedness for borrowed money; (b) that portion of obligations with respect to Capital Leases to the extent recorded as a liability on a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with
GAAP; (c) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments to the extent the same would appear as a liability on a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance
with GAAP; (d) any obligation owed for all or any part of the deferred purchase price of property or services (excluding (w) any earn out obligation or purchase price adjustment until such obligation (A) becomes a liability on the
statement of financial position or balance sheet (excluding the footnotes thereto) in accordance with GAAP and (B) has not been paid within 30 days after becoming due and payable, (x) any such obligations incurred under ERISA,
(y) accrued expenses and trade accounts payable in the ordinary course of business (including on an inter-company basis) and (z) liabilities associated with customer prepayments and deposits), which purchase price is (i) due more than
six months from the date of incurrence of the obligation in respect thereof or (ii) evidenced by a note or similar written instrument; (e) all Indebtedness of others secured by any Lien on any property or asset owned or held by such Person
regardless of whether the Indebtedness secured thereby shall have been assumed by such Person or is non-recourse to the credit of such Person; (f) the face amount of any letter of credit issued for the
account of such Person or as to which such Person is otherwise liable for reimbursement of drawings; (g) the Guarantee by such Person of the Indebtedness of another; (h) all obligations of such Person in respect of any Disqualified Capital
Stock; and (i) all net obligations of such Person in respect of any Derivative Transaction, including any Hedge Agreement, whether or not entered into for hedging or speculative purposes; provided that (i) in no event shall
obligations under any Derivative Transaction be deemed “Indebtedness” for any calculation of the Total Leverage Ratio, the Fixed Charge Coverage Ratio, the Senior Secured Leverage Ratio, the Secured Leverage Ratio or any other financial
ratio under this Agreement and (ii) the amount of Indebtedness of any Person for purposes of clause (e) shall be deemed to be equal to the lesser of (A) the aggregate unpaid amount of such Indebtedness and (B) the fair
market value of the property encumbered thereby as determined by such Person in good faith. For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or any joint venture (other than any joint venture
that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, except to the extent such Person’s liability for such Indebtedness is otherwise limited and only to the extent such
Indebtedness would otherwise be included in the calculation of Consolidated Total Debt; provided that, notwithstanding anything herein to the contrary, the term “Indebtedness” shall not include, and shall be calculated without
giving effect to, the effects of Accounting Standards Codification Topic 815 and related interpretations to the extent such effects would otherwise increase or decrease an amount of Indebtedness for any purpose hereunder as a result of accounting
for any embedded derivatives created by the terms of such Indebtedness and any such amounts that would have constituted Indebtedness hereunder but for the application of this proviso shall not be deemed an incurrence of Indebtedness hereunder.
Notwithstanding the foregoing, Indebtedness of Holdings and its Restricted Subsidiaries shall exclude (1) liabilities under vendor agreements to the extent such liabilities may be satisfied exclusively through
non-cash means such as purchase volume earning credits, (2) reserves for deferred taxes and (3) for all purposes under this Agreement other than for purposes of
Section 6.01, intercompany Indebtedness among Holdings and its Restricted Subsidiaries. 

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

“Indemnitee” has the meaning assigned to such term in Section 9.03(b). 

“Information” has the meaning set forth in Section 3.11(a). 

“Information Memorandum” means the Confidential Information Memorandum dated April 2016, relating to the Parent Borrower and
its subsidiaries and the Existing Credit Agreement Transactions. 
 “Initial Commitment” means, with respect to each Term
Lender, the commitment of such Term Lender to make Term Loans hereunder in an aggregate amount not to exceed the amount set forth opposite such Term Lender’s name on the Commitment Schedule, as the same may be (a) reduced from time to time
pursuant to Section 2.09 and (b) reduced or increased from time to time pursuant to (i) assignments by or to such Term Lender pursuant to Section 9.05 or (ii) an Additional Term
Commitment. The aggregate amount of the Term Lenders’ Initial Commitment as of the Closing Date is $650,000,000. 

“Initial Term Loan Maturity Date” means February 7, 2027. 

“Initial Term Loans” means the Term Loans. 

“Intellectual Property Security Agreement” means any agreement executed on or after the Closing Date confirming or effecting
the grant of any Lien on IP Rights owned by any Loan Party to the Administrative Agent, for the benefit of the Secured Parties, in accordance with this Agreement, including any of the following: (a) a Trademark Security Agreement substantially
in the form of Exhibit H-1, (b) a Patent Security Agreement substantially in the form of Exhibit H-2 or (c) a Copyright Security
Agreement substantially in the form of Exhibit H-3, together with any and all supplements or amendments thereto. 

“Intercreditor Agreements” means the ABL Intercreditor Agreement and the Pari Passu Term Loan Intercreditor Agreement. 

“Interest Election Request” means a request by the Parent Borrower in the form of Exhibit D or
another form reasonably acceptable to the Administrative Agent to convert or continue a Borrowing in accordance with Section 2.08. 

“Interest Payment Date” means (a) with respect to any ABR Loan, the last Business Day of each March, June, September and
December (commencing on September 30, 2020) or the maturity date applicable to such Loan and (b) with respect to any LIBO Rate Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the
case of a LIBO Rate Borrowing with an Interest Period of more than three months’ duration, each day that would have been an Interest Payment Date had successive Interest Periods of three months’ duration been applicable to such Borrowing.

 “Interest Period” means with respect to any LIBO Rate Borrowing, the period commencing on the date of such Borrowing and
ending on the numerically corresponding day in the calendar month that is one, two, three or six months (or, to the extent available to all relevant affected Lenders, twelve months or a shorter period) thereafter, as the Parent Borrower may elect;
provided that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be 

  
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extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding
Business Day and (ii) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last
Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or
continuation of such Borrowing. 
 “Interpolated Rate” shall mean, in relation to the LIBO Rate for any Borrowing, the rate
which results from interpolating on a linear basis between: (a) the rate published by ICE Benchmark Administration Limited (or another commercially available source as designated by the Administrative Agent from time to time) for the LIBO Rate
for the longest period (for which that rate is available) which is less than the Interest Period for such Borrowing and (b) the rate appearing on such screen or other source, as the case may be, for the shortest period (for which that rate is
available) which exceeds the Interest Period for such Borrowing as of approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period. 

“Investment” means (a) any purchase or other acquisition by any Borrower or any of its Restricted Subsidiaries of any of
the Securities of any other Person (other than any Loan Party), (b) the acquisition by purchase or otherwise (other than any purchase or other acquisition of inventory, materials, supplies and/or equipment in the ordinary course of business) of all
or substantially all of the business, property or fixed assets of any other Person or any division or line of business or other business unit of any other Person and (c) any loan, advance (other than any advance to any current or former
employee, officer, director, member of management, manager, consultant or independent contractor of any Borrower, any Restricted Subsidiary or any Parent Company for moving, entertainment and travel expenses, drawing accounts and similar
expenditures in the ordinary course of business) or capital contribution by any Borrower or any of its Restricted Subsidiaries to any other Person. Subject to Section 5.10, the amount of any Investment shall be the original
cost of such Investment, plus the cost of all additions thereto, without any adjustments for increases or decreases in value, or write-ups, write-downs or write-offs with respect thereto, but giving
effect to any repayments of principal in the case of any Investment in the form of a loan and any return of capital or return on Investment in the case of any equity Investment (whether as a distribution, dividend, redemption or sale but not in
excess of the amount of the relevant initial Investment). 
 “Investors” means (a) the Sponsor and (b) the Co-Investors. 
 “IP Rights” has the meaning assigned to such term in
Section 3.05(c). 
 “IRS” means the U.S. Internal Revenue Service. 

“Junior Indebtedness” means any Subordinated Indebtedness (other than Indebtedness among Holdings and/or its subsidiaries)
with an individual outstanding principal amount in excess of the Threshold Amount. 
 “Junior Lien Indebtedness” means any
Indebtedness that is secured by a security interest on the Collateral (other than Indebtedness among Holdings and/or its subsidiaries) that is expressly junior or subordinated to the Lien securing the Credit Facilities with an individual outstanding
principal amount in excess of the Threshold Amount. For the avoidance of doubt, Indebtedness outstanding under any ABL Facility shall not be Subordinated Indebtedness. 

  
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 “Latest Maturity Date” means, as of any date of determination, the latest
maturity or expiration date applicable to any Loan or commitment hereunder at such time, including the latest maturity or expiration date of any Initial Term Loan, Additional Term Loan, Additional Revolving Loan or Additional Commitment. 

“Latest Revolving Loan Maturity Date” means, as of any date of determination, the latest maturity or expiration date
applicable to any Additional Revolving Loan or any Additional Revolving Commitment. 
 “Latest Term Loan Maturity Date”
means, as of any date of determination, the latest maturity or expiration date applicable to any term loan or term commitment hereunder at such time, including the latest maturity or expiration date of any Term Loan or any Additional Term
Commitment. 
 “Legal Reservations” means the application of relevant Debtor Relief Laws, general principles of equity
and/or principles of good faith and fair dealing. 
 “Lenders” means the Term Lenders, any Additional Lender, any lender
with an Additional Commitment or an outstanding Additional Loan and any other Person that becomes a party hereto pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and
Assumption. 
 “Letter-of-Credit Right” has
the meaning set forth in Article 9 of the UCC. 
 “LIBO Rate” means, the Published LIBO Rate, as adjusted to reflect
applicable reserves prescribed by governmental authorities; provided that, in no event shall the LIBO Rate be less than 1.00% per annum. 

“LIBO Rate Loan” means a Loan bearing interest at a rate determined by reference to the LIBO Rate. 

“Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other),
charge, or preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to
real property, and any Capital Lease having substantially the same economic effect as any of the foregoing), in each case, in the nature of security; provided that in no event shall an operating lease in and of itself be deemed to constitute
a Lien. 
 “Loan Documents” means this Agreement, any Promissory Note, each Loan Guaranty, the Collateral Documents, the
Intercreditor Agreements, any intercreditor agreement required to be entered into pursuant to the terms of this Agreement and any other document or instrument designated by the Parent Borrower and the Administrative Agent as a “Loan
Document.” Any reference in this Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto. 

“Loan Guaranty” means (a) the Guaranty Agreement, substantially in the form of Exhibit I, executed by each Loan
Party party thereto and the Administrative Agent for the benefit of the Secured Parties and (b) each other guaranty agreement executed by any Person pursuant to Section 5.12 in substantially the form attached as
Exhibit I or another form that is otherwise reasonably satisfactory to the Administrative Agent and the Parent Borrower. 

  
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 “Loan Installment Date” has the meaning assigned to such term in
Section 2.10(a). 
 “Loan Parties” means Holdings, each Borrower, each Subsidiary Guarantor, and
in each case their respective successors and permitted assigns. 
 “Loans” means any Initial Term Loan, any Additional Term
Loan, or any Additional Revolving Loan. 
 “Management Agreement” means, collectively, (a) the Consulting Agreement
dated December 29, 2014, by and among PQ Holdings Inc., PQ and CCMP Capital Advisors, LP and (b) the Consulting Agreement dated December 29, 2014, by and among PQ Holdings Inc., PQ and INEOS AG. 

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

“Market Intercreditor Agreement” means an intercreditor agreement the terms of which are consistent with market terms
including, to the extent relevant for the type of Indebtedness to be subject to such intercreditor agreement, those governing standstill provisions, release mechanics and security arrangements for the sharing of liens or arrangements relating to the
distribution of payments, as applicable (which may, if applicable, consist of a payment “waterfall”), at the time the intercreditor agreement is proposed to be established in light of the type of Indebtedness subject thereto, which is
reasonably satisfactory to the Administrative Agent. 
 “Material Adverse Effect” means a material adverse effect on
(i) the business, assets, financial condition or results of operations, in each case, of Holdings, each Borrower and each of their Restricted Subsidiaries, taken as a whole, (ii) the rights and remedies (taken as a whole) of the
Administrative Agent under the applicable Loan Documents or (iii) the ability of the Loan Parties (taken as a whole) to perform their payment obligations under the applicable Loan Documents. 

“Material Debt Instrument” means any physical instrument evidencing any Indebtedness for borrowed money which is required to
be pledged to the Administrative Agent (or its bailee) pursuant to the Security Agreement. 
 “Material Real Estate Asset”
means (a) on the Closing Date, each Real Estate Asset listed on Schedule 1.01(b) and (b) any “fee-owned” Real Estate Asset acquired by any Loan Party after the Closing Date having a
fair market value (as reasonably determined by the Parent Borrower after taking into account any liabilities with respect thereto that impact such fair market value) in excess of $15,000,000. 

“Maturity Date” means (a) with respect to the Initial Term Loans, the Initial Term Loan Maturity Date, (c) as to
any Replacement Term Loans or Replacement Revolving Facility incurred pursuant to Section 9.02(c), the final maturity date for such Replacement Term Loan or Replacement Revolving Facility, as the case may be, as set forth
in the applicable Refinancing Amendment; (b) with respect to any Incremental Term Loans, the final maturity date set forth in the applicable Incremental Facility Agreement; (c) with respect to any Incremental Revolving Facility, the final
maturity date set forth in the applicable Incremental Facility Agreement and (d) with respect to any Extended Revolving Credit Commitment or Extended Term Loans, the final maturity date set forth in the applicable Extension Amendment. 

“Maximum Rate” has the meaning assigned to such term in Section 9.19. 

  
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 “Minimum Extension Condition” has the meaning assigned to such term in
Section 2.23(b). 
 “Moody’s” means Moody’s Investors Service, Inc. 

“Mortgage Policies” has the meaning assigned to such term in the definition of “Collateral and Guarantee
Requirement”. 
 “Mortgages” means any mortgage, deed of trust or other agreement which conveys or evidences a Lien in
favor of the Administrative Agent, for the benefit of the Administrative Agent and the relevant Secured Parties, on any Material Real Estate Asset constituting Collateral. 

“Multiemployer Plan” means any employee benefit plan which is a “multiemployer plan” as defined in
Section 3(37) of ERISA, that is subject to the provisions of Title IV of ERISA, and in respect of which the relevant Borrower or any of its Restricted Subsidiaries, or any of their respective ERISA Affiliates, makes or is obligated to make
contributions or with respect to which any of them has any ongoing obligation or liability, contingent or otherwise. 
 “Narrative
Report” means, with respect to the financial statements with respect to which it is delivered, a customary management discussion and narrative report describing the operations of Holdings, each Borrower and each of their Restricted
Subsidiaries for the applicable Fiscal Quarter or Fiscal Year and for the period from the beginning of the then-current Fiscal Year to the end of the period to which the relevant financial statements relate. 

“Net Insurance/Condemnation Proceeds” means an amount equal to: (a) any Cash payments or proceeds (including Cash
Equivalents) received by any Borrower or any of its Restricted Subsidiaries (i) under any casualty insurance policy in respect of a covered loss thereunder of any assets of the relevant Borrower or any of its Restricted Subsidiaries or
(ii) as a result of the taking of any assets of the relevant Borrower or any of its Restricted Subsidiaries by any Person pursuant to the power of eminent domain, condemnation or otherwise, or pursuant to a sale of any such assets to a
purchaser with such power under threat of such a taking, minus (b) (i) any actual out-of-pocket costs incurred by the relevant Borrower or any of its
Restricted Subsidiaries in connection with the adjustment, settlement or collection of any claims of the relevant Borrower or the relevant Restricted Subsidiary in respect thereof, (ii) payment of the outstanding principal amount of, premium or
penalty, if any, and interest and other amounts on any Indebtedness (other than the Loans, and any Indebtedness secured by a Lien that is pari passu with or expressly subordinated to the Lien on the Collateral securing the Secured
Obligations) that is secured by a Lien on the assets in question and that is required to be repaid or otherwise comes due or would be in default under the terms thereof as a result of such loss, taking or sale, (iii) in the case of a taking,
the reasonable out-of-pocket costs of putting any affected property in a safe and secure position, (iv) any selling costs and out-of-pocket expenses (including reasonable broker’s fees or commissions, legal fees, transfer and similar Taxes and the relevant Borrower’s good faith estimate of income Taxes paid or payable
(including pursuant to Tax sharing arrangements or any Tax distributions by a Loan Party, and taking into account any available tax credits or deductions, in each case attributable to such proceeds)) in connection with any sale or taking of such
assets as described in clause (a) of this definition and (v) any amounts provided as a reserve in accordance with GAAP against any liabilities under any indemnification obligation or purchase price adjustments associated with any
sale or taking of such assets as referred to in clause (a) of this definition (provided that to the extent and at the time any such amounts are released from such reserve, such amounts shall constitute Net Insurance/Condemnation
Proceeds). 
 “Net Proceeds” means (a) with respect to any Disposition (including any Prepayment Asset Sale), the Cash
proceeds (including Cash Equivalents and Cash proceeds subsequently received (as 

  
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 and when received) in respect of non-cash consideration initially
received), net of (i) selling costs and out-of-pocket expenses (including reasonable broker’s fees or commissions, legal fees, transfer and similar Taxes and
the relevant Borrower’s good faith estimate of income Taxes paid or payable (including pursuant to Tax sharing arrangements or any Tax distributions, and taking into account any available tax credits or deductions, in each case to the extent
attributable to such sale) by a Loan Party in connection with such Disposition), (ii) amounts provided as a reserve in accordance with GAAP against any liabilities under any indemnification obligation or purchase price adjustment associated
with such Disposition (provided that to the extent and at the time any such amounts are released from such reserve, such amounts shall constitute Net Proceeds), (iii) the principal amount, premium or penalty, if any, interest and other
amounts on any Indebtedness (other than the Loans and any other Indebtedness secured by a Lien that is pari passu with or expressly subordinated to the Lien on the Collateral securing the Secured Obligations) which is secured by the
asset sold in such Disposition and which is required to be repaid or otherwise comes due or would be in default and is repaid (other than any such Indebtedness that is assumed by the purchaser of such asset) and (iv) Cash escrows (until
released from escrow to the relevant Borrower or any of its Restricted Subsidiaries) from the sale price for such Disposition; and (b) with respect to any issuance or incurrence of Indebtedness or Capital Stock, the Cash proceeds thereof, net
of all Taxes and customary fees, commissions, costs, underwriting discounts and other fees and expenses incurred in connection therewith. 

“NMTC Transactions” means one or more transactions involving the disposition and/or financing of Real Estate Assets owned by
any Subsidiary of Holdings in the form of a new market tax credit financing or similar financing in an aggregate amount not to exceed $75,000,000. 

“Non-Consenting Lender” has the meaning assigned to such term in
Section 2.19(b). 
 “Non-Debt Fund Affiliate” means any
Investor (which is an Affiliate of any Borrower) and any Affiliate of any such Investor, other than any Debt Fund Affiliate. 

“Obligations” means all unpaid principal of and accrued and unpaid interest (including interest accruing during the pendency
of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans, all accrued and unpaid fees and all expenses, reimbursements, indemnities and all other advances
to, debts, liabilities and obligations of the Loan Parties to the Lenders or to any Lender, the Administrative Agent or any indemnified party arising under the Loan Documents in respect of any Loan, whether direct or indirect (including those
acquired by assumption), absolute, contingent, due or to become due, now existing or hereafter arising. 
 “OFAC” has the
meaning assigned to such term in the definition of “Sanctions”. 
 “Organizational Documents” means (a) with
respect to any corporation, its certificate or articles of incorporation or organization and its by-laws, (b) with respect to any limited partnership, its certificate of limited partnership and its
partnership agreement, (c) with respect to any general partnership, its partnership agreement, (d) with respect to any limited liability company, its articles of organization or certificate of formation, and its operating agreement, and
(e) with respect to any other form of entity, such other organizational documents required by local law or customary under such jurisdiction to document the formation and governance principles of such type of entity. In the event that any term
or condition of this Agreement or any other Loan Document requires any Organizational Document to be certified by a secretary of state or similar governmental official, the reference to any such “Organizational Document” shall only be to a
document of a type customarily certified by such governmental official. 

  
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 “Other Applicable Indebtedness” has the meaning assigned to such term in
Section 2.11(b)(ii). 
 “Other Connection Taxes” means, with respect to any Lender or the
Administrative Agent, 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, or 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 any and all present or future stamp, court or documentary Taxes or any intangible, recording, filing
or other excise or property Taxes, charges or similar levies arising from any payment made under or with respect to any Loan Document or from the execution, delivery, performance of, registration of, perfection of a security interest under, or
enforcement of, or otherwise with respect to, this Agreement or any other Loan Document, excluding any Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19).

 “Parent Borrower” has the meaning assigned to such term in the preamble to this Agreement. 

“Parent Company” means Holdings and any other Person of which any Borrower is an indirect Wholly-Owned Subsidiary. 

“Pari Passu Intercreditor Agreement” means the Pari Passu Intercreditor Agreement dated as of the Existing Credit
Agreement Closing Date, by and between the Existing Credit Agreement Administrative Agent and, after giving effect to the Pari Passu Intercreditor Agreement Joinder, the Administrative Agent and the other parties thereto from time to time and
acknowledged by PQ, as amended, restated, amended and restated, supplemented or otherwise modified from time to time. 
 “Pari Passu
Intercreditor Agreement Joinder” means the joinder agreement to the Pari Passu Intercreditor Agreement, dated as of the date hereof, by and among, the Administrative Agent and the Existing Credit Agreement Administrative Agent, and
acknowledged by PQ. 
 “Participant” has the meaning assigned to such term in Section 9.05(c).

 “Participant Register” has the meaning assigned to such term in Section 9.05(c). 

“Patent” means the following: (a) any and all patents and patent applications; (b) all inventions described and
claimed therein; (c) all reissues, divisions, continuations, renewals, extensions and continuations in part thereof; (d) all income, royalties, damages, claims, and payments now or hereafter due or payable under and with respect thereto,
including, without limitation, damages and payments for past, present and future infringements thereof; (e) all rights to sue for past, present, and future infringements thereof; and (f) all rights corresponding to any of the foregoing.

 “PBGC” means the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA (or any
successor). 
 “Pension Plan” means any “employee pension benefit plan”, as defined in Section 3(2) of ERISA
(other than a Multiemployer Plan), that is subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, which the relevant Borrower or any of its Restricted Subsidiaries, or any of their respective
ERISA Affiliates, maintains or contributes to or has an obligation to contribute to, or otherwise has any liability, contingent or otherwise. 

  
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 “Perfection Certificate” means a certificate substantially in the form of
Exhibit E. 
 “Perfection Certificate Supplement” means a supplement to the Perfection Certificate substantially in
the form of Exhibit F. 
 “Perfection Requirements” means the filing of appropriate financing
statements with the office of the Secretary of State or other appropriate office of the state of organization of each Loan Party, the filing of appropriate security agreements or notices with the U.S. Patent and Trademark Office and the U.S.
Copyright Office, the proper recording or filing, as applicable, of Mortgages and fixture filings with respect to any Material Real Estate Asset constituting Collateral, in each case in favor of the Administrative Agent for the benefit of the
Secured Parties and the delivery to the Administrative Agent of any stock certificate, promissory note or other instrument required to be delivered pursuant to the applicable Loan Documents, together with instruments of transfer executed in blank.

 “Permitted Acquisition” means any acquisition by any Borrower or any of its Restricted Subsidiaries, whether by
purchase, merger or otherwise, of all or substantially all of the assets of, or any business line, unit or division of, any Person or of a majority of the outstanding Capital Stock of any Person (but in any event including any Investment in
(x) any Restricted Subsidiary which serves to increase such Borrower’s or any Restricted Subsidiary’s respective equity ownership in such Restricted Subsidiary or (y) any joint venture for the purpose of increasing such
Borrower’s or its relevant Restricted Subsidiary’s ownership interest in such joint venture); provided that: 

(a)    no Event of Default under Section 7.01(a), (f) or
(g) exists or would result after giving pro forma effect to such acquisition; and 

(b)    the total consideration paid by Persons that are Loan Parties for (i) the Capital Stock of any
Person that does not become a Guarantor and (ii) in the case of an asset acquisition, assets that are not acquired by a Borrower or any Guarantor, when taken together with the total consideration for all such Persons and assets so acquired
after the Existing Credit Agreement Closing Date, shall not exceed the sum of (A) (i) the greater of $160,000,000 and 4% of Consolidated Total Assets as of the last day of the most recent Test Period minus (ii) the aggregate amount
of Investments in Restricted Subsidiaries that are not Loan Parties made pursuant to Section 6.06(e)(ii), and (B) amounts otherwise available under clauses (q), (r), (x) and
(bb) of Section 6.06; provided that the limitation described in this clause (b) shall not apply to any acquisition to the extent (x) such acquisition is made with the proceeds of sales of the
Qualified Capital Stock of, or common equity capital contributions to, a Borrower or any Restricted Subsidiary or (y) the Person so acquired (or the Person owning the assets so acquired) becomes a Subsidiary Guarantor even though such Person
owns Capital Stock in Persons that are not otherwise required to become Subsidiary Guarantors, if, in the case of this clause (y), not less than 65.0% of the Consolidated Adjusted EBITDA of the Person(s) acquired in such acquisition (for this
purpose and for the component definitions used therein, determined on a consolidated basis for such Persons and their respective Restricted Subsidiaries) is generated by Person(s) that will become Subsidiary Guarantors (i.e., disregarding any
Consolidated Adjusted EBITDA generated by Restricted Subsidiaries of such Subsidiary Guarantors that are not (or will not become) Subsidiary Guarantors). 

“Permitted Holders” means (a) the Investors and (b) any Person with which one or more Investors form a
“group” (within the meaning of Section 14(d) of the Exchange Act) so long as, in the case of this clause (b), the relevant Investors beneficially own more than 50% of the relevant voting stock beneficially owned by the group.

  
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 “Permitted Liens” means Liens permitted pursuant to
Section 6.02. 
 “Person” means any natural person, corporation, limited liability company,
trust, joint venture, association, company, partnership, Governmental Authority or any other entity. 
 “Plan” means any
“employee pension benefit plan” (within the meaning of Section 3(2) of ERISA) maintained by a Borrower or any of its Restricted Subsidiaries, other than any Multiemployer Plan. 

“Platform” has the meaning assigned to such term in Section 9.01(d). 

“Potters GP” means Potters Holdings GP, Ltd, a Cayman Islands exempted company. 

“Potters LP” means Potters Holdings, L.P., an exempt limited partnership registered under the laws of Cayman Islands. 

“PQ” has the meaning assigned to such term in the preamble to this Agreement. 

“Preferred Stock” means any Capital Stock with preferential rights of payment of dividends or upon liquidation, dissolution,
or winding up. 
 “Prepayment Asset Sale” means any Disposition by any Borrower or its Restricted Subsidiaries made
pursuant to Section 6.07(h), Section 6.07(n), Section 6.07(q), clause (ii) to the proviso to Section 6.07(r) (to the extent provided
therein), Section 6.07(z)(i) and Section 6.08 other than, in each case, any Disposition with respect to ABL Collateral so long as (i) the ABL Facility is in effect and (ii) such
Disposition of ABL Collateral does not constitute a Prepayment Asset Sale under and as defined in the Existing Credit Agreement. 

“Primary Obligor” has the meaning assigned to such term in the definition of “Guarantee”. 

“Prime Rate” means the rate of interest per annum determined from time to time by Credit Suisse as its prime rate in
effect at its principal office in New York City and notified to the Parent Borrower. The prime rate is a rate set by Credit Suisse based upon various factors including Credit Suisse’s costs and desired return, general economic conditions and
other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such rate. 
 “Pro
Forma Basis” or “pro forma effect” means “Pro Forma Basis” or “pro forma effect” means, with respect to any determination of the Total Leverage Ratio, the Secured Leverage Ratio, the Senior
Secured Leverage Ratio, the Fixed Charge Coverage Ratio, Consolidated Adjusted EBITDA or Consolidated Total Assets (including component definitions thereof), that: 

(a)    each Subject Transaction shall be deemed to have occurred as of the first day of the applicable Test
Period (or, in the case of Consolidated Total Assets or any other balance sheet item, as of the last day of such Test Period) with respect to any test or covenant for which such calculation is being made, 

  
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 (b)    in the case of (A) any Disposition of all or
substantially all of the Capital Stock of any Restricted Subsidiary or any division and/or product line of any Borrower, any Restricted Subsidiary, (B) any designation of a Restricted Subsidiary as an Unrestricted Subsidiary and (C) the
implementation of any Cost Savings Initiative, income statement items (whether positive or negative and including any Expected Cost Savings) attributable to the property or Person subject to such Subject Transaction, shall be excluded as of the
first day of the applicable Test Period with respect to any test or covenant for which the relevant determination is being made and (ii) in the case of any Permitted Acquisition, Investment and/or designation of an Unrestricted Subsidiary as a
Restricted Subsidiary described in the definition of the term “Subject Transaction”, income statement items (whether positive or negative) attributable to the property or Person subject to such Subject Transaction shall be included as of
the first day of the applicable Test Period with respect to any test or covenant for which the relevant determination is being made; provided that any pro forma adjustment described in this clause (b) may be applied to any such
test or covenant solely to the extent that such adjustment is consistent with the definition of “Consolidated Adjusted EBITDA”, 

(c)    any retirement or repayment of Indebtedness (other than normal fluctuations in revolving
Indebtedness incurred for working capital purposes) shall be deemed to have occurred as of the first day of the applicable Test Period with respect to any test or covenant for which the relevant determination is being made, 

(d)    any Indebtedness incurred by any Borrower or any of its Restricted Subsidiaries in connection
therewith shall be deemed to have occurred as of the first day of the applicable Test Period with respect to any test or covenant for which the relevant determination is being made; provided that, (x) if such Indebtedness has a floating
or formula rate, such Indebtedness shall have an implied rate of interest for the applicable Test Period for purposes of this definition determined by utilizing the rate that is or would be in effect with respect to such Indebtedness at the relevant
date of determination (taking into account any interest hedging arrangements applicable to such Indebtedness), (y) interest on any obligation with respect to any Capital Lease shall be deemed to accrue at an interest rate reasonably determined by a
Responsible Officer of the Parent Borrower to be the rate of interest implicit in such obligation in accordance with GAAP and (z) interest on any Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime
or similar rate, a Eurocurrency interbank offered rate or other rate shall be determined to have been based upon the rate actually chosen, or if none, then based upon such optional rate chosen by the Parent Borrower, and 

(e)    the acquisition of any assets included in calculating Consolidated Total Assets, whether pursuant to
any Subject Transaction or any Person becoming a subsidiary or merging, amalgamating or consolidating with or into a Borrower or any of its subsidiaries, or the Disposition of any assets included in calculating Consolidated Total Assets described in
the definition of “Subject Transaction” shall be deemed to have occurred as of the last day of the applicable Test Period with respect to any test or covenant for which such calculation is being made. 

In the case of any calculation of the Total Leverage Ratio, the Secured Leverage Ratio, the Fixed Charge Coverage Ratio, the Senior Secured
Leverage Ratio, Consolidated Adjusted EBITDA or Consolidated Total Assets for any events described above that occur prior to the first date on which financial statements have been (or are required to be) delivered hereunder, such calculation to be
made on a “Pro Forma Basis” shall use the financial statements delivered pursuant to Sections 5.01(a) and 5.01(b) of the Existing Credit Agreement. 

  
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 “Projections” means the projections of the Parent Borrower and its
subsidiaries included in the Information Memorandum (or a supplement thereto). 
 “Promissory Note” means a promissory note
of any Borrower payable to any Lender or its registered assigns, in substantially the form of Exhibit G, evidencing the aggregate outstanding principal amount of Loans of such Borrower to such Lender resulting from the
Loans made by such Lender. 
 “PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor,
as any such exemption may be amended from time to time. 
 “Public Company Costs” means any Charge associated with, or in
anticipation of, or preparation for, compliance with the requirements of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith and Charges relating to compliance with the provisions of the Securities Act
and the Exchange Act (and, in each case, similar Requirements of Law under other jurisdictions), as applicable to companies with equity or debt securities held by the public, the rules of national securities exchange companies with listed equity or
debt securities, directors’ or managers’ compensation, fees and expense reimbursement, any Charge relating to investor relations, shareholder meetings and reports to shareholders or debtholders, directors’ and officers’ insurance
and other executive costs, legal and other professional fees and listing fees. 
 “Public Lender” has the meaning assigned
to such term in Section 9.01(d). 
 “Published LIBO Rate” means, with respect to any Interest
Period when used in reference to any Loan or Borrowing, (1) the rate of interest appearing on Reuters Screen LIBOR01 Page (or on any successor or substitute page of such service, or any successor to such service as determined by Administrative
Agent) as the London interbank offered rate for deposits in Dollars for a term comparable to such Interest Period, at approximately 11:00 a.m. (London time) on the date which is two Business Days prior to the commencement of such Interest Period
(but if more than one rate is specified on such page, the rate will be an arithmetic average of all such rates) and (2) if such rate is not available at such time for any reason, then the “Published LIBO Rate” for such Interest Period
shall be the Interpolated Rate. 
 “Qualified Capital Stock” of any Person means any Capital Stock of such Person that is
not Disqualified Capital Stock. 
 “Qualifying IPO” means the issuance and sale by a Borrower or any Parent Company of its
common Capital Stock in an underwritten primary public offering (other than a public offering pursuant to a registration statement on Form S-8) pursuant to an effective registration statement filed with the
SEC in accordance with the Securities Act (whether alone or in connection with a secondary public offering) pursuant to which Net Proceeds of at least $70,000,000 are received by, or contributed to, such Borrower. 

“Real Estate Asset” means, at any time of determination, all right, title and interest (fee, leasehold or otherwise) of any
Loan Party in and to real property (including, but not limited to, land, improvements and fixtures thereon). 

“Refinancing” means the redemption, discharge or deposit with the trustee for the 2022 Senior Secured Notes of amounts
sufficient to effect such redemption or discharge of all outstanding Indebtedness under the 2022 Senior Secured Note Indenture and the release of the liens and security interests granted in connection therewith. 

  
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 “Refinancing Amendment” means an amendment to this Agreement in form and
substance reasonably satisfactory to the Administrative Agent and the Parent Borrower executed by (a) Holdings and the Parent Borrower, (b) the Administrative Agent and (c) each Lender that agrees to provide all or any portion of the
Replacement Term Loans or the Replacement Revolving Facility, as applicable, being incurred pursuant thereto and in accordance with Section 9.02(c). 

“Refinancing Indebtedness” has the meaning assigned to such term in Section 6.01(p). 

“Refunding Capital Stock” has the meaning assigned to such term in Section 6.04(a)(ix). 

“Register” has the meaning assigned to such term in Section 9.05(b). 

“Regulation D” means Regulation D of the Board as from time to time in effect and all official rulings and interpretations
thereunder or thereof. 
 “Regulation H” means Regulation H of the Board as from time to time in effect and all official
rulings and interpretations thereunder or thereof. 
 “Regulation T” means Regulation T of the Board as from time to time
in effect and all official rulings and interpretations thereunder or thereof. 
 “Regulation U” means Regulation U of the
Board as from time to time in effect and all official rulings and interpretations thereunder or thereof. 
 “Regulation X”
means Regulation X of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof. 

“Related Funds” shall mean with respect to any Lender that is an Approved Fund, any other Approved Fund that is managed by
the same investment advisor as such Lender or by an Affiliate of such investment advisor. 
 “Related Parties” means, with
respect to any specified Person, such Person’s Affiliates and controlling persons and its or their respective directors, officers, employees, partners, agents, advisors and other representatives. 

“Release” means any release, spill, emission, leaking, pumping, pouring, injection, escaping, deposit, disposal, discharge,
dispersal, dumping, leaching or migration of any Hazardous Material into or through the Environment (including the abandonment or disposal of any barrels, containers or other closed receptacles containing any Hazardous Material), including the
movement of any Hazardous Material through the air, soil, surface water or groundwater. 
 “Reorganization” means
transactions contemplated by the Reorganization Agreement, including the First/PQ/Eco Merger, the PQ Holdings Contribution, the Second PQ/Eco Merger and the Eco Contribution. 

“Reorganization Agreement” means the Reorganization and Transaction Agreement dated August 17, 2015, by and among PQ
Holdings Inc., PQ Group Holdings Inc., Eco Merger Sub Corporation, PQ, certain affiliated investment funds of the Sponsor, Eco Services Topco LLC, Eco Services Midco LLC, Eco Services Group Holdings LLC, Eco Services Intermediate Holdings LLC and
Eco Services Operations LLC. 

  
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 “Replaced Revolving Facility” has the meaning assigned to such term in
Section 9.02(c). 
 “Replaced Term Loans” has the meaning assigned to such term in
Section 9.02(c). 
 “Replacement Revolving Facility” has the meaning assigned to such term in
Section 9.02(c). 
 “Replacement Term Loans” has the meaning assigned to such term in
Section 9.02(c). 
 “Representative” has the meaning assigned to such term in
Section 9.13. 
 “Repricing Transaction” means each of (a) the prepayment, repayment,
refinancing, substitution or replacement of all or a portion of the Initial Term Loans substantially concurrently with the incurrence by any Loan Party of any secured term loans (including any Replacement Term Loans) having an Effective Yield (with
the comparative determinations to be made by the Administrative Agent in a manner consistent with generally accepted financial practices, and in any event consistent with the second proviso to Section 2.22(a)(v)) that is
less than the Effective Yield (as determined by the Administrative Agent on the same basis) applicable to the Initial Term Loans so prepaid, repaid, refinanced, substituted or replaced and (b) any amendment, waiver or other modification to this
Agreement that would have the effect of reducing the Effective Yield (to be determined by the Administrative Agent on the same basis as set forth in preceding clause (a)) of, the Initial Term Loans; provided that the
primary purpose (as reasonably determined by the Administrative Agent and the Parent Borrower) of such prepayment, repayment, refinancing, substitution, replacement, amendment, waiver or other modification was to reduce the Effective Yield of the
Initial Term Loans; provided, further, that in no event shall any such prepayment, repayment, refinancing, substitution, replacement, amendment, waiver or other modification in connection with a Change of Control, Qualifying IPO or
Transformational Event constitute a Repricing Transaction. Any determination by the Administrative Agent contemplated by preceding clauses (a) and (b) shall be conclusive and binding on all Lenders, and the Administrative Agent
shall have no liability to any Person with respect to such determination absent bad faith, gross negligence or willful misconduct. 

“Required Lenders” means, at any time, Lenders having Loans or unused Commitments representing more than 50% of the sum of
the total Loans and such unused commitments at such time. 
 “Requirements of Law” means, with respect to any Person,
collectively, the common law and all federal, state, local, foreign, multinational or international laws, statutes, codes, treaties, standards, rules and regulations, guidelines, ordinances, orders, judgments, writs, injunctions, decrees (including
administrative or judicial precedents or authorities) and the interpretation or administration thereof by, and other determinations, directives, requirements or requests of any Governmental Authority, in each case whether or not having the force of
law and that are applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 

“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution
Authority. 
 “Responsible Officer” of any Person means the chief executive officer, the president, the chief financial
officer, the treasurer, any assistant treasurer, any executive vice president, any senior vice president, any vice president or the chief operating officer of such Person and any other individual or similar official thereof responsible for the
administration of the obligations of such Person in respect of this Agreement, and, as to any document delivered on the Closing Date, shall include any secretary or assistant secretary or any other individual or similar official thereof with
substantially equivalent 

  
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responsibilities of a Loan Party. Any document delivered hereunder that is signed by a Responsible Officer of any Loan Party shall be conclusively presumed to have been authorized by all
necessary corporate, partnership and/or other action on the part of such Loan Party, and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party. 

“Responsible Officer Certification” means, with respect to the financial statements for which such certification is required,
the certification of a Responsible Officer of the Parent Borrower that such financial statements fairly present, in all material respects, in accordance with GAAP, the consolidated financial condition of the Parent Borrower as at the dates indicated
and its consolidated income and cash flows for the periods indicated, subject to changes resulting from audit and normal year-end adjustments. 

“Restricted Amount” has the meaning set forth in Section 2.11(b)(iv). 

“Restricted Debt” has the meaning set forth in Section 6.04(b). 

“Restricted Debt Payment” has the meaning set forth in Section 6.04(b). 

“Restricted Payment” means (a) any dividend or other distribution on account of any shares of any class of the Capital
Stock of any Borrower, except a dividend payable solely in shares of Qualified Capital Stock to the holders of such class; (b) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value of any shares of
any class of the Capital Stock of any Borrower and (c) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire shares of any class of the Capital Stock of any Borrower now or
hereafter outstanding. 
 “Restricted Subsidiary” means, as to any Person, any subsidiary of such Person that is not an
Unrestricted Subsidiary. Unless otherwise specified, “Restricted Subsidiary” shall mean any Restricted Subsidiary of the Parent Borrower. 

“Revolving Lender” means a Lender with an Additional Revolving Commitment or an outstanding Additional Revolving Loan. 

“Revolving Loans” means the Additional Revolving Loans. 

“S&P” means Standard & Poor’s Financial Services LLC, a subsidiary of the McGraw-Hill Companies, Inc. 

“Sale and Lease-Back Transaction” has the meaning assigned to such term in Section 6.08. 

“Sanctioned Country” means, at any time, a country or territory that is itself the subject or target of any Sanctions (at the
time of this Agreement, the Crimea region, Cuba, Iran, North Korea, Sudan and Syria). 
 “Sanctioned Person” means, at any
time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC or the U.S. Department of State, or by the United Nations Security Council, the European Union, or Her Majesty’s Treasury of the United
Kingdom, (b) any Person operating, organized or resident in a Sanctioned Country, except that any Person that is not organized in the U.S. shall not be a Sanctioned Person on the basis of having transactions in or relating to a Sanctioned
Country that are not prohibited by Sanctions, or (c) any Person owned or controlled by any such Person. 

  
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 “Sanctions” mean economic or financial sanctions or trade embargoes
imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”) or (b) the United Nations
Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom. 
 “Scheduled Consideration” has
the meaning assigned to such term in the definition of “Excess Cash Flow”. 
 “SEC” means the Securities and
Exchange Commission, or any Governmental Authority succeeding to any or all of its functions. 
 “Secured Hedging
Obligations” means all Hedging Obligations (other than any Excluded Swap Obligations) under each Hedge Agreement that (a) is in effect on the Closing Date between any Loan Party and a counterparty that is the Administrative Agent, a
Lender, an Arranger or any Affiliate of the Administrative Agent, a Lender or an Arranger as of the Closing Date or (b) is entered into after the Closing Date between any Loan Party and any counterparty that is (or is an Affiliate of) the
Administrative Agent, any Lender or any Arranger at the time such Hedge Agreement is entered into or is any other Person reasonably acceptable to the Administrative Agent, for which such Loan Party agrees to provide security and in each case that
has been designated to the Administrative Agent in writing by the Parent Borrower as being a Secured Hedging Obligation for purposes of the Loan Documents, it being understood that each counterparty thereto shall be deemed (A) to appoint the
Administrative Agent as its agent under the applicable Loan Documents and (B) to agree to be bound by the provisions of Article 8, Section 9.03 and Section 9.10 as if it were a Lender.

 “Secured Leverage Ratio” means the ratio, as of any date of determination, of (a) Consolidated Secured Debt as of
such date to (b) Consolidated Adjusted EBITDA for the Test Period then most recently ended, in each case for the Parent Borrower and its Restricted Subsidiaries on a consolidated basis. 

“Secured Obligations” means all Obligations, together with (a) all Banking Services Obligations and (b) all
Secured Hedging Obligations. 
 “Secured Parties” means (i) the Lenders, (ii) the Administrative Agent,
(iii) each counterparty to a Hedge Agreement with a Loan Party the obligations under which constitute Secured Hedging Obligations, (iv) each provider of Banking Services to any Loan Party the obligations under which constitute Banking
Services Obligations, (v) the Arrangers and (vi) the beneficiaries of each indemnification obligation undertaken by any Loan Party under any Loan Document. 

“Securities” means any stock, shares, partnership interests, voting trust certificates, certificates of interest or
participation in any profit-sharing agreement or arrangement, options, warrants, bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known
as “securities” or any certificates of interest, shares or participations in temporary or interim certificates for the purchase or acquisition of, or any right to subscribe to, purchase or acquire, any of the foregoing; provided
that “Securities” shall not include any earn-out agreement or obligation or any employee bonus or other incentive compensation plan or agreement. 

“Securities Act” means the Securities Act of 1933 and the rules and regulations of the SEC promulgated thereunder. 

  
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 “Security Agreement” means the Term Loan Pledge and Security Agreement,
substantially in the form of Exhibit J, among the Loan Parties and the Administrative Agent for the benefit of the Secured Parties. 

“Senior Secured Leverage Ratio” means the ratio, as of any date of determination, of (a) Consolidated Senior Secured
Debt as of such date to (b) Consolidated Adjusted EBITDA for the Test Period then most recently ended, in each case for the Parent Borrower and its Restricted Subsidiaries on a consolidated basis. 

“SPC” has the meaning assigned to such term in Section 9.05(e). 

“Specified Closing Date Property” means each Real Estate Asset listed on Schedule 1.01(d). 

“Specified Lease Transactions” means lease and lease-back and sale and lease-back transactions consummated by any Loan Party
and one or more governmental units in connection with arrangements pursuant to applicable state or local law by which a Loan Party obtains partial or full abatement of ad valorem taxes levied against the subject property, including, without
limitation, those transactions described on Schedule 1.01(c). 
 “specified transaction” shall have the meaning ascribed to
such term in Section 1.08(a). 
 “Sponsor” means CCMP Capital Advisors, LP and any of its
controlled Affiliates and funds managed or advised by any of them or any of their respective controlled Affiliates. 
 “Subject
Person” has the meaning assigned to such term in the definition of “Consolidated Net Income”. 
 “Subject
Proceeds” has the meaning assigned to such term in Section 2.11(b)(ii). 
 “Subject
Transaction” means, with respect to any Test Period, (a) the Existing Credit Agreement Transactions and the Transactions, (b) any Permitted Acquisition or any other acquisition, whether by purchase, merger or otherwise, of all or
substantially all of the assets of, or any business line, unit or division of, any Person or any facility, or of a majority of the outstanding Capital Stock of any Person (including any Investment in a subsidiary which serves to increase any
Borrower’s or any subsidiary’s respective equity ownership in such subsidiary or any acquisition or Investment in any joint venture for the purpose of purchasing any or all of the interests of any joint venture partner), in each case
permitted by this Agreement, (c) any Disposition of all or substantially all of the assets or Capital Stock of a subsidiary (or any business unit, line of business or division of any Borrower or a Restricted Subsidiary) not prohibited by this
Agreement, (d) the designation of a Restricted Subsidiary as an Unrestricted Subsidiary or an Unrestricted Subsidiary as a Restricted Subsidiary in accordance with Section 5.10 hereof, (e) the incurrence or
repayment of Indebtedness, (f) the implementation of any Cost Savings Initiative and/or or (g) any other event that by the terms of the Loan Documents requires pro forma compliance with a test or covenant hereunder or requires such test or
covenant to be calculated on a pro forma basis. 
 “Subordinated Indebtedness” means any Indebtedness of a Borrower or any
of its Restricted Subsidiaries that is expressly subordinated in right of payment to the Obligations. 
 “subsidiary”
means, with respect to any Person, any corporation, partnership, limited liability company, association, joint venture or other business entity of which more than 50% of the total 

  
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voting power of stock or other ownership interests entitled (without regard to the occurrence of any contingency) to vote in the election of the Person or Persons (whether directors, trustees or
other Persons performing similar functions) having the power to direct or cause the direction of the management and policies thereof is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other subsidiaries
of such Person or a combination thereof; provided that in determining the percentage of ownership interests of any Person controlled by another Person, no ownership interests in the nature of a “qualifying share” of the former
Person shall be deemed to be outstanding. Unless otherwise specified, “subsidiary” shall mean any subsidiary of any Borrower. 

“Subsidiary Guarantor” means (x) on the Closing Date, each subsidiary of each Borrower (other than any subsidiary that
is an Excluded Subsidiary on the Closing Date) and (y) thereafter, each subsidiary of each Borrower that guarantees the Secured Obligations pursuant to the terms of this Agreement, in each case, until such time as the relevant subsidiary is
released from its obligations under the Loan Guaranty in accordance with the terms and provisions hereof. 
 “Successor
Borrower” has the meaning assigned to such term in Section 6.07(a). 
 “Swap
Obligations” means, with respect to any Loan Party, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act.

 “TARGET2 Day” shall mean any day on which the Trans-European Automated Real-time Gross Settlement Express Transfer
(TARGET) payment system (or, if such payment system ceases to be operative, such other payment system (if any) determined by the Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euros. 

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

“Termination Date” has the meaning assigned to such term in the lead-in to
Article 5. 
 “Term Facility” means the Term Loans provided to or for the benefit of the
Borrowers pursuant to the terms of this Agreement. 
 “Term Lender” means a Lender with an Initial Commitment or an
Additional Term Commitment or an outstanding Initial Term Loan or Additional Term Loan. 
 “Term Loan” means the Initial
Term Loans and, if applicable, any Additional Term Loans. 
 “Test Period” means, as of any date, the period of four
consecutive Fiscal Quarters then most recently ended for which financial statements under Section 5.01(a) or Section 5.01(b), as applicable, have been delivered (or are required to have been
delivered). 
 “Threshold Amount” means $50,000,000. 

“Total Leverage Ratio” means the ratio, as of any date of determination, of (a) Consolidated Total Debt outstanding as
of such date to (b) Consolidated Adjusted EBITDA for the Test Period then most recently ended in each case for the Parent Borrower and its Restricted Subsidiaries. 

  
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 “Trademark” means the following: (a) all trademarks (including service
marks), common law marks, trade names, trade dress, and logos, slogans and other indicia of origin under the laws of any jurisdiction in the world, and the registrations and applications for registration thereof and the goodwill of the business
symbolized by the foregoing; (b) all renewals of the foregoing; (c) all income, royalties, damages, and payments now or hereafter due or payable with respect thereto, including, without limitation, damages, claims, and payments for past,
present and future infringements and dilutions thereof; (d) all rights to sue for past, present, and future infringements and dilutions of the foregoing, including the right to settle suits involving claims and demands for royalties owing; and
(e) all rights corresponding to any of the foregoing. 
 “tranche” has the meaning assigned to such term in
Section 2.23(a). 
 “Transaction Costs” means fees, premiums, expenses and other transaction
costs (including original issue discount or upfront fees) payable or otherwise borne by Holdings and its subsidiaries in connection with the Transactions and the transactions contemplated thereby. 

“Transactions” means, collectively, (a) the execution, delivery and performance by the Loan Parties of the Loan
Documents to which they are a party and the Borrowing of Loans hereunder, (b) the Refinancing, (c) [reserved], and (d) the payment of the Transaction Costs. 

“Transformational Event” means any acquisition or investment by any Borrower or any Restricted Subsidiary that is either
(a) not permitted by the terms of this Agreement immediately prior to the consummation of such acquisition or investment or (b) if permitted by the terms of this Agreement immediately prior to the consummation of such acquisition or
investment, would not provide such Borrower and its subsidiaries with adequate flexibility under this Agreement for the continuation and/or expansion of their combined operations following such consummation, as determined by such Borrower acting in
good faith. 
 “Treasury Capital Stock” has the meaning assigned to such term in
Section 6.04(a)(ix). 
 “Treasury Regulations” means the U.S. federal income tax regulations
promulgated under the Code. 
 “Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of
interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the LIBO Rate or the Alternate Base Rate. 

“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York or any other state the laws
of which are required to be applied in connection with the creation or perfection of security interests. 
 “UK Financial
Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA
Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. 

“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for
the resolution of any UK Financial Institution. 

  
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 “Unrestricted Subsidiary” means any subsidiary of any Borrower designated
by the Parent Borrower as an Unrestricted Subsidiary on the Closing Date and listed on Schedule 5.10 or after the Closing Date pursuant to Section 5.10. 

“U.S.” means the United States of America. 

“USA PATRIOT Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)). 

“U.S. Tax Compliance Certificate” has the meaning assigned to such term in Section 2.17(f). 

“Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by
dividing: (a) the sum of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect
thereof, by (ii) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (b) the then outstanding principal amount of such
Indebtedness. 
 “Wholly-Owned Subsidiary” of any Person means a subsidiary of such Person, 100% of the Capital Stock of
which (other than directors’ qualifying shares or shares required by law to be owned by a resident of the relevant jurisdiction) shall be owned by such Person or by one or more Wholly-Owned Subsidiaries of such Person. 

“Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and
conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel,
reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any
other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that
Bail-In Legislation that are related to or ancillary to any of those powers. 
 “2022 Senior
Secured Note Indenture” means the Indenture for the 2022 Senior Secured Notes, dated as of May 4, 2016 among PQ, the guarantors named therein and Wells Fargo Bank, National Association, as trustee and as collateral agent. 

“2022 Senior Secured Notes” means the senior secured notes due 2022 in the aggregate principal amount of $625,000,000 and the
Guarantees thereof, in each case together with any amendment, modification, supplement, restatement, amendment and restatement, extension, renewal, refinancing, refunding or replacement thereof to the extent permitted or not restricted by this
Agreement. 
 “2025 Senior Unsecured Notes Indenture” means the Indenture for the 2025 Senior Unsecured Notes, dated as of
December 11, 2017, among PQ, the guarantors named therein and Wells Fargo Bank, National Association, as trustee. 
 “2025
Senior Unsecured Note Documents” means the 2025 Senior Unsecured Notes Indenture under which the 2025 Senior Unsecured Notes are issued and all other instruments, agreements and other documents evidencing the 2025 Senior Unsecured Notes or
providing for any Guarantee or other right in respect thereof. 

  
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 “2025 Senior Unsecured Notes” means the senior unsecured notes due 2025 in
the aggregate principal amount of $300,000,000, and the Guarantees thereof, in each case together with any amendment, modification, supplement, restatement, amendment and restatement, extension, renewal, refinancing, refunding or replacement thereof
to the extent permitted or not restricted by this Agreement. 
 Section 1.02     Classification of Loans and
Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Term Loan”) or by Type (e.g., a “LIBO Rate Loan”) or by Class and Type (e.g., a “LIBO Rate
Term Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Term Borrowing”) or by Type (e.g., a “LIBO Rate Borrowing”) or by Class and Type (e.g., a “LIBO Rate Term
Borrowing”). 
 Section 1.03     Terms Generally. The definitions of terms herein shall apply equally
to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including”
shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise (a) any
definition of or reference to any agreement, instrument or other document herein or in any Loan Document shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, amended and restated,
supplemented or otherwise modified or extended, replaced or refinanced (subject to any restrictions or qualifications on such amendments, restatements, amendment and restatements, supplements or modifications or extensions, replacements or
refinancings set forth herein), (b) any reference to any law in any Loan Document shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such law, (c) any reference herein or in
any Loan Document to any Person shall be construed to include such Person’s successors and permitted assigns, (d) the words “herein,” “hereof” and “hereunder,” and words of similar import, when used in any
Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision hereof, (e) all references herein or in any Loan Document to Articles, Sections, clauses, paragraphs, Exhibits and Schedules
shall be construed to refer to Articles, Sections, clauses and paragraphs of, and Exhibits and Schedules to, such Loan Document, (f) in the computation of periods of time in any Loan Document from a specified date to a later specified date, the
word “from” means “from and including”, the words “to” and “until” mean “to but excluding” and the word “through” means “to and including” and (g) the words “asset”
and “property”, when used in any Loan Document, shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including Cash, securities, accounts and contract rights. For
purposes of determining compliance at any time with Sections 6.01, 6.02, 6.04, 6.05, 6.06, 6.07 and 6.09, in the event that any Indebtedness, Lien, Restricted Payment, Restricted Debt Payment,
Investment, Disposition or Affiliate transaction, as applicable, meets the criteria of more than one of the categories of transactions or items permitted pursuant to any clause of such Sections 6.01 (other than
Section 6.01(a), (c) and (ii)), 6.02 (other than Section 6.02(a) and (hh)), 6.04, 6.05, 6.06, 6.07 and 6.09, the Parent
Borrower, in its sole discretion, may, from time to time, classify or reclassify such transaction or item (or portion thereof) and will only be required to include the amount and type of such transaction (or portion thereof) in any one category. It
is understood and agreed that any Indebtedness, Lien, Restricted Payment, Restricted Debt Payment, Investment, Disposition and/or Affiliate transaction need not be permitted solely by reference to one category of permitted Indebtedness, Lien,
Restricted Payment, Restricted Debt Payment, Investment, Disposition and/or Affiliate transaction under Sections 6.01, 6.02, 6.04, 6.05, 6.06, 6.07 or 6.09, respectively, but may instead be permitted
in part under any combination thereof. 

  
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 Section 1.04     Accounting Terms; GAAP. 

(a)    All financial statements to be delivered pursuant to this Agreement shall be prepared in accordance with GAAP as in
effect from time to time and, except as otherwise expressly provided herein, all terms of an accounting or financial nature that are used in calculating the Total Leverage Ratio, the Senior Secured Leverage Ratio, the Secured Leverage Ratio,
Consolidated Adjusted EBITDA or Consolidated Total Assets shall be construed and interpreted in accordance with GAAP, as in effect from time to time; provided that if the Parent Borrower notifies the Administrative Agent that the Parent
Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date of delivery of the financial statements described in Section 3.04(a) in GAAP or in the application
thereof (including the conversion to IFRS as described below) on the operation of such provision (or if the Administrative Agent notifies the Parent Borrower that the Required Lenders request an amendment to any provision hereof for such purpose),
regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change becomes effective
until such notice shall have been withdrawn or such provision amended in accordance herewith; provided, further, that if such an amendment is requested by the Parent Borrower or the Required Lenders, then the Parent Borrower and the
Administrative Agent shall negotiate in good faith to enter into an amendment of the relevant affected provisions (without the payment of any amendment or similar fee to the Lenders) to preserve the original intent thereof in light of such change in
GAAP or the application thereof; provided, further, that all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made without giving effect
to (i) any election under Accounting Standards Codification 825-10-25 (previously referred to as Statement of Financial Accounting Standards 159) (or any other
Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of a Borrower or any subsidiary at “fair value”, as defined therein and (ii) any
treatment of Indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a
similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof. If the Parent Borrower notifies the
Administrative Agent that such Borrower (or its applicable Parent Company) is required to report under IFRS or has elected to do so through an early adoption policy, “GAAP” shall mean international financial reporting standards
pursuant to IFRS (provided that after such conversion, such Borrower cannot elect to report under GAAP). 

(b)    Notwithstanding anything to the contrary herein, but subject to Section 1.10, all
financial ratios and tests (including the Total Leverage Ratio, the Senior Secured Leverage Ratio, the Secured Leverage Ratio, the Fixed Charge Coverage Ratio and the amount of Consolidated Total Assets and Consolidated Adjusted EBITDA) contained in
this Agreement that are calculated with respect to any Test Period during which any Subject Transaction occurs shall be calculated with respect to such Test Period and such Subject Transaction on a Pro Forma Basis. Further, if since the beginning of
any such Test Period and on or prior to the date of any required calculation of any financial ratio or test (x) any Subject Transaction has occurred or (y) any Person that subsequently became a Restricted Subsidiary or was merged,
amalgamated or consolidated with or into a Borrower or any of its Restricted Subsidiaries or any joint venture since the beginning of such Test Period has consummated any Subject Transaction, then, in each case, any applicable financial ratio or
test shall be calculated on a Pro Forma Basis for such Test Period as if such Subject Transaction had occurred at the beginning of the applicable Test Period. 

(c)    Notwithstanding anything to the contrary contained in paragraph (a) above or in the definition of
“Capital Lease”, in the event of an accounting change requiring all leases to be capitalized, only those leases (assuming for purposes hereof that such leases were in existence on the 

  
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Existing Credit Agreement Closing Date) that would constitute Capital Leases in conformity with GAAP on the Existing Credit Agreement Closing Date shall be considered Capital Leases, and all
calculations and deliverables under this Agreement or any other Loan Document shall be made or delivered, as applicable, in accordance therewith. 

Section 1.05     Effectuation of Transactions. Each of the representations and warranties contained in this
Agreement (and all corresponding definitions) is made after giving effect to the Transactions, unless the context otherwise requires. 

Section 1.06     Timing of Payment of Performance. When payment of any obligation or the performance of any
covenant, duty or obligation is stated to be due or required on a day which is not a Business Day, the date of such payment (other than as described in the definition of “Interest Period”) or performance shall extend to the immediately
succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. 

Section 1.07     Times of Day. Unless otherwise specified, all references herein to times of day shall be
references to New York City time (daylight or standard, as applicable). 
 Section 1.08     Currency
Generally. 
 (a)    For purposes of any determination under Article 5, Article 6 or
Article 7 with respect to the amount of any Indebtedness, Lien, Restricted Payment, Restricted Debt Payment, Investment, Disposition, Sale and Lease-Back Transaction, affiliate transaction or other transaction, event or circumstance, or any
determination under any other provision of this Agreement, (any of the foregoing, a “specified transaction”), in a currency other than Dollars, (i) the Dollar equivalent amount of a specified transaction in a currency other
than Dollars shall be calculated based on the rate of exchange quoted by the Bloomberg Foreign Exchange Rates & World Currencies Page (or any successor page thereto, or in the event such rate does not appear on any Bloomberg Page, by
reference to such other publicly available service for displaying exchange rates as may be agreed upon by the Administrative Agent and the Parent Borrower) for such foreign currency, as in effect at 11:00 a.m. (London time) on the date of such
specified transaction (which, in the case of any Restricted Payment, shall be deemed to be the date of the declaration thereof and, in the case of the incurrence of Indebtedness, shall be deemed to be on the date first committed); provided
that if any Indebtedness is incurred (and, if applicable, associated Lien granted) to refinance or replace other Indebtedness denominated in a currency other than Dollars, and the relevant refinancing or replacement would cause the applicable
Dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing or replacement, such Dollar-denominated restriction shall be deemed not to have been exceeded so long as the
principal amount of such refinancing or replacement Indebtedness (and, if applicable, associated Lien granted) does not exceed an amount sufficient to repay the principal amount of such Indebtedness being refinanced or replaced, except by an amount
equal to (x) unpaid accrued interest and premiums (including tender premiums) thereon plus other reasonable and customary fees and expenses (including upfront fees and original issue discount) incurred in connection with such refinancing
or replacement, (y) any existing commitments unutilized thereunder and (z) additional amounts permitted to be incurred under Section 6.01 and (ii) for the avoidance of doubt, no Default or Event of Default
shall be deemed to have occurred solely as a result of a change in the rate of currency exchange occurring after the time of any specified transaction so long as such specified transaction was permitted at the time incurred, made, acquired,
committed, entered or declared as set forth in clause (i). For purposes of the calculation of compliance with any financial ratio for purposes of taking any action hereunder, on any relevant date of determination, amounts
denominated in currencies other than Dollars shall be translated into Dollars at the applicable currency exchange rate used in preparing the financial statements delivered pursuant to Section 5.01(a) or (b), as
applicable, for the relevant Test Period and will, with respect to any 

  
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Indebtedness, reflect the currency translation effects, determined in accordance with GAAP, of any Hedge Agreement permitted hereunder in respect of currency exchange risks with respect to the
applicable currency in effect on the date of determination for the Dollar equivalent amount of such Indebtedness. 

(b)    Each provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative
Agent may from time to time specify with the Parent Borrower’s consent to appropriately reflect a change in currency of any country and any relevant market convention or practice relating to such change in currency. 

Section 1.09     Cashless Rollovers. Notwithstanding anything to the contrary contained in this Agreement or
in any other Loan Document, to the extent that any Lender extends the maturity date of, or replaces, renews or refinances, any of its then-existing Loans with Incremental Loans, Replacement Term Loans, Loans in connection with any Replacement
Revolving Facility, Extended Term Loans, Extended Revolving Loans or loans incurred under a new credit facility, in each case, to the extent such extension, replacement, renewal or refinancing is effected by means of a “cashless roll” by
such Lender, such extension, replacement, renewal or refinancing shall be deemed to comply with any requirement hereunder or any other Loan Document that such payment be made “in Dollars”, “in immediately available funds”,
“in Cash” or any other similar requirement. 
 Section 1.10     Certain Calculations and Tests.

 (a)    Notwithstanding anything to the contrary herein, to the extent that the terms of this Agreement require
(i) compliance with any financial ratio or test (including, without limitation, any Senior Secured Leverage Ratio test, any Secured Leverage Ratio test, any Total Leverage Ratio test or any Fixed Charge Coverage Ratio test) and/or the amount of
Consolidated Adjusted EBITDA or any cap expressed as a percentage of Consolidated Total Assets or (ii) the absence of a Default or Event of Default (or any type of Default or Event of Default) as a condition to (A) the consummation of any
transaction in connection with any acquisition or similar Investment, (B) the making of any Restricted Payment and/or (C) the making of any Restricted Debt Payment (including in each case of clauses (A), (B) and (C), the related assumption
or incurrence of Indebtedness) (such action pursuant to clauses (A), (B) or (C), a “Limited Condition Transaction”), the determination of whether the relevant condition is satisfied may be made, at the election of the Parent
Borrower (a “LCT Election”), (1) in the case of any acquisition or similar Investment or related incurrence or assumption of Indebtedness, at the time of (or on the basis of the financial statements for the most recently ended Test
Period at the time of), either (x) the execution of the definitive agreement with respect to such acquisition or Investment, or incurrence or assumption of Indebtedness or (y) the consummation of such acquisition or Investment, or
incurrence or assumption of Indebtedness, (2) in the case of any Restricted Payment, at the time of (or on the basis of the financial statements for the most recently ended Test Period at the time of) (x) the declaration of such Restricted
Payment or (y) the making of such Restricted Payment and (3) in the case of any Restricted Debt Payment, at the time of (or on the basis of the financial statements for the most recently ended Test Period at the time of) (x) delivery
of irrevocable (which may be conditional) notice with respect to such Restricted Debt Payment or (y) the making of such Restricted Debt Payment (the applicable date pursuant to clause (1), (2) or (3), as applicable, the “LCT Test
Date”), in each case, after giving effect to the relevant acquisition, Indebtedness, Restricted Payment and/or Restricted Debt Payment on a Pro Forma Basis. If the Parent Borrower has made a LCT Election for any Limited Condition
Transaction, then in connection with any subsequent determination of compliance with any financial ratio or test and/or the amount of Consolidated Adjusted EBITDA or Consolidated Total Assets with respect to the incurrence of Indebtedness or Liens,
or the making of Restricted Payments or Restricted Debt Payments on or following the relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated or the definitive agreement for such Limited
Condition Transaction is terminated or expires without consummation of such Limited Condition Transaction, compliance with 

  
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any such financial ratio or test and/or amount of Consolidated Adjusted EBITDA or Consolidated Total Assets shall be tested by calculating the availability under such financial ratio or test
and/or the amount of Consolidated Adjusted EBITDA or Consolidated Total Assets, as applicable, on a pro forma basis assuming such Limited Condition Transaction and any other transactions in connection therewith have been consummated (including any
incurrence of Indebtedness and the use of proceeds thereof). 
 (b)    For purposes of determining the permissibility of
any action, change, transaction or event that requires a calculation of any financial ratio or test (including, without limitation, any Senior Secured Leverage Ratio test, any Secured Leverage Ratio test, any Total Leverage Ratio test and/or the
amount of Consolidated Adjusted EBITDA or Consolidated Total Assets), such financial ratio or test shall be calculated at the time such action is taken (subject to clause (a) above), such change is made, such transaction is consummated
or such event occurs, as the case may be, and no Default or Event of Default shall be deemed to have occurred solely as a result of a change in such financial ratio or test occurring after the time such action is taken, such change is made, such
transaction is consummated or such event occurs, as the case may be. 
 (c)    Notwithstanding anything to the contrary
herein, with respect to any amounts incurred or transactions entered into (or consummated) in reliance on a provision of this Agreement that does not require compliance with a financial ratio or test (including, without limitation, any Senior
Secured Leverage Ratio test, any Secured Leverage Ratio test and/or any Total Leverage Ratio test and/or any Fixed Charge Coverage Ratio test) (any such amounts, the “Fixed Amounts”) substantially concurrently with any amounts
incurred or transactions entered into (or consummated) in reliance on a provision of this Agreement that requires compliance with a financial ratio or test (including, without limitation, any Senior Secured Leverage Ratio test, any Secured Leverage
Ratio test and/or any Total Leverage Ratio test) (any such amounts, the “Incurrence-Based Amounts”), it is understood and agreed that the Fixed Amounts shall be disregarded in the calculation of the financial ratio or test
applicable to the Incurrence-Based Amounts; however, for the avoidance of doubt, substantially concurrent incurrence of Indebtedness and Liens in reliance upon Fixed Amounts shall not be disregarded for purposes of testing compliance with the Total
Leverage Ratio or the Fixed Charge Coverage Ratio under Section 6.04 and Section 6.06. 

Section 1.11     Rounding. Any financial ratios required to be maintained by the Parent Borrower pursuant to
this Agreement (or required to be satisfied in order for a specific action to be permitted under this Agreement) shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number
of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up for five). 

Section 1.12     Divisions. For all purposes under the Loan Documents, in connection with any division or plan
of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it
shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders
of its equity interests at such time. 

  
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 ARTICLE 2 

THE CREDITS 
 Section 2.01
    Commitments. 
 (a)    Subject to the terms and conditions set forth herein, each Term
Lender severally, and not jointly, agrees to make a loan in Dollars (each, a “Term Loan” and collectively, the “Term Loans”) to the Borrowers on the Closing Date in a principal amount not to exceed its Initial
Commitment (each loan made under this Section 2.01(a), an “Initial Term Loan” and collectively, the “Initial Term Loans”). 

(b)    Subject to the terms and conditions of this Agreement and any applicable Refinancing Amendment, Extension Amendment
or Incremental Facility Agreement, each Lender and each Additional Lender with any Additional Revolving Commitment or Additional Term Commitment, as the case may be, for a given Class severally, and not jointly, agrees to make Additional
Revolving Loans and/or Additional Term Loans, as the case may be, of such Class to the Borrowers, which Loans shall not exceed for any such Lender or Additional Lender at the time of any incurrence thereof, the Additional Revolving Commitment
or Additional Term Commitment, as the case may be, of such Class of such Lender or Additional Lender on the respective Incremental Term Loan Borrowing Date. Notwithstanding the foregoing, if the applicable Additional Term Commitment in respect
of any Incremental Term Loan Borrowing Date is not drawn on such Incremental Term Loan Borrowing Date, the undrawn amount shall automatically be cancelled. Amounts repaid or prepaid in respect of such Incremental Term Loans may not be reborrowed.

 Section 2.02     Loans and Borrowings. 

(a)    Each Loan shall be made as part of a Borrowing consisting of Loans of the same Class and Type made by the
Lenders ratably in accordance with their respective Commitments of the applicable Class. 
 (b)    Subject to
Section 2.01 and Section 2.14, each Borrowing shall be comprised entirely of ABR Loans or LIBO Rate Loans as the Parent Borrower may request in accordance herewith. Each Lender at its option may
make any LIBO Rate Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that (i) any exercise of such option shall not affect the obligation of the Borrowers to repay such Loan in
accordance with the terms of this Agreement, (ii) such LIBO Rate Loan shall be deemed to have been made and held by such Lender, and the obligation of the Borrowers to repay such LIBO Rate Loan shall nevertheless be to such Lender for the
account of such domestic or foreign branch or Affiliate of such Lender and (iii) in exercising such option, such Lender shall use reasonable efforts to minimize increased costs to the Borrowers resulting therefrom (which obligation of such
Lender shall not require it to take, or refrain from taking, actions that it determines would result in increased costs for which it will not be compensated hereunder or that it otherwise determines would be disadvantageous to it and in the event of
such request for costs for which compensation is provided under this Agreement, the provisions of Section 2.15 shall apply); provided further that any such domestic or foreign branch or Affiliate of such
Lender shall not be entitled to any greater indemnification under Section 2.17 with respect to such LIBO Rate Loan than that to which the applicable Lender was entitled on the date on which such Loan was made (except in
connection with any indemnification entitlement arising as a result of a Change in Law after the date on which such Loan was made). 

  
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 (c)    Borrowings of more than one Type and Class may be
outstanding at the same time; provided that there shall not at any time be more than a total of 10 different Interest Periods in effect for LIBO Rate Borrowings at any time outstanding (or such greater number of different Interest Periods as
the Administrative Agent may agree from time to time). 
 (d)    Notwithstanding any other provision of this Agreement,
the Parent Borrower shall not, nor shall it be entitled to, request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date applicable to such Loans. 

Section 2.03     Requests for Borrowings. Each Borrowing in respect of the Term Facility, each Borrowing in
respect of any Additional Revolving Facility, each conversion of Term Loans or Revolving Loans from one Type to the other, and each continuation of LIBO Rate Loans shall be made upon irrevocable notice by the Parent Borrower to the Administrative
Agent. Each such notice must be in writing or by telephone (and promptly confirmed in writing) and must be received by the Administrative Agent not later than 12:00 p.m. (i) three Business Days prior to the requested day of any Borrowing,
conversion or continuation of LIBO Rate Loans (or one Business Day in the case of any Borrowing of LIBO Rate Loans to be made on the Closing Date) or (ii) on the requested date of any Borrowing of ABR Loans (or, in each case, such later time as
shall be acceptable to the Administrative Agent); provided, however, that if the Parent Borrower wishes to request LIBO Rate Loans having an Interest Period of other than one, two, three or six months in duration as provided in the
definition of “Interest Period,” (A) the applicable notice from the Parent Borrower must be received by the Administrative Agent not later than 12:00 p.m. four Business Days prior to the requested date of such Borrowing, conversion or
continuation, whereupon the Administrative Agent shall give prompt notice to the relevant Lenders of such request and determine whether the requested Interest Period is available to by all the relevant Lenders. Each written notice (or
confirmation of telephonic notice) with respect to a Borrowing by the Borrowers pursuant to this Section 2.03 shall be delivered to the Administrative Agent in the form of a written Borrowing Request, appropriately
completed and signed by a Responsible Officer of the Parent Borrower. Each such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02: 

(a)    the Class of such Borrowing; 

(b)    the aggregate amount of the requested Borrowing; 

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

(d)    whether such Borrowing is to be an ABR Borrowing or a LIBO Rate Borrowing; 

(e)    in the case of a LIBO Rate Borrowing, the initial Interest Period to be applicable thereto, which shall be a period
contemplated by the definition of the term “Interest Period”; and 
 (f)    the location and number of the
relevant Borrower’s account or any other designated account(s) to which funds are to be disbursed (the “Funding Account”). 
 If no
election as to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested LIBO Rate Borrowing, then the Parent Borrower shall be deemed to have
selected an Interest Period of one month’s duration. The Administrative Agent shall advise each Lender of the details thereof and of the amount of the Loan to be made as part of the requested Borrowing (x) in the case of any ABR Borrowing,
on the same Business Day of receipt of a Borrowing Request in accordance with this Section 2.03 or (y) in the case of any LIBO Rate Borrowing, no later than one Business Day following receipt of a Borrowing Request in
accordance with this Section 2.03. 

  
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 Section 2.04     [Reserved]. 

Section 2.05     [Reserved]. 

Section 2.06     [Reserved]. 

Section 2.07     Funding of Borrowings. 

(a)    Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of
immediately available funds by 1:00 p.m. to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders in an amount equal to such Lender’s respective Applicable Percentage. The
Administrative Agent will make such Loans available to the Borrowers by promptly crediting the amounts so received, in like funds, to the Funding Account or as otherwise directed by the Parent Borrower. 

(b)    Unless the Administrative Agent has received notice from any Lender prior to the proposed date of any Borrowing
that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph
(a) of this Section 2.07 and may, in reliance upon such assumption, make available to the Borrowers a corresponding amount. In such event, if any Lender has not in fact made its share of the applicable Borrowing
available to the Administrative Agent, then the applicable Lender and the Borrowers severally agree to pay to the Administrative Agent forthwith on demand (without duplication) such corresponding amount with interest thereon, for each day from and
including the date such amount is made available to the Borrowers to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate (or, with respect to any
amount denominated in Euros, the rate of interest per annum at which overnight deposits in Euros, on an amount approximately equal to the amount with respect to which such rate is being determined, would be offered for such day by the Administrative
Agent in the applicable offshore interbank market for such currency) and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrowers, the interest rate
applicable to Loans comprising such Borrowing at such time. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing and each Borrower’s obligation to
repay the Administrative Agent such corresponding amount pursuant to this Section 2.07(b) shall cease. If the Borrowers pay such amount to the Administrative Agent, the amount so paid shall constitute a repayment of such
Borrowing by such amount. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitment or to prejudice any rights which the Administrative Agent or the Borrowers or any other Loan Party may have against any
Lender as a result of any default by such Lender hereunder. 
 Section 2.08     Type; Interest Elections.

 (a)    Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of
a LIBO Rate Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Parent Borrower may elect to convert any Borrowing to a Borrowing of a different Type or to continue such Borrowing and, in the case
of a LIBO Rate Borrowing, may elect Interest Periods therefor, all as provided in this Section 2.08. The Parent Borrower may elect different options with respect to different portions of the affected Borrowing, in which
case each such portion shall be allocated ratably among the Lenders based upon their Applicable Percentages and the Loans comprising each such portion shall be considered a separate Borrowing. 

  
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 (b)    To make an election pursuant to this
Section 2.08, the Parent Borrower shall notify the Administrative Agent of such election either in writing or by telephone by the time that a Borrowing Request would be required under Section 2.03
if the Parent Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly in
writing to the Administrative Agent of a written Interest Election Request signed by a Responsible Officer of the Parent Borrower. 

(c)    Each telephonic and written Interest Election Request shall specify the following information in compliance with
Section 2.02: 
 (i)    the Borrowing to which such Interest Election Request
applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and
(iv) below shall be specified for each resulting Borrowing); 
 (ii)    the effective date of the
election made pursuant to such Interest Election Request, which shall be a Business Day; 

(iii)    whether the resulting Borrowing is to be an ABR Borrowing or a LIBO Rate Borrowing; and 

(iv)    if the resulting Borrowing is a LIBO Rate Borrowing, the Interest Period to be applicable thereto
after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. 
 If any such
Interest Election Request requests a LIBO Rate Borrowing but does not specify an Interest Period, then the Parent Borrower shall be deemed to have selected an Interest Period of one month’s duration. 

(d)    Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each applicable
Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 
 (e)    If the Parent
Borrower fails to deliver a timely Interest Election Request with respect to a LIBO Rate Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, such Borrowing shall be
converted at the end of such Interest Period to a LIBO Rate Borrowing with an Interest Period of one month. Notwithstanding any contrary provision hereof, if an Event of Default exists and the Administrative Agent, at the request of the Required
Lenders, so notifies the Parent Borrower, then, so long as such Event of Default exists (i) no outstanding Borrowing may be converted to or continued as a LIBO Rate Borrowing and (ii) unless repaid, each LIBO Rate Borrowing shall be
converted to an ABR Borrowing at the end of the then-current Interest Period applicable thereto. 

  
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 Section 2.09     Termination and Reduction of Commitments.
Unless previously terminated, the Initial Commitments shall automatically terminate upon the making of the Initial Term Loans on the Closing Date. 

Section 2.10     Repayment of Loans; Evidence of Debt. 

(a)    The Borrowers hereby unconditionally promise to repay Term Loans, in Dollars, to the Administrative Agent for the
account of each applicable Term Lender (i) commencing September 30, 2020, on the last Business Day of each March, June, September and December prior to the Initial Term Loan Maturity Date (each such date being referred to as a
“Loan Installment Date”), in each case in an amount equal to 0.25% of the original principal amount of the Term Loans made on the Closing Date (as such payments may be reduced from time to time as a result of the application of
prepayments in accordance with Section 2.11 and repurchases in accordance with Section 9.05(g) or increased as a result of any increase in the amount of such Initial Term Loans pursuant to
Section 2.22(a)), and (ii) on the Initial Term Loan Maturity Date, in an amount equal to the remainder of the principal amount of the Term Loans, outstanding on such date, together in each case with accrued and unpaid
interest on the principal amount to be paid to but excluding the date of such payment. 
 (b)    [Reserved]. 

(c)    Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness
of each Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

(d)    The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made
hereunder, the Class and Type thereof and the Interest Period (if any) applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from each Borrower to each Lender hereunder and
(iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 

(e)    The entries made in the accounts maintained pursuant to paragraph (c) or
(d) of this Section 2.10 shall be prima facie evidence of the existence and amounts of the obligations recorded therein (absent manifest error); provided that the failure of any Lender or the
Administrative Agent to maintain such accounts or any manifest error therein shall not in any manner affect the obligation of the Borrowers to repay the Loans in accordance with the terms of this Agreement; provided, further, that in
the event of any inconsistency between the accounts maintained by the Administrative Agent pursuant to paragraph (d) of this Section 2.10 and any Lender’s records, the accounts of the Administrative Agent
shall govern. 
 (f)    Any Lender may request that Loans made by it be evidenced by a Promissory Note. In such event,
the applicable Borrower shall prepare, execute and deliver to such Lender a Promissory Note payable to such Lender and its registered assigns; it being understood and agreed that such Lender (and/or its applicable assign) shall be required to return
such Promissory Note to the Parent Borrower in accordance with Section 9.05(b)(iii) and upon the occurrence of the Termination Date (or as promptly thereafter as practicable). 

  
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 Section 2.11     Prepayment of Loans. 

(a)    Optional Prepayments. 

(i)    Upon prior notice in accordance with paragraph (a)(iii) of this Section 2.11, the
Borrowers shall have the right at any time and from time to time to prepay any Borrowing of Term Loans in whole or in part without premium or penalty (but subject to Sections 2.12(c) and 2.16). Each such prepayment
shall be paid to the Lenders in accordance with their respective Applicable Percentages of the Applicable Class of Term Loans being prepaid. 

(ii)    Upon prior notice in accordance with paragraph (a)(iii) of this Section 2.11, the
Borrowers shall have the right at any time and from time to time to prepay any Borrowing of Additional Revolving Loans, in whole or in part without premium or penalty (but subject to Section 2.16). Prepayments made pursuant
to this Section 2.11(a)(ii), shall be applied ratably to the outstanding Additional Revolving Loans. 

(iii)    The Parent Borrower shall notify the Administrative Agent by telephone (promptly confirmed in writing) of any
prepayment under this Section 2.11(a) (A) in the case of a prepayment of a LIBO Rate Borrowing, not later than 12:00 p.m. three Business Days before the date of prepayment, or (B) in the case of a prepayment of an
ABR Borrowing, not later than 1:00 p.m. one Business Day before the date of prepayment (or such later date to which the Administrative Agent may agree). Each such notice shall be irrevocable and shall specify the prepayment date and the principal
amount of each Borrowing or portion thereof to be prepaid; provided that a notice of prepayment delivered by the Parent Borrower may state that such notice is conditioned upon the effectiveness of other transactions, in which case such notice
may be revoked by the Parent Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Promptly following receipt of any such notice relating to any Borrowing, the Administrative
Agent shall advise the relevant Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount at least equal to the amount that would be permitted in the case of an advance of a Borrowing of the same Type as
provided in Section 2.02(c). Each prepayment of Term Loans made pursuant to this Section 2.11(a) shall be applied against the remaining scheduled installments of principal due in respect of the
Term Loans of such Class in the manner specified by the Parent Borrower or, if not so specified on or prior to the date of such optional prepayment, in direct order of maturity. 

(b)    Mandatory Prepayments. 

(i)    No later than the fifth Business Day after the date on which the financial statements with respect to each Fiscal
Year of the Parent Borrower are required to be delivered pursuant to Section 5.01(b), commencing with the Fiscal Year ending December 31, 2021, the Parent Borrower shall prepay the outstanding principal amount of
Initial Term Loans and Additional Term Loans in accordance with clause (vi) of this Section 2.11(b) below in an aggregate principal amount equal to the product of (x) a fraction, the numerator
of which is the outstanding principal amount of Initial Term Loans and Additional Term Loans required to be prepaid pursuant to this clause (i) and the denominator of which is the sum of the aggregate principal amount of loans under the
Existing Credit Agreement required to be prepaid pursuant to Section 2.11(b)(i) of the Existing Credit Agreement and the outstanding principal amount of Initial Term Loans and Additional Term Loans required to be prepaid pursuant to this clause
(i) multiplied by (y) an amount equal to (A) 50% of Excess Cash Flow of the Parent Borrower and its Restricted Subsidiaries for the Fiscal Year then ended, minus (B) at the option of the Parent Borrower, the aggregate principal
amount of (x) any Initial Term Loans, Additional Term Loans, Additional Revolving Loans prepaid pursuant to Section 2.11(a) or ABL Loans prior to such date and (y) the amount of any reduction in the outstanding
amount of any Initial Term Loans or Additional Term Loans resulting from 

  
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any assignment made in accordance with Section 9.05(g) of this Agreement (including in connection with any Dutch Auction) prior to such date and based upon the actual
amount of cash paid in connection with the relevant assignment, in each case, excluding any such optional prepayments made during such Fiscal Year that reduced the amount required to be prepaid pursuant to this
Section 2.11(b)(i) in the prior Fiscal Year (in the case of any prepayment of Additional Revolving Loans or ABL Loans, to the extent accompanied by a permanent reduction in the relevant commitment, and in the case of all
such prepayments, to the extent that such prepayments were not financed with the proceeds of other Indebtedness (other than revolving Indebtedness) of the Parent Borrower or its Restricted Subsidiaries); provided that (I) such percentage
of Excess Cash Flow shall be reduced to 25% of Excess Cash Flow if the Senior Secured Leverage Ratio calculated on a Pro Forma Basis as of the last day of the relevant Fiscal Year (but without giving effect to the payment required hereby) is less
than or equal to 3.50 to 1.00, but greater than 3.00 to 1.00 and (II) such prepayment shall not be required if the Senior Secured Leverage Ratio calculated on a Pro Forma Basis as of the last day of the relevant Fiscal Year (but without
giving effect to the payment required hereby) is less than or equal to 3.00 to 1.00; provided that no prepayment of Initial Term Loans and Additional Term Loans shall be required pursuant to this clause (i) in an amount that exceeds the
amount required to be prepaid pursuant to Section 2.11(b)(i) of the Existing Credit Agreement that is declined by the Term Lenders (as defined in the Existing Credit Agreement). Amounts so declined shall promptly (and in any event within ten
Business Days after the date of such rejection) be applied to prepay the Initial Term Loans and Additional Term Loans in accordance with the terms hereof. 

(ii)    No later than the fifth Business Day following the receipt of Net Proceeds in respect of any Prepayment Asset Sale
or Net Insurance/Condemnation Proceeds, in each case, in excess of $20,000,000 in any Fiscal Year, the Borrowers shall apply an amount equal to 100% of the Net Proceeds or Net Insurance/Condemnation Proceeds received with respect thereto in excess
of such thresholds (the “Subject Proceeds”) to prepay the outstanding principal amount of Initial Term Loans and Additional Term Loans in accordance with clause (vi) below; provided that if, prior to the date any
such prepayment is required to be made, the Parent Borrower notifies the Administrative Agent of its intention to reinvest the Subject Proceeds in assets used or useful in the business (other than Cash or Cash Equivalents) of the Borrowers or any of
their subsidiaries, then so long as no Event of Default then exists, the Borrowers shall not be required to make a mandatory prepayment under this clause (ii) in respect of the Subject Proceeds to the extent (A) the Subject Proceeds
are so reinvested within 12 months following receipt thereof, (B) the Borrowers or any of their subsidiaries have committed to so reinvest the Subject Proceeds during such 12-month period and the Subject
Proceeds are so reinvested within six months after the expiration of such 12-month period; provided, however, that if the Subject Proceeds have not been so reinvested prior to the expiration of
the applicable period, the Borrowers shall promptly prepay the outstanding principal amount of Initial Term Loans and Additional Term Loans with the Subject Proceeds not so reinvested as set forth above (without regard to the immediately preceding
proviso); provided further that if, at the time that any such prepayment would be required hereunder, the Parent Borrower or any of its Restricted Subsidiaries is required to offer to repay or repurchase any other Indebtedness secured
on a pari passu basis with the Obligations pursuant to the terms of the documentation governing such Indebtedness with the Subject Proceeds (such Indebtedness required to be offered to be so repaid or repurchased, the “Other
Applicable Indebtedness”), then the relevant Person may apply the Subject Proceeds on a pro rata basis to the prepayment of the Initial Term Loans and Additional Term Loans and to the repurchase or repayment of the Other Applicable
Indebtedness (determined on the basis of the aggregate outstanding principal amount of the Initial Term Loans, Additional Term Loans and Other Applicable Indebtedness (or accreted amount if such Other Applicable Indebtedness is issued with original
issue discount) at such time; provided that the portion of the Subject Proceeds allocated to the Other Applicable Indebtedness shall not exceed the amount of the Subject Proceeds required to be allocated to the Other Applicable Indebtedness
pursuant to the terms thereof, and the remaining amount, if any, of the Subject Proceeds shall be allocated to the Initial Term Loans and Additional Term Loans in 

  
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accordance with the terms hereof), and the amount of the prepayment of the Initial Term Loans and Additional Term Loans that would have otherwise been required pursuant to this
Section 2.11(b)(ii) shall be reduced accordingly; provided further that to the extent the holders of the Other Applicable Indebtedness decline to have such Indebtedness prepaid or repurchased, the declined
amount shall promptly (and in any event within ten Business Days after the date of such rejection) be applied to prepay the Initial Term Loans and Additional Term Loans in accordance with the terms hereof and (C) if at any time such prepayment
would be required hereunder with respect to any ABL Collateral at any time when any ABL Facility is in effect, the Net Proceeds of any such Prepayment Asset Sale or Net Insurance/Condemnation Proceeds that relate or are attributable to any such ABL
Collateral shall not be required to be applied to the prepayment of the Initial Term Loans hereunder to the extent such Net Proceeds or Net Insurance/Condemnation Proceeds are required to repay the ABL Loans in order to remain in compliance with the
“Borrowing Base” (as defined in the ABL Credit Agreement (or any equivalent term in any documentation governing any ABL Facility)) under the ABL Credit Agreement (or any documentation governing any ABL Facility). 

(iii)    In the event that a Borrower or any of its Restricted Subsidiaries receives Net Proceeds from the issuance or
incurrence of Indebtedness by such Borrower or any of its Restricted Subsidiaries (other than with respect to Indebtedness permitted under Section 6.01, except to the extent the relevant Indebtedness constitutes Refinancing
Indebtedness incurred to refinance all or a portion of the Initial Term Loans or Additional Term Loans pursuant to Section 6.01(p), Replacement Term Loans incurred to refinance Initial Term Loans or Additional Term Loans in
accordance with the requirements of Section 9.02(c) or other refinancing Indebtedness incurred to refinance all or a portion of the Initial Term Loans or Additional Term Loans), such Borrower shall, substantially
simultaneously with (and in any event not later than the next succeeding Business Day) the receipt of such Net Proceeds by such Borrower or its applicable Restricted Subsidiary, apply an amount equal to 100% of such Net Proceeds to prepay the
outstanding principal amount of Initial Term Loans and Additional Term Loans in accordance with clause (vi) below; provided that (x) if, at the time that any such prepayment would be required hereunder, such
Borrower or any of its Restricted Subsidiaries is required to offer to repay or repurchase any Other Applicable Indebtedness, then the relevant Person may apply the Net Proceeds on a pro rata basis to the prepayment of the Initial Term Loans
and Additional Term Loans and to the repurchase or repayment of the Other Applicable Indebtedness (determined on the basis of the aggregate outstanding principal amount of the Initial Term Loans, Additional Term Loans and Other Applicable
Indebtedness (or accreted amount if such Other Applicable Indebtedness is issued with original issue discount) at such time; provided that the portion of the Net Proceeds allocated to the Other Applicable Indebtedness shall not exceed the
amount of the Net Proceeds required to be allocated to the Other Applicable Indebtedness pursuant to the terms thereof, and the remaining amount, if any, of the Net Proceeds shall be allocated to the Initial Term Loans and Additional Term Loans in
accordance with the terms hereof), and the amount of the prepayment of the Initial Term Loans and Additional Term Loans that would have otherwise been required pursuant to this Section 2.11(b)(iii) shall be reduced
accordingly; provided further that to the extent the holders of the Other Applicable Indebtedness decline to have such Indebtedness prepaid or repurchased, the declined amount shall promptly (and in any event within ten Business Days
after the date of such rejection) be applied to prepay the Initial Term Loans and Additional Term Loans in accordance with the terms hereof, and (y) the amount of the prepayment of the Initial Term Loans and Additional Term Loans required
pursuant to this Section 2.11(b)(iii) with respect to any issuance or incurrence of Indebtedness shall be reduced by the amount of any prepayment made from the Net Proceeds of such issuance pursuant to
Section 2.11(b)(iii) of the Existing Credit Agreement. 
 (iv)    Notwithstanding anything in this
Section 2.11(b) to the contrary, (A) the Borrowers shall not be required to prepay any amount that would otherwise be required to be paid pursuant to Section 2.11(b)(i) or
(ii) above to the extent that the relevant Excess Cash Flow is generated by any Foreign Subsidiary, the relevant Prepayment Asset Sale is consummated by any Foreign Subsidiary, or 

  
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the relevant Net Insurance/Condemnation Proceeds are received by any Foreign Subsidiary, as the case may be, for so long as the repatriation to the Borrowers of any such amount would be
prohibited under any Requirements of Law or conflict with the fiduciary duties of such Foreign Subsidiary’s directors, or result in, or could reasonably be expected to result in, a material risk of personal or criminal liability for any
officer, director, employee, manager, member of management or consultant of such Foreign Subsidiary (the Borrowers hereby agreeing to cause the applicable Foreign Subsidiary to promptly take all commercially reasonable actions required by applicable
Requirements of Law to permit such repatriation); it being understood that once the repatriation of the relevant affected Subject Proceeds or Excess Cash Flow, as the case may be, is permitted under the applicable Requirements of Law and, to the
extent applicable, would no longer conflict with the fiduciary duties of such director, or result in, or could reasonably be expected to result in, a material risk of personal or criminal liability for the Persons described above the relevant
Foreign Subsidiary will promptly repatriate the relevant Subject Proceeds or Excess Cash Flow, as the case may be, and the repatriated Subject Proceeds or Excess Cash Flow, as the case may be, will be promptly (and in any event not later than two
Business Days after such repatriation) applied (net of additional Taxes payable or reserved against as a result thereof) to the repayment of the Initial Term Loans and Additional Term Loans pursuant to this Section 2.11(b)
to the extent required herein (without regard to this clause (iv)), (B) the Borrowers shall not be required to prepay any amount that would otherwise be required to be paid pursuant to Sections 2.11(b)(i) or
(ii) to the extent that the relevant Excess Cash Flow is generated by any joint venture or the relevant Subject Proceeds are received by any joint venture, in each case, for so long as the distribution to the Borrowers of such Excess
Cash Flow or Subject Proceeds would be prohibited under the Organizational Documents governing such joint venture; it being understood that if the relevant prohibition ceases to exist the relevant joint venture will promptly distribute the relevant
Excess Cash Flow or the relevant Subject Proceeds, as the case may be, and the distributed Excess Cash Flow or Subject Proceeds, as the case may be, will be promptly (and in any event not later than two Business Days after such distribution) applied
to the repayment of the Term Loans pursuant to this Section 2.11(b) to the extent required herein, and (C) if the Parent Borrower determines in good faith that the repatriation to a Borrower of any amounts required to
mandatorily prepay the Initial Term Loans and Additional Term Loans pursuant to Section 2.11(b)(i) or (ii) above would result in material and adverse tax consequences, taking into account any foreign tax credit
or benefit actually realized in connection with such repatriation (such amount, a “Restricted Amount”), as reasonably determined by the Parent Borrower, the amount a Borrower shall be required to mandatorily prepay pursuant to
Section 2.11(b)(i) or (ii) above, as applicable, shall be reduced by the Restricted Amount until such time as it may repatriate to a Borrower the Restricted Amount without incurring such material and adverse tax
liability; provided that to the extent that the repatriation of any Subject Proceeds or Excess Cash Flow from the relevant Foreign Subsidiary would no longer have an adverse tax consequence, an amount equal to the Subject Proceeds or Excess
Cash Flow, as applicable, not previously applied pursuant to preceding clause (B), shall be promptly applied to the repayment of the Initial Term Loans and Additional Term Loans pursuant to Section 2.11(b) as
otherwise required above (without regard to this clause (iv)); 
 (v)    Each Lender may elect, by notice to the
Administrative Agent at or prior to the time and in the manner specified by the Administrative Agent, prior to any prepayment of Initial Term Loans and Additional Term Loans required to be made by the Borrowers pursuant to this
Section 2.11(b), to decline all (but not a portion) of its Applicable Percentage of such prepayment (such declined amounts, the “Declined Proceeds”), in which case such Declined Proceeds may be retained by
the Borrowers; provided that, for the avoidance of doubt, no Lender may reject any prepayment made under Section 2.11(b)(iii) above to the extent that such prepayment is made with the Net Proceeds of Refinancing
Indebtedness incurred to refinance all or a portion of the Initial Term Loans or Additional Term Loans pursuant to Section 6.01(p), Replacement Term Loans incurred to refinance Initial Term Loans or Additional Term Loans in
accordance with the requirements of Section 9.02(c) or other refinancing Indebtedness incurred to refinance all or a portion of the Initial Term Loans or Additional Term Loans. If

  
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any Lender fails to deliver a notice to the Administrative Agent of its election to decline receipt of its Applicable Percentage of any mandatory prepayment within the time frame specified by the
Administrative Agent, such failure will be deemed to constitute an acceptance of such Lender’s Applicable Percentage of the total amount of such mandatory prepayment of Initial Term Loans and Additional Term Loans. 

(vi)    Except as may otherwise be set forth in any amendment to this Agreement or provided in, any Refinancing Amendment,
any Incremental Facility Agreement or any Extension Amendment in connection with any Additional Term Loan, (A) each prepayment of Initial Term Loans and Additional Term Loans pursuant to this Section 2.11(b) shall be
applied ratably to each Class of Term Loans (based upon the then outstanding principal amounts of the respective Classes of Term Loans) (provided that any prepayment of Initial Term Loans or Additional Term Loans constituting Refinancing
Indebtedness incurred to refinance all or a portion of the Initial Term Loans or Additional Term Loans pursuant to Section 6.01(p) or Replacement Term Loans incurred to refinance Initial Term Loans or Additional Term Loans
in accordance with the requirements of Section 9.02(c) or other refinancing Indebtedness incurred to refinance all or a portion of the Initial Term Loans or Additional Term Loans shall be applied solely to each applicable
Class of refinanced or replaced Term Loans), (B) with respect to each Class of Initial Term Loans and Additional Term Loans, all accepted prepayments under Section 2.11(b)(i), (ii) or
(iii) shall be applied against the remaining scheduled installments of principal due in respect of the Initial Term Loans and Additional Term Loans as directed by the Parent Borrower (or, in the absence of direction from the Parent
Borrower, to the remaining scheduled amortization payments in respect of the Initial Term Loans and Additional Term Loans in direct order of maturity), and (C) each such prepayment shall be paid to the Term Lenders in accordance with their
respective Applicable Percentages of the applicable Class of Term Loans being repaid. The amount of such mandatory prepayments shall be applied on a pro rata basis to the then outstanding Initial Term Loans and Additional Term Loans
being prepaid irrespective of whether such outstanding Loans are ABR Loans or LIBO Rate Loans; provided that if no Lenders exercise the right to waive a given mandatory prepayment of the Initial Term Loans or Additional Term Loans pursuant to
Section 2.11(b)(v), then, with respect to such mandatory prepayment, the amount thereof shall be applied first to ABR Loans to the full extent thereof before application to the LIBO Rate Loans in a manner that minimizes the
amount of any payments required to be made by the Borrowers pursuant to Section 2.16. Any prepayment of Initial Term Loans made on or prior to the date that is twelve months after the Closing Date pursuant to
Section 2.11(b)(iii) as part of a Repricing Transaction shall be accompanied by the fee set forth in Section 2.12(c). 

(vii)    Reserved. 

(viii)    At the time of each prepayment required under Section 2.11(b)(i), (ii) or
(iii), the Parent Borrower shall deliver to the Administrative Agent a certificate signed by a Responsible Officer of the Parent Borrower setting forth in reasonable detail the calculation of the amount of such prepayment. Each such
certificate shall specify the Borrowings being prepaid and the principal amount of each Borrowing (or portion thereof) to be prepaid. Prepayments shall be accompanied by accrued interest as required by Section 2.13. All
prepayments of Borrowings under this Section 2.11(b) shall be subject to Section 2.16 and, in the case of prepayments under clause (iii) above as part of a Repricing Transaction,
Section 2.12(c), but shall otherwise be without premium or penalty. 
 Section 2.12
    Fees. 
 (a)    The Borrowers agree to pay to the Administrative Agent, for its own
account, the fees in the amounts and at the times separately agreed upon by the Parent Borrower and the Administrative Agent in writing. 

  
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 (b)    All fees payable hereunder shall be paid on the dates due, in
Dollars and in immediately available funds, to the Administrative Agent. Fees paid shall not be refundable under any circumstances except as otherwise provided in the Fee Letters. 

(c)    In the event that, on or prior to the date that is twelve months after the Closing Date, a Borrower
(x) prepays, repays, refinances, substitutes or replaces any Initial Term Loans in connection with a Repricing Transaction (including, for the avoidance of doubt, any prepayment made pursuant to Section 2.11(b)(iii)
that constitutes a Repricing Transaction), or (y) effects any amendment, modification or waiver of, or consent under, this Agreement resulting in a Repricing Transaction, such Borrower shall pay to the Administrative Agent, for the ratable
account of each of the applicable Term Lenders, (I) in the case of clause (x), a premium of 1.00% of the aggregate principal amount of the Initial Term Loans so prepaid, repaid, refinanced, substituted or replaced and (II) in the
case of clause (y), a fee equal to 1.00% of the aggregate principal amount of the Initial Term Loans that are the subject of such Repricing Transaction outstanding immediately prior to such amendment. If, on or prior to the date that is
twelve months after the Closing Date, all or any portion of the Initial Term Loans held by any Term Lender are prepaid, repaid, refinanced, substituted or replaced pursuant to Section 2.19(b)(iv) as a result of, or in
connection with, such Term Lender not agreeing or otherwise consenting to any waiver, consent, modification or amendment referred to in clause (y) above (or otherwise in connection with a Repricing Transaction), such prepayment,
repayment, refinancing, substitution or replacement will be made at 101% of the principal amount so prepaid, repaid, refinanced, substituted or replaced. All such amounts shall be due and payable on the date of effectiveness of such Repricing
Transaction. 
 (d)    Unless otherwise indicated herein, all computations of fees shall be made on the basis of a 360-day year and shall be payable for the actual days elapsed (including the first day but excluding the last day). Each determination by the Administrative Agent of a fee hereunder shall be conclusive and binding
for all purposes, absent manifest error. 
 Section 2.13     Interest. 

(a)    The Term Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the
Applicable Rate. 
 (b)    The Term Loans comprising each LIBO Rate Borrowing shall bear interest at the LIBO Rate for
the Interest Period in effect for such Borrowing plus the Applicable Rate. 
 (c)    [Reserved]. 

(d)    Notwithstanding the foregoing and subject to Section 2.21, if any principal of or
interest on any Initial Term Loan or Additional Loan or any fee payable by a Borrower hereunder is not, in each case, paid or reimbursed when due, whether at stated maturity, upon acceleration or otherwise, the relevant overdue amount shall bear
interest, to the fullest extent permitted by law, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal or interest of any Initial Term Loan, or, Additional Loan, 2.00% plus the rate
otherwise applicable to such Initial Term Loan or Additional Loan as provided in the preceding paragraphs of this Section 2.13 or in the amendment to this Agreement relating thereto or (ii) in the case of any other
amount, 2.00% plus the rate applicable to Term Loans that are ABR Loans as provided in paragraph (a) of this Section 2.13; provided that no amount shall accrue pursuant to this
Section 2.13(d) on any overdue amount, or other amount payable to a Defaulting Lender so long as such Lender is a Defaulting Lender. 

(e)    Accrued interest on each Initial Term Loan or Additional Loan shall be payable in arrears on each Interest Payment
Date for such Initial Term Loan or Additional Loan and on the 

  
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Maturity Date or upon the termination of any Additional Commitments, as applicable; provided that (i) interest accrued pursuant to paragraph (d) of this
Section 2.13 shall be payable on demand, (ii) in the event of any repayment or prepayment of any Initial Term Loan or Additional Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the
date of such repayment or prepayment and (iii) in the event of any conversion of any LIBO Rate Loan prior to the end of the current Interest Period therefor, accrued interest on such Initial Term Loan or Additional Loan shall be payable on the
effective date of such conversion. 
 (f)    All interest hereunder shall be computed on the basis of a year of 360
days, except that interest computed for ABR Loans shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the
last day). The applicable Alternate Base Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. Interest shall accrue on each Loan for the day on which the Loan is made,
and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid; provided that any Loan that is repaid on the same day on which it is made shall bear interest for one day. 

Section 2.14     Alternate Rate of Interest. 

(a)    If prior to the commencement of any Interest Period for a LIBO Rate Borrowing: 

(i)    the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate
and reasonable means do not exist for ascertaining the LIBO Rate for such Interest Period; or 
 (ii)    the
Administrative Agent is advised by the Required Lenders that the LIBO Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for such Interest
Period; 
 then the Administrative Agent shall promptly give notice thereof to the Parent Borrower and the Lenders by telephone or facsimile as promptly as
practicable thereafter and, until the Administrative Agent notifies the Parent Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, which the Administrative Agent agrees promptly to do, (i) any Interest
Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a LIBO Rate Borrowing shall be ineffective and such Borrowing shall be converted to an ABR Borrowing on the last day of the Interest Period
applicable thereto, and (ii) if any Borrowing Request requests a LIBO Rate Borrowing, such Borrowing shall be made as an ABR Borrowing. 

(b)    If at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error):

 (i)    that the circumstances in clauses (a)(i) or (a)(ii) above have arisen and such circumstances are unlikely to
be temporary; or 
 (ii)    that neither the circumstances in clause (a)(i) nor clause (a)(ii) above have arisen but
the supervisor for the administrator of the LIBO Rate has made a public statement that the administrator of the LIBO Rate is insolvent (and there is no successor administrator that will continue publication of the LIBO Rate), (x) the administrator
of the LIBO Rate has made a public statement identifying a specific date after which the LIBO Rate will permanently or indefinitely cease to be published by it (and there is no successor administrator that will continue publication of the LIBO
Rate), (y) the supervisor for the administrator of the LIBO Rate has made a public statement identifying a 

  
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specific date after which the LIBO Rate will permanently or indefinitely cease to be published or (z) the supervisor for the administrator of the LIBO Rate or a Governmental Authority having
jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBO Rate may no longer be used for determining interest rates for loans; 

then the Administrative Agent and the Parent Borrower shall endeavor to establish an alternate rate of interest to the LIBO Rate that gives due consideration
to the then-prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time as a comparable successor to the LIBO Rate, and shall enter into an amendment to this Agreement pursuant to this
clause (I) to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable (but for the avoidance of doubt, such related changes shall not include a reduction of the Applicable Rate) or
(II) if no such prevailing market convention for a comparable successor to the LIBO Rate exists at such time, the Administrative Agent and the Parent Borrower shall determine a reasonable acceptable successor or alternative index rate (which
rate shall be administratively feasible for the Administrative Agent), and shall enter into an amendment to this Agreement pursuant to this clause (II) to reflect such alternate rate of interest and such other related changes to this Agreement
as may be applicable (but for the avoidance of doubt, such related changes shall not include a reduction of the Applicable Rate). Notwithstanding anything to the contrary in Section 9.02, such amendment pursuant to clause
(I) or (II) above shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five Business Days of the date notice of such alternate rate
of interest is provided to the Lenders, a written notice from the Required Lenders stating that such Lenders object to such amendment. Until an alternate rate of interest shall be determined in accordance with this
Section 2.14, (x) any request for a Borrowing of, conversion to or continuation of, LIBO Rate Loans shall be ineffective and (y) any request for LIBO Rate Loans, shall be made as ABR Loans. Notwithstanding anything
contained herein to the contrary, if such alternate rate of interest as determined in this paragraph is determined to be less than 0% per annum, such rate shall be deemed to be 0% percent per annum for the purposes of this Agreement. 

Section 2.15     Increased Costs. 

(a)    If any Change in Law: 

(i)    imposes, modifies or deems applicable any reserve, special deposit or similar requirement against
assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the LIBO Rate), 

(ii)    subjects any Lender to any Taxes (other than Indemnified Taxes, Other Taxes and Excluded Taxes) on
its loans, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto, or 

(iii)    imposes on any Lender or the London interbank market any other condition affecting this Agreement
or LIBO Rate Loans made by any Lender, 
 and the result of any of the foregoing is to increase the cost to the relevant Lender of making or maintaining any
LIBO Rate Loan (or of maintaining its obligation to make any such Loan) or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise) in respect of any LIBO Rate Loan in an amount
deemed by such Lender to be material, then, within 30 days after the Parent Borrower’s receipt of the certificate contemplated by paragraph (c) of this Section 2.15, the Borrowers will pay to such Lender
such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered; provided that the Borrowers shall not be liable for such compensation if (x) the relevant Change in Law occurs on
a date 

  
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prior to the date such Lender becomes a party hereto, (y) such Lender invokes Section 2.20 or (z) in the case of requests for reimbursement under clause
(ii) above resulting from a market disruption, (A) the relevant circumstances are not generally affecting the banking market or (B) the applicable request has not been made by Lenders constituting Required Lenders. 

(b)    If any Lender determines that any Change in Law regarding liquidity or capital requirements has or would have the
effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement or the Loans made by held by such Lender to a level below that which such Lender
or such Lender’s holding company could have achieved but for such Change in Law (other than due to Taxes) (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital
adequacy), then within 30 days of receipt by the Parent Borrower of the certificate contemplated by paragraph (c) of this Section 2.15 the Borrowers will pay to such Lender such additional amount or amounts as
will compensate such Lender or such Lender’s holding company for any such reduction suffered. 
 (c)    A
certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as applicable, as specified in paragraph (a) or (b) of this Section 2.15 and setting
forth in reasonable detail the manner in which such amount or amounts were determined and certifying that such Lender is generally charging such amounts to similarly situated borrowers shall be delivered to the Parent Borrower and shall be
conclusive absent manifest error. 
 (d)    Failure or delay on the part of any Lender to demand compensation pursuant
to this Section 2.15 shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrowers shall not be required to compensate a Lender pursuant to this
Section 2.15 for any increased costs or reductions incurred more than 180 days prior to the date that such Lender notifies the Parent Borrower of the Change in Law giving rise to such increased costs or reductions and of
such Lender’s intention to claim compensation therefor; provided further that if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period
referred to above shall be extended to include the period of retroactive effect thereof. 
 Section 2.16
    Break Funding Payments. In the event of (a) the conversion or prepayment of any principal of any LIBO Rate Loan other than on the last day of an Interest Period applicable thereto (whether voluntary, mandatory,
automatic, by reason of acceleration or otherwise), (b) the failure to borrow, convert, continue or prepay any LIBO Rate Loan on the date or in the amount specified in any notice delivered pursuant hereto or (c) the assignment of any LIBO Rate
Loan of any Lender other than on the last day of the Interest Period applicable thereto as a result of a request by the Parent Borrower pursuant to Section 2.19, then, in any such event, the Borrowers shall compensate each
Lender for the loss, cost and expense incurred by such Lender that is attributable to such event (other than loss of profit). In the case of a LIBO Rate Loan, the loss, cost or expense of any Lender shall be the amount reasonably determined by
such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the LIBO Rate that would have been applicable to such Loan, for the period from
the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over (ii) the amount of
interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for deposits in the applicable currency of a comparable amount and period from
other banks in the Eurodollar market; it being understood that such loss, cost or expense shall in any case exclude any interest rate floor and all administrative, processing or similar fees. A certificate of any Lender (i) setting forth
any amount or amounts that such Lender is entitled to receive pursuant to this Section 2.16, the basis therefor and, in reasonable detail, the manner in which such amount or amounts were determined and (ii) certifying
that such Lender is generally charging 

  
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the relevant amounts to similarly situated borrowers shall be delivered to the Parent Borrower and shall be conclusive absent manifest error. The Borrowers shall pay such Lender the amount
shown as due on any such certificate within 30 days after receipt thereof. 
 Section 2.17     Taxes. 

(a)    Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made free
and clear of and without deduction for any Taxes, except as required by applicable Requirements of Law. If any applicable Requirements of Law require the deduction or withholding of any Tax from any such payment, then (i) if such Tax is an
Indemnified Tax and/or Other Tax, the amount payable by the applicable Loan Party shall be increased as necessary so that after all required deductions and withholdings have been made (including deductions and withholdings applicable to additional
sums payable under this Section 2.17), each Lender or, in the case of any payment made to the Administrative Agent for its own account, the Administrative Agent, receives an amount equal to the sum it would have received
had no such deductions or withholdings been made, (ii) the applicable withholding agent shall be entitled to and shall make such deductions and (iii) the applicable withholding agent shall timely pay the full amount deducted to the
relevant Governmental Authority in accordance with applicable Requirements of Law. 
 (b)    In addition, the Loan
Parties shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable Requirements of Law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes. 

(c)    Each Loan Party shall jointly and severally indemnify the Administrative Agent and each Lender within 10 days after
written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes payable or paid by the Administrative Agent or such Lender, as applicable (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to
amounts payable under this Section 2.17) (other than any penalties attributable to the gross negligence, bad faith or willful misconduct of the Administrative Agent or such Lender as determined by a court of competent
jurisdiction), and, in each case, any reasonable expenses arising therefrom or with respect thereto; provided that if such Loan Party reasonably believes that such Taxes (or any Taxes with respect to which the Loan Party has paid additional
amounts pursuant to Section 2.17(a)) were not correctly or legally asserted, the Administrative Agent or such Lender, as applicable, will use reasonable efforts to cooperate with such Loan Party to obtain a refund of such
Taxes (which shall be repaid to such Loan Party in accordance with Section 2.17(h)) so long as such efforts would not, in the sole determination of the Administrative Agent or such Lender, result in any additional out-of-pocket costs or expenses not reimbursed by such Loan Party or be otherwise materially disadvantageous to the Administrative Agent or such Lender, as applicable. In
connection with any request for reimbursement under this Section 2.17(c), the relevant Lender or the Administrative Agent, as applicable, shall deliver a certificate to the Parent Borrower setting forth, in reasonable
detail, the basis and calculation of the amount of the relevant payment or liability, which certificate shall be conclusive absent manifest error. Notwithstanding anything to the contrary contained in this Section 2.17(c),
the Loan Parties shall not be required to indemnify the Administrative Agent or any Lender pursuant to this Section 2.17 for any Indemnified Taxes or Other Taxes, to the extent the Administrative Agent or such Lender fails
to notify the Parent Borrower of such possible indemnification claim within 180 days after the Administrative Agent or such Lender receives written notice from the applicable taxing authority of the tax assessment giving rise to such indemnification
claim. 
 (d)    Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor,
for (i) any Indemnified Taxes or Other Taxes imposed on or with respect to any payment under any Loan Document that is attributable to such Lender (but only to the extent that no Loan 

  
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Party has already indemnified the Administrative Agent for such Indemnified Taxes or Other Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to
such Lender’s failure to comply with the provisions of Section 9.05(c) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case that are payable
or paid by the Administrative Agent in connection with any 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 any Lender under any Loan Document or otherwise payable by the Administrative Agent to any Lender from any other source against
any amount due to the Administrative Agent under this clause (d). 
 (e)    As soon as practicable after any
payment of Taxes by any Loan Party to a Governmental Authority pursuant to this Section 2.17, 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 that is reasonably satisfactory to the Administrative Agent. 

(f)    Status of Lenders. 

(i)    Any Lender that is entitled to an exemption from or reduction of any withholding Tax with respect to any payments
made under any Loan Document shall deliver to the Parent Borrower and the Administrative Agent, at the time or times reasonably requested by the Parent Borrower or the Administrative Agent, such properly completed and executed documentation as the
Parent Borrower or the Administrative Agent may reasonably request to permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Parent Borrower or the
Administrative Agent, shall deliver such other documentation prescribed by applicable Requirements of Law or reasonably requested by the Parent Borrower or the Administrative Agent as will enable the Parent Borrower or the Administrative Agent to
determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation
(other than such documentation set forth in Section 2.17(f)(ii)(A), (ii)(B) and (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: 

(A)    each Lender that is not a Foreign Lender shall deliver to the Parent 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 Parent Borrower or the Administrative Agent), two executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; 

(B)    each Foreign Lender shall deliver to the Parent Borrower and the Administrative Agent on or prior to
the date on which such Foreign Lender becomes a Lender under this 

  
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Agreement (and from time to time thereafter upon the reasonable request of the Parent Borrower or the Administrative Agent), whichever of the following is applicable: 

(1)    in the case of any Foreign Lender claiming the benefits of an income tax treaty to which the U.S. is
a party, two executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S.
federal withholding Tax pursuant to such tax treaty; 
 (2)    two executed copies of IRS Form W-8ECI; 
 (3)    in the case of any Foreign Lender claiming the
benefits of the exemption for portfolio interest under Section 871(h) or 881(c) of the Code, (x) a certificate substantially in the form of Exhibit K-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 a 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 copies of IRS Form W-8BEN or IRS Form W-8BEN-E; or 
 (4)    to the
extent any Foreign Lender is not the beneficial owner, two executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form
W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit K-2 or Exhibit K-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable;
provided that if such Foreign Lender is a partnership and one or more 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 K-4 on behalf of each such partner; 

(C)    each Foreign Lender shall deliver to the Parent Borrower and the Administrative Agent 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 Parent Borrower or the Administrative Agent), two executed copies of any other form prescribed by
applicable Requirements of Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable Requirements of Law to permit the
Parent Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 

(D)    if a payment made to any 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 Parent
Borrower and the Administrative Agent at the time or times prescribed by applicable Requirements of Law and at such time or times reasonably requested by the Parent Borrower or the Administrative Agent such documentation as is prescribed by
applicable Requirements of Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Parent Borrower or the Administrative Agent as may be necessary for the Parent
Borrower and the Administrative Agent to comply with their obligations under FATCA, to determine whether such Lender has complied with such Lender’s obligations under FATCA, or to determine the amount, if any, to deduct and withhold from such
payment. Solely for purposes of this Section 2.17(f)(ii)(D), FATCA shall include all amendments made after the Closing Date. 

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 Parent Borrower and the Administrative Agent in writing of its legal inability to do so. Notwithstanding anything to the contrary in this Section 2.17(f), no Lender shall be
required to provide any documentation that such Lender is not legally eligible to deliver. 

  
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 (g)    On or prior to the date on which the Administrative Agent becomes
the Administrative Agent under this Agreement (and from time to time thereafter upon the reasonable request of the Parent Borrower), the Administrative Agent will deliver to the Parent Borrower either (i) an executed copy of IRS Form W-9, or (ii) (x) with respect to any amounts received on its own account, an executed copy of an applicable IRS Form W-8, and (y) with respect to any amounts
received for or on account of any Lender, an executed copy of IRS Form W-8 IMY certifying on Part I, Part II and Part VI thereof that it is a U.S. branch that has agreed to be treated as a U.S. person for U.S.
federal tax purposes with respect to payments received by it from the Borrowers in its capacity as Administrative Agent, as applicable. The Administrative Agent shall promptly notify the Parent Borrower at any time it determines that it is no longer
in a position to provide the certification described in the prior sentence. 
 (h)    If the Administrative Agent or any
Lender determines, in its sole discretion, that it has received a refund of any Indemnified Taxes or Other Taxes as to which it has been indemnified by any Loan Party or with respect to which such Loan Party has paid additional amounts pursuant to
this Section 2.17, it shall pay over such refund to such Loan Party (but only to the extent of indemnity payments made, or additional amounts paid, by such Loan Party under this Section 2.17 with
respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or such Lender (including any
Taxes imposed with respect to such refund), and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided that such Loan Party, upon the request of the Administrative Agent or
such Lender agrees to repay the amount paid over to such Loan Party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative
Agent or such Lender is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (h), in no event shall the Administrative Agent or any Lender be required to pay any amount to a
Loan Party pursuant to this paragraph (h) to the extent that the payment thereof would place the Administrative Agent or such Lender in a less favorable net after-Tax position than the position that the
Administrative Agent or such Lender would have been in if the Tax subject to indemnification had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts giving rise to such refund had never been paid.
This Section 2.17 shall not be construed to require the Administrative Agent or any Lender to make available its Tax returns (or any other information relating to its Taxes which it deems confidential) to the relevant Loan
Party or any other Person. 
 (i)    Survival. Each party’s obligations under this
Section 2.17 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, any Lender, the termination of the Commitments and the repayment, satisfaction or
discharge of all obligations under any Loan Document. 
 Section 2.18     Payments Generally; Allocation of
Proceeds; Sharing of Payments. 
 (a)    Unless otherwise specified, the Borrowers shall make each payment required
to be made by them hereunder (whether of principal, interest, or fees or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) prior to the time expressed hereunder or under such Loan Document
(or, if no time is expressly required, by 2:00 p.m. in the case of payments in Dollars and 9:30 a.m. in the case of payments in Euros). Each such payment shall be made on the date when due, in immediately available funds, without set-off (except as otherwise provided in Section 2.17) or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to
have been received on the next succeeding Business Day for purposes of calculating interest thereon. All 

  
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such payments shall be made to the Administrative Agent to the applicable account designated to the Parent Borrower by the Administrative Agent, except that payments pursuant to Sections
2.15, 2.16 or 2.17 and 9.03 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient
promptly following receipt thereof. Each Lender agrees that in computing such Lender’s portion of any Borrowing to be made hereunder, the Administrative Agent may, in its discretion, round such Lender’s percentage of such Borrowing to the
next higher or lower whole dollar amount. All payments (including accrued interest) hereunder shall be made in Dollars. Any payment required to be made by the Administrative Agent hereunder shall be deemed to have been made by the time required if
the Administrative Agent shall, at or before such time, have taken the necessary steps to make such payment in accordance with the regulations or operating procedures of the clearing or settlement system used by the Administrative Agent to make such
payment. 
 (b)    Subject to the terms of the Intercreditor Agreements, all proceeds of Collateral received by the
Administrative Agent at any time when an Event of Default exists and all or any portion of the Loans have been accelerated hereunder pursuant to Section 7.01 shall, upon election by the Administrative Agent or at the
direction of the Required Lenders, be applied first, to the payment of all costs and expenses then due incurred by the Administrative Agent in connection with any collection, sale or realization on Collateral or otherwise in connection with
this Agreement, any other Loan Document or any of the Secured Obligations, including all court costs and the fees and expenses of agents and legal counsel, the repayment of all advances made by the Administrative Agent hereunder or under any other
Loan Document on behalf of any Loan Party and any other costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any other Loan Document, second, on a pro rata basis, to pay any fees,
indemnities or expense reimbursements then due to the Administrative Agent (other than those covered in clause first above) from the Borrowers constituting Secured Obligations, third, on a pro rata basis in accordance with the amounts
of the Secured Obligations (other than contingent indemnification obligations for which no claim has yet been made) owed to the Secured Parties on the date of any such distribution, to the payment in full of the Secured Obligations, and
fourth, to the Borrowers, or at the direction of the Parent Borrower, or as a court of competent jurisdiction may otherwise direct. 

(c)    If any Lender obtains payment (whether voluntary, involuntary, through the exercise of any right of set-off or otherwise) in respect of any principal of or interest on any of its Loans of any Class resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans of such
Class and accrued interest thereon than the proportion received by any other Lender with Loans of such Class, then the Lender receiving such greater proportion shall purchase (for Cash at face value) participations in the Loans of such
Class at such time outstanding to the extent necessary so that the benefit of all such payments shall be shared by the Lenders of such Class ratably in accordance with the aggregate amount of principal of and accrued interest on their
respective Loans of such Class; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to
the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not apply to (x) any payment made by the Borrowers pursuant to and in accordance with the express terms of this Agreement or (y) any
payment obtained by any Lender as consideration for the assignment of or sale of a participation in any of its Loans to any permitted assignee or participant, including any payment made or deemed made in connection with
Sections 2.22, 2.23 and 9.02(c). Each Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the
foregoing arrangements may exercise against a Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Borrower in the amount of
such participation. The Administrative Agent will keep records (which shall be conclusive and binding in the absence of manifest error) of participations 

  
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purchased under this Section 2.18(c) and will, in each case, notify the Lenders following any such purchases or repayments. Each Lender that purchases a participation
pursuant to this Section 2.18(c) shall from and after such purchase have the right to give all notices, requests, demands, directions and other communications under this Agreement with respect to the portion of the
Obligations purchased to the same extent as though the purchasing Lender were the original owner of the Obligations purchased. 

(d)    Unless the Administrative Agent has received notice from the Parent Borrower prior to the date on which any payment
is due to the Administrative Agent for the account of any Lender hereunder that the Borrowers will not make such payment, the Administrative Agent may assume that the Borrowers have made such payment on such date in accordance herewith and may, in
reliance upon such assumption, distribute to the applicable Lender the amount due. In such event, if the Borrowers have not in fact made such payment, then each Lender severally agrees to repay to the Administrative Agent forthwith on demand the
amount so distributed to such Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective
Rate (or, with respect to any amount denominated in Euros, the rate of interest per annum at which overnight deposits in Euros, on an amount approximately equal to the amount with respect to which such rate is being determined, would be offered for
such day by the Administrative Agent in the applicable offshore interbank market for such currency) and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

(e)    If any Lender fails to make any payment required to be made by it pursuant to
Section 2.07(b) or Section 2.18(d), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative
Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. 

Section 2.19     Mitigation Obligations; Replacement of Lenders. 

(a)    If any Lender requests compensation under Section 2.15 or such Lender determines it can no
longer make or maintain LIBO Rate Loans pursuant to Section 2.20, or any Loan Party is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to
Section 2.17, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder, or to assign its rights and obligations hereunder to another of its offices,
branches or affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17, as applicable, in the future
or mitigate the impact of Section 2.20, as the case may be, and (ii) would not subject such Lender to any material unreimbursed
out-of-pocket cost or expense and would not otherwise be disadvantageous to such Lender in any material respect. The Borrowers hereby agree to pay all reasonable costs
and expenses incurred by any Lender in connection with any such designation or assignment. 
 (b)    If (i) any
Lender requests compensation under Section 2.15 or such Lender determines it can no longer make or maintain LIBO Rate Loans pursuant to Section 2.20, (ii) if a Borrower is required to pay any
additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, (iii) if any Lender is a Defaulting Lender or (iv) if in connection with any proposed
amendment, waiver or consent requiring the consent of “each Lender” or “each Lender directly affected thereby” (or any other Class or group of Lenders other than the Required Lenders) with respect to which Required Lender
consent (or the consent of Lenders holding loans or commitments of such Class or lesser group representing more than 50% of the sum of the total loans and unused commitments of such Class or lesser group at such time) has been obtained, as
applicable, any 

  
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Lender is a non-consenting Lender (each such Lender described in this clause (iv), a “Non-Consenting
Lender”), then such Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, (x) terminate the applicable Commitments and/or Additional Commitments of such Lender, and repay all Obligations
of such Borrower owing to such Lender relating to the applicable Loans and participations held by such Lender as of such termination date or (y) replace such Lender by requiring such Lender to assign and delegate (and such Lender shall be
obligated to assign and delegate), without recourse (in accordance with and subject to the restrictions contained in Section 9.05), all of its interests, rights and obligations under this Agreement to an Eligible Assignee
that shall assume such obligations (which Eligible Assignee may be another Lender, if any Lender accepts such assignment); provided that (A) such Lender shall have received payment of an amount equal to the outstanding principal amount
of its Loans, in each case of such Class of Loans, Commitments and/or Additional Commitments, accrued interest thereon, accrued fees and all other amounts payable to it under any Loan Document with respect to such Class of Loans,
Commitments and/or Additional Commitments, (B) in the case of any assignment resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant to
Section 2.17, such assignment will result in a reduction in such compensation or payments and (C) such assignment does not conflict with applicable law. No Lender (other than a Defaulting Lender) shall be required to
make any such assignment and delegation, and the Borrowers may not repay the Obligations of such Lender or terminate its Commitments or Additional Commitments, if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances
entitling the Borrowers to require such assignment and delegation cease to apply. Each Lender agrees that if it is replaced pursuant to this Section 2.19, it shall execute and deliver to the Administrative Agent an
Assignment and Assumption to evidence such sale and purchase and shall deliver to the Administrative Agent any Promissory Note (if the assigning Lender’s Loans are evidenced by one or more Promissory Notes) subject to such Assignment and
Assumption (provided that the failure of any Lender replaced pursuant to this Section 2.19 to execute an Assignment and Assumption or deliver any such Promissory Note shall not render such sale and purchase (and the
corresponding assignment) invalid), such assignment shall be recorded in the Register, any such Promissory Note shall be deemed cancelled. Each Lender hereby irrevocably appoints the Administrative Agent (such appointment being coupled with an
interest) as such Lender’s attorney-in-fact, with full authority in the place and stead of such Lender and in the name of such Lender, from time to time in the
Administrative Agent’s discretion, with prior written notice to such Lender, to take any action and to execute any such Assignment and Assumption or other instrument that the Administrative Agent may deem reasonably necessary to carry out the
provisions of this clause (b). To the extent that any Lender is replaced pursuant to Section 2.19(b)(iv) in connection with a Repricing Transaction requiring payment of a fee pursuant to
Section 2.12(f), the Borrowers shall pay to each Lender being replaced as a result of such Repricing Transaction the fee set forth in Section 2.12(c). 

Section 2.20     Illegality . If any Lender reasonably determines that any Change in Law has made it unlawful,
or that any Governmental Authority has asserted after the Closing Date that it is unlawful, for such Lender or its applicable lending office to make, maintain or fund Loans whose interest is determined by reference to the Published LIBO Rate, or to
determine or charge interest rates based upon the Published LIBO Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of Dollars in the applicable interbank
market, then, on notice thereof by such Lender to the Parent Borrower through the Administrative Agent, (i) any obligation of such Lender to make or continue LIBO Rate Loans in Dollars, Euros, or to convert ABR Loans to LIBO Rate Loans shall be
suspended and (ii) if such notice asserts the illegality of such Lender making or maintaining ABR Loans the interest rate on which is determined by reference to the Published LIBO Rate component of the Alternate Base Rate, the interest rate on
which ABR Loans of such Lender, shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Published LIBO Rate component of the Alternate Base Rate, in each case until such Lender notifies the
Administrative Agent and the Parent Borrower that the circumstances giving rise 

  
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to such determination no longer exist (which notice such Lender agrees to give promptly). Upon receipt of such notice, (x) the Borrowers shall, upon demand from such Lender (with a copy
to the Administrative Agent), if applicable and such Loans are denominated in Dollars, prepay or convert all of such Lender’s LIBO Rate Loans to ABR Loans (the interest rate on which ABR Loans of such Lender shall, if necessary to avoid such
illegality, be determined by the Administrative Agent without reference to the Published LIBO Rate component of the Alternate Base Rate) or (2) if applicable and such Loans are denominated in Euros, convert such Loans to Loans bearing interest
at an alternative rate mutually acceptable to the Parent Borrower and such Lender, in each case, either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such LIBO Rate Loans to such day, or
immediately, if such Lender may not lawfully continue to maintain such LIBO Rate Loans (in which case the Borrowers shall not be required to make payments pursuant to Section 2.16 in connection with such payment) and
(y) if such notice asserts the illegality of such Lender determining or charging interest rates based upon the Published LIBO Rate, the Administrative Agent shall during the period of such suspension compute the Alternate Base Rate applicable
to such Lender without reference to the Published LIBO Rate component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the
Published LIBO Rate. Upon any such prepayment or conversion, the Borrowers shall also pay accrued interest on the amount so prepaid or converted. Each Lender agrees to designate a different lending office if such designation will avoid the
need for such notice and will not, in the determination of such Lender, otherwise be materially disadvantageous to such Lender. 

Section 2.21     Defaulting Lenders. Notwithstanding any provision of this Agreement to the contrary, if any
Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 

(a)    The Commitments of such Defaulting Lender shall not be included in determining whether all Lenders, each affected
Lender, the Required Lenders, or such other number of Lenders as may be required hereby or under any other Loan Document have taken or may take any action hereunder (including any consent to any waiver, amendment or modification pursuant to
Section 9.02); provided that any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender which affects such Defaulting Lender disproportionately and adversely relative to other
affected Lenders shall require the consent of such Defaulting Lender. 
 (b)    Any payment of principal, interest, fees
or other amounts received by the Administrative Agent for the account of any Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 2.11, Section 2.15,
Section 2.16, Section 2.17, Section 2.18, Article 7, Section 9.05 or otherwise, and including any amounts made
available to the Administrative Agent by such Defaulting Lender pursuant to Section 9.09), shall be applied at such time or times as may be determined by the Administrative Agent and, where relevant, the Parent Borrower as
follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, so long as no Default or Event of Default exists as the Parent Borrower may request, 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; third, as the Administrative Agent or the Parent Borrower may elect, to be held in a deposit account and released in order
to satisfy obligations of such Defaulting Lender to fund Loans under this Agreement; fourth, to the payment of any amounts owing to the non-Defaulting Lenders as a result of any judgment of a court of
competent jurisdiction obtained by any non-Defaulting Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; fifth, to the
payment of any amounts owing to a Borrower as a result of any judgment of a court of competent jurisdiction obtained by such Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this
Agreement; and sixth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction. Any payments, prepayments or 

  
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other amounts paid or payable to any Defaulting Lender that are applied (or held) to pay amounts owed by any Defaulting Lender or to post Cash collateral pursuant to this
Section 2.21(b) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 

Section 2.22     Incremental Facilities. 

(a)    The Borrowers may, at any time, on one or more occasions pursuant to an Incremental Facility Agreement (i) add
one or more new tranches of term facilities and/or increase the principal amount of the Term Loans or any Additional Term Loans by requesting new term loan commitments to be added to such Loans (any such new tranche or increase, an
“Incremental Term Facility” and any loans made pursuant to an Incremental Term Facility, “Incremental Term Loans”) and/or (ii) add one or more new tranches of incremental revolving “cash-flow”
facilities and/or increase the aggregate amount of Commitments of any existing Class of Incremental Revolving Commitments (any such new tranche or increase, an “Incremental Revolving Facility” and, together with any Incremental
Term Facility, “Incremental Facilities”; and the loans thereunder, “Incremental Revolving Loans” and, together with any Incremental Term Loans, “Incremental Loans”); provided that the
aggregate principal amount of all Incremental Facilities incurred after the Closing Date shall not exceed the Incremental Cap; provided, further, that: 

(i)    no Incremental Commitment may be less than $5,000,000, 

(ii)    except as separately agreed from time to time between the Parent Borrower and any Lender, no Lender
shall be obligated to provide any Incremental Commitment, and the determination to provide such commitments shall be within the sole and absolute discretion of such Lender, 

(iii)    no Incremental Facility or Incremental Loan (or the creation, provision or implementation thereof)
shall require the approval of any existing Lender other than in its capacity, if any, as a Lender providing all or part of any Incremental Commitment or Incremental Loan, 

(iv)    no Incremental Revolving Facility will mature earlier than any then-applicable Latest Revolving
Loan Maturity Date or require any scheduled amortization or mandatory commitment reduction prior to such Maturity Date, 

(v)    the Effective Yield applicable to any Incremental Facility or Incremental Loans will be determined
by the Parent Borrower and the lenders providing such Incremental Facility or Incremental Loans; provided that in the case of any Incremental Term Facility which are pari passu with the Initial Term Loans in right of payment and
with respect to security, such Effective Yield applicable thereto will not be more than 0.50% higher than the Effective Yield applicable to the Class of Initial Term Loans denominated in the same currency as such Incremental Term Facility
unless the Applicable Rate with respect to such Initial Term Loans is adjusted to be equal to the Effective Yield with respect to the relevant Incremental Term Facility, minus 0.50%, 

(vi)    the final maturity date with respect to any Incremental Term Loans shall be no earlier than the
Latest Term Loan Maturity Date at the time of the incurrence thereof, 
 (vii)    the Weighted Average
Life to Maturity of any Incremental Term Facility shall be no shorter than the remaining Weighted Average Life to Maturity of the then-existing tranche of Term Loans (without giving effect to any prepayments thereof), 

  
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 (viii)    (A) any Incremental Term Facility may
rank pari passu with or junior to any then-existing tranche of Term Loans in right of payment and pari passu with or junior to any then-existing tranche of Term Loans with respect to security or may be unsecured (and to the extent the
relevant Incremental Facility is pari passu with or subordinated to the Term Loans in right of payment or security and documented in a separate agreement, it shall be subject to an Acceptable Intercreditor Agreement) and (B) no
Incremental Facility may be (x) guaranteed by any Person which is not a Loan Party or (y) secured by any assets other than the Collateral, 

(ix)    (A) any prepayment (other than any scheduled amortization payment) of Incremental Term Loans that
are pari passu with any then-existing Term Loans in right of payment and security shall be made on a pro rata basis with such existing Term Loans and (B) any prepayment (other than any scheduled amortization payment) of
Incremental Term Loans that are subordinated to any then-existing Term Loans in right of payment or security shall be made on a junior basis with respect to such existing Term Loans (and all other then-existing Additional Term Loans requiring
ratable prepayment), except, in each case, that the Parent Borrower and the lenders providing the relevant Incremental Term Loans shall be permitted, in their sole discretion, to elect to prepay or receive, as applicable, any prepayments on a less
than pro rata basis (but not on a greater than pro rata basis), 
 (x)    except as
otherwise agreed by the lenders providing the relevant Incremental Facility in connection with a Permitted Acquisition or other Investment permitted by the terms of this Agreement, no Event of Default shall exist immediately prior to or after giving
effect to such Incremental Facility, 
 (xi)    except as otherwise required or permitted in
clauses (v) through (ix) above, all other terms of any Incremental Term Facility, if not consistent with the terms of the Initial Term Loans, shall be reasonably satisfactory to the Parent Borrower and the
Administrative Agent (it being understood that (x) any terms which are not consistent with the terms of the Initial Term Loans and are applicable only after the then-existing Latest Term Loan Maturity Date shall be deemed satisfactory to the
Administrative Agent and (y) terms contained in such Incremental Term Facility that are more favorable to the lenders or the agent of such Incremental Term Facility than those contained in the Loan Documents and are then conformed (or added) to
the Loan Documents for the benefit of the Term Lenders or, as applicable, the Administrative Agent (i.e., by conforming or adding a term to the then-outstanding Term Loans pursuant to the applicable Incremental Facility Agreement) shall be deemed
satisfactory to the Administrative Agent), 
 (xii)    the proceeds of any Incremental Facility may be
used for working capital and other general corporate purposes and any other use not prohibited by this Agreement, 

(xiii)    on the date of the making of any Incremental Term Loans that will be added to any Class of
Initial Term Loans or Additional Term Loans, and notwithstanding anything to the contrary set forth in Section 2.08 or 2.13, such Incremental Term Loans shall be added to (and constitute a part of) each borrowing of
outstanding Initial Term Loans or Additional Term Loans, as applicable, of the same type with the same Interest Period of the respective Class on a pro rata basis (based on the relative sizes of the various outstanding Borrowings), so
that each Term Lender providing such Incremental Term Loans will participate proportionately in each then outstanding borrowing of Initial Term Loans or Additional Term Loans, as applicable, of the same type with the same Interest Period of the
respective Class; and 

  
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 (xiv)    at no time shall there be more than three
separate Maturity Dates in effect with respect to any existing Additional Revolving Facility at any time. 

(b)    Incremental Commitments may be provided by any existing Lender, or by any other lender (other than any Disqualified
Institution) (any such other lender being called an “Additional Lender”); provided that the Administrative Agent shall have consented (such consent not to be unreasonably withheld) to the relevant Additional Lender’s
provision of Incremental Commitments if such consent would be required under Section 9.05(b) for an assignment of Loans to such Additional Lender; provided further that any Additional Lender that is an
Affiliated Lender shall be subject to the provisions of Section 9.05(g), mutatis mutandis, to the same extent as if Incremental Commitments and related Obligations had been obtained by such Lender by way of
assignment. 
 (c)    Each Lender or Additional Lender providing a portion of any Incremental Commitment shall execute
and deliver to the Administrative Agent and the Parent Borrower all such documentation (including the relevant Incremental Facility Agreement) as may be reasonably required by the Administrative Agent to evidence and effectuate such Incremental
Commitment. On the effective date of such Incremental Commitment, each Additional Lender shall become a Lender for all purposes in connection with this Agreement. 

(d)    As a condition precedent to the effectiveness of any Incremental Facility or the making of any Incremental Loans,
(i) upon its reasonable request, the Administrative Agent shall have received customary written opinions of counsel, as well as such reaffirmation agreements, supplements and/or amendments as it shall reasonably require, (ii) the
Administrative Agent shall have received, from each Additional Lender, an Administrative Questionnaire and such other documents as it shall reasonably require from such Additional Lender, (iii) the Administrative Agent and Lenders shall have
received all fees required to be paid in respect of such Incremental Facility or Incremental Loans and (iv) the Administrative Agent shall have received a certificate of the relevant Borrower signed by a Responsible Officer thereof: 

(A)    certifying and attaching a copy of the resolutions adopted by the governing body of the relevant
Borrower approving or consenting to such Incremental Facility or Incremental Loans, and 
 (B)    to the
extent applicable, certifying that the condition set forth in clause (a)(x) above has been satisfied. 

(e)    To the extent a Borrower elects to implement any Incremental Revolving Facility, then notwithstanding any other
provision of this Agreement to the contrary, such Borrower shall be permitted (without the consent of any Term Lender) to amend the terms of this Agreement pursuant to an amendment hereto (or an amendment and restatement hereof), in form and
substance reasonably satisfactory to the Administrative Agent, in order to appropriately incorporate revolving facility provisions, including those relating to (i) conditions to borrowing, payments, prepayments, purchases of participations and
reallocation mechanisms, letter of credit, swingline and/or other subfacilities, (ii) mechanisms to allow for additional Incremental Revolving Facilities (e.g. pro rata treatment and exceptions to such pro rata treatment upon the maturity of
any such Incremental Revolving Facility), (iii) tranche voting by revolving lenders with respect to conditions precedent to the making of revolving loans, any financial covenant required in connection with any Incremental Revolving Facility and
definitions relating to the foregoing and (iv) consent by any issuing bank or swingline lender to matters affecting its rights or obligations in such capacity. The Lenders hereby irrevocably authorize the Administrative Agent to enter into any
Incremental Facility Agreement and any other amendments to this Agreement and the other Loan Documents with the Loan Parties as may be necessary in order to establish new tranches or 

  
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sub-tranches in respect of Loans or commitments increased or extended pursuant to this Section 2.22 and such technical amendments
as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the relevant Borrower in connection with the establishment of such new tranches or sub-tranches, in each case on
terms consistent with this Section 2.22. 
 (f)    To the extent the provisions of clause
(a)(xiii) above require that Term Lenders making new Incremental Term Loans add such Incremental Term Loans to the then outstanding borrowings of LIBO Rate Loans of the respective Class of Initial Term Loans or Additional Term Loans, as
applicable, it is acknowledged that the effect thereof may result in such new Incremental Term Loans having short Interest Periods (i.e., an Interest Period that began during an Interest Period then applicable to outstanding LIBO Rate Loans of the
respective Class and which will end on the last day of such Interest Period). 
 (g)    Notwithstanding anything to
the contrary in this Section 2.22 or in any other provision of any Loan Document, if the proceeds of any Incremental Facility are intended to be applied to finance an acquisition and the Lenders or Additional Lenders
providing such Incremental Facility so agree, the availability thereof shall be subject to customary “SunGard” or “certain funds” conditionality. 

(h)    This Section 2.22 shall supersede any provision in Section 2.18
or 9.02 to the contrary. 
 Section 2.23     Extensions of Loans and Additional Revolving
Commitments. 
 (a)    Notwithstanding anything to the contrary in this Agreement, pursuant to one or more offers
(each, an “Extension Offer”) made from time to time by the Parent Borrower to all Lenders holding Loans of any Class with a like Maturity Date or commitments with a like Maturity Date, in each case on a pro rata basis
(based on the aggregate outstanding principal amount of the respective Loans or commitments with a like Maturity Date) and on the same terms to each such Lender, the Borrowers are hereby permitted from time to time to consummate transactions with
any individual Lender who accepts the terms contained in any such Extension Offer to extend the Maturity Date of such Lender’s Loans and/or commitments and otherwise modify the terms of such Loans and/or commitments pursuant to the terms of the
relevant Extension Offer (including by increasing the interest rate or fees payable in respect of such Loans and/or commitments (and related outstandings) and/or modifying the amortization schedule in respect of such Loans) (each, an
“Extension”, and each group of Loans or commitments, as applicable, in each case as so extended, as well as the original Loans and the original commitments (in each case not so extended), being a “tranche”; any
Extended Term Loans shall constitute a separate tranche of Loans from the tranche of Loans from which they were converted and any Extended Revolving Credit Commitments shall constitute a separate tranche of revolving commitments from the tranche of
revolving commitments from which they were converted), so long as the following terms are satisfied: 

(i)    except as to (x) interest rates, fees and final maturity (which shall, subject to immediately
succeeding clause (iii)(y), be determined by the Parent Borrower and any Lender who agrees to an Extension and set forth in the relevant Extension Offer), (y) terms applicable to such Extended Revolving Credit Commitments
or Extended Revolving Loans (each as defined below) that are more favorable to the lenders or the agent of such Extended Revolving Credit Commitments or Extended Revolving Loans than those contained in the Loan Documents and are then conformed (or
added) to the Loan Documents for the benefit of the Revolving Lenders or, as applicable, the Administrative Agent (i.e., by conforming or adding a term to the then-outstanding Revolving Loans pursuant to the applicable Extension Amendment),
and (z) any covenants or other provisions applicable only to periods after the Latest Revolving Loan Maturity Date (in each case, as of the date of such Extension), the commitment of any Revolving Lender

  
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that agrees to an Extension (an “Extended Revolving Credit Commitment”; and the Loans thereunder, “Extended Revolving Loans”), and the related outstandings,
shall be a revolving commitment (or related outstandings, as the case may be) with the same terms (or terms not less favorable to existing Revolving Lenders) as the original revolving commitments (and related outstandings) provided hereunder;
provided that (x) to the extent any non-extended portion of any Additional Revolving Facility then exists, (1) the borrowing and repayment (except for (A) payments of interest and fees at
different rates on such revolving facilities (and related outstandings), (B) repayments required upon the Maturity Date of such revolving facilities and (C) repayments made in connection with any permanent repayment and termination of
commitments (subject to clause (3) below)) of Extended Revolving Loans after the effective date of such Extended Revolving Credit Commitments shall be made on a pro rata basis with such portion of the relevant
Additional Revolving Facility, (2) all letters of credit made or issued, as applicable, under any Extended Revolving Credit Commitment shall be participated on a pro rata basis by all Revolving Lenders and (3) the permanent
repayment of Loans with respect to, and termination of commitments under, any such Extended Revolving Credit Commitment after the effective date of such Extended Revolving Credit Commitments shall be made on a pro rata basis with such portion
of any Additional Revolving Facility, except that the Borrowers shall be permitted to permanently repay and terminate commitments of any such revolving facility on a greater than pro rata basis as compared with any other revolving facility
with a later Maturity Date than such revolving facility and (y) at no time shall there be more than three separate Classes of revolving commitments hereunder (including Incremental Revolving Commitments, Extended Revolving Credit Commitments
and Replacement Revolving Facilities); 
 (ii)    except as to (x) interest rates, fees,
amortization, final maturity date, premiums, required prepayment dates and participation in prepayments (which shall, subject to immediately succeeding clauses (iii)(x), (iv) and (v), be determined by the Parent Borrower and any
Lender who agrees to an Extension and set forth in the relevant Extension Offer) and (y) any covenants or other provisions applicable only to periods after the Latest Term Loan Maturity Date (in each case, as of the date of such Extension), the
Term Loans of any Lender extended pursuant to any Extension (any such extended term Loans, the “Extended Term Loans”) shall have the same terms as the tranche of Term Loans subject to the relevant Extension Offer; provided,
however, that with respect to representations and warranties, affirmative and negative covenants (including financial covenants) and events of default that are applicable to any such tranche of Extended Term Loans, such provisions may be more
favorable to the lenders of the applicable tranche of Extended Term Loans than those originally applicable to the tranche of Term Loans subject to the relevant Extension Offer, so long as (and only so long as) such provisions also expressly apply to
(and for the benefit of) the tranche of Term Loans subject to the relevant Extension Offer and each other Class of Term Loans hereunder; 

(iii)    (x) the final maturity date of any Extended Term Loans shall be no earlier than the then
applicable Latest Term Loan Maturity Date at the time of extension and (y) no Extended Revolving Credit Commitments or Extended Revolving Loans shall have a final maturity date earlier than (or require commitment reductions prior to) the then
applicable Latest Revolving Loan Maturity Date; 
 (iv)    the Weighted Average Life to Maturity of any
Extended Term Loans shall be no shorter than the remaining Weighted Average Life to Maturity of the Term Loans or any other Extended Term Loans extended thereby; 

(v)    any Extended Term Loans may participate on a pro rata basis or a less than pro rata
basis (but not greater than a pro rata basis) in any voluntary or mandatory 

  
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repayments or prepayments (but, for purposes of clarity, not scheduled amortization payments) in respect of the Initial Term Loans (and any Additional Term Loans then subject to ratable repayment
requirements), in each case as specified in the respective Extension Offer; 
 (vi)    if the aggregate
principal amount of Loans or commitments, as the case may be, in respect of which Lenders shall have accepted the relevant Extension Offer exceeds the maximum aggregate principal amount of Loans or commitments, as the case may be, offered to be
extended by a Borrower pursuant to such Extension Offer, then the Loans or commitments, as the case may be, of such Lenders shall be extended ratably up to such maximum amount based on the respective principal amounts (but not to exceed actual
holdings of record) with respect to which such Lenders have accepted such Extension Offer; 

(vii)    each Extension shall be in a minimum amount of $5,000,000; 

(viii)    any applicable Minimum Extension Condition shall be satisfied or waived by the Parent Borrower;
and 
 (ix)    all documentation in respect of such Extension shall be consistent with the foregoing.

 (b)    With respect to any Extension consummated pursuant to this Section 2.23, (i) no
such Extension shall constitute a voluntary or mandatory prepayment for purposes of Section 2.11, (ii) the scheduled amortization payments (in so far as such schedule affects payments due to Lenders participating in
the relevant Class) set forth in Section 2.10 shall be adjusted to give effect to such Extension of the relevant Class and (iii) except as set forth in clause (a)(vii) above, no Extension
Offer is required to be in any minimum amount or any minimum increment; provided that the Parent Borrower may, at its election, specify as a condition (a “Minimum Extension Condition”) to consummating such Extension that a
minimum amount (to be determined and specified in the relevant Extension Offer in the Parent Borrower’s sole discretion and which may be waived by the Parent Borrower) of Loans or commitments (as applicable) of any or all applicable tranches be
tendered. The Administrative Agent and the Lenders hereby consent to the transactions contemplated by this Section 2.23 (including, for the avoidance of doubt, any payment of any interest, fees or premium in respect of any
tranche of Extended Term Loans and/or Extended Revolving Credit Commitments on such terms as may be set forth in the relevant Extension Offer) and hereby waive the requirements of any provision of this Agreement (including
Section 2.10, 2.11 or 2.18) or any other Loan Document that may otherwise prohibit any Extension or any other transaction contemplated by this Section 2.23. 

(c)    No consent of any Lender or the Administrative Agent shall be required to effectuate any Extension, other than the
consent of each Lender agreeing to such Extension with respect to one or more of its Loans and/or commitments under any Class (or a portion thereof). All Extended Term Loans and Extended Revolving Credit Commitments and all obligations in respect
thereof shall constitute Secured Obligations under this Agreement and the other Loan Documents that are secured by the Collateral and guaranteed on a pari passu basis with all other applicable Secured Obligations under this Agreement and the
other Loan Documents. The Lenders hereby irrevocably authorize the Administrative Agent to enter into any Extension Amendments and any other Loan Documents with the Loan Parties as may be necessary in order to establish new tranches or sub-tranches in respect of Loans or commitments so extended and such technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in
connection with the establishment of such new tranches or sub-tranches, in each case on terms consistent with this Section 2.23. 

  
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 (d)    In connection with any Extension, the Parent Borrower shall
provide the Administrative Agent at least five Business Days’ (or such shorter period as may be agreed by the Administrative Agent) prior written notice thereof, and shall agree to such procedures (including regarding timing, rounding and other
adjustments and to ensure reasonable administrative management of the credit facilities hereunder after such Extension), if any, as may be established by, or acceptable to, the Administrative Agent, in each case acting reasonably to accomplish the
purposes of this Section 2.23. 
 Section 2.24     Borrower Representative; Joint and
Several Obligations of the Borrowers. 
 (a)    Each Borrower hereby designates and appoints the Parent Borrower as its
agent, attorney-in-fact and legal representative on its behalf for all purposes, including issuing Borrowing Requests; delivering Compliance Certificates; giving
instructions with respect to the disbursement of the proceeds of the Loans; paying, prepaying and reducing loans, commitments or any other amounts owing under the Loan Documents; selecting interest rate options; giving, receiving, accepting and
rejecting all other notices, consents or other communications hereunder or under any of the other Loan Documents; and taking all other actions (including in respect of compliance with covenants) on behalf of any Borrower or the Borrowers under the
Loan Documents. The Parent Borrower hereby accepts such appointment. The Administrative Agent and each Lender may regard any notice or other communication pursuant to any Loan Document from the Parent Borrower on behalf of one or more Borrowers as a
notice or communication from such Borrowers. Each warranty, covenant, agreement and undertaking made on behalf of a Borrower by the Parent Borrower shall be deemed for all purposes to have been made by such Borrower and shall be binding upon and
enforceable against such Borrower to the same extent as if the same had been made directly by such Borrower. Any action, notice, delivery, receipt, acceptance, approval, rejection or any other undertaking under any of the Loan Documents to be made
by the Parent Borrower in respect of the Obligations of any Borrower shall be deemed, where applicable, to be made in the Parent Borrower’s capacity as representative and agent on behalf of the applicable Borrower or Borrowers, and any such
action, notice, delivery, receipt, acceptance, approval, rejection or other undertaking shall be deemed for all purposes to have been made by such Borrower and shall be binding upon and enforceable against such Borrower to the same extent as if the
same had been made directly by such Borrower. 
 (b)    The Borrowers shall have joint and several liability in respect
of all Obligations hereunder and under any other Loan Document to which any Borrower is a party, without regard to any defense (other than the defense that payment in full has been made), setoff or counterclaim which may at any time be available to
or be asserted by any other Loan Party against the Lenders, or by any other circumstance whatsoever (with or without notice to or knowledge of Holdings and the Borrowers) which constitutes, or might be construed to constitute, an equitable or legal
discharge of the Borrowers’ liability hereunder, in bankruptcy or in any other instance, and the Obligations of the Borrowers hereunder shall not be conditioned or contingent upon the pursuit by the Lenders or any other Person at any time of
any right or remedy against the Borrowers or against any other Person which may be or become liable in respect of all or any part of the Obligations or against any Collateral or Guarantee therefor or right of offset with respect thereto. The
Borrowers hereby acknowledge that this Agreement is the independent and several obligation of each Borrower (regardless of which Borrower shall have delivered a Borrowing Request) and may be enforced against each Borrower separately, whether or not
enforcement of any right or remedy hereunder has been sought against any other Borrower. Each Borrower hereby expressly waives, with respect to any of the Term Loans made to any other Borrower hereunder and any of the amounts owing hereunder by such
other Loan Parties in respect of such Term Loans, diligence, presentment, demand of payment, protest and all notices whatsoever, and any requirement that the Administrative Agent or any Lender exhaust any right, power or remedy or proceed against
such other Loan Parties under this Agreement or any other agreement or instrument referred to herein or against any 

  
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other Person under any other guarantee of, or security for, any of such amounts owing hereunder, and makes each of the other waivers and agreements of the Guarantors set forth in Sections 2.03,
2.04 and 2.05 of the Loan Guaranty. 
 ARTICLE 3 

REPRESENTATIONS AND WARRANTIES 

Each of (i) in the case of Holdings, solely with respect to Sections 3.01, 3.02, 3.03, 3.07, 3.08,
3.09, 3.13, 3.14, 3.16 and 3.17, and (ii) the Borrowers hereby represent and warrant to the Lenders that: 

Section 3.01     Organization; Powers. Each of the Loan Parties and each of its Restricted Subsidiaries
(a) is (i) duly organized and validly existing and (ii) in good standing (to the extent such concept exists in the relevant jurisdiction) under the laws of its jurisdiction of organization, (b) has all requisite organizational
power and authority to own its property and assets and to carry on its business as now conducted and (c) is qualified to do business in, and is in good standing (to the extent such concept exists in the relevant jurisdiction) in, every
jurisdiction where its ownership, lease or operation of properties or conduct of its business requires such qualification; except, in each case referred to in this Section 3.01 (other than clause (a)(i) with respect
to the Borrowers and clause (b) with respect to the Loan Parties) where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. 

Section 3.02     Authorization; Enforceability. The execution, delivery and performance of each of the Loan
Documents are within each applicable Loan Party’s corporate or other organizational power and have been duly authorized by all necessary corporate or other organizational action of such Loan Party. Each Loan Document to which any Loan Party is
a party has been duly executed and delivered by such Loan Party and is a legal, valid and binding obligation of such Loan Party, enforceable in accordance with its terms, subject to the Legal Reservations. 

Section 3.03     Governmental Approvals; No Conflicts. The execution and delivery of the Loan Documents by
each Loan Party party thereto and the performance by such Loan Party thereof (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except (i) such as have been
obtained or made and are in full force and effect, (ii) in connection with the Perfection Requirements and (iii) such consents, approvals, registrations, filings, or other actions the failure to obtain or make which could not be reasonably
expected to have a Material Adverse Effect, (b) will not violate any (i) of such Loan Party’s Organizational Documents or (ii) Requirements of Law applicable to such Loan Party which violation, in the case of this clause
(b)(ii), could reasonably be expected to have a Material Adverse Effect and (c) will not violate or result in a default under (i) the 2025 Senior Unsecured Notes or (ii) any other material Contractual Obligation to which such Loan
Party is a party which violation, in the case of this clause (c), could reasonably be expected to result in a Material Adverse Effect. 

Section 3.04     Financial Condition; No Material Adverse Effect. 

(a)    The financial statements most recently provided pursuant to Section 5.01(a) or (b),
as applicable, present fairly, in all material respects, the financial position and results of operations and cash flows of the Borrowers on a consolidated basis as of such dates and for such periods in accordance with GAAP, subject, in the case of
financial statements provided pursuant to Section 5.01(a), to the absence of footnotes and normal year-end adjustments. 

  
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 (b)    Since the Closing Date, there have been no events, developments
or circumstances that have had, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

Section 3.05     Properties. 

(a)    As of the Closing Date, Schedule 3.05 sets forth the address of each Real Estate Asset (or
each set of such assets that collectively comprise one operating property) that is owned in fee simple by any Loan Party. 

(b)    The Parent Borrower and each of its Restricted Subsidiaries have good and valid fee simple title to or rights to
purchase, or valid leasehold interests in, or easements or other limited property interests in, all of their respective Real Estate Assets and have good title to their personal property and assets, in each case, except (i) for defects in title
that do not materially interfere with their ability to conduct their business as currently conducted or to utilize such properties and assets for their intended purposes or (ii) where the failure to have such title would not reasonably be
expected to have a Material Adverse Effect. All such properties and assets are free and clear of Liens, other than Permitted Liens. 

(c)    Each Borrower and its Restricted Subsidiaries own or otherwise have a license or right to use all rights in
Patents, Trademarks, Copyrights and other rights in works of authorship (including all copyrights embodied in software) and all other intellectual property rights (“IP Rights”) used to conduct the businesses of such Borrower and its
Restricted Subsidiaries as presently conducted without, to the knowledge of the relevant Borrower, any infringement or misappropriation of the IP Rights of third parties, except to the extent such failure to own or license or have rights to use
would not, or where such infringement or misappropriation would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

Section 3.06     Litigation and Environmental Matters. 

(a)    There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or,
to the knowledge of the Borrowers, threatened in writing against or affecting the Loan Parties or any of their Restricted Subsidiaries which would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect. 

(b)    Except for any matters that, individually or in the aggregate, would not reasonably be expected to result in a
Material Adverse Effect, (i) no Loan Party nor any of its Restricted Subsidiaries is subject to or has received notice of any Environmental Claim or any Environmental Liability or knows of any basis for any Environmental Liability of the Parent
Borrower or any of its Restricted Subsidiaries and (ii) no Loan Party nor any of its Restricted Subsidiaries has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required
under any Environmental Law. 
 (c)    Neither any Loan Party nor any of its Restricted Subsidiaries has treated,
stored, transported or Released any Hazardous Materials on, at or from any location, including any current or former Facility, or has knowledge of any other Releases of Hazardous Materials at any current or former Facility, in either case in a
quantity or manner that would reasonably be expected to either (i) require investigation, removal, or remediation under applicable Environmental Law, (ii) give rise to Environmental Liability, or (iii) interfere with any Loan
Party’s or its Restricted Subsidiaries continued operations, that would, in cases of clauses (i), (ii) and (iii) have a Material Adverse Effect. 

  
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 Section 3.07     Compliance with Laws. Each of Holdings,
each Borrower and each of their Restricted Subsidiaries is in compliance with all Requirements of Law applicable to it or its property, except, in each case where the failure to do so, individually or in the aggregate, would not reasonably be
expected to result in a Material Adverse Effect. 
 Section 3.08     Investment Company Status. No Loan
Party is an “investment company” as defined in, or is required to be registered under, the Investment Company Act of 1940. 

Section 3.09     Taxes. Each of Holdings, each Borrower and each of their Restricted Subsidiaries has timely
filed or caused to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it that are due and payable, including in its capacity as a withholding agent, except
(a) Taxes that are being contested in good faith by appropriate proceedings and for which such Borrower or such Restricted Subsidiary, as applicable, has set aside on its books adequate reserves in accordance with GAAP or (b) to the extent
that the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. 

Section 3.10     ERISA. 

(a)    Each Plan is in compliance in form and operation with its terms and with ERISA and the Code and all other applicable
laws and regulations, except where any failure to comply would not reasonably be expected to result in a Material Adverse Effect. 

(b)    No ERISA Event has occurred and is continuing or is reasonably expected to occur that, when taken together with all
other such ERISA Events for which liability is reasonably expected to occur, would reasonably be expected to result in a Material Adverse Effect. 

Section 3.11     Disclosure. 

(a)    As of the Closing Date, all written information (other than the Projections, other forward-looking information and
information of a general economic or industry-specific nature) concerning Holdings, the Parent Borrower and its Restricted Subsidiaries and the Transactions and that was included in the Information Memorandum or otherwise prepared by or on behalf of
Holdings or its subsidiaries or their respective representatives and made available to any Lender or the Administrative Agent in connection with the Transactions on or before the Closing Date (the “Information”), when taken as a
whole, did not, when furnished, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such
statements are made (after giving effect to all supplements and updates thereto from time to time). 
 (b)    The
Projections have been prepared in good faith based upon assumptions believed by the Borrowers to be reasonable at the time furnished (it being recognized that such Projections are not to be viewed as facts and are subject to significant
uncertainties and contingencies many of which are beyond the Borrowers’ control, that no assurance can be given that any particular financial projections (including the Projections) will be realized, that actual results may differ from
projected results and that such differences may be material). 
 Section 3.12     Solvency. As of the
Closing Date, immediately after the consummation of the Transactions to occur on the Closing Date, (i) the sum of the debt (including contingent liabilities) of the Parent Borrower and its Restricted Subsidiaries, taken as a whole, does not
exceed the fair value of the assets of the Parent Borrower and its Restricted Subsidiaries, taken as a whole; (ii) the present fair 

  
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saleable value of the assets of the Parent Borrower and its Restricted Subsidiaries, taken as a whole, is not less than the amount that will be required to pay the probable liabilities (including
contingent liabilities) of the Parent Borrower and its Restricted Subsidiaries, taken as a whole, on their debts as they become absolute and matured; (iii) the capital of the Parent Borrower and its Restricted Subsidiaries, taken as a whole, is
not unreasonably small in relation to the business of the Parent Borrower and its Restricted Subsidiaries, taken as a whole, contemplated as of the Closing Date; and (iv) the Parent Borrower and its Restricted Subsidiaries, taken as a whole, do
not intend to incur, or believe that they will incur, debts (including current obligations and contingent liabilities) beyond their ability to pay such debts as they mature in the ordinary course of business. For the purposes hereof, the amount of
any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability
(irrespective of whether such contingent liability meets the criteria for accrual under Statement of Financial Accounting Standards No. 5). 

Section 3.13     Capitalization and Subsidiaries. Schedule 3.13 sets forth, in each
case as of the Closing Date, (a) a correct and complete list of the name of each subsidiary of Holdings and the ownership interest therein held by Holdings or its applicable subsidiary and (b) the type of entity of each Loan Party and each
subsidiary of Holdings with respect to which a portion of such subsidiary’s equity is pledged by a Loan Party as Collateral. 

Section 3.14     Security Interest in Collateral. Subject to the Legal Reservations, the Perfection
Requirements, the provisions of this Agreement and the other relevant Loan Documents, the Collateral Documents create legal, valid and enforceable Liens on all of the Collateral in favor of the Administrative Agent, for the benefit of itself and the
other Secured Parties, and upon the satisfaction of the Perfection Requirements, such Liens constitute perfected Liens (with the priority that such Liens are expressed to have under the relevant Collateral Documents) on the Collateral (to the extent
such Liens are required to be perfected under the terms of the Loan Documents) securing the Secured Obligations, in each case as and to the extent set forth therein. 

Section 3.15     Labor Disputes. Except as individually or in the aggregate would not reasonably be expected
to have a Material Adverse Effect: (a) there are no strikes, lockouts or slowdowns against the Parent Borrower or any of its Restricted Subsidiaries pending or, to the knowledge of the Parent Borrower or any of its Restricted Subsidiaries,
threatened and (b) the hours worked by and payments made to employees of the Parent Borrower and its Restricted Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable Federal, state, local or foreign law
dealing with such matters. 
 Section 3.16     Federal Reserve Regulations. No part of the proceeds of any
Loan will be used, whether directly or indirectly, and whether immediately, incidentally or ultimately, for any purpose that results in a violation of the provisions of Regulation U or X. 

Section 3.17     Economic and Trade Sanctions and Anti-Corruption Laws. 

(a)    (i) None of Holdings, the Borrowers nor any of their Restricted Subsidiaries nor, to the knowledge of the
Borrowers, any director, officer, agent, employee or Affiliate of any of the foregoing is a Sanctioned Person; and (ii) the Borrowers will not directly or, to its knowledge, indirectly, use the proceeds of the Loans or otherwise make available
such proceeds to any Person for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person or in any Sanctioned Country. 

  
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 (b)    To the extent applicable, each Loan Party is in compliance, in
all material respects, with (i) Sanctions applicable to it and (ii) the USA PATRIOT Act. 
 (c)    No part of
the proceeds of any Loan will be used, directly or, to the knowledge of the Borrowers, indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone
else acting in an official capacity, in order to improperly obtain, retain or direct business or obtain any improper advantage, in violation of the FCPA. 

(d)    The representations and warranties contained in this Section 3.17 shall only apply to the
extent that it would not result in any violation of or conflict with Council Regulation (EC) No 2271/96 of 22 November 1996, section 7 of the German Foreign Trade Ordinance (Außenwirtschaftsverordnung) or any similar anti-boycott law or
regulation. 
 ARTICLE 4 

CONDITIONS 
 Section 4.01
    Closing Date. The obligations of any Lender to make Loans shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with
Section 9.02): 
 (a)    Credit Agreement and Loan Documents. The Administrative Agent
(or its counsel) shall have received from each Loan Party party thereto (i) a counterpart signed by each such Loan Party (or written evidence satisfactory to the Administrative Agent (which may include a copy transmitted by facsimile or other
electronic method) that such party has signed a counterpart) of (A) this Agreement, (B) the Security Agreement, (C) any Intellectual Property Security Agreement required pursuant to the Collateral and Guarantee Requirement,
(D) the Loan Guaranty, (E) any Promissory Note requested by a Lender at least three Business Days prior to the Closing Date and (F) the ABL Intercreditor Agreement Joinder (which shall be signed by the Existing Credit Agreement
Administrative Agent and the ABL Administrative Agent) and the Pari Passu Intercreditor Agreement Joinder (which shall be signed by the Existing Credit Agreement Administrative Agent) and (ii) a Borrowing Request as required by
Section 2.03. 
 (b)    Legal Opinions. The Administrative Agent shall have received
(i) a customary written opinion of Ropes & Gray LLP, in its capacity as special counsel for Holdings, the Borrowers and any Subsidiary Guarantors, dated the Closing Date and addressed to the Administrative Agent and the Lenders and
(ii) a customary written opinion of Babst Calland, in its capacity as special counsel for the Parent Borrower and any Subsidiary Guarantors organized under the laws of Pennsylvania, dated the Closing Date and addressed to the Administrative
Agent and the Lenders. 
 (c)    [Reserved]. 

(d)    Closing Certificates; Certified Charters; Good Standing Certificates. The Administrative Agent shall have
received (i) a certificate of each Loan Party, dated the Closing Date and executed by a secretary, assistant secretary or other senior officer (as the case may be) thereof, which shall (A) certify that attached thereto is a true and
complete copy of the resolutions or written consents of its shareholders, board of directors, board of managers, members or other governing body authorizing the execution, delivery and performance of the Loan Documents to which it is a party and, in
the case of the Borrowers, the borrowings hereunder, and that such resolutions or written consents have not been modified, rescinded or amended and are in full force and effect, (B) identify by name and title and bear

  
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the signatures of the officers, managers, directors or authorized signatories of such Loan Party authorized to sign the Loan Documents to which it is a party on the Closing Date and
(C) certify (x) that attached thereto is a true and complete copy of the certificate or articles of incorporation or organization (or memorandum of association or other equivalent thereof) of such Loan Party certified by the relevant authority
of the jurisdiction of organization of such Loan Party and a true and correct copy of its by-laws or operating, management, partnership or similar agreement and (y) that such documents or agreements have
not been amended (except as otherwise attached to such certificate and certified therein as being the only amendments thereto as of such date) and (ii) a good standing (or equivalent if applicable) certificate as of a recent date for such Loan
Party from its jurisdiction of organization. 
 (e)    Representations and Warranties. The representations and
warranties of the Loan Parties set forth in Article III hereof and the other Loan Documents shall be true and correct in all material respects on and as of the Closing Date; provided that to the extent that any representation and warranty
specifically refers to a given date or period, it shall be true and correct in all material respects as of such date or for such period; provided, further, that any representation or warranty that is qualified as to
“materiality,” “Material Adverse Effect” or similar language shall be true and correct (after giving effect to any qualification therein) in all respects on such respective dates. 

(f)    Fees. Prior to or substantially concurrently with the funding of the Initial Term Loans hereunder, the
Administrative Agent shall have received (i) all fees required to be paid by the Borrowers on the Closing Date pursuant to the Administrative Agent Fee Letter and (ii) all expenses required to be paid by the Borrowers for which invoices
have been presented at least three Business Days prior to the Closing Date or such later date to which the Borrowers may agree (including the reasonable fees and expenses of legal counsel), in each case on or before the Closing Date, which amounts
may be offset against the proceeds of the Loans. 
 (g)    Solvency. The Administrative Agent shall have received
a certificate dated as of the Closing Date in substantially the form of Exhibit L from the chief financial officer (or other officer with reasonably equivalent responsibilities) of the Parent Borrower, on behalf of the
Borrowers, certifying as to the matters set forth therein. 
 (h)    Perfection Certificate. The Administrative
Agent shall have received a completed Perfection Certificate dated the Closing Date and signed by a Responsible Officer of each Loan Party, together with all attachments contemplated thereby. 

(i)    Pledged Stock; Stock Powers; Pledged Notes. Subject to the Intercreditor Agreements, the Administrative
Agent (or its bailee) shall have received (i) the certificates representing the Capital Stock required to be pledged pursuant to the Security Agreement, together with an undated stock or similar power for each such certificate executed in blank
by a duly authorized officer of the pledgor thereof, and (ii) each Material Debt Instrument (if any) endorsed (without recourse) in blank (or accompanied by an executed transfer form in blank) by the pledgor thereof. 

(j)    Filings Registrations and Recordings. Subject to the Intercreditor Agreements, each document (including any
UCC (or similar) financing statement) required by any Collateral Document or under law to be filed, registered or recorded in order to create in favor of the Administrative Agent, for the benefit of the Secured Parties, a perfected Lien on the
Collateral required to be delivered pursuant to such Collateral Document, prior and superior in right to any other Person (other than with respect to Permitted Liens), shall have been received by the Administrative Agent and be in proper form for
filing, registration or recordation. 

  
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 (k)    Transactions. Prior to or substantially concurrently with
the initial funding of the Loans hereunder, the Refinancing shall have occurred. 
 (l)    Material Adverse
Effect. Since December 31, 2015, no Material Adverse Effect shall have occurred. 
 (m)    USA PATRIOT
Act. No later than three Business Days in advance of the Closing Date, the Administrative Agent shall have received all documentation and other information reasonably requested by any Lender that is party hereto on the Closing Date in writing
with respect to any Loan Party at least ten days in advance of the Closing Date, which documentation or other information is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and
regulations, including the USA PATRIOT Act. 
 (n)    Beneficial Ownership Certificate. If any Borrower qualifies
as a “legal entity customer” under the Beneficial Ownership Regulation it shall have delivered to each Lender requesting the same, a Beneficial Ownership Certification in relation to such Borrower, in each case, at least three
(3) Business Days prior to the Closing Date to the extent requested by any Lender that is party hereto in writing at least ten (10) Business Days in advance of the Closing Date. 

(o)    Officer’s Certificate. The Administrative Agent shall have received a certificate signed by a
Responsible Officer or director of the Parent Borrower certifying as of the Closing Date to the matters set forth in Section 4.01(e) and Section 4.01(l). 

For purposes of determining whether the conditions specified in this Section 4.01 have been satisfied on the Closing
Date, by funding the Loans hereunder, the Administrative Agent and each Lender that has executed this Agreement (or an Assignment and Assumption on the Closing Date) shall be deemed to have consented to, approved or accepted, or to be satisfied
with, each document or other matter required hereunder to be consented to or approved by or acceptable or satisfactory to the Administrative Agent or such Lender, as the case may be. 

ARTICLE 5 
 AFFIRMATIVE COVENANTS

 From the Closing Date until the date that any Additional Commitments have expired or terminated and the principal of and interest on each
Loan and all fees, expenses and other amounts payable under any Loan Document (other than contingent indemnification obligations for which no claim or demand has been made) have been paid in full in Cash (such date, the “Termination
Date”), (i) in the case of Holdings, solely with respect to Sections 5.01, 5.02, 5.03, 5.08 and 5.12, and (ii) the Parent Borrower hereby covenants and agrees with the Lenders that: 

Section 5.01     Financial Statements and Other Reports. The Parent Borrower will deliver to the
Administrative Agent for delivery to each Lender: 
 (a)    Quarterly Financial Statements. Within 45 days after
the end of each of the first three Fiscal Quarters of each Fiscal Year, commencing with the Fiscal Quarter ending June 30, 2020, the consolidated balance sheet of the Parent Borrower as at the end of such Fiscal Quarter and the related
consolidated statements of income and cash flows of the Parent Borrower for such Fiscal Quarter and for the period from the beginning of the then current Fiscal Year to the end of such Fiscal Quarter, and setting forth, in reasonable detail, in
comparative form the corresponding figures for the corresponding periods of the previous Fiscal Year, all in reasonable detail, together with a Responsible Officer Certification with respect thereto and a Narrative Report with respect thereto; 

  
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 (b)    Annual Financial Statements. Within 90 days after the end
of the first Fiscal Year ending after the Closing Date, (i) the consolidated balance sheet of the Parent Borrower as at the end of such Fiscal Year and the related consolidated statements of income, stockholders’ equity and cash flows of
the Parent Borrower for such Fiscal Year and setting forth, in reasonable detail, in comparative form the corresponding figures for the previous Fiscal Year and (ii) with respect to such consolidated financial statements, (A) a report
thereon of a nationally recognized independent certified public accountant of recognized national standing (which report shall be unqualified as to “going concern” and scope of audit (except for any such qualification pertaining to the
impending maturity of any indebtedness within 12 months of the relevant audit or the breach or anticipated breach of any financial covenant), and shall state that such consolidated financial statements fairly present, in all material respects, the
consolidated financial position of the Parent Borrower as at the dates indicated and its income and cash flows for the periods indicated in conformity with GAAP and (B) a Narrative Report with respect to such Fiscal Year; 

(c)    Compliance Certificate. Together with each delivery of financial statements of the Parent Borrower pursuant
to Sections 5.01(a) and 5.01(b), (i) a duly executed and completed Compliance Certificate (A) certifying that no Default or Event of Default exists (or if a Default or Event of Default exists, describing in
reasonable detail such Default or Event of Default and the steps being taken to cure, remedy or waive the same), and (B) in the case of financial statements delivered pursuant to Section 5.01(b), setting forth
reasonably detailed calculations of Excess Cash Flow of the Parent Borrower and its Restricted Subsidiaries for each Fiscal Year beginning with the financial statements for the Fiscal Year ending December 31, 2021 and (ii) (A) a
summary of the pro forma adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) from such financial statements and (B) a list identifying each subsidiary of each Borrower as a Restricted Subsidiary or an
Unrestricted Subsidiary as of the date of delivery of such Compliance Certificate or confirming that there is no change in such information since the later of the Closing Date and the date of the last such list; 

(d)    [Reserved]; 

(e)    Notice of Default. Promptly upon any Responsible Officer of the Parent Borrower obtaining knowledge of
(i) any Default or Event of Default or (ii) the occurrence of any event or change that has caused or evidences or would reasonably be expected to cause or evidence, either individually or in the aggregate, a Material Adverse Effect, a
reasonably-detailed notice specifying the nature and period of existence of such condition, event or change and what action the Parent Borrower has taken, is taking and proposes to take with respect thereto; 

(f)    Notice of Litigation. Promptly upon any Responsible Officer of the Parent Borrower obtaining knowledge of
(i) the institution of, or threat of, any Adverse Proceeding not previously disclosed in writing by the Parent Borrower to the Administrative Agent, or (ii) any material development in any Adverse Proceeding that, in the case of either of
clause (i) or (ii), could reasonably be expected to have a Material Adverse Effect, written notice thereof from the Parent Borrower together with such other non-privileged
information as may be reasonably available to the Loan Parties to enable the Lenders to evaluate such matters; 

(g)    ERISA. Promptly upon any Responsible Officer of the Parent Borrower becoming aware of the occurrence of any
ERISA Event that could reasonably be expected to have a Material Adverse Effect, a written notice specifying the nature thereof; 

  
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 (h)    Financial Plan. As soon as available and in any event no
later than 90 days after the beginning of each Fiscal Year, commencing in respect of the Fiscal Year ending December 31, 2021, a consolidated plan and financial forecast for each Fiscal Quarter of such Fiscal Year, including a forecasted
consolidated statement of the Parent Borrower’s financial position and forecasted consolidated statements of income and cash flows of the Parent Borrower for such Fiscal Year, prepared in reasonable detail setting forth, with appropriate
discussion, the principal assumptions on which such financial plan is based in a manner consistent with the level of detail provided in the private side supplement to the Information Memorandum; 

(i)    Information Regarding Collateral. Prompt (and in any event, within 30 days of the relevant change) written
notice of any change (i) in any Loan Party’s legal name, (ii) in any Loan Party’s type of organization, (iii) in any Loan Party’s jurisdiction of organization or (iv) in any Loan Party’s organizational
identification number, in each case to the extent such information is necessary to enable the Administrative Agent to perfect or maintain the perfection and priority of its security interest in the Collateral of the relevant Loan Party, together
with a certified copy of the applicable Organizational Document reflecting the relevant change; 
 (j)    Annual
Collateral Verification. Together with the delivery of each Compliance Certificate provided with the financial statements required to be delivered pursuant to Section 5.01(b), a Perfection Certificate Supplement; 

(k)    Certain Reports. Promptly upon their becoming available and without duplication of any obligations with
respect to any such information that is otherwise required to be delivered under the provisions of any Loan Document, copies of (i) following an initial public offering, all financial statements, reports, notices and proxy statements sent or
made available generally by Holdings or its applicable Parent Company to its security holders acting in such capacity and (ii) all regular and periodic reports and all registration statements (other than on Form
S-8 or a similar form) and prospectuses, if any, filed by Holdings or its applicable Parent Company with any securities exchange or with the SEC or any analogous governmental or private regulatory authority
with jurisdiction over matters relating to securities; and 
 (l)    Other Information. Such other certificates,
reports and information (financial or otherwise) as the Administrative Agent may reasonably request from time to time in connection with the financial condition or business of Holdings and its Restricted Subsidiaries. 

Documents required to be delivered pursuant to this Section 5.01 may be delivered electronically and if so
delivered, shall be deemed to have been delivered on the date (i) on which the Parent Borrower (or a representative thereof) (x) posts such documents or (y) provides a link thereto on the website of the Parent Borrower on the Internet
at the website address listed on Schedule 9.01; provided that, other than with respect to items required to be delivered pursuant to Section 5.01(k), the Parent Borrower shall promptly
notify the Administrative Agent in writing of the posting of any such documents on the website of the Parent Borrower (or its applicable subsidiary) and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies)
of such documents; (ii) on which such documents are delivered by the Parent Borrower to the Administrative Agent for posting on behalf of the Parent Borrower on SyndTrak or another relevant website, if any, to which each Lender and the
Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); (iii) on which executed certificates or other documents are faxed to the Administrative Agent (or electronically mailed to
an address provided by the Administrative Agent); or (iv) in respect of the items required to be delivered pursuant to Section 5.01(k) in respect of information filed by Holdings or its applicable Parent Company with
any securities exchange or with the SEC or any analogous governmental or private regulatory authority with jurisdiction over matters relating to securities 

  
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(other than Form 10-Q reports and Form 10-K reports described in Sections 5.01(a) and
(b), respectively), on which such items have been made available on the SEC website or the website of the relevant analogous governmental or private regulatory authority or securities exchange. 

Notwithstanding the foregoing, the obligations in paragraphs (a), (b) and (h) of this
Section 5.01 may be satisfied with respect to any financial statements of Holdings by furnishing (A) the applicable financial statements of Holdings (or any other Parent Company) or (B) Holdings’ (or any
other Parent Company’s), as applicable, Form 10-K or 10-Q, as applicable, filed with the SEC or any securities exchange, in each case, within the time periods
specified in such paragraphs; provided that, with respect to each of clauses (A) and (B), (i) to the extent such financial statements relate to any Parent Company, such financial statements shall be accompanied by
consolidating information that summarizes in reasonable detail the differences between the information relating to such Parent Company, on the one hand, and the information relating to Holdings on a standalone basis, on the other hand, which
consolidating information shall be certified by a Responsible Officer of Holdings as having been fairly presented in all material respects and (ii) to the extent such statements are in lieu of statements required to be provided under
Section 5.01(b), such statements shall be accompanied by a report and opinion of an independent registered public accounting firm of nationally recognized standing, which report and opinion shall satisfy the applicable
requirements set forth in Section 5.01(b). 
 Section 5.02     Existence. Except
as otherwise permitted under Section 6.07, Holdings and the Parent Borrower will, and the Parent Borrower will cause each of its Restricted Subsidiaries to, at all times preserve and keep in full force and effect its
existence and all rights, franchises, licenses and permits material to its business except, other than with respect to the preservation of the existence of the Parent Borrower, to the extent that the failure to do so could not reasonably be expected
to result in a Material Adverse Effect; provided that neither Holdings nor the Parent Borrower nor any of the Parent Borrower’s Restricted Subsidiaries shall be required to preserve any such existence (other than with respect to the
preservation of existence of the Parent Borrower), right, franchise, license or permit if a Responsible Officer of such Person or such Person’s board of directors (or similar governing body) determines that the preservation thereof is no longer
desirable in the conduct of the business of such Person, and that the loss thereof is not disadvantageous in any material respect to such Person or to the Lenders. 

Section 5.03     Payment of Taxes. Holdings and the Parent Borrower will, and the Parent Borrower will cause
each of its Restricted Subsidiaries to, pay all Taxes imposed upon it or any of its properties or assets or in respect of any of its income or businesses or franchises before any penalty or fine accrues thereon; provided that no such Tax need
be paid if (a) it is being contested in good faith by appropriate proceedings promptly instituted and diligently conducted, so long as (i) adequate reserves or other appropriate provisions, as are required in conformity with GAAP, have
been made therefor, and (ii) in the case of a Tax which has or may become a Lien against any of the Collateral, such contest proceedings conclusively operate to stay the sale of any portion of the Collateral to satisfy such Tax or
(b) failure to pay or discharge the same could not reasonably be expected to result in a Material Adverse Effect. 
 Section 5.04
    Maintenance of Properties. The Parent Borrower will, and will cause each of its Restricted Subsidiaries to, maintain or cause to be maintained in good repair, working order and condition, ordinary wear and tear and
casualty and condemnation excepted, all property reasonably necessary to the normal conduct of business of the Parent Borrower and its Restricted Subsidiaries and from time to time will make or cause to be made all needed and appropriate repairs,
renewals and replacements thereof except as expressly permitted by this Agreement or where the failure to maintain such properties or make such repairs, renewals or replacements could not reasonably be expected to have a Material Adverse Effect.

  
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 Section 5.05     Insurance. Except where the failure to do
so would not reasonably be expected to have a Material Adverse Effect, the Parent Borrower will maintain or cause to be maintained, with financially sound and reputable insurers, such insurance coverage with respect to liabilities, losses or damage
in respect of the assets, properties and businesses of the Parent Borrower and its Restricted Subsidiaries as may customarily be carried or maintained under similar circumstances by Persons of established reputation engaged in similar businesses, in
each case in such amounts (giving effect to self-insurance), with such deductibles, covering such risks and otherwise on such terms and conditions as shall be customary for such Persons, including flood insurance with respect to each Flood Hazard
Property, in each case in compliance with the Flood Insurance Laws (where applicable). Each such policy of insurance shall (i) name the Administrative Agent on behalf of the Lenders as an additional insured thereunder as its interests may
appear and (ii) to the extent available from the relevant insurance carrier, in the case of each casualty insurance policy (excluding any business interruption insurance policy), contain a loss payable clause or endorsement that names the
Administrative Agent, on behalf of the Lenders as the loss payee thereunder and, to the extent available, provide for at least 30 days’ prior written notice to the Administrative Agent of any modification or cancellation of such policy (or 10
days’ prior written notice in the case of the failure to pay any premiums thereunder). 
 Section 5.06
    Inspections. The Parent Borrower will, and will cause each of its Restricted Subsidiaries to, permit any authorized representative designated by the Administrative Agent to visit and inspect any of the properties of
the Parent Borrower and any of its Restricted Subsidiaries at which the principal financial records and executive officers of the applicable Person are located, to inspect, copy and take extracts from its and their respective financial and
accounting records, and to discuss its and their respective affairs, finances and accounts with its and their Responsible Officers and independent public accountants (provided that the Parent Borrower (or any of its subsidiaries) may, if it
so chooses, be present at or participate in any such discussion), all upon reasonable notice and at reasonable times during normal business hours; provided that, excluding such visits and inspections during the continuation of an Event of
Default, (x) only the Administrative Agent on behalf of the Lenders may exercise the rights of the Administrative Agent and the Lenders under this Section 5.06, (y) the Administrative Agent shall not exercise such
rights more often than one time during any calendar year and (z) only one such time per calendar year shall be at the expense of the Parent Borrower; provided further that when an Event of Default exists, the Administrative Agent
(or any of its representatives or independent contractors) may do any of the foregoing at the expense of the Parent Borrower at any time during normal business hours and upon reasonable advance notice; provided further that,
notwithstanding anything to the contrary herein, neither the Parent Borrower nor any Restricted Subsidiary shall be required to disclose, permit the inspection, examination or making of copies of or taking abstracts from, or discuss any document,
information, or other matter (i) that constitutes non-financial trade secrets or non-financial proprietary information of the Parent Borrower and its subsidiaries
and/or any of its customers and/or suppliers, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or any of their respective representatives or contractors) is prohibited by applicable law or (iii) that is
subject to attorney-client or similar privilege or constitutes attorney work product. 
 Section 5.07
    Maintenance of Book and Records. Holdings and Borrower will, and will cause their Restricted Subsidiaries to, maintain proper books of record and account containing entries of all material financial transactions and
matters involving the assets and business of the Parent Borrower and its Restricted Subsidiaries that are full, true and correct in all material respects and permit the preparation of consolidated financial statements in accordance with GAAP. 

Section 5.08     Compliance with Laws. Holdings and the Parent Borrower will, and will cause each of its
Restricted Subsidiaries to, comply with the requirements of (i) OFAC and the FCPA applicable to it and (ii) all applicable laws, rules, regulations and orders of any Governmental Authority (including ERISA, all Environmental Laws, the USA
PATRIOT Act and the Beneficial Ownership Regulation), except, in the case of clause (ii), to the extent the failure to so comply could not reasonably be expected to have a Material Adverse Effect. 

  
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 Section 5.09     Environmental. 

(a)    Environmental Disclosure. The Parent Borrower will deliver to the Administrative Agent: 

(i)    as soon as practicable following receipt thereof, copies of all
non-privileged environmental audits, investigations, analyses and reports of any kind or character, whether prepared by personnel of the Parent Borrower or any of its Restricted Subsidiaries or by independent
consultants, governmental authorities or any other Persons, with respect to significant environmental matters at the Parent Borrower’s or any Restricted Subsidiaries’ Facilities, or with respect to any Environmental Claims that, in each
case might reasonably be expected to have a Material Adverse Effect; 
 (ii)    promptly upon the
occurrence thereof, written notice describing in reasonable detail (A) any Release required to be reported by the Parent Borrower or any of its Restricted Subsidiaries to any federal, state or local governmental or regulatory agency under any
applicable Environmental Laws that could reasonably be expected to have a Material Adverse Effect, (B) any remedial action taken by the Parent Borrower or any of its Restricted Subsidiaries or any other Person of which the Parent Borrower or
any of its Restricted Subsidiaries has knowledge in response to (1) any Hazardous Materials Activity the existence of which has a reasonable possibility of resulting in one or more Environmental Claims having, individually or in the aggregate,
a Material Adverse Effect or (2) any Environmental Claim that, individually or in the aggregate, has a reasonable possibility of resulting in a Material Adverse Effect and (C) discovery by the Parent Borrower or any subsidiary of any
occurrence or condition on any real property adjoining or in the vicinity of any Facility that reasonably could be expected to have a Material Adverse Effect; 

(iii)    as soon as practicable following the sending or receipt thereof by the Parent Borrower or any of
its Restricted Subsidiaries, a copy of any and all written communications with respect to (A) any Environmental Claim that, individually or in the aggregate, has a reasonable possibility of giving rise to a Material Adverse Effect, (B) any
Release required to be reported by the Parent Borrower or any of its Restricted Subsidiaries to any federal, state or local governmental or regulatory agency that reasonably could be expected to have a Material Adverse Effect, and (C) any
request made to the Parent Borrower or any of its Restricted Subsidiaries for information from any governmental agency that suggests such agency is investigating whether the Parent Borrower or any of its Restricted Subsidiaries may be potentially
responsible for any Hazardous Materials Activity which is reasonably expected to have a Material Adverse Effect; 

(iv)    prompt written notice describing in reasonable detail (A) any proposed acquisition of stock,
assets, or property by the Parent Borrower or any of its Restricted Subsidiaries that could reasonably be expected to expose the Parent Borrower or any of its Restricted Subsidiaries to, or result in, Environmental Claims that could reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect and (B) any proposed action to be taken by the Parent Borrower or any of its Restricted Subsidiaries to modify current operations in a manner that could subject the
Parent Borrower or any of its Restricted Subsidiaries to any additional obligations or requirements under any Environmental Law that are reasonably likely to have a Material Adverse Effect; and 

  
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 (v)    with reasonable promptness, such other documents
and information as from time to time may be reasonably requested by the Administrative Agent in relation to any matters disclosed pursuant to this Section 5.09(a). 

(b)    Hazardous Materials Activities, Etc. The Parent Borrower will, and will cause each of its Restricted
Subsidiaries to promptly take, any and all actions necessary to (i) cure any noncompliance with applicable Environmental Laws by the Parent Borrower or its Restricted Subsidiaries, and address with appropriate corrective or remedial action any
Release or threatened Release of Hazardous Materials at or from any Facility, in each case, that could reasonably be expected to have a Material Adverse Effect and (ii) make an appropriate response to any Environmental Claim against the Parent
Borrower or any of its Restricted Subsidiaries and discharge any obligations it may have to any Person thereunder, in each case, where failure to do so could reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect. 
 Section 5.10     Designation of Subsidiaries. The board of directors (or equivalent governing
body) of the Parent Borrower may at any time after the Closing Date designate (or redesignate) any subsidiary as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary; provided that (i) immediately before
and after such designation, no Default or Event of Default exists (including after giving effect to the reclassification of Investments in, Indebtedness of and Liens on the assets of, the applicable Restricted Subsidiary or Unrestricted Subsidiary),
(ii) the Senior Secured Leverage Ratio, calculated on a Pro Forma Basis after giving effect to such designation, would not exceed 5.80:1.00, (iii) no subsidiary may be designated as an Unrestricted Subsidiary if it is a “Restricted
Subsidiary” for purposes of the ABL Facility, the Existing Credit Agreement or the 2025 Senior Unsecured Notes and (iv) as of the date of the designation thereof, no Unrestricted Subsidiary shall own any Capital Stock in any Restricted
Subsidiary of the Parent Borrower or hold any Indebtedness of or any Lien on any property of the Parent Borrower or its Restricted Subsidiaries. The designation of any subsidiary as an Unrestricted Subsidiary shall constitute an Investment by the
Parent Borrower therein at the date of designation in an amount equal to the portion of the fair market value of the net assets of such Restricted Subsidiary attributable to the Parent Borrower’s equity interest therein as reasonably estimated
by the Parent Borrower (and such designation shall only be permitted to the extent such Investment is permitted under Section 6.06). The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute
the incurrence or making, as applicable, at the time of designation of any then-existing Investment, Indebtedness or Lien of such Restricted Subsidiary, as applicable; provided that upon a
re-designation of any Unrestricted Subsidiary as a Restricted Subsidiary, the Parent Borrower shall be deemed to continue to have an Investment in the resulting Restricted Subsidiary in an amount (if positive)
equal to (a) the Parent Borrower’s “Investment” in such Restricted Subsidiary at the time of such re-designation, less (b) the portion of the fair market value of the net assets
of such Restricted Subsidiary attributable to the Parent Borrower’s equity therein at the time of such re-designation. As of the Closing Date, the subsidiaries listed on Schedule 5.10 have been
designated as Unrestricted Subsidiaries. 
 Section 5.11     Use of Proceeds. The Parent Borrower shall use
proceeds of the Initial Term Loans (i) to consummate the Refinancing (including the payment of Transaction Costs) and (ii) for working capital and general corporate purposes. No part of the proceeds of any Loan will be used, whether
directly or indirectly, for any purpose that would entail a violation of Regulation U or X. The Parent Borrower shall use the proceeds of the Incremental Loans for working capital, capital expenditures and other general corporate purposes of the
Parent Borrower and its subsidiaries (including for Restricted Payments, Investments, Permitted Acquisitions and any other purpose not prohibited by the terms of the Loan Documents). 

  
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 Section 5.12     Covenant to Guarantee Obligations and Give
Security. 
 (a)    Upon (i) the formation or acquisition after the Closing Date of any Restricted Subsidiary
that is a Domestic Subsidiary, (ii) the designation of any Unrestricted Subsidiary that is a Domestic Subsidiary as a Restricted Subsidiary, (iii) any Restricted Subsidiary that is a Domestic Subsidiary ceasing to be an Immaterial
Subsidiary or (iv) any Restricted Subsidiary that is an Immaterial Subsidiary ceasing to be an Excluded Subsidiary, (x) if the event giving rise to the obligation under this Section 5.12(a) occurs during any one
of the first three Fiscal Quarters of any Fiscal Year, on or before the date on which financial statements are required to be delivered pursuant to Section 5.01(a) for the Fiscal Quarter in which the relevant formation,
acquisition, designation or cessation occurred or (y) if the event giving rise to the obligation under this Section 5.12(a) occurs during the fourth Fiscal Quarter of any Fiscal Year, on or before the date that is 60
days after the end of such Fiscal Quarter (or, in the cases of clauses (x) and (y), such longer period as the Administrative Agent may reasonably agree), the Parent Borrower shall cause such Restricted Subsidiary (other than any
Excluded Subsidiary) to comply with the requirements set forth in clause (a) of the definition of “Collateral and Guarantee Requirement”. 

(b)    Within 90 days after the acquisition by any Loan Party of any Material Real Estate Asset other than any Excluded
Asset (or such longer period as the Administrative Agent may reasonably agree), or, with respect to any Specified Closing Date Property, immediately on the date on which such Specified Closing Date Property becomes subject to a Mortgage in favor of
the Existing Credit Agreement Administrative Agent, the ABL Administrative Agent or any other agent, lender or secured party in respect of any other Indebtedness of any Loan Party that is secured by substantially all of the assets of such Loan
Party, the Parent Borrower shall cause the relevant Loan Party to comply with the requirements set forth in clause (b) of the definition of “Collateral and Guarantee Requirement”, it being understood and agreed that, with
respect to any Material Real Estate Asset owned by any Restricted Subsidiary at the time such Restricted Subsidiary is required to become a Loan Party under Section 5.12(a), such Material Real Estate Asset shall be deemed
to have been acquired by such Restricted Subsidiary on the first day of the time period within which such Restricted Subsidiary is required to become a Loan Party under Section 5.12(a). 

Notwithstanding anything to the contrary herein or in any other Loan Document, (i) the Administrative Agent may grant extensions of time
for the creation and perfection of security interests in, or obtaining of title insurance, legal opinions, surveys or other deliverables with respect to, particular assets or the provision of any Loan Guaranty by any Restricted Subsidiary (in
connection with assets acquired, or Restricted Subsidiaries formed or acquired, after the Closing Date) where it reasonably determines, in consultation with the Parent Borrower, that such action cannot be accomplished without undue effort or expense
by the time or times at which it would otherwise be required to be accomplished by this Agreement or the Collateral Documents, and each Lender hereby consents to any such extension of time, (ii) any Lien required to be granted from time to time
pursuant to the definition of “Collateral and Guarantee Requirement” shall be subject to the exceptions and limitations set forth in the Collateral Documents, (iii) perfection by control shall not be required with respect to assets
requiring perfection through control agreements or other control arrangements, including deposit accounts, securities accounts and commodities accounts (other than control of pledged Capital Stock and/or Material Debt Instruments), (iv) no Loan
Party shall be required to seek any landlord lien waiver, bailee letter, estoppel, warehouseman waiver or other collateral access or similar letter or agreement; (v) no Loan Party will be required to (1) take any action outside of the U.S.
to perfect any security interest in any asset located outside of the U.S. or (2) execute any foreign law security agreement, pledge agreement, mortgage, deed or charge; (vi) in no event will the Collateral include any Excluded Assets,
(vii) no action shall be required to perfect any Lien with respect to (x) any vehicle or other asset subject to a certificate of title and/or
(y) Letter-of-Credit Rights to the extent that a security interest therein cannot be perfected by filing a Form UCC-1 (or
similar) financing statement and (viii) the Administrative Agent shall not require the 

  
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taking of a Lien on, or require the perfection of any Lien granted in, those assets as to which the cost of obtaining or perfecting such Lien (including any mortgage, stamp, intangibles or other
tax or expenses relating to such Lien) is excessive in relation to the benefit to the Lenders of the security afforded thereby as reasonably determined by the Parent Borrower and the Administrative Agent. 

For the avoidance of doubt, it is understood, agreed and intended by the parties hereto that, notwithstanding anything to the contrary herein
or in any other Loan Document, (i) under no circumstance shall the Administrative Agent, any Lender or any Participant have recourse to more than 65% of the voting Capital Stock of any CFC and (ii) under no circumstance shall any CFC or
any direct or indirect subsidiary of a CFC be a Guarantor hereunder or under any Loan Document or in any other way be required to comply with the requirements set forth in clause (a) of the definition of “Collateral and Guarantee
Requirement”; provided that this clause (ii) shall not apply to any direct or indirect subsidiary of Potters LP or Potters GP that is a Guarantor as of the Closing Date to the extent this clause would otherwise apply solely by
reason of Potters LP or Potters GP becoming a CFC after the Closing Date. 
 Section 5.13     Maintenance of
Ratings. The Parent Borrower will use commercially reasonable efforts to maintain public corporate credit facility and public corporate family ratings from each of S&P and Moody’s; provided that in no event shall the Parent
Borrower be required to maintain any specific rating with any such agency. 
 Section 5.14     Post-Closing
Matters. 
 (a)    [Reserved]. 

(b)    On or prior to the date that is 180 days after the Closing Date or such later date as the Administrative Agent
reasonably agrees to in writing, the Parent Borrower and each other Loan Party, as applicable, shall comply with the requirements set forth in clause (b) of the definition of “Collateral and Guarantee Requirement” with respect
to the real property listed on Schedule 1.01(b) (other than the Specified Closing Date Properties). 
 Section 5.15
    Further Assurances. Promptly upon request of the Administrative Agent and subject to the limitations described in Section 5.12: 

(a)    The Parent Borrower will, and will cause each other Loan Party to, execute any and all further documents, financing
statements, agreements, instruments, certificates, notices and acknowledgments and take all such further actions (including the filing and recordation of financing statements, fixture filings, Mortgages and/or amendments thereto and other
documents), that may be required under any applicable law and which the Administrative Agent may request to ensure the creation, perfection and priority of the Liens created or intended to be created under the Collateral Documents, all at the
expense of the relevant Loan Parties. 
 (b)    The Parent Borrower will, and will cause each other Loan Party to,
(i) correct any material defect or error that may be discovered in the execution, acknowledgment, filing or recordation of any Collateral Document or other document or instrument relating to any Collateral and (ii) do, execute,
acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts (including notices
to third parties), deeds, certificates, assurances and other instruments as the Administrative Agent may reasonably request from time to time in order to carry out more effectively the purposes of the Collateral Documents. 

  
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 ARTICLE 6 

NEGATIVE COVENANTS 
 From the
Closing Date and until the Termination Date has occurred, (i) in the case of Holdings, solely with respect to Section 6.14 and (ii) the Parent Borrower covenant and agree with the Lenders that: 

Section 6.01     Indebtedness. The Parent Borrower shall not, nor shall it permit any of its Restricted
Subsidiaries to, directly or indirectly, create, incur, assume or otherwise become or remain liable with respect to any Indebtedness, except: 

(a)    the Secured Obligations (including any Additional Term Loans and any Additional Revolving Loans); 

(b)    Indebtedness of the Parent Borrower to any Restricted Subsidiary and/or of any Restricted Subsidiary to the Parent
Borrower or any other Restricted Subsidiary; provided that in the case of any Indebtedness of any Restricted Subsidiary that is not a Loan Party owing to a Loan Party, such Indebtedness shall be permitted as an Investment by
Section 6.06; provided further that any Indebtedness of any Loan Party to any Restricted Subsidiary that is not a Loan Party must be subject to the Global Intercompany Note or otherwise expressly subordinated
to the Obligations of such Loan Party on terms that are reasonably acceptable to the Administrative Agent); 

(c)    Indebtedness in respect of (i) the 2025 Senior Unsecured Notes (including any guarantees thereof) and (ii)(A)
any ABL Facility (including any letters of credit issued thereunder) in an aggregate outstanding principal (or committed) amount not to exceed the greater of (x) $250,000,000 and (y) the Borrowing Base and (B) any “Banking Services
Obligations” and “Secured Hedging Obligations”, as such terms are defined in the ABL Credit Agreement or any equivalent term in any other ABL Facility; 

(d)    Indebtedness arising from any agreement providing for indemnification, adjustment of purchase price or similar
obligations (including contingent earn-out obligations) incurred in connection with any Disposition permitted hereunder, any acquisition permitted hereunder or consummated prior to the Existing Credit
Agreement Closing Date or any other purchase of assets or Capital Stock, and Indebtedness arising from guaranties, letters of credit, bank guaranties, surety bonds, performance bonds or similar instruments securing the performance of the Parent
Borrower or any such Restricted Subsidiary pursuant to any such agreement; 
 (e)    Indebtedness of the Parent Borrower
and/or any Restricted Subsidiary (i) pursuant to tenders, statutory obligations, bids, leases, governmental contracts, trade contracts, surety, stay, customs, appeal, performance and/or return of money bonds or other similar obligations
incurred in the ordinary course of business and (ii) in respect of letters of credit, bank guaranties, surety bonds, performance bonds or similar instruments to support any of the foregoing items; 

(f)    Indebtedness of the Parent Borrower and/or any Restricted Subsidiary in respect of commercial credit cards, stored
value cards, purchasing cards, treasury management services, netting services, overdraft protections, check drawing services, automated payment services (including depository, overdraft, controlled disbursement, ACH transactions, return items and
interstate depository network services), employee credit card programs, cash pooling services and any arrangements or services similar to any of the foregoing and/or otherwise in connection with Cash management and Deposit Accounts, including
Banking Services Obligations and dealer incentive, supplier finance or similar programs; 

  
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 (g)    (i) guaranties by the Parent Borrower and/or any Restricted
Subsidiary of the obligations of suppliers, customers and licensees in the ordinary course of business, (ii) Indebtedness incurred in the ordinary course of business in respect of obligations of the Parent Borrower and/or any Restricted
Subsidiary to pay the deferred purchase price of goods or services or progress payments in connection with such goods and services and (iii) Indebtedness in respect of letters of credit, bankers’ acceptances, bank guaranties or similar
instruments supporting trade payables, warehouse receipts or similar facilities entered into in the ordinary course of business; 

(h)    Guarantees by the Parent Borrower and/or any Restricted Subsidiary of Indebtedness or other obligations of the
Parent Borrower and/or any Restricted Subsidiary with respect to Indebtedness otherwise permitted to be incurred pursuant to this Section 6.01 or other obligations not prohibited by this Agreement; provided that in
the case of any Guarantee by any Loan Party of the obligations of any non-Loan Party, the related Investment is permitted under Section 6.06; 

(i)    Indebtedness of the Parent Borrower and/or any Restricted Subsidiary existing, or pursuant to commitments existing,
on the Existing Credit Agreement Closing Date and described on Schedule 6.01; 

(j)    Indebtedness of Restricted Subsidiaries that are not Loan Parties; provided that the aggregate outstanding
principal amount of such Indebtedness shall not exceed (together with all Indebtedness incurred under Section 6.01(n) or Section 6.01(w) by Restricted Subsidiaries that are not Loan Parties) the
greater of $160,000,000 and 4.0% of Consolidated Total Assets as of the last day of the most recently ended Test Period; 

(k)    Indebtedness of the Parent Borrower and/or any Restricted Subsidiary consisting of obligations owing under
incentive, supply, license or similar agreements entered into in the ordinary course of business; 
 (l)    Indebtedness
of the Parent Borrower and/or any Restricted Subsidiary consisting of (i) the financing of insurance premiums, (ii) take-or-pay obligations contained in supply
arrangements, in each case, in the ordinary course of business and/or (iii) obligations to reacquire assets or inventory in connection with customer financing arrangements in the ordinary course of business; 

(m)    Indebtedness of the Parent Borrower and/or any Restricted Subsidiary with respect to Capital Leases and purchase
money Indebtedness incurred prior to or within 270 days of the acquisition, lease, completion of construction, repair of, replacement, improvement to or installation of assets in an aggregate outstanding principal amount not to exceed the greater of
$160,000,000 and 4.0% of Consolidated Total Assets as of the last day of the most recently ended Test Period; 

(n)    Indebtedness of any Person that becomes a Restricted Subsidiary or Indebtedness assumed in connection with an
acquisition permitted hereunder after the Closing Date; provided that (i) such Indebtedness (A) existed at the time such Person became a Restricted Subsidiary or the assets subject to such Indebtedness were acquired and (B) was
not created or incurred in anticipation thereof, (ii) no Event of Default exists or would result after giving pro forma effect to such acquisition, (iii) after giving effect to such acquisition on a Pro Forma Basis (without
“netting” the Cash proceeds of such Indebtedness), (A) if such Indebtedness is secured by a Lien on the Collateral that is pari passu with the Lien securing the Credit Facilities, the Senior Secured Leverage Ratio would not exceed
the greater of (x) 4.50:1.00 and (y) the Senior Secured Leverage Ratio as of the last day of the most recently ended Test Period, (B) if such Indebtedness is secured by a Lien on the Collateral that is junior to the Lien securing the
Credit Facilities, the Secured Leverage Ratio would not exceed the greater of (x) 5.00:1.00 and (y) the Secured Leverage Ratio as of the last day of the most recently ended Test Period, or (C) if such

  
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Indebtedness is unsecured or is secured by assets of Restricted Subsidiaries that are not Loan Parties, either (1) the Fixed Charge Coverage Ratio would not be less than the lesser of (x)
2.00:1.00 and (y) the Fixed Charge Coverage Ratio as of the last day of the most recently ended Test Period or (2) the Total Leverage Ratio would not exceed the greater of (x) 6.00:1.00 and (y) the Total Leverage Ratio as of the last
day of the most recently ended Test Period, and (iv) the aggregate outstanding principal amount of such Indebtedness of Restricted Subsidiaries that are not Loan Parties shall not exceed (together with all Indebtedness incurred under
Section 6.01(j) or Section 6.01(w) by Restricted Subsidiaries that are not Loan Parties) the greater of $160,000,000 and 4.0% of Consolidated Total Assets as of the last day of the most recently
ended Test Period; 
 (o)    Indebtedness consisting of promissory notes issued by Holdings, the Parent Borrower or any
Restricted Subsidiary to any stockholder of any Parent Company or any current or former director, officer, employee, member of management, manager or consultant of any Parent Company, the Parent Borrower or any subsidiary (or their respective
Immediate Family Members) to finance the purchase or redemption of Capital Stock of any Parent Company permitted by Section 6.04(a); 

(p)    the Parent Borrower and its Restricted Subsidiaries may become and remain liable for any Indebtedness refinancing,
refunding or replacing any Indebtedness permitted under clauses (a), (c), (i), (j), (m), (n), (o), (q), (r), (t), (u), (w), (x),
(y), (z) and (ii) of this Section 6.01 (in any case, including any refinancing Indebtedness incurred in respect thereof, “Refinancing Indebtedness”) and any subsequent Refinancing
Indebtedness in respect thereof; provided that (i) the principal amount of such Indebtedness does not exceed the principal amount of the Indebtedness being refinanced, refunded or replaced, except by (A) an amount equal to unpaid
accrued interest and premiums (including tender premiums) thereon plus underwriting discounts, other reasonable and customary fees, commissions and expenses (including upfront fees, original issue discount or initial yield payments) incurred
in connection with the relevant refinancing, refunding or replacement, (B) an amount equal to any existing commitments unutilized thereunder and (C) additional amounts permitted to be incurred pursuant to this
Section 6.01 (provided that (1) any additional Indebtedness referenced in this clause (C) satisfies the other applicable requirements of this definition (with additional amounts
incurred in reliance on this clause (C) constituting a utilization of the relevant basket or exception pursuant to which such additional amount is permitted) and (2) if such additional Indebtedness is secured, the Lien
securing such Indebtedness satisfies the applicable requirements of Section 6.02), (ii) other than in the case of Refinancing Indebtedness with respect to clause (i), (m), (n),
(u) or (x), (A) such Indebtedness has a final maturity on or later than (and, in the case of revolving Indebtedness, does not require mandatory commitment reductions, if any, prior to) the final maturity of the Indebtedness being
refinanced, refunded or replaced and (B) other than with respect to revolving Indebtedness, a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of the Indebtedness being refinanced, refunded or
replaced, (iii) the terms of any Refinancing Indebtedness with an original principal amount in excess of the Threshold Amount (excluding pricing, fees, premiums, rate floors, optional prepayment or redemption terms (and, if applicable,
subordination terms) and, with respect to Refinancing Indebtedness incurred in respect of Indebtedness permitted under clause (a) above, security), are not, taken as a whole (as reasonably determined by the Borrower), more
favorable to the lenders providing such Indebtedness than those applicable to the Indebtedness being refinanced, refunded or replaced (other than any covenants or any other provisions applicable only to periods after the Latest Maturity Date as of
such date or any covenants or provisions which are then-current market terms for the applicable type of Indebtedness), (iv) in the case of Refinancing Indebtedness with respect to Indebtedness permitted under clauses (j),
(m), (u), (w) (solely as it relates to clause (1) of the proviso thereto) and (y) of this Section 6.01, the incurrence thereof shall be without duplication of any amounts
outstanding in reliance on the relevant clause, (v) except in the case of Refinancing Indebtedness incurred in respect of Indebtedness permitted under clause (a) of this Section 6.01 (it being
understood that Holdings may not be the primary obligor of the applicable Refinancing Indebtedness if Holdings was not the primary obligor on the relevant refinanced 

  
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Indebtedness), (A) such Indebtedness is secured only by Permitted Liens at the time of such refinancing, refunding or replacement (it being understood that secured Indebtedness may be refinanced
with unsecured Indebtedness), (B) such Indebtedness is incurred by the obligor or obligors in respect of the Indebtedness being refinanced, refunded or replaced, except to the extent otherwise permitted pursuant to
Section 6.01 and (C) if the Indebtedness being refinanced, refunded or replaced was originally contractually subordinated to the Obligations in right of payment (or the Liens securing such Indebtedness were originally
contractually subordinated to the Liens on the Collateral securing the Secured Obligations), such Indebtedness is contractually subordinated to the Obligations in right of payment (or the Liens securing such Indebtedness are subordinated to the
Liens on the Collateral securing the Secured Obligations) on terms not materially less favorable (as reasonably determined by the Borrower), taken as a whole, to the Lenders than those applicable to the Indebtedness (or Liens, as applicable) being
refinanced, refunded or replaced, taken as a whole, (vi) except in the case of Refinancing Indebtedness with respect to clause (a) of this Section 6.01, as of the date of the incurrence of
such Indebtedness and after giving effect thereto, no Event of Default exists and (vii) in the case of Refinancing Indebtedness incurred in respect of Indebtedness permitted under clause (a) of this
Section 6.01, (A) such Indebtedness is pari passu or junior in right of payment and secured by the Collateral on a pari passu or junior basis with respect to the remaining Obligations hereunder, or is
unsecured; provided that any such Indebtedness that is pari passu or junior with respect to the Collateral shall be subject to an Acceptable Intercreditor Agreement, (B) if the Indebtedness being refinanced, refunded or replaced
is secured, it is not secured by any assets other than the Collateral, (C) if the Indebtedness being refinanced, refunded or replaced is Guaranteed, it shall not be Guaranteed by any Person other than a Loan Party and (D) such Indebtedness
is incurred under (and pursuant to) documentation other than this Agreement; it being understood and agreed that any such Indebtedness that is pari passu with the Initial Term Loans hereunder in right of payment and secured by the Collateral
on a pari passu basis with respect to the Secured Obligations hereunder that are secured on a first lien basis may participate on a pro rata basis or a less than pro rata basis (but not greater than a pro rata basis) in any voluntary or
mandatory prepayment in respect of the Initial Term Loans (and any Additional Term Loans then subject to ratable repayment requirements), in each case as the Parent Borrower and the relevant lender may agree; 

(q)    Indebtedness incurred to finance acquisitions permitted hereunder after the Closing Date; provided that
(i) before and after giving effect to such acquisition on a Pro Forma Basis, no Event of Default exists, (ii) after giving effect to such acquisition on a Pro Forma Basis (without “netting” the Cash proceeds of such
Indebtedness), (A) if such Indebtedness is secured by a Lien on the Collateral that is pari passu with the Lien securing the Credit Facilities, the Senior Secured Leverage Ratio would not exceed the greater of (x) 4.50:1.00 and (y) the
Senior Secured Leverage Ratio as of the last day of the most recently ended Test Period, (B) if such Indebtedness is secured by a Lien on the Collateral that is junior to the Lien securing the Credit Facilities, the Secured Leverage Ratio would
not exceed the greater of (x) 5.00:1.00 and (y) the Secured Leverage Ratio as of the last day of the most recently ended Test Period, or (C) if such Indebtedness is unsecured or is secured by assets of Restricted Subsidiaries that are
not Loan Parties, either (1) the Fixed Charge Coverage Ratio would be no less than the lesser of (x) 2.00:1.00 and (y) the Fixed Charge Coverage Ratio as of the last day of the most recently ended Test Period or (2) the Total Leverage
Ratio would not exceed the greater of (x) 6.00:1.00 and (y) the Total Leverage Ratio as of the last day of the most recently ended Test Period and (iii) any such Indebtedness that is secured by a Lien on the Collateral or subordinated to
the Obligations in right of payment or security shall be subject to an Acceptable Intercreditor Agreement; 

(r)    Indebtedness of the Parent Borrower and/or any Restricted Subsidiary in an aggregate outstanding principal amount
not to exceed 100% of the amount of Net Proceeds received by the Parent Borrower from (i) the issuance or sale of Qualified Capital Stock or (ii) any cash contribution to its common equity with the Net Proceeds from the issuance and sale
by any Parent Company of its Qualified Capital Stock or a contribution to the common equity of any Parent Company, in each case, (A) 

  
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other than any Net Proceeds received from the sale of Capital Stock to, or contributions from, the Parent Borrower or any of its Restricted Subsidiaries and (B) to the extent the relevant
Net Proceeds have not otherwise been applied to make Investments, Restricted Payments or Restricted Debt Payments hereunder; 

(s)    Indebtedness of the Parent Borrower and/or any Restricted Subsidiary under any Derivative Transaction not entered
into for speculative purposes; 
 (t)    [Reserved]; 

(u)    Indebtedness of the Parent Borrower and/or any Restricted Subsidiary in an aggregate outstanding principal amount
not to exceed the greater of $200,000,000 and 5.0% of Consolidated Total Assets as of the last day of the most recently ended Test Period; 

(v)    [Reserved]; 

(w)    additional Indebtedness of the Parent Borrower and/or any Restricted Subsidiary so long as, on a Pro Forma Basis as
of the last day of the most recently ended Test Period (without “netting” the Cash proceeds of such Indebtedness), (i) if such Indebtedness is secured by a Lien on the Collateral that is pari passu with the Lien securing the Credit
Facilities, the Senior Secured Leverage Ratio would not exceed 4.50:1.00, (ii) if such Indebtedness is secured by a Lien on the Collateral that is junior to the Lien securing the Credit Facilities, the Secured Leverage Ratio would not exceed
5.00:1.00 or (iii) if such Indebtedness is unsecured or is secured by assets of Restricted Subsidiaries that are not Loan Parties, the Fixed Charge Coverage Ratio would not be less than 2.00:1.00; provided that (1) the aggregate
outstanding principal amount of such Indebtedness of Restricted Subsidiaries that are not Loan Parties shall not exceed (together with all Indebtedness incurred under Section 6.01(j) or
Section 6.01(n) by Restricted Subsidiaries that are not Loan Parties) the greater of $160,000,000 and 4.0% of Consolidated Total Assets as of the last day of the most recently ended Test Period and (2) any such
Indebtedness that is secured by a Lien on the Collateral or subordinated to the Obligations in right of payment or security shall be subject to an Acceptable Intercreditor Agreement; 

(x)    Indebtedness of the Parent Borrower and/or any Restricted Subsidiary incurred in connection with (i) a
Specified Lease Transaction or (ii) a NMTC Transaction; 
 (y)    Indebtedness of the Parent Borrower and/or any
Restricted Subsidiary incurred in connection with Sale and Lease-Back Transactions permitted pursuant to Section 6.08; 

(z)    secured or unsecured notes and/or loans (and/or commitments in respect thereof) issued or incurred by the Parent
Borrower in lieu of Incremental Loans (such notes or loans, “Incremental Equivalent Debt”); provided that (i) the aggregate outstanding principal amount (or committed amount, if applicable) of all Incremental Equivalent
Debt, together with the aggregate outstanding principal amount (or committed amount, if applicable) of all Incremental Loans and Incremental Commitments provided pursuant to Section 2.22, in each case, incurred after the
Closing Date, shall not exceed the Incremental Cap, (ii) any Incremental Equivalent Debt shall be subject to clauses (vi), (vii), (ix) and (x) (except, in the case of clause (x), as otherwise agreed by the
Persons providing such Incremental Equivalent Debt) of the proviso to Section 2.22(a), (iii) any Incremental Equivalent Debt that is secured shall be secured only by the Collateral and on a pari passu or junior basis
with the Collateral securing the Secured Obligations, (iv) any Incremental Equivalent Debt consisting of syndicated term loans that are pari passu with the Initial Term Loans in right of payment and with respect to security shall be
subject to clause (v) of the proviso to Section 2.22(a), (v) any Incremental Equivalent Debt that ranks pari passu in right of security or that is subordinated in right of payment or security shall be subject to an
Acceptable Intercreditor Agreement and (vi) no Incremental Equivalent Debt may be guaranteed by any Person that is not a Loan Party or secured by any assets other than the Collateral; 

  
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 (aa)    Indebtedness (including obligations in respect of letters of
credit, bank guaranties, surety bonds, performance bonds or similar instruments with respect to such Indebtedness) incurred by the Parent Borrower and/or any Restricted Subsidiary in respect of workers compensation claims, unemployment insurance
(including premiums related thereto), other types of social security, pension obligations, vacation pay, health, disability or other employee benefits; 

(bb)    Indebtedness of the Parent Borrower and/or any Restricted Subsidiary representing (i) deferred compensation
to directors, officers, employees, members of management, managers, and consultants of any Parent Company, the Parent Borrower and/or any Restricted Subsidiary in the ordinary course of business and (ii) deferred compensation or other similar
arrangements in connection with the Existing Credit Agreement Transactions, any Permitted Acquisition or any other Investment permitted hereby; 

(cc)    Indebtedness of the Parent Borrower and/or any Restricted Subsidiary in respect of any letter of credit or bank
guarantee issued in favor of any issuing lender under the ABL Facility to support any defaulting lender’s participation in letters of credit made under the ABL Facility; 

(dd)    Indebtedness of the Parent Borrower or any Restricted Subsidiary supported by any letter of credit otherwise
permitted to be incurred hereunder; 
 (ee)    unfunded pension fund and other employee benefit plan obligations and
liabilities incurred by the Parent Borrower and/or any Restricted Subsidiary in the ordinary course of business to the extent that the unfunded amounts would not otherwise cause an Event of Default under Section 7.01(i);

 (ff)    without duplication of any other Indebtedness, all premiums (if any), interest (including post-petition
interest and payment in kind interest), accretion or amortization of original issue discount, fees, expenses and charges with respect to Indebtedness of the Parent Borrower and/or any Restricted Subsidiary hereunder; 

(gg)    to the extent constituting Indebtedness, obligations under the Reorganization Agreement; and 

(hh)    customer deposits and advance payments received in the ordinary course of business from customers for goods and
services purchased in the ordinary course of business; and 
 (ii)    Indebtedness incurred under the Existing Credit
Agreement or consisting of “Incremental Equivalent Debt” (or equivalent term) (as defined in the Existing Credit Agreement) or any Refinancing Indebtedness in respect thereof (including any “Refinancing Indebtedness” (or
equivalent term) (as defined in the Existing Credit Agreement)) in an aggregate outstanding principal amount not to exceed $1,267.0 million plus (A) the amount of any “Incremental Loans” and “Incremental Equivalent
Debt” (or equivalent terms) (each, as defined in the Existing Credit Agreement) not to exceed the “Incremental Cap” (or equivalent term) (as defined in the Existing Credit Agreement) and (B) any Refinancing Indebtedness in
respect thereof incurred after the Closing Date. 
 Section 6.02     Liens. The Parent Borrower shall not,
nor shall it permit any of its Restricted Subsidiaries to, create, incur, assume or permit or suffer to exist any Lien on or with respect to any property of any kind owned by it, whether now owned or hereafter acquired, or any income or profits
therefrom, except: 
 (a)    Liens securing the Secured Obligations created pursuant to the Loan Documents; 

  
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 (b)    Liens for Taxes which are (i) for amounts not yet overdue by
more than 30 days or (ii) being contested in accordance with Section 5.03(a); 

(c)    statutory Liens (and rights of set-off) of landlords, banks, carriers,
warehousemen, mechanics, repairmen, workmen and materialmen, and other Liens imposed by law, in each case incurred in the ordinary course of business (i) for amounts not yet overdue by more than 30 days or (ii) for amounts that are overdue
by more than 30 days and that are being contested in good faith by appropriate proceedings, so long as adequate reserves or other appropriate provisions required by GAAP shall have been made for any such contested amounts; 

(d)    Liens incurred (i) in the ordinary course of business in connection with workers’ compensation,
unemployment insurance and other types of social security laws and regulations, (ii) in the ordinary course of business to secure the performance of tenders, statutory obligations, surety, stay, customs and appeal bonds, bids, leases,
government contracts, trade contracts, performance and return-of-money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money),
(iii) pursuant to pledges and deposits of Cash or Cash Equivalents in the ordinary course of business securing (x) any liability for reimbursement or indemnification obligations of insurance carriers providing property, casualty, liability or
other insurance to Holdings and its subsidiaries or (y) leases or licenses of property otherwise permitted by this Agreement and (iv) to secure obligations in respect of letters of credit, bank guaranties, surety bonds, performance bonds
or similar instruments posted with respect to the items described in clauses (i) through (iii) above; 

(e)    Liens consisting of easements,
rights-of-way, restrictions, encroachments, and other minor defects or irregularities in title, in each case which do not, in the aggregate, materially interfere with
the ordinary conduct of the business of the Parent Borrower and/or its Restricted Subsidiaries, taken as a whole, or the use of the affected property for its intended purpose; 

(f)    Liens consisting of any (i) interest or title of a lessor or
sub-lessor under any lease of real estate permitted hereunder, (ii) landlord lien permitted by the terms of any lease, (iii) restriction or encumbrance to which the interest or title of such lessor
or sub-lessor may be subject or (iv) subordination of the interest of the lessee or sub-lessee under such lease to any restriction or encumbrance referred to in the
preceding clause (iii); 
 (g)    Liens solely on any Cash earnest money deposits made by the Parent Borrower
and/or any of its Restricted Subsidiaries in connection with any letter of intent or purchase agreement with respect to any Investment permitted hereunder; 

(h)    purported Liens evidenced by the filing of precautionary UCC financing statements relating solely to operating
leases or consignment or bailee arrangements entered into in the ordinary course of business; 
 (i)    Liens in favor
of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods; 

(j)    Liens in connection with any zoning, building or similar law or right reserved to or vested in any Governmental
Authority to control or regulate the use of any or dimensions of real property or the structure thereon; 

  
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 (k)    Liens securing Indebtedness permitted pursuant to
Section 6.01(p) (solely with respect to the Refinancing Indebtedness permitted pursuant to Sections 6.01(a), (c)(ii), (i), (j), (m), (n), (q), (t),
(u), (w), (x), (y) and (z)); provided that (i) no such Lien extends to any asset not covered by the Lien securing the Indebtedness that is being refinanced and (ii) if the Indebtedness being
refinanced was subject to intercreditor arrangements, then any refinancing Indebtedness in respect thereof shall be subject to an Acceptable Intercreditor Agreement or intercreditor arrangements not materially less favorable to the Secured Parties,
taken as a whole, than the intercreditor arrangements governing the Indebtedness that is refinanced; 
 (l)    Liens
described on Schedule 6.02 and any modification, replacement, refinancing, renewal or extension thereof; provided that (i) no such Lien extends to any additional property other than (A) after-acquired
property that is affixed or incorporated into the property covered by such Lien or financed by Indebtedness permitted under Section 6.01 and (B) proceeds and products thereof, accessions thereto and improvements
thereon (it being understood that individual financings of the type permitted under Section 6.01(m) provided by any lender may be cross-collateralized to other financings of such type provided by such lender or its
affiliates) and (ii) such modification, replacement, refinancing, renewal or extension of the obligations secured or benefited by such Liens, if constituting Indebtedness, is permitted by Section 6.01; 

(m)    Liens arising out of Sale and Lease-Back Transactions permitted under Section 6.08; 

(n)    Liens securing Indebtedness permitted pursuant to Section 6.01(m); provided that
any such Lien shall encumber only the asset acquired with the proceeds of such Indebtedness and proceeds and products thereof, accessions thereto and improvements thereon (it being understood that individual financings of the type permitted under
Section 6.01(m) provided by any lender may be cross-collateralized to other financings of such type provided by such lender or its affiliates); 

(o)    (i) Liens securing Indebtedness permitted pursuant to Section 6.01(n) on the relevant
acquired assets or on the Capital Stock and assets of the relevant newly acquired Restricted Subsidiary; provided that no such Lien (x) extends to or covers any other assets (other than the proceeds or products thereof, accessions or
additions thereto and improvements thereon) or (y) was created in contemplation of the applicable acquisition of assets or Capital Stock, and (ii) Liens securing Indebtedness incurred pursuant to clause (ii)(A) or (ii)(B) of
the proviso in Section 6.01(q); 
 (p)    Liens (i) that are contractual rights of
set-off or netting relating to (A) the establishment of depositary relations with banks not granted in connection with the issuance of Indebtedness, (B) pooled deposit or sweep accounts of the Parent Borrower and/or any Restricted
Subsidiary to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Parent Borrower and/or any Restricted Subsidiary, (C) purchase orders and other agreements entered into with customers of
the Parent Borrower and/or any Restricted Subsidiary in the ordinary course of business and (D) commodity trading or other brokerage accounts incurred in the ordinary course of business and (ii) encumbering reasonable customary initial
deposits and margin deposits; 
 (q)    Liens on assets and Capital Stock of Restricted Subsidiaries that are not Loan
Parties (including Capital Stock owned by such Persons) securing Indebtedness of Restricted Subsidiaries that are not Loan Parties permitted pursuant to Section 6.01; 

  
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 (r)    Liens securing obligations (other than obligations representing
Indebtedness for borrowed money) under operating, reciprocal easement or similar agreements entered into in the ordinary course of business of the Parent Borrower and/or its Restricted Subsidiaries; 

(s)    Liens disclosed in any Mortgage Policy delivered pursuant to Section 5.12 with respect to
any Material Real Estate Asset and any replacement, extension or renewal of any such Lien; provided that (i) no such replacement, extension or renewal Lien shall cover any property other than the property that was subject to such Lien
prior to such replacement, extension or renewal (and additions thereto, improvements thereon and the proceeds thereof) and (ii) such Liens do not, in the aggregate, materially interfere with the ordinary conduct of the business of the Parent
Borrower and/or its Restricted Subsidiaries, taken as a whole, or the use of the affected property for its intended purpose; 

(t)    Liens securing Indebtedness incurred pursuant to Section 6.01(w) and
Section 6.01(z); 
 (u)    other Liens on assets securing Indebtedness or other obligations in
an aggregate principal amount at any time outstanding not to exceed the greater of $325,000,000 and 6.25% of Consolidated Total Assets as of the last day of the most recently ended Test Period; 

(v)    Liens on assets securing judgments, awards, attachments and/or decrees and notices of lis pendens and
associated rights relating to litigation being contested in good faith not constituting an Event of Default under Section 7.01(h); 

(w)    leases, licenses, subleases or sublicenses granted to others in the ordinary course of business which do not
(i) interfere in any material respect with the business of the Parent Borrower and its Restricted Subsidiaries (other than any Immaterial Subsidiary) or (ii) secure any Indebtedness; 

(x)    Liens on Securities that are the subject of repurchase agreements constituting Investments permitted under
Section 6.06 arising out of such repurchase transaction; 
 (y)    Liens securing obligations
in respect letters of credit, bank guaranties, surety bonds, performance bonds or similar instruments permitted under Section 6.01(d), (e), (g), (aa) and (cc); 

(z)    Liens arising (i) out of conditional sale, title retention, consignment or similar arrangements for the sale
of any assets or property in the ordinary course of business and permitted by this Agreement or (ii) by operation of law under Article 2 of the UCC (or similar law of any jurisdiction); 

(aa)    Liens (i) in favor of any Loan Party and/or (ii) granted by any
non-Loan Party in favor of any Restricted Subsidiary that is not a Loan Party, in the case of each of clauses (i) and (ii), securing intercompany Indebtedness permitted under
Section 6.01; 
 (bb)    Liens on insurance policies and the proceeds thereof securing the
financing of the premiums with respect thereto; 
 (cc)    Liens on specific items of inventory or other goods and the
proceeds thereof securing the relevant Person’s obligations in respect of documentary letters of credit or banker’s acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such
inventory or goods; 

  
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 (dd)    Liens securing (i) obligations under Hedge Agreements in
connection with any Derivative Transaction of the type described in Section 6.01(s) and/or (ii) obligations of the type described in Section 6.01(f); 

(ee)    (i) Liens on Capital Stock of joint ventures or Unrestricted Subsidiaries securing capital contributions to, or
obligations of, such Persons and (ii) customary call/put rights, rights of first refusal and tag, drag and similar rights in joint venture agreements and agreements with respect to non-Wholly-Owned
Subsidiaries; 
 (ff)    Liens on cash or Cash Equivalents arising in connection with the defeasance, discharge or
redemption of Indebtedness; 
 (gg)    Liens evidenced by the filing of UCC financing statements relating to factoring
or similar arrangements entered into in the ordinary course of business; 
 (hh)    Liens securing (i) Indebtedness
permitted pursuant to Section 6.01(ii) so long as such Liens are subject to the Pari Passu Intercreditor Agreement and (ii) Indebtedness permitted pursuant to Section 6.01(c)(ii) so long as
such Liens are subject to the ABL Intercreditor Agreement; and 
 (ii)    Liens arising out of (a) Specified Lease
Transactions or (b) NMTC Transactions. 
 Section 6.03     No Further Negative Pledges. The Parent
Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to, enter into any agreement prohibiting the creation or assumption of any Lien upon any of its properties, whether now owned or hereafter acquired, for the benefit of the
Secured Parties with respect to the Obligations, except with respect to: 
 (a)    specific property to be sold pursuant
to any Disposition permitted by Section 6.07; 
 (b)    restrictions contained in any
agreement with respect to Indebtedness permitted by Section 6.01 that is secured by a Permitted Lien, but only if such restrictions apply only to the Person or Persons obligated under such Indebtedness and its or their
Restricted Subsidiaries or the property or assets securing such Indebtedness; 
 (c)    restrictions contained in the
Existing Credit Agreement, the 2025 Senior Unsecured Note Documents and the documentation governing Indebtedness permitted by clauses (c), (j), (m), (n), (q), (r), (u), (w), (x),
(z) and/or (ii) of Section 6.01 (and clause (p) of Section 6.01 to the extent relating to any refinancing, refunding or replacement of Indebtedness incurred in reliance on
clauses (a), (c), (j), (m), (n), (q), (r), (u), (w), (x), (z) and/or (ii) of Section 6.01); 

(d)    restrictions by reason of customary provisions restricting assignments, subletting or other transfers (including
the granting of any Lien) contained in leases, subleases, licenses, sublicenses and other agreements entered into in the ordinary course of business (provided that such restrictions are limited to the relevant leases, subleases, licenses,
sublicenses or other agreements and/or the property or assets secured by such Liens or the property or assets subject to such leases, subleases, licenses, sublicenses or other agreements, as the case may be); 

(e)    Permitted Liens and restrictions in the agreements relating thereto that limit the right of the Parent Borrower or
any of its Restricted Subsidiaries to Dispose of, or encumber the assets subject to such Liens; 

  
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 (f)    provisions limiting the Disposition or distribution of assets or
property in joint venture agreements, sale-leaseback agreements, stock sale agreements and other similar agreements, which limitation is applicable only to the assets that are the subject of such agreements (or the Persons the Capital Stock of which
is the subject of such agreement); 
 (g)    any encumbrance or restriction assumed in connection with an acquisition of
the property or Capital Stock of any Person, so long as such encumbrance or restriction relates solely to the property so acquired (or to the Person or Persons (and its or their subsidiaries) bound thereby) and was not created in connection with or
in anticipation of such acquisition; 
 (h)    restrictions imposed by customary provisions in partnership agreements,
limited liability company organizational governance documents, joint venture agreements and other similar agreements that restrict the transfer of the assets of, or ownership interests in, the relevant partnership, limited liability company, joint
venture or any similar Person; 
 (i)    restrictions on Cash or other deposits imposed by Persons under contracts
entered into in the ordinary course of business or for whose benefit such Cash or other deposits exist; 

(j)    restrictions set forth in documents which exist on the Existing Credit Agreement Closing Date; 

(k)    restrictions set forth in any Loan Document, any Hedge Agreement and/or any agreement relating to any Banking
Service Obligation; 
 (l)    restrictions contained in documents governing Indebtedness permitted hereunder of any
Restricted Subsidiary that is not a Loan Party; 
 (m)    restrictions contained in any agreement with respect to any
NMTC Transaction; and 
 (n)    other restrictions or encumbrances imposed by any amendment, modification, restatement,
renewal, increase, supplement, refunding, replacement or refinancing of the contracts, instruments or obligations referred to in clauses (a) through (m) above; provided that no such amendment, modification, restatement,
renewal, increase, supplement, refunding, replacement or refinancing is, in the good faith judgment of the Borrower, more restrictive with respect to such encumbrances and other restrictions, taken as a whole, than those in effect prior to the
relevant amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. 
 Section 6.04
    Restricted Payments; Certain Payments of Indebtedness. 
 (a)    The Parent Borrower shall
not pay or make, directly or indirectly, any Restricted Payment, except that: 
 (i)    the Parent
Borrower may make Restricted Payments to the extent necessary to permit any Parent Company: 
 (A)    to
pay general administrative costs and expenses (including corporate overhead, legal or similar expenses and customary salary, bonus and other benefits payable to directors, officers, employees, members of management, managers and/or consultants of
any Parent Company) and franchise fees and Taxes and similar fees, Taxes and expenses required to enable such Parent Company to maintain its 

  
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organizational existence or qualification to do business, in each case, which are reasonable and customary and incurred in the ordinary course of business, plus any reasonable and
customary indemnification claims made by directors, officers, members of management, managers, employees or consultants of any Parent Company, in each case, to the extent attributable to the ownership or operations of any Parent Company and its
subsidiaries (but excluding the portion of such amount that is attributable to the ownership or operations of any subsidiary of any Parent Company other than the Parent Borrower and its subsidiaries); 

(B)    [Reserved]. 

(C)    to pay audit and other accounting and reporting expenses of such Parent Company to the extent
attributable to any Parent Company (but excluding, for the avoidance of doubt, the portion of any such expenses, if any, attributable to the ownership or operations of any subsidiary of any Parent Company other than the Parent Borrower and/or its
subsidiaries), the Parent Borrower and its subsidiaries; 
 (D)    for the payment of insurance premiums
to the extent attributable to any Parent Company (but excluding, for the avoidance of doubt, the portion of any such premiums, if any, attributable to the ownership or operations of any subsidiary of any Parent Company other than the Parent Borrower
and/or its subsidiaries), the Parent Borrower and its subsidiaries; 
 (E)    pay (x) fees and
expenses related to debt or equity offerings, investments or acquisitions permitted or not restricted by this Agreement (whether or not consummated) and (y) Public Company Costs; 

(F)    to finance any Investment permitted under Section 6.06 (provided
that (x) any Restricted Payment under this clause (a)(i)(F) shall be made substantially concurrently with the closing of such Investment and (y) the relevant Parent Company shall, promptly following the closing thereof, cause
(I) all property acquired to be contributed to the Parent Borrower or one or more of its Restricted Subsidiaries, or (II) the merger, consolidation or amalgamation of the Person formed or acquired into the Parent Borrower or one or more of
its Restricted Subsidiaries, in order to consummate such Investment in compliance with the applicable requirements of Section 6.06 as if undertaken as a direct Investment by the Parent Borrower or the relevant Restricted
Subsidiary); and 
 (G)    to pay customary salary, bonus, severance and other benefits payable to
current or former directors, officers, members of management, managers, employees or consultants of any Parent Company (or any Immediate Family Member of any of the foregoing) to the extent such salary, bonuses and other benefits are attributable
and reasonably allocated to the operations of the Parent Borrower and/or its subsidiaries, in each case, so long as such Parent Company applies the amount of any such Restricted Payment for such purpose; 

(ii)    the Parent Borrower may pay (or make Restricted Payments to allow any Parent Company to pay) for
the repurchase, redemption, retirement or other acquisition or retirement for value of Capital Stock of any Parent Company or any subsidiary held by any future, present or former employee, director, member of management, officer, manager or

  
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consultant (or any Affiliate or Immediate Family Member thereof) of any Parent Company, the Parent Borrower or any subsidiary: 

(A)    in accordance with the terms of promissory notes issued pursuant to
Section 6.01(o), so long as the aggregate amount of all Cash payments made in respect of such promissory notes, together with the aggregate amount of Restricted Payments made pursuant to
sub-clause (D) of this clause (ii) below, does not exceed $30,000,000 in any Fiscal Year, which, if not used in any Fiscal Year, may be carried forward to subsequent Fiscal Years; 

(B)    with the proceeds of any sale or issuance of the Capital Stock of the Parent Borrower or any Parent
Company (to the extent such proceeds are contributed in respect of Qualified Capital Stock to the Parent Borrower or any Restricted Subsidiary) other than any amounts constituting a Cure Amount or any amount that has been added to the Available
Excluded Contribution Amount or the Available Amount; 
 (C)    with the net proceeds of any key-man life insurance policies; or 
 (D)    with Cash and Cash
Equivalents in an amount not to exceed, together with the aggregate amount of all cash payments made pursuant to sub-clause (A) of this clause (ii) in respect of promissory notes issued
pursuant to Section 6.01(o), $30,000,000 in any Fiscal Year, which, if not used in any Fiscal Year, may be carried forward to subsequent Fiscal Years; 

(iii)    the Parent Borrower may make additional Restricted Payments in an amount not to exceed (A) so
long as the Fixed Charge Coverage Ratio, calculated on a Pro Forma Basis, would not be less than 2.00:1.00, the portion, if any, of the Available Amount on such date that the Parent Borrower elects to apply to this clause (iii)(A) plus
(B) the portion, if any, of the Available Excluded Contribution Amount on such date that the Parent Borrower elects to apply to this clause (iii)(B); 

(iv)    the Parent Borrower may make Restricted Payments (i) to any Parent Company to enable such
Parent Company to make Cash payments in lieu of the issuance of fractional shares in connection with the exercise of warrants, options or other securities convertible into or exchangeable for Capital Stock of such Parent Company and
(ii) consisting of (A) payments made or expected to be made in respect of withholding or similar Taxes payable by any future, present or former officers, directors, employees, members of management, managers or consultants of the Borrower,
any Restricted Subsidiary or any Parent Company or any of their respective Immediate Family Members and/or (B) repurchases of Capital Stock in consideration of the payments described in sub-clause
(A) above, including demand repurchases in connection with the exercise of stock options; 

(v)    the Parent Borrower may repurchase (or make Restricted Payments to any Parent Company to enable it
to repurchase) Capital Stock upon the exercise of warrants, options or other securities convertible into or exchangeable for Capital Stock if such Capital Stock represents all or a portion of the exercise price of such warrants, options or other
securities convertible into or exchangeable for Capital Stock as part of a “cashless” exercise; 

(vi)    (A) for any taxable year (or portion thereof) that Borrower is a partnership or disregarded entity
for U.S. federal income Tax purposes and no Parent Company is treated as a corporation for U.S. federal income tax purposes, the Parent Borrower may make 

  
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Restricted Payments to fund the income tax liabilities of the direct or indirect equity owners of Borrower, in an assumed amount equal to the product of (x) the highest combined marginal
federal and applicable state and/or local statutory Tax rate applicable to a direct or indirect taxpayer equity owner of Borrower, and (y) the U.S. federal taxable income of the Parent Borrower for such year (or portion thereof), provided that
(i) such calculation shall take into account the character of income or gain, preferential tax rates and the deductibility of state and local income taxes for US federal income tax purposes; (ii) such taxable income shall be reduced by any
losses previously allocated to the equity owners to the extent such loss has not previously been used to offset taxable income of Borrower; (iii) such distributions shall be reduced by any amounts withheld by the Parent Borrower or its
Subsidiaries (or otherwise paid directly to any Governmental Authority) with respect to any taxable income or gain of Borrower and any tax credits Borrower allocated to its equity owners); or (B) for any taxable period (or portion thereof) that
a Parent Company is treated as a corporation for U.S. federal income tax purposes and for which Borrower and any of its subsidiaries are members (or are pass-through entities of such members) of a consolidated, combined or similar income Tax group
for U.S. federal, state or local income Tax purposes for which such Parent Company is the common parent, the Parent Borrower may make Restricted Payments to such Parent Company to pay the portion of any U.S. federal, state or local income Taxes (as
applicable) of such Parent Company for such taxable period that are attributable to the income of the Parent Borrower and/or its applicable subsidiaries; provided that the aggregate amount of any such distributions with respect to federal, state or
local Taxes, as applicable, shall not exceed the aggregate amount of such Taxes the Parent Borrower and its subsidiaries that are part of such group would be required to pay in respect of such U.S. federal, state or local Taxes on a stand-alone
basis for such taxable period; provided, further, that the amount of such distributions with respect to any Unrestricted Subsidiary for any taxable period shall be limited to the amount actually paid by such Unrestricted Subsidiary for such purpose.

 (vii)    the Parent Borrower may make Restricted Payments, the proceeds of which are applied to
satisfy any payment obligations owing under the Reorganization Agreement; 
 (viii)    so long as no
Event of Default exists, following the consummation of the first Qualifying IPO, the Parent Borrower may (or may make Restricted Payments to any Parent Company to enable it to) make Restricted Payments with respect to any Capital Stock in an amount
not to exceed the greater of (i) 6% per annum of the net Cash proceeds received by or contributed to the Parent Borrower from any Qualifying IPO or (b) 5% per annum of the aggregate market capitalization of the applicable Parent Company; 

(ix)    the Parent Borrower may make Restricted Payments to (i) redeem, repurchase, retire or
otherwise acquire any (A) Capital Stock (“Treasury Capital Stock”) of the Parent Borrower and/or any Restricted Subsidiary or (B) Capital Stock of any Parent Company, in the case of each of subclauses (A) and
(B), in exchange for, or out of the proceeds of the substantially concurrent sale (other than to the Parent Borrower and/or any Restricted Subsidiary) of, Qualified Capital Stock of the Parent Borrower or any Parent Company to the extent any
such proceeds are contributed to the capital of the Parent Borrower and/or any Restricted Subsidiary in respect of Qualified Capital Stock (“Refunding Capital Stock”) and (ii) declare and pay dividends on any Treasury Capital
Stock out of the proceeds of the substantially concurrent sale (other than to the Parent Borrower or a Restricted Subsidiary) of any Refunding Capital Stock; 

(x)    to the extent constituting a Restricted Payment, the Parent Borrower may consummate any transaction
permitted by Section 6.06 (other than Sections 6.06(j) and (t)), Section 6.07 (other than Section 6.07(g)) and Section 6.09 (other
than Section 6.09(d)); 

  
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 (xi)    the Parent Borrower may make additional
Restricted Payments in an aggregate amount not to exceed the greater of $160,000,000 and 4.0% of Consolidated Total Assets as of the last day of the most recently ended Test Period minus (A) the amount of Restricted Debt Payments made by
the Parent Borrower or any Restricted Subsidiary in reliance on Section 6.04(b)(iv)(B), minus (B) the outstanding amount of Investments made by the Parent Borrower or any Restricted Subsidiary in reliance on
Section 6.06(q)(ii); 
 (xii)    the Parent Borrower may pay any dividend or
consummate any redemption within 60 days after the date of the declaration thereof or the provision of a redemption notice with respect thereto, as the case may be, if at the date of such declaration or notice, the dividend or redemption notice
would have complied with the provisions hereof; and 
 (xiii)    the Parent Borrower may make additional
Restricted Payments so long as (i) no Event of Default exists or would result therefrom and (ii) the Total Leverage Ratio, calculated on a Pro Forma Basis, would not exceed 4.50:1.00; 

(b)    The Parent Borrower shall not, nor shall they permit any Restricted Subsidiary to, make any payment (whether in
Cash, securities or other property) on or in respect of principal of or interest on (y) any Junior Lien Indebtedness or (z) any Junior Indebtedness (such Indebtedness under clauses (y) and (z), the
“Restricted Debt”), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any Restricted Debt prior to its scheduled maturity (collectively,
“Restricted Debt Payments”), except: 
 (i)    any purchase, defeasance, redemption,
repurchase, repayment or other acquisition or retirement of any Restricted Debt made by exchange for, or out of the proceeds of, Refinancing Indebtedness permitted by Section 6.01; 

(ii)    payments as part of an “applicable high yield discount obligation” catch-up payment; 
 (iii)    payments of regularly scheduled interest
as and when due in respect of any Restricted Debt, except for any payments with respect to any Subordinated Indebtedness that are prohibited by the subordination provisions thereof; 

(iv)    so long as, at the time of delivery of irrevocable notice with respect thereto, no Event of Default
exists or would result therefrom, additional Restricted Debt Payments in an aggregate amount not to exceed: 

(A)    the greater of $160,000,000 and 4.0% of Consolidated Total Assets as of the last day of the most
recently ended Test Period, minus the amount of Investments made in reliance on Section 6.06(q)(iii); plus 

(B)    the greater of $160,000,000 and 4.0% of Consolidated Total Assets as of the last day of the most
recently ended Test Period, minus (1) the amount of Restricted Payments made by the Parent Borrower or any Restricted Subsidiary in reliance on Section 6.04(a)(x), minus (2) the outstanding amount of
Investments made by the Parent Borrower or any Restricted Subsidiary in reliance on Section 6.06(q)(ii); 

(v)    (A) Restricted Debt Payments in exchange for, or with proceeds of any issuance of, Qualified Capital
Stock of the Parent Borrower and/or any Restricted Subsidiary and/or any capital contribution in respect of Qualified Capital Stock of the Parent Borrower or 

  
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any Restricted Subsidiary, in each case, other than any amounts constituting a Cure Amount or any amount that has been added to the Available Excluded Contribution Amount or the Available Amount,
(B) Restricted Debt Payments as a result of the conversion of all or any portion of any Restricted Debt into Qualified Capital Stock of the Parent Borrower and/or any Restricted Subsidiary and (C) to the extent constituting a Restricted
Debt Payment, payment-in-kind interest with respect to any Restricted Debt that is permitted under Section 6.01; 

(vi)    Restricted Debt Payments in an aggregate amount not to exceed (A) the portion, if any, of the
Available Amount on such date that the Parent Borrower elects to apply to this clause (vi)(A) plus (B) the portion, if any, of the Available Excluded Contribution Amount on such date that the Parent Borrower
elects to apply to this clause (vi)(B); 
 (vii)    additional Restricted Debt
Payments; provided that the Total Leverage Ratio, calculated on a Pro Forma Basis, would not exceed 4.75:1.00; and 

(viii)    Restricted Debt Payments with respect to any Indebtedness incurred in connection with any NMTC
Transaction. 
 Section 6.05     Restrictions on Subsidiary Distributions. Except as provided herein or in
any other Loan Document, the ABL Facility Documentation, the Existing Credit Agreement, the 2025 Senior Unsecured Note Documents, any document with respect to any Incremental Equivalent Debt and/or in agreements with respect to refinancings,
renewals or replacements of such Indebtedness that are permitted by Section 6.01, the Parent Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to, enter into or cause to exist any agreement
restricting the ability of (i) any subsidiary of the Parent Borrower to pay dividends or other distributions to the Parent Borrower or any Loan Party or (ii) any Restricted Subsidiary to make cash loans or advances to the Parent Borrower
or any Loan Party, except: 
 (a)    in any agreement evidencing (i) Indebtedness of a Restricted Subsidiary that
is not a Loan Party permitted by Section 6.01, (ii) Indebtedness permitted by Section 6.01 that is secured by a Permitted Lien if the relevant restriction applies only to the Person obligated under
such Indebtedness and its Restricted Subsidiaries or the property or assets intended to secure such Indebtedness and (iii) Indebtedness permitted pursuant to clauses (c), (m), (n), (p) (as it relates to Indebtedness
in respect of clauses (a), (c), (m), (n), (q), (r), (u), (w), (x), (y) and/or (z) of Section 6.01), (q),
(r), (u), (w), (x), (y) and/or (z) of Section 6.01; 

(b)    by reason of customary provisions restricting assignments, subletting or other transfers contained in leases,
subleases, licenses, sublicenses, joint venture agreements and similar agreements entered into in the ordinary course of business; 

(c)    that are or were created by virtue of any Lien granted upon, transfer of, agreement to transfer or grant of, any
option or right with respect to any property, assets or Capital Stock not otherwise prohibited under this Agreement; 

(d)    assumed in connection with any acquisition of property or the Capital Stock of any Person, so long as the relevant
encumbrance or restriction relates solely to the Person and its subsidiaries (including the Capital Stock of the relevant Person or Persons) and/or property so acquired and was not created in connection with or in anticipation of such acquisition;

 (e)    in any agreement for any Disposition of any Restricted Subsidiary (or all or substantially all of the property
and/or assets thereof) that restricts the payment of dividends or other distributions or the making of cash loans or advances by such Restricted Subsidiary pending such Disposition; 

  
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 (f)    in provisions in agreements or instruments which prohibit the
payment of dividends or the making of other distributions with respect to any class of Capital Stock of a Person other than on a pro rata basis; 

(g)    imposed by customary provisions in partnership agreements, limited liability company organizational governance
documents, joint venture agreements and other similar agreements; 
 (h)    on Cash, other deposits or net worth or
similar restrictions imposed by any Person under any contract entered into in the ordinary course of business or for whose benefit such Cash, other deposits or net worth or similar restrictions exist; 

(i)    set forth in documents which exist on the Closing Date and not created in contemplation thereof; 

(j)    those arising pursuant to an agreement or instrument relating to any Indebtedness permitted to be incurred after
the Closing Date if the relevant restrictions, taken as a whole, are not materially less favorable to the Lenders than the restrictions contained in this Agreement, taken as a whole (as determined in good faith by the Borrower); 

(k)    those arising under or as a result of applicable law, rule, regulation or order or the terms of any license,
authorization, concession or permit; 
 (l)    those arising in any Hedge Agreement and/or any agreement relating to any
Banking Service Obligation; 
 (m)    in any agreement with respect to any NMTC Transaction; and/or 

(n)    those imposed by any amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or
refinancing of any contract, instrument or obligation referred to in clauses (a) through (m) above; provided that no such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or
refinancing is, in the good faith judgment of the Borrower, more restrictive with respect to such restrictions, taken as a whole, than those in existence prior to such amendment, modification, restatement, renewal, increase, supplement, refunding,
replacement or refinancing. 
 Section 6.06     Investments. The Parent Borrower shall not, nor shall it
permit any of its Restricted Subsidiaries to, make or own any Investment in any other Person except: 
 (a)    Cash or
Investments that were Cash Equivalents at the time made; 
 (b)    (i) Investments existing on the Closing Date in
any subsidiary, (ii) Investments made after the Closing Date among the Parent Borrower and/or one or more Restricted Subsidiaries that are Loan Parties, (iii) Investments made after the Closing Date by any Loan Party in any Restricted
Subsidiary that is not a Loan Party in an aggregate outstanding amount not to exceed the greater of $160,000,000 and 4.0% of Consolidated Total Assets as of the last day of the most recently ended Test Period (iv) Investments made by any Loan
Party and/or any Restricted Subsidiary that is not a Loan Party in the form of any contribution or Disposition of the Capital Stock of any Person that is not a Loan Party; provided that, prior to such contribution or Disposition or series of
transactions resulting in such contribution or Disposition, such Capital Stock was not owned directly by a Loan Party and (v) Investments made by any Restricted Subsidiary that is not a Loan Party in any Loan Party; 

  
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 (c)    Investments (i) constituting deposits, prepayments and/or
other credits to suppliers and/or (ii) in the form of advances made to distributors, suppliers, licensors and licensees, in each case, in the ordinary course of business or, in the case of clause (ii), to the extent necessary to maintain
the ordinary course of supplies to the Parent Borrower or any Restricted Subsidiary; 
 (d)    Investments in
Unrestricted Subsidiaries; provided that immediately after giving effect to any such Investment, the amount invested in the applicable Unrestricted Subsidiary pursuant to this clause (d), when aggregated with the amounts then invested
in all other Unrestricted Subsidiaries pursuant to this clause (d), shall not exceed at any time outstanding the greater of $40,000,000 and 1.0% of Consolidated Total Assets as of the last day of the most recent Test Period; 

(e)    (i) Permitted Acquisitions and (ii) Investments in Restricted Subsidiaries that are not Loan Parties in
amounts required to permit such Restricted Subsidiaries to consummate Permitted Acquisitions; provided that the aggregate amount of Investments made pursuant to this clause (ii) shall not exceed (x) the greater of
$160,000,000 and 4.0% of Consolidated Total Assets as of the last day of the most recent Test Period minus (y) the aggregate total consideration paid pursuant to clause (b)(ii)(A) of the definition of “Permitted
Acquisition”; 
 (f)    Investments (i) existing on, or contractually committed to or contemplated as of, the
Closing Date and described on Schedule 6.06 and (ii) any modification, replacement, renewal or extension of any Investment described in clause (i) above so long as no such modification, renewal or extension
thereof increases the amount of such Investment except by the terms thereof or as otherwise permitted by this Section 6.06); 

(g)    Investments received in lieu of Cash in connection with any Disposition permitted by
Section 6.07; 
 (h)    loans or advances to present or former employees, directors, members
of management, officers, managers or consultants or independent contractors (or their respective Immediate Family Members) of any Parent Company, the Parent Borrower and its subsidiaries to the extent permitted by Requirements of Law, in connection
with such Person’s purchase of Capital Stock of any Parent Company, either (i) in an aggregate principal amount not to exceed $10,000,000 at any one time outstanding or (ii) so long as the proceeds of such loan or advance are
substantially contemporaneously contributed to the Parent Borrower for the purchase of such Capital Stock; 

(i)    Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising
from the grant of trade credit in the ordinary course of business; 
 (j)    Investments consisting of Indebtedness
permitted under Section 6.01 (other than Indebtedness permitted under Sections 6.01(b) and (h)), Permitted Liens, Restricted Payments permitted under Section 6.04
(other than Section 6.04(a)(ix)), Restricted Debt Payments permitted by Section 6.04 and mergers, consolidations, amalgamations, liquidations, windings up, dissolutions or Dispositions permitted by
Section 6.07 (other than Section 6.07(a) (if made in reliance on subclause (ii)(y) of the proviso thereto), Section 6.07(b) (if made in reliance on
clause (ii) therein), Section 6.07(c)(ii) (if made in reliance on clause (B) therein) and Section 6.07(g)); 

(k)    Investments in the ordinary course of business consisting of endorsements for collection or deposit and customary
trade arrangements with customers; 

  
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 (l)    Investments (including debt obligations and Capital Stock)
received (i) in connection with the bankruptcy or reorganization of any Person, (ii) in settlement of delinquent obligations of, or other disputes with, customers, suppliers and other account debtors arising in the ordinary course of
business, (iii) upon foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment and/or (iv) as a result of the settlement, compromise, resolution of litigation, arbitration or other
disputes; 
 (m)    loans and advances of payroll payments or other compensation to present or former employees,
directors, members of management, officers, managers or consultants of any Parent Company (to the extent such payments or other compensation relate to services provided to such Parent Company (but excluding, for the avoidance of doubt, the portion
of any such amount, if any, attributable to the ownership or operations of any subsidiary of any Parent Company other than the Parent Borrower and/or its subsidiaries)), the Parent Borrower and/or any subsidiary in the ordinary course of business;

 (n)    Investments to the extent that payment therefor is made solely with Capital Stock of any Parent Company or
Capital Stock (other than Disqualified Capital Stock) of the Parent Borrower or any Restricted Subsidiary, in each case, to the extent not resulting in a Change of Control; 

(o)    (i) Investments of any Restricted Subsidiary acquired after the Closing Date, or of any Person acquired by, or
merged into or consolidated or amalgamated with, the Parent Borrower or any Restricted Subsidiary after the Closing Date, in each case as part of an Investment otherwise permitted by this Section 6.06 to the extent that
such Investments were not made in contemplation of or in connection with such acquisition, merger, amalgamation or consolidation and were in existence on the date of the relevant acquisition, merger, amalgamation or consolidation and (ii) any
modification, replacement, renewal or extension of any Investment permitted under clause (i) of this Section 6.06(o) so long as no such modification, replacement, renewal or extension thereof increases the
amount of such Investment except as otherwise permitted by this Section 6.06; 

(p)    [reserved]; 

(q)    Investments made after the Closing Date by the Parent Borrower and/or any of its Restricted Subsidiaries in an
aggregate amount not to exceed: 
 (i)    at any time outstanding, the greater of $160,000,000 and 4.0%
of Consolidated Total Assets as of the last day of the most recently ended Test Period, plus 

(ii)    at any time outstanding, the greater of $160,000,000 and 4.0% of Consolidated Total Assets as of
the last day of the most recently ended Test Period, minus (A) the amount of Restricted Payments made by the Parent Borrower or any Restricted Subsidiary in reliance on Section 6.04(a)(x), minus
(B) the amount of Restricted Debt Payments made by the Parent Borrower or any Restricted Subsidiary in reliance on Section 6.04(b)(iv)(B), plus 

(iii)    at any time outstanding, the greater of $160,000,000 and 4.0% of Consolidated Total Assets as of
the last day of the most recently ended Test Period, minus the amount of Restricted Debt Payments made in reliance on Section 6.04(b)(iv)(A), plus 

(iv)    in the event that (A) the Parent Borrower or any of its Restricted Subsidiaries makes any
Investment after the Closing Date in any Person that is not a Restricted Subsidiary and (B) such Person subsequently becomes a Restricted Subsidiary, an amount equal to 100.0% of the fair market value of such Investment as of the date on which
such Person becomes a Restricted Subsidiary; 

  
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 (r)    Investments made after the Closing Date by the Parent Borrower
and/or any of its Restricted Subsidiaries in an aggregate outstanding amount not to exceed (i) the portion, if any, of the Available Amount on such date that the Parent Borrower elects to apply to this clause (r)(i) plus
(ii) the portion, if any, of the Available Excluded Contribution Amount on such date that the Parent Borrower elects to apply to this clause (r)(ii); 

(s)    (i) Guarantees of leases (other than Capital Leases) or of other obligations not constituting Indebtedness and
(ii) Guarantees of the lease obligations of suppliers, customers, franchisees and licensees of the Parent Borrower and/or its Restricted Subsidiaries, in each case, in the ordinary course of business; 

(t)    Investments in any Parent Company in amounts and for purposes for which Restricted Payments to such Parent Company
are permitted under Section 6.04(a); provided that any Investment made as provided above in lieu of any such Restricted Payment shall reduce availability under the applicable Restricted Payment basket under
Section 6.04(a); 
 (u)    Investments made by any Restricted Subsidiary that is not a Loan
Party with the proceeds received by such Restricted Subsidiary from an Investment made by any Loan Party in such Restricted Subsidiary pursuant to this Section 6.06 (other than Investments made pursuant to clause
(ii) of Section 6.06(e) or Section 6.06(x)); 

(v)    Investments in subsidiaries and joint ventures in connection with reorganizations and related activities related to
tax planning; provided that, after giving effect to any such reorganization and/or related activity, the security interest of the Administrative Agent in the Collateral, taken as a whole, is not materially impaired; 

(w)    Investments under any Derivative Transaction of the type permitted under Section 6.01(s);

 (x)    Investments made in connection with the creation, formation and/or acquisition of any joint venture, or in any
Restricted Subsidiary to enable such Restricted Subsidiary to create, form and/or acquire any joint venture, in an aggregate outstanding amount not to exceed the greater of $80,000,000 and 2.0% of Consolidated Total Assets as of the last day of the
most recently ended Test Period for which financial statements have been delivered pursuant to Section 5.01(a) or (b), as applicable; 

(y)    Investments made in joint venture as required by, or made pursuant to, buy/sell arrangements between the joint
venture parties set forth in joint venture agreements and similar binding arrangements in effect on the Closing Date (other than any modification, replacement, renewal or extension of such Investments so long as no such modification, renewal or
extension thereof increased the amount of any such Investment except by the terms thereof or as otherwise permitted by this Section 6.06); 

(z)    unfunded pension fund and other employee benefit plan obligations and liabilities to the extent that they are
permitted to remain unfunded under applicable law; 

  
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 (aa)    Investments in the Borrower, any subsidiary and/or any joint
venture in connection with intercompany cash management arrangements and related activities in the ordinary course of business; 

(bb)    additional Investments so long as, after giving effect thereto on a Pro Forma Basis, the Total Leverage Ratio does
not exceed 4.75:1.00; 
 (cc)    Investments consisting of the licensing or contribution of IP Rights pursuant to joint
marketing arrangements with other Persons; and 
 (dd)    Investments made in connection with any NMTC Transaction. 

Section 6.07     Fundamental Changes; Disposition of Assets. The Parent Borrower shall not, nor shall it
permit any of its Restricted Subsidiaries to, enter into any transaction of merger, consolidation or amalgamation, or liquidate, wind up or dissolve themselves (or suffer any liquidation or dissolution), or make any Disposition having a fair market
value in excess of $20,000,000, in a single transaction or in a series of related transactions, except: 
 (a)    any
Restricted Subsidiary may be merged, consolidated or amalgamated with or into the Parent Borrower or any other Restricted Subsidiary; provided that (i) in the case of any such merger, consolidation or amalgamation with or into the
Borrower, (A) the Parent Borrower shall be the continuing or surviving Person or (B) if the Person formed by or surviving any such merger, consolidation or amalgamation is not the Parent Borrower (any such Person, the “Successor
Borrower”), (x) the Successor Borrower shall be an entity organized or existing under the law of the U.S., any state thereof or the District of Columbia, (y) the Successor Borrower shall expressly assume the Obligations of the Parent
Borrower in a manner reasonably satisfactory to the Administrative Agent and (z) except as the Administrative Agent may otherwise agree, each Guarantor, unless it is the other party to such merger, consolidation or amalgamation, shall have
executed and delivered a reaffirmation agreement with respect to its obligations under the Loan Guaranty and the other Loan Documents; it being understood and agreed that if the foregoing conditions under clauses (x) through (z)
are satisfied, the Successor Borrower will succeed to, and be substituted for, the Parent Borrower under this Agreement and the other Loan Documents, and (ii) in the case of any such merger, consolidation or amalgamation with or into any
Subsidiary Guarantor, either (x) such Subsidiary Guarantor shall be the continuing or surviving Person or the continuing or Surviving Person shall expressly assume the guarantee obligations of the Subsidiary Guarantor in a manner reasonably
satisfactory to the Administrative Agent or (y) the relevant transaction shall be treated as an Investment and shall comply with Section 6.06; 

(b)    Dispositions (including of Capital Stock) among the Parent Borrower and/or any Restricted Subsidiary (upon
voluntary liquidation or otherwise); provided that any such Disposition by any Loan Party to any Person that is not a Loan Party shall be (i) for fair market value (as reasonably determined by such Person) with at least 75% of the
consideration for such Disposition consisting of Cash or Cash Equivalents at the time of such Disposition or (ii) treated as an Investment and otherwise made in compliance with Section 6.06 (other than in reliance on
clause (j) thereof); 
 (c)    (i) the liquidation or dissolution of any Restricted Subsidiary if the Parent
Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Borrower, is not materially disadvantageous to the Lenders and the Parent Borrower or any Restricted Subsidiary receives any assets of the
relevant dissolved or liquidated Restricted Subsidiary; provided that in the case of any liquidation or dissolution of any Loan Party that results in a distribution of assets to any Restricted Subsidiary that is not a Loan Party, such
distribution shall be treated as an Investment and shall comply with Section 6.06 (other than in reliance on clause (j) thereof); (ii) any merger, amalgamation, 

  
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dissolution, liquidation or consolidation, the purpose of which is to effect (A) any Disposition otherwise permitted under this Section 6.07 (other than clause
(a), clause (b) or this clause (c)) or (B) any Investment permitted under Section 6.06; and (iii) the Parent Borrower or any Restricted Subsidiary may be converted into another form of
entity, in each case, so long as such conversion does not adversely affect the value of the Loan Guaranty or Collateral, if any; 

(d)    (x) Dispositions of inventory or equipment in the ordinary course of business (including on an intercompany
basis) and (y) the leasing or subleasing of real property in the ordinary course of business; 

(e)    Dispositions of surplus, obsolete, used or worn out property or other property that, in the reasonable judgment of
the Borrower, is (A) no longer useful in its business (or in the business of any Restricted Subsidiary of the Borrower) or (B) otherwise economically impracticable to maintain; 

(f)    Dispositions of Cash Equivalents or other assets that were Cash Equivalents when the relevant original Investment
was made; 
 (g)    Dispositions, mergers, amalgamations, consolidations or conveyances that constitute Investments
permitted pursuant to Section 6.06 (other than Section 6.06(j)), Permitted Liens, Restricted Payments permitted by Section 6.04(a) (other than
Section 6.04(a)(ix)) and Sale and Lease-back Transactions permitted by Section 6.08; 

(h)    Dispositions for fair market value; provided that with respect to any such Disposition with a purchase price
in excess of the greater of $25,000,000 and 1.0% of Consolidated Total Assets as of the last day of the most recently ended Test Period, as applicable, at least 75% of the consideration for such Disposition shall consist of Cash or Cash Equivalents
(provided that for purposes of the 75% Cash consideration requirement, (w) the amount of any Indebtedness or other liabilities (other than Indebtedness or other liabilities that are subordinated to the Obligations or that are owed to the
Parent Borrower or any Restricted Subsidiary) of the Parent Borrower or any Restricted Subsidiary (as shown on such Person’s most recent balance sheet or statement of financial position (or in the notes thereto) that are assumed by the
transferee of any such assets and for which the Parent Borrower and/or its applicable Restricted Subsidiary have been validly released by all relevant creditors in writing, (x) the amount of any trade-in
value applied to the purchase price of any replacement assets acquired in connection with such Disposition, (y) any Securities received by the Parent Borrower or any Restricted Subsidiary from such transferee that are converted by such Person
into Cash or Cash Equivalents (to the extent of the Cash or Cash Equivalents received) within 180 days following the closing of the applicable Disposition and (z) any Designated Non-Cash Consideration
received in respect of such Disposition having an aggregate fair market value, taken together with all other Designated Non-Cash Consideration received pursuant to this clause (z) and
Section 6.08 that is at that time outstanding, not in excess of the greater of $50,000,000 and 1.5% of Consolidated Total Assets as of the last day of the most recently ended Test Period, in each case, shall be deemed to be
Cash); provided, further, that (x) immediately prior to and after giving effect to such Disposition, as determined on the date on which the agreement governing such Disposition is executed, no Event of Default shall exist and
(y) the Net Proceeds of such Disposition shall be applied and/or reinvested as (and to the extent) required by Section 2.11(b)(ii); 

(i)    to the extent that (i) the relevant property is exchanged for credit against the purchase price of similar
replacement property or (ii) the proceeds of the relevant Disposition are promptly applied to the purchase price of such replacement property; 

  
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 (j)    Dispositions of Investments in joint ventures to the extent
required by, or made pursuant to, buy/sell arrangements between joint venture or similar parties set forth in the relevant joint venture arrangements and/or similar binding arrangements; 

(k)    Dispositions of accounts receivable in the ordinary course of business (including any discount and/or forgiveness
thereof and any factoring or similar arrangement) or in connection with the collection or compromise thereof; 

(l)    Dispositions and/or terminations of leases, subleases, licenses or sublicenses (including the provision of software
under any open source license), which (i) do not materially interfere with the business of the Parent Borrower and its Restricted Subsidiaries or (ii) relate to closed facilities or the discontinuation of any product line; 

(m)    (i) any termination of any lease in the ordinary course of business, (ii) any expiration of any option
agreement in respect of real or personal property and (iii) any surrender or waiver of contractual rights or the settlement, release or surrender of contractual rights or litigation claims (including in tort) in the ordinary course of business;

 (n)    Dispositions of property subject to foreclosure, casualty, eminent domain or condemnation proceedings
(including in lieu thereof or any similar proceeding); 
 (o)    Dispositions or consignments of equipment, inventory or
other assets (including leasehold interests in real property) with respect to facilities that are temporarily not in use, held for sale or closed; 

(p)    Dispositions in connection with the Existing Credit Agreement Transactions; 

(q)    Dispositions of non-core assets acquired in connection with any acquisition
permitted hereunder and sales of Real Estate Assets acquired in any acquisition permitted hereunder which, within 90 days of the date of such acquisition, are designated in writing to the Administrative Agent as being held for sale and not for the
continued operation of the Parent Borrower or any of its Restricted Subsidiaries or any of their respective businesses; provided that (i) the Net Proceeds received in connection with any such Disposition shall be applied and/or
reinvested as (and to the extent required) by Section 2.11(b)(ii) and (ii) no Event of Default exists on the date on which the definitive agreement governing the relevant Disposition is executed; 

(r)    exchanges or swaps, including transactions covered by Section 1031 of the Code (or any comparable provision of
any foreign jurisdiction), of property or assets so long as any such exchange or swap is made for fair value (as reasonably determined by the Borrower) for like property or assets; provided that (i) upon the consummation of any such
exchange or swap by any Loan Party, to the extent the property received does not constitute an Excluded Asset, the Administrative Agent has a perfected Lien with the same priority as the Lien held on the Real Estate Assets so exchanged or swapped
and (ii) any Net Proceeds received as “cash boot” in connection with any such transaction shall be applied and/or reinvested as (and to the extent required) by Section 2.11(b)(ii); 

(s)    [Reserved]; 

(t)    (i) licensing and cross-licensing arrangements involving any technology, intellectual property or IP Rights of the
Parent Borrower or any Restricted Subsidiary in the ordinary course of business and (ii) Dispositions, abandonments, cancellations or lapses of IP Rights, or issuances or registrations, or applications for issuances or registrations, of IP
Rights, which, in the reasonable good faith determination of the Borrower, are not material to the conduct of the business of the Parent Borrower or its Restricted Subsidiaries, or are no longer economical to maintain in light of its use; 

  
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 (u)    terminations or unwinds of Derivative Transactions; 

(v)    Dispositions of Capital Stock of, or sales of Indebtedness or other Securities of, Unrestricted Subsidiaries; 

(w)    Dispositions of Real Estate Assets and related assets in the ordinary course of business in connection with
relocation activities for directors, officers, employees, members of management, managers or consultants of any Parent Company, the Parent Borrower and/or any Restricted Subsidiary; 

(x)    Dispositions made to comply with any order of any agency of the U.S. Federal government, any state, authority or
other regulatory body or any applicable Requirements of Law; 
 (y)    any merger, consolidation, Disposition or
conveyance the sole purpose of which is to reincorporate or reorganize any Domestic Subsidiary in another jurisdiction in the U.S.; 

(z)    Dispositions or conveyances that arise out of or relate to any (i) Specified Lease Transaction or
(ii) NMTC Transaction; 
 (aa)    any sale of motor vehicles and information technology equipment purchased at the
end of an operating lease and resold thereafter; and 
 (bb)    other Dispositions involving assets having a fair market
value (as reasonably determined by the Parent Borrower at the time of the relevant Disposition) in the aggregate since the Closing Date of not more than the greater of $40,000,000 and 1.0% of Consolidated Total Assets as of the last day of the most
recently ended Test Period. 
 To the extent that any Collateral is Disposed of as expressly permitted by this Section 6.07 to any
Person other than a Loan Party, such Collateral shall be sold free and clear of the Liens created by the Loan Documents, which Liens shall be automatically released upon the consummation of such Disposition; it being understood and agreed that the
Administrative Agent shall be authorized to take, and shall take, any actions deemed appropriate in order to effect the foregoing in accordance with Article 8. 

Section 6.08     Sale and Lease-Back Transactions. The Parent Borrower shall not, nor shall it permit any of
its Restricted Subsidiaries to, directly or indirectly, become or remain liable as lessee or as a guarantor or other surety with respect to any lease of any property (whether real, personal or mixed), whether now owned or hereafter acquired, which
the Parent Borrower or the relevant Restricted Subsidiary (a) has sold or transferred or is to sell or to transfer to any other Person (other than the Parent Borrower or any of its Restricted Subsidiaries) and (b) intends to use for
substantially the same purpose as the property which has been or is to be sold or transferred by the Parent Borrower or such Restricted Subsidiary to any Person (other than the Parent Borrower or any of its Restricted Subsidiaries) in connection
with such lease (such a transaction described herein, a “Sale and Lease-Back Transaction”); provided that any Sale and Lease-Back Transaction shall be permitted so long as (i) the Net Proceeds of such Disposition are
applied and/or reinvested as (and to the extent) required by Section 2.11(b)(ii) and (ii) (x) such Sale and Lease-Back Transaction (A) is permitted by Section 6.01(m), (B) is set forth on
Schedule 6.08 hereto or (C) (1) at least 75% of the consideration for such Sale and Lease-Back Transaction shall consist of Cash or Cash Equivalents (provided that for purposes of the 75% Cash consideration requirement, any
Designated Non-Cash Consideration received in respect of such 

  
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Disposition having an aggregate fair market value, taken together with all other Designated Non-Cash Consideration received pursuant to this
Section 6.08 and Section 7.07(h) that is at that time outstanding, not in excess of the greater of $50,000,000 and 1.5% of Consolidated Total Assets as of the last day of the most recently ended
Test Period, in each case, shall be deemed to be Cash), (2) the Parent Borrower or its applicable Restricted Subsidiary would otherwise be permitted to enter into, and remain liable under, the applicable underlying lease and (3) the aggregate
fair market value of the assets sold subject to all Sale and Lease-Back Transactions under this clause (B) shall not exceed the greater of $100,000,000 and 2.5% of Consolidated Total Assets as of the last day of the more recently ended
Test Period or (y) it relates to a Specified Lease Transaction. 
 Section 6.09     Transactions with
Affiliates. The Parent Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to, enter into any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) involving payment
in excess of $10,000,000 with any of their respective Affiliates on terms that are less favorable to the Parent Borrower or such Restricted Subsidiary, as the case may be (as reasonably determined by the Borrower), than those that might be obtained
at the time in a comparable arm’s-length transaction from a Person who is not an Affiliate; provided that the foregoing restriction shall not apply to: 

(a)    any transaction between or among the Parent Borrower and/or one or more Restricted Subsidiaries (or any entity that
becomes a Restricted Subsidiary as a result of such transaction) to the extent permitted or not restricted by this Agreement; 

(b)    any issuance, sale or grant of securities or other payments, awards or grants in cash, securities or otherwise
pursuant to, or the funding of employment arrangements, stock options and stock ownership plans approved by the board of directors (or equivalent governing body) of any Parent Company or of the Parent Borrower or any Restricted Subsidiary; 

(c)    (i) any collective bargaining, employment or severance agreement or compensatory (including profit sharing)
arrangement entered into by the Parent Borrower or any of its Restricted Subsidiaries with their respective current or former officers, directors, members of management, managers, employees, consultants or independent contractors or those of any
Parent Company, (ii) any subscription agreement or similar agreement pertaining to the repurchase of Capital Stock pursuant to put/call rights or similar rights with current or former officers, directors, members of management, managers,
employees, consultants or independent contractors and (iii) transactions pursuant to any employee compensation, benefit plan, stock option plan or arrangement, any health, disability or similar insurance plan which covers current or former
officers, directors, members of management, managers, employees, consultants or independent contractors or any employment contract or arrangement; 

(d)    (i) transactions permitted by Sections 6.01(d), (o), (bb) and (ee),
6.04 and 6.06(h), (m), (o), (t), (v), (x), (y), (z) and (aa) and (ii) issuances of Capital Stock and Indebtedness not restricted by this Agreement; 

(e)    transactions in existence on the Closing Date and any amendment, modification or extension thereof to the extent
such amendment, modification or extension, taken as a whole, is not (i) materially adverse to the Lenders or (ii) more disadvantageous to the Lenders than the relevant transaction in existence on the Closing Date; 

(f)    (i) so long as no Event of Default under Section 7.01(a), 7.01(f) or
7.01(g) then exists or would result therefrom, the payment of management, monitoring, consulting, advisory and similar fees to any Investor in the amount permitted by the Management Agreement (as in effect on the

  
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Closing Date) and (ii) the payment of all indemnification obligations and expenses owed to any Investor and any of their respective directors, officers, members of management, managers,
employees and consultants, in each case of clauses (i) and (ii) whether currently due or paid in respect of accruals from prior periods; 

(g)    the Existing Credit Agreement Transactions, including the payment of Existing Credit Agreement Transaction Costs
and payments required under the Reorganization Agreement; 
 (h)    customary compensation to Affiliates in connection
with financial advisory, financing, underwriting or placement services or in respect of other investment banking activities and other transaction fees, which payments are approved by the majority of the members of the board of directors (or similar
governing body) or a majority of the disinterested members of the board of directors (or similar governing body) of the Parent Borrower in good faith; 

(i)    Guarantees permitted by Section 6.01 or Section 6.06; 

(j)    loans and other transactions among the Loan Parties to the extent permitted under this Article 6; 

(k)    the payment of customary fees and reasonable
out-of-pocket costs to, and indemnities provided on behalf of, members of the board of directors (or similar governing body), officers, employees, members of management,
managers, consultants and independent contractors of the Parent Borrower and/or any of its Restricted Subsidiaries in the ordinary course of business and, in the case of payments to such Person in such capacity on behalf of any Parent Company, to
the extent attributable to the operations of the Parent Borrower or its Restricted Subsidiaries; 
 (l)    transactions
with customers, clients, suppliers, joint ventures, purchasers or sellers of goods or services or providers of employees or other labor entered into in the ordinary course of business, which are (i) fair to the Parent Borrower and/or its
applicable Restricted Subsidiary in the good faith determination of the board of directors (or similar governing body) of the Parent Borrower or the senior management thereof or (ii) on terms at least as favorable as might reasonably be
obtained from a Person other than an Affiliate; 
 (m)    the payment of reasonable out-of-pocket costs and expenses related to registration rights and customary indemnities provided to shareholders under any shareholder agreement; 

(n)    (i) any purchase by Holdings of the Capital Stock of (or contribution to the equity capital of) the Parent Borrower
and (ii) any intercompany loans made by Holdings to the Parent Borrower or any Restricted Subsidiary; and 

(o)    any transaction in respect of which the Parent Borrower delivers to the Administrative Agent a letter addressed to
the board of directors (or equivalent governing body) of the Parent Borrower from an accounting, appraisal or investment banking firm of nationally recognized standing stating that such transaction is on terms that are no less favorable to the
Parent Borrower or the applicable Restricted Subsidiary than might be obtained at the time in a comparable arm’s length transaction from a Person who is not an Affiliate. 

Section 6.10     Conduct of Business. From and after the Closing Date, the Parent Borrower shall not, nor
shall it permit any of its Restricted Subsidiaries to, engage in any material line of business other than (a) the businesses engaged in by the Parent Borrower or any Restricted Subsidiary on the Closing Date and similar, complementary,
ancillary or related businesses and (b) such other lines of business to which the Administrative Agent may consent. 

  
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 Section 6.11     Amendments or Waivers of Organizational
Documents. The Borrowers shall not, nor shall they permit any Subsidiary Guarantor to, amend or modify their respective Organizational Documents, in each case in a manner that is materially adverse to the Lenders (in their capacities as such)
without obtaining the prior written consent of the Administrative Agent; provided that, for purposes of clarity, it is understood and agreed that the Borrowers and/or any Subsidiary Guarantor may effect a change to its organizational form
and/or consummate any other transaction that is permitted under Section 6.07. 
 Section 6.12
    Amendments of or Waivers with Respect to Restricted Debt. The Parent Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to, amend or otherwise modify the terms of any Restricted Debt (or the
documentation governing the foregoing) if the effect of such amendment or modification, together with all other amendments or modifications made, is materially adverse to the interests of the Lenders (in their capacities as such); provided
that, for purposes of clarity, it is understood and agreed that the foregoing limitation shall not otherwise prohibit any Refinancing Indebtedness or any other replacement, refinancing, amendment, supplement, modification, extension, renewal,
restatement or refunding of any Restricted Debt, in each case, that is permitted under this Agreement in respect thereof. 

Section 6.13     Fiscal Year. The Parent Borrower shall not change its Fiscal
Year-end to a date other than December 31; provided, that, the Parent Borrower may, upon written notice to the Administrative Agent, change the Fiscal Year-end of
the Parent Borrower to another date, in which case the Parent Borrower and the Administrative Agent will, and are hereby authorized to, make any adjustments to this Agreement that are necessary to reflect such change in Fiscal Year. 

Section 6.14     Permitted Activities of Holdings. Holdings shall not: 

(a)    incur any Indebtedness for borrowed money other than (i) Indebtedness under the Loan Documents, any ABL
Facility, the Existing Credit Agreement and the 2025 Senior Unsecured Notes or otherwise in connection with the Existing Credit Agreement Transactions and the Transactions, (ii) Indebtedness of the type permitted under Section 6.01(o) and
(iii) Guarantees of (x) Indebtedness or other obligations of the Parent Borrower and/or any Restricted Subsidiary that are otherwise permitted hereunder and (y) Indebtedness or other obligations under any ABL Facility and the 2025
Senior Unsecured Notes; 
 (b)    create or suffer to exist any Lien on any property or asset now owned or hereafter
acquired by it other than (i) the Liens created under the Collateral Documents to which it is a party, (ii) any other Lien created in connection with the Existing Credit Agreement Transactions or the Transactions, (iii) Permitted
Liens on the Collateral that are secured on a pari passu or junior basis with the Secured Obligations, so long as such Permitted Liens secure Guarantees permitted under clause (a)(iii) above and the underlying Indebtedness subject to
such Guarantee is permitted to be secured on the same basis pursuant to Section 6.02 and (iv) Liens of the type permitted under Section 6.02 (other than in respect of debt for borrowed money);

 (c)    engage in any business activity or own any material assets other than (i) holding the Capital Stock of
the Borrower, as applicable, and, indirectly, any other subsidiary of the Borrower, (ii) performing its obligations under the Loan Documents, any ABL Facility, the Existing Credit Agreement, the 2025 Senior Unsecured Notes, any ABL Facility and
other Indebtedness, Liens (including the granting of Liens) and Guarantees permitted hereunder and any permitted refinancing thereof; (iii) issuing 

  
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its own Capital Stock (including, for the avoidance of doubt, the making of any dividend or distribution on account of, or any redemption, retirement, sinking fund or similar payment, purchase or
other acquisition for value of, any shares of any class of Capital Stock); (iv) filing Tax reports and paying Taxes and other customary obligations in the ordinary course (and contesting any Taxes); (v) preparing reports to Governmental Authorities
and to its shareholders; (vi) holding director and shareholder meetings, preparing organizational records and other organizational activities required to maintain its separate organizational structure or to comply with applicable Requirements
of Law; (vii) effecting any initial public offering of its Capital Stock; (viii) holding (A) Cash, Cash Equivalents and other assets received in connection with permitted distributions or dividends received from, or permitted
Investments or permitted Dispositions made by, any of its subsidiaries or permitted contributions to the capital of, or proceeds from the issuance of Capital Stock of, Holdings pending the application thereof and (B) the proceeds of
Indebtedness permitted by Section 6.01; (x) providing indemnification for its officers, directors, members of management, employees and advisors or consultants; (xi) participating in tax, accounting and other
administrative matters; (xii) making payments of the type permitted under Section 6.09(f) and the performance of its obligations under any document, agreement and/or Investment contemplated by the Existing Credit
Agreement Transactions or the Transactions or otherwise not prohibited under this Agreement; (xiii) complying with applicable Requirements of Law (including with respect to the maintenance of its existence); (xiv) making and holding
intercompany loans to the Parent Borrower and/or the Restricted Subsidiaries of the Borrower, as applicable; (xv) making and holding Investments of the type permitted under Section 6.06(h); and (xvi) activities
incidental to any of the foregoing; or 
 (d)    consolidate or amalgamate with, or merge with or into, or convey, sell
or otherwise transfer all or substantially all of its assets to, any Person; provided that, so long as no Default or Event of Default exists or would result therefrom, (A) Holdings may consolidate or amalgamate with, or merge with or
into, any other Person (other than the Parent Borrower and any of its subsidiaries) so long as (i) Holdings is the continuing or surviving Person or (ii) if the Person formed by or surviving any such consolidation, amalgamation or merger
is not Holdings, (x) the successor Person expressly assumes all obligations of Holdings under this Agreement and the other Loan Documents to which Holdings is a party pursuant to a supplement hereto and/or thereto in a form reasonably
satisfactory to the Administrative Agent and (y) the Parent Borrower delivers a certificate of a Responsible Officer with respect to the satisfaction of the conditions set forth in clause (x) of this clause (A) and (B)
Holdings may convey, sell or otherwise transfer all or substantially all of its assets to any other Person (other than the Parent Borrower and any of its subsidiaries) so long as (x) no Change of Control results therefrom, (y) the Person
acquiring such assets expressly assumes all of the obligations of Holdings under this Agreement and the other Loan Documents to which Holdings is a party pursuant to a supplement hereto and/or thereto in a form reasonably satisfactory to the
Administrative Agent and (z) the Parent Borrower delivers a certificate of a Responsible Officer with respect to the satisfaction of the conditions under clause (x) set forth in this
clause (B); provided, further, that if the conditions set forth in the preceding proviso are satisfied, the successor to Holdings will succeed to, and be substituted for, Holdings under this Agreement and all
references herein and in the other Loan Documents to Holdings shall be deemed a reference to such successor. 

  
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 ARTICLE 7 

EVENTS OF DEFAULT 

Section 7.01     Events of Default. If any of the following events (each, an “Event of
Default”) shall occur: 
 (a)    Failure To Make Payments When Due. Failure by any Borrower to pay
(i) any installment of principal of any Loan when due, whether at stated maturity, by acceleration, by notice of voluntary prepayment, by mandatory prepayment or otherwise; or (ii) any interest on any Loan or any fee or any other amount
due hereunder within five Business Days after the date due; or 
 (b)    Default in Other Agreements.
(i) Failure by any Loan Party or any of its Restricted Subsidiaries to pay when due any principal of or interest on or any other amount payable in respect of one or more items of Indebtedness (other than Indebtedness referred to in clause
(a) above) with an aggregate outstanding principal amount exceeding the Threshold Amount, in each case beyond the grace period, if any, provided therefor; or (ii) breach or default by any Loan Party or any of its Restricted
Subsidiaries with respect to any other term of (A) one or more items of Indebtedness with an aggregate outstanding principal amount exceeding the Threshold Amount or (B) any loan agreement, mortgage, indenture or other agreement relating
to such item(s) of Indebtedness (other than, for the avoidance of doubt, with respect to Indebtedness consisting of Hedging Obligations, termination events or equivalent events pursuant to the terms of the relevant Hedge Agreement which are not the
result of any default thereunder by any Loan Party or any Restricted Subsidiary), in each case beyond the grace period, if any, provided therefor, if the effect of such breach or default is to cause, or to permit the holder or holders of such
Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause, such Indebtedness to become or be declared due and payable (or redeemable) prior to its stated maturity or the stated maturity of any underlying obligation, as the
case may be; provided that clause (ii) of this paragraph (b) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property securing such Indebtedness if such
sale or transfer is permitted hereunder; provided, further, that any failure described under clause (i) or (ii) above is unremedied and is not waived by the holders of such Indebtedness prior to
any termination of the Commitments or acceleration of the Loans pursuant to Article 7; provided, further, that with respect to any such failure referred to in clause (ii) of this paragraph (b) as it
relates to obligations in respect of any financial covenant (after giving effect to any cure right) set forth in the ABL Credit Agreement or the documentation governing any ABL Facility, such failure shall only constitute a Default or an Event of
Default if such failure results in the acceleration of the obligations and the termination of commitments thereunder; 

(c)    Breach of Certain Covenants. Failure of any Loan Party, as required by the relevant provision, to perform or
comply with any term or condition contained in Section 5.01(e)(i), Section 5.02 (as it applies to the preservation of the existence of the Borrower), or Article 6; or 

(d)    Breach of Representations, Etc. Any representation, warranty or certification made or deemed made by any
Loan Party in any Loan Document or in any certificate required to be delivered in connection herewith or therewith (including, for the avoidance of doubt, any Perfection Certificate and any Perfection Certificate Supplement) being untrue in any
material respect as of the date made or deemed made; or 
 (e)    Other Defaults Under Loan Documents. Default by
any Loan Party in the performance of or compliance with any term contained herein or any of the other Loan Documents, other than any such term referred to in any other Section of this Article 7, which default has not been remedied or waived
within 30 days after receipt by the Parent Borrower of written notice thereof from the Administrative Agent; or 

(f)    Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) The entry by a court of competent
jurisdiction of a decree or order for relief in respect of Holdings, the Parent Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary) in an involuntary case under any Debtor Relief Law now or hereafter in effect,
which decree or order is not stayed; or any other similar relief shall be granted under any applicable federal, state or local law; or (ii) the commencement of an 

  
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involuntary case against Holdings, the Parent Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary) under any Debtor Relief Law; the entry by a court having
jurisdiction in the premises of a decree or order for the appointment of a receiver, receiver and manager, (preliminary) insolvency receiver, liquidator, sequestrator, trustee, custodian or other officer having similar powers over Holdings, the
Parent Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary), or over all or a substantial part of its property; or the involuntary appointment of an interim receiver, trustee or other custodian of Holdings, the
Parent Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary) for all or a substantial part of its property, which remains undismissed, unvacated, unbounded or unstayed pending appeal for 60 consecutive days; or 

(g)    Voluntary Bankruptcy; Appointment of Receiver, Etc. (i) The entry against Holdings, the Parent Borrower
or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary) of an order for relief, the commencement by Holdings, the Parent Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary) of a voluntary case
under any Debtor Relief Law, or the consent by Holdings, the Parent Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary) to the entry of an order for relief in an involuntary case or to the conversion of an
involuntary case to a voluntary case, under any Debtor Relief Law, or the consent by the Parent Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary) to the appointment of or taking possession by a receiver, receiver
and manager, trustee or other custodian for all or a substantial part of its property; (ii) the making by Holdings, the Parent Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary) of a general assignment for the
benefit of creditors; or (iii) the admission by Holdings, the Parent Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary) in writing of their inability to pay their respective debts as such debts become due; or

 (h)    Judgments and Attachments. The entry or filing of one or more final money judgments, writs or warrants
of attachment or similar process against Holdings, the Parent Borrower or any of its Restricted Subsidiaries or any of their respective assets involving in the aggregate at any time an amount in excess of the Threshold Amount (in either case to the
extent not adequately covered by self-insurance (if applicable) or by insurance as to which the relevant third party insurance company has been notified and not denied coverage), which judgment, writ, warrant or similar process remains unpaid,
undischarged, unvacated, unbonded or unstayed pending appeal for a period of 60 days; or 
 (i)    Employee Benefit
Plans. The occurrence of one or more ERISA Events, which individually or in the aggregate result in liability of Holdings, the Parent Borrower or any of its Restricted Subsidiaries in an aggregate amount which would reasonably be expected to
result in a Material Adverse Effect; or 
 (j)    Change of Control. The occurrence of a Change of Control; or

 (k)    Guaranties, Collateral Documents and Other Loan Documents. At any time after the execution and delivery
thereof (i) any material Loan Guaranty for any reason ceasing to be in full force and effect (other than in accordance with its terms or as a result of the occurrence of the Termination Date) or being declared to be null and void or the
repudiation in writing by any Loan Party of its obligations thereunder (other than as a result of the discharge of such Loan Party in accordance with the terms thereof), (ii) this Agreement or any material Collateral Document ceasing to be in full
force and effect (other than by reason of a release of Collateral in accordance with the terms hereof or thereof, the occurrence of the Termination Date or any other termination of such Collateral Document in accordance with the terms thereof) or
being declared null and void or any Lien on Collateral created under any Collateral Document ceasing to be perfected with respect to a material portion of the Collateral (other than solely by reason of (x) the failure of the Administrative
Agent to maintain possession of any 

  
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Collateral actually delivered to it or the failure of the Administrative Agent to file UCC (or equivalent) continuation statements, (y) a release of Collateral in accordance with the terms
hereof or thereof or (z) the occurrence of the Termination Date or any other termination of such Collateral Document in accordance with the terms thereof) or (iii) the contesting by any Loan Party of the validity or enforceability of any
material provision of any Loan Document (or any Lien purported to be created by the Collateral Documents or Loan Guaranty) in writing or denial by any Loan Party in writing that it has any further liability (other than by reason of the occurrence of
the Termination Date), including with respect to future advances by the Lenders, under any Loan Document to which it is a party; or 

(l)    Subordination. The Obligations ceasing or the assertion in writing by any Loan Party that the Obligations
cease to constitute senior indebtedness under the subordination provisions of any document or instrument evidencing any permitted Subordinated Indebtedness in excess of the Threshold Amount or any such subordination provision being invalidated or
otherwise ceasing, for any reason, to be valid, binding and enforceable obligations of the parties thereto; 
 then, and in every such event (other than an
event with respect to the Parent Borrower described in clause (f) or (g) of this Article)) and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders
shall, by notice to the Borrower, take any of the following actions, at the same or different times: (i) terminate any Additional Commitments, and thereupon such Commitments and/or Additional Commitments shall terminate immediately, and
(ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so
declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrowers accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind,
all of which are hereby waived by the Borrower; provided that upon the occurrence of an event with respect to the Parent Borrower described in clause (f) or (g) of this Article, any such Commitments and/or Additional
Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Parent Borrower accrued hereunder, shall automatically become due and
payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower. Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent may, and at the request of the
Required Lenders shall, exercise any rights and remedies provided to the Administrative Agent under the Loan Documents or at law or equity, including all remedies provided under the UCC. 

ARTICLE 8 
 THE ADMINISTRATIVE
AGENT 
 Each of the Lenders hereby irrevocably appoints Credit Suisse (or any successor appointed pursuant hereto) as Administrative Agent
and authorizes the Administrative Agent to take such actions on its behalf, including execution of the other Loan Documents, and to exercise such powers as are delegated to the Administrative Agent by the terms of the Loan Documents, together with
such actions and powers as are reasonably incidental thereto. 
 Any Person serving as 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, unless
the context otherwise requires or unless such Person is in fact not a Lender, include each Person serving as Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as
the financial advisor or in any other advisory capacity for and 

  
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generally engage in any kind of business with any Loan Party or any subsidiary of any Loan Party or other Affiliate thereof as if it were not the Administrative Agent hereunder. The Lenders
acknowledge that, pursuant to such activities, the Administrative Agent or its Affiliates may receive information regarding any Loan Party or any of its Affiliates (including information that may be subject to confidentiality obligations in favor of
such Loan Party or such Affiliate) and acknowledge that the Administrative Agent shall not be under any obligation to provide such information to them. 

The Administrative Agent shall not have any duties or obligations except those expressly set forth in the Loan Documents. Without limiting the
generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default or Event of Default exists, and the use of the term “agent” herein and in the
other Loan Documents with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law; it being understood that such term is used merely
as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise
any discretionary power, except discretionary rights and powers that are expressly contemplated by the Loan Documents and which the Administrative Agent is required to exercise in writing as directed by the Required Lenders (or such other number or
percentage of the Lenders as shall be necessary under the relevant circumstances as provided in Section 9.02); 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 laws, and (c) except as expressly set forth in the Loan Documents, the Administrative Agent shall not have any
duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Parent Borrower or any of its Restricted Subsidiaries that is communicated to or obtained by the Person serving as Administrative Agent or any of
its Affiliates in any capacity. The Administrative Agent shall not be liable to the Lenders or any other Secured Party for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or
percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the relevant circumstances as provided in Section 9.02) or in the absence of its own
gross negligence or willful misconduct, as determined by the final judgment of a court of competent jurisdiction, in connection with its duties expressly set forth herein. The Administrative Agent shall not be deemed to have knowledge of any Default
or Event of Default unless and until written notice thereof is given to the Administrative Agent by the Parent Borrower or any Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into
(i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or in connection with any Loan Document, (iii) the
performance or observance of any covenant, agreement or other term or condition set forth in any Loan Document or the occurrence of any Default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of any Loan
Document or any other agreement, instrument or document, (v) the creation, perfection or priority of any Lien on the Collateral or the existence, value or sufficiency of the Collateral, (vi) the satisfaction of any condition set forth in
Article 4 or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent or (vii) any property, book or record of any Loan Party or any Affiliate thereof. 

If any Lender acquires knowledge of a Default or Event of Default, it shall promptly notify the Administrative Agent and the other Lenders
thereof in writing. Each Lender agrees that, except with the written consent of the Administrative Agent, it will not take any enforcement action hereunder or under any other Loan Document, accelerate the Obligations under any Loan Document, or
exercise any right that it might otherwise have under applicable law or otherwise to credit bid at any foreclosure sale, UCC sale, any sale under Section 363 of the Bankruptcy Code or other similar Dispositions of Collateral.

  
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Notwithstanding the foregoing, however, a Lender may take action to preserve or enforce its rights against a Loan Party where a deadline or limitation period is applicable that would, absent such
action, bar enforcement of the Obligations held by such Lender, including the filing of a proof of claim in a case under the Bankruptcy Code. 

Notwithstanding anything to the contrary contained herein or in any of the other Loan Documents, the Borrowers, the Administrative Agent and
each Secured Party agree that (i) no Secured Party shall have any right individually to realize upon any of the Collateral or to enforce the Loan Guaranty; it being understood and agreed that all powers, rights and remedies hereunder may be
exercised solely by, the Administrative Agent, on behalf of the Secured Parties in accordance with the terms hereof and all powers, rights and remedies under the other Loan Documents may be exercised solely by, the Administrative Agent, and
(ii) in the event of a foreclosure by the Administrative Agent on any of the Collateral pursuant to a public or private sale or in the event of any other Disposition (including pursuant to Section 363 of the Bankruptcy Code), (A) the
Administrative Agent, as agent for and representative of the Secured Parties, shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such sale, to use
and apply any of the Obligations as a credit on account of the purchase price for any Collateral payable by the Administrative Agent at such Disposition and (B) the Administrative Agent or any Lender may be the purchaser or licensor of any or
all of such Collateral at any such Disposition. 
 No holder of any Secured Hedging Obligation or Banking Services Obligation in its
respective capacity as such shall have any rights in connection with the management or release of any Collateral or of the obligations of any Loan Party under this Agreement. 

Each of the Lenders hereby irrevocably authorizes (and by entering into a Hedge Agreement with respect to any Secured Hedging Obligation
and/or by entering into documentation in connection with any Banking Services Obligation, each of the other Secured Parties hereby authorizes and shall be deemed to authorize) the Administrative Agent, on behalf of all Secured Parties to take any of
the following actions upon the instruction of the Required Lenders: 
 (a)    consent to the Disposition of all or any
portion of the Collateral free and clear of the Liens securing the Secured Obligations in connection with any Disposition pursuant to the applicable provisions of the Bankruptcy Code, including Section 363 thereof; 

(b)    credit bid all or any portion of the Secured Obligations, or purchase all or any portion of the Collateral (in each
case, either directly or through one or more acquisition vehicles), in connection with any Disposition of all or any portion of the Collateral pursuant to the applicable provisions of the Bankruptcy Code, including under Section 363 thereof;

 (c)    credit bid all or any portion of the Secured Obligations, or purchase all or any portion of the Collateral (in
each case, either directly or through one or more acquisition vehicles), in connection with any Disposition of all or any portion of the Collateral pursuant to the applicable provisions of the UCC, including pursuant to Sections 9-610 or 9-620 of the UCC; 
 (d)    credit
bid all or any portion of the Secured Obligations, or purchase all or any portion of the Collateral (in each case, either directly or through one or more acquisition vehicles), in connection with any foreclosure or other Disposition conducted in
accordance with applicable law following the occurrence of an Event of Default, including by power of sale, judicial action or otherwise; and/or 

  
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 (e)    estimate the amount of any contingent or unliquidated Secured
Obligations of such Lender or other Secured Party; 
 it being understood that no Lender shall be required to fund any amount in connection with any
purchase of all or any portion of the Collateral by the Administrative Agent pursuant to the foregoing clause (b), (c) or (d) without its prior written consent. 

Each Secured Party agrees that the Administrative Agent is under no obligation to credit bid any part of the Secured Obligations or to
purchase or retain or acquire any portion of the Collateral; provided that, in connection with any credit bid or purchase described under clause (b), (c) or (d) of the preceding paragraph, the
Secured Obligations owed to all of the Secured Parties (other than with respect to contingent or unliquidated liabilities as set forth in the next succeeding paragraph) may be, and shall be, credit bid by the Administrative Agent on a ratable basis.

 With respect to each contingent or unliquidated claim that is a Secured Obligation, the Administrative Agent is hereby authorized, but is
not required, to estimate the amount thereof for purposes of any credit bid or purchase described in the second preceding paragraph so long as the estimation of the amount or liquidation of such claim would not unduly delay the ability of the
Administrative Agent to credit bid the Secured Obligations or purchase the Collateral in the relevant Disposition. In the event that the Administrative Agent, in its sole and absolute discretion, elects not to estimate any such contingent or
unliquidated claim or any such claim cannot be estimated without unduly delaying the ability of the Administrative Agent to consummate any credit bid or purchase in accordance with the second preceding paragraph, then any contingent or unliquidated
claims not so estimated shall be disregarded, shall not be credit bid, and shall not be entitled to any interest in the portion or the entirety of the Collateral purchased by means of such credit bid. 

Each Secured Party whose Secured Obligations are credit bid under clause (b), (c) or (d) of the
third preceding paragraph shall be entitled to receive interests in the Collateral or any other asset acquired in connection with such credit bid (or in the Capital Stock of the acquisition vehicle or vehicles that are used to consummate such
acquisition) on a ratable basis in accordance with the percentage obtained by dividing (x) the amount of the Secured Obligations of such Secured Party that were credit bid in such credit bid or other Disposition, by (y) the aggregate
amount of all Secured Obligations that were credit bid in such credit bid or other Disposition. 
 In addition, in case of the pendency of
any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, each Secured Party agrees that the Administrative Agent (irrespective of whether the principal of any Loan is then 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 Parent Borrower) shall be entitled and empowered, 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 and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts to the extent due to the Lenders and the Administrative Agent under Sections
2.12 and 9.03) allowed in such judicial proceeding; and 

  
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 (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 consents to the making of such payments
directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amount due to the Administrative
Agent under Sections 2.12 and 9.03. 
 Nothing contained herein shall be deemed to authorize the
Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the Administrative
Agent to vote in respect of the claim of any Lender in any such proceeding. 
 The Administrative Agent shall be entitled to rely upon, and
shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it
to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and
shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such
condition is satisfactory to such Lender unless the Administrative Agent has received notice to the contrary from such Lender prior to the making of such Loan. The Administrative Agent may consult with legal counsel (who may be counsel for the
Borrowers), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

The Administrative Agent may perform any and all of its duties and exercise its rights and powers by or through any one or more sub-agents appointed by it. The Administrative Agent and any such sub-agent may perform any and all of their respective duties and exercise their respective rights and powers
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 the Administrative Agent. 

The Administrative Agent may resign or be removed at any time by delivery of ten days’ prior written notice to the Lenders and the Parent
Borrower or the Administrative Agent, as applicable. If the Administrative Agent becomes subject to an insolvency proceeding, either the Required Lenders or the Borrowers may, upon ten days’ notice, remove the Administrative Agent. Upon receipt
of any such notice of resignation or delivery of any such notice of removal, the Required Lenders shall have the right, with the consent of the Parent Borrower (not to be unreasonably withheld or delayed), to appoint a successor Administrative Agent
which shall be a commercial bank or trust company with offices in the U.S. having combined capital and surplus in excess of $1,000,000,000; provided that during the existence and continuation of an Event of Default under
Section 7.01(a) or, with respect to Holdings or the Borrowers, Section 7.01(f) or (g), no consent of the Parent Borrower shall be required. If no successor shall have been appointed as
provided above and accepted such appointment within ten days after the retiring Administrative Agent gives notice of its resignation or the Administrative Agent receives notice of removal, then (a) in the case of a retirement, the retiring
Administrative Agent may (but shall not be obligated to), on behalf of the Lenders, appoint a successor Administrative Agent meeting the 

  
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qualifications set forth above (including, for the avoidance of doubt, consent of the Parent Borrower) or (b) in the case of a removal, the Parent Borrower may, after consulting with the
Required Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above; provided that (x) in the case of a retirement, if the Administrative Agent notifies the Parent Borrower, the Lenders that no
qualifying Person has accepted such appointment or (y) in the case of a removal, the Parent Borrower notifies the Required Lenders that no qualifying Person has accepted such appointment, then, in each case, such resignation or removal shall
nonetheless become effective in accordance with and on the 30th day following delivery of such notice and (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 collateral security held by the Administrative Agent in its capacity as collateral agent for the Secured Parties for perfection purposes, the retiring Administrative Agent shall continue to hold such
collateral security until such time as a successor Administrative Agent is appointed) and (ii) all payments, communications and determinations required to be made by, to or through the Administrative Agent shall instead be made by or to each
Lender directly (and each Lender will cooperate with the Parent Borrower to enable the Borrowers to take such actions), until such time as the Required Lenders or the Parent Borrower, as applicable, appoint a successor Administrative Agent, as
provided for above in this Article 8. Upon the acceptance of its appointment as Administrative Agent hereunder as a successor Administrative Agent, such successor Administrative Agent shall succeed to and become vested with all the rights,
powers, privileges and duties of the retiring or removed Administrative Agent (other than any rights to indemnity payments owed to the retiring Administrative Agent), and the retiring or removed Administrative Agent shall be discharged from its
duties and obligations hereunder (other than its obligations under Section 9.13). The fees payable by the Borrowers to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise
agreed between the Parent Borrower and such successor Administrative Agent. After the Administrative Agent’s resignation or removal hereunder, the provisions of this Article and Section 9.03 shall continue in effect
for the benefit of such retiring or removed Administrative Agent, its sub-agents and their respective Related Parties in respect of any action taken or omitted to be taken by any of them while the relevant
Person was acting as Administrative Agent (including for this purpose holding any collateral security following the retirement or removal of the Administrative Agent). Notwithstanding anything to the contrary herein, no Disqualified Institution (nor
any Affiliate thereof) may be appointed as a successor Administrative Agent. 
 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 respective 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 related agreement or any document furnished hereunder or thereunder. Except for notices, reports and other
documents expressly required to be furnished to the Lenders by the Administrative Agent herein, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business,
prospects, operations, property, financial and other condition or creditworthiness of any of the Loan Parties or any of their respective Affiliates which may come into the possession of the Administrative Agent or any of its Related Parties. 

Notwithstanding anything to the contrary herein, the Arrangers shall not have any right, power, obligation, liability, responsibility or duty
under this Agreement, except in their respective capacities as the Administrative Agent or a Lender hereunder, as applicable. 
 Each
Secured Party irrevocably authorizes and instructs the Administrative Agent to, and the Administrative Agent shall, 

  
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 (a)    release any Lien on any property granted to or
held by Administrative Agent under any Loan Document (i) upon the occurrence of the Termination Date, (ii) that is sold or to be sold or transferred as part of or in connection with any Disposition permitted under the Loan Documents to a
Person that is not a Loan Party, (iii) that does not constitute (or ceases to constitute) Collateral, (iv) if the property subject to such Lien is owned by a Subsidiary Guarantor, upon the release of such Subsidiary Guarantor from its Loan
Guaranty otherwise in accordance with the Loan Documents, (v) as required under clause (d) below or (vi) if approved, authorized or ratified in writing by the Required Lenders in accordance with
Section 9.02; 
 (b)    subject to Section 9.22,
release any Subsidiary Guarantor from its obligations under the Loan Guaranty if such Person ceases to be a Restricted Subsidiary (or becomes an Excluded Subsidiary as a result of a single transaction or series of related transactions permitted
hereunder; provided that the release of any Subsidiary Guarantor from its obligations under the Loan Guaranty if such Subsidiary Guarantor becomes an Excluded Subsidiary of the type described in clause (a) of the definition
thereof shall only be permitted if at the time such Guarantor becomes an Excluded Subsidiary of such type (1) no Event of Default exists, (2) after giving pro forma effect to such release and the consummation of the transaction that causes
such Person to be an Excluded Subsidiary of such type, the relevant Borrower is deemed to have made a new Investment in such Person for purposes of Section 6.06 (as if such Person were then newly acquired) in an amount
equal to the portion of the fair market value of the net assets of such Person attributable to such Borrower’s equity interest therein as reasonably estimated by such Borrower and such Investment is permitted pursuant to
Section 6.06 (other than Section 6.06(f)) at such time and (3) a Responsible Officer of such Borrower certifies to the Administrative Agent compliance with preceding clauses
(1) and (2)); 
 (c)    subordinate any Lien on any property granted to or held by the
Administrative Agent under any Loan Document to the holder of any Lien on such property that is permitted by Sections 6.02(d), 6.02(e), 6.02(g), 6.02(m), 6.02(n), 6.02(o), 6.02(q),
6.02(r), 6.02(x), 6.02(y), 6.02(z)(i), 6.02(bb), 6.02(cc), 6.02(ee), 6.02(ff) and 6.02(ll) (and any Liens securing Refinancing Indebtedness in respect of any thereof to the extent
such Refinancing Indebtedness is permitted to be secured under Section 6.02(k)); provided, that the subordination of any Lien on any property granted to or held by the Administrative Agent shall only be required to
the extent that the Lien of the Administrative Agent with respect to such property is required to be subordinated to the relevant Permitted Lien in accordance with applicable law or the documentation governing the Indebtedness that is secured by
such Permitted Lien; and 
 (d)    enter into subordination, intercreditor and/or similar agreements with
respect to Indebtedness that is (i) required or permitted to be subordinated hereunder and/or (ii) secured by Liens, and with respect to which Indebtedness, this Agreement contemplates an intercreditor, subordination or collateral trust
agreement. 
 Upon the request of the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative
Agent’s authority to release or subordinate its interest in particular types or items of property, or to release any Loan Party from its obligations under the Guarantee or its Lien on any Collateral pursuant to this Article 8. In each
case as specified in this Article 8, the Administrative Agent will (and each Lender hereby authorizes the Administrative Agent to), at the Borrowers’ expense, execute and deliver to the applicable Loan Party such documents as such Loan
Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Collateral Documents or to subordinate its interest therein, or to release such Loan Party from its
obligations under the Loan Guaranty, in each case in accordance with the terms of the Loan Documents and this Article 8; provided that upon the request of the Administrative Agent, the Parent Borrower shall deliver a certificate of a
Responsible Officer certifying that the relevant transaction has been consummated in compliance with the terms of this Agreement. 

  
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 The Administrative Agent is authorized to enter into any intercreditor agreement
contemplated hereby with respect to Indebtedness (A) that is (i) required or permitted to be subordinated hereunder, (ii) secured by Liens and/or (iii) otherwise required to be subject to an Acceptable Intercreditor Agreement and
(B) which contemplates an intercreditor, subordination or collateral trust agreement (any such intercreditor agreement, an “Additional Agreement”), and the parties hereto acknowledge that any such Additional Agreement is
binding upon them. Each Lender (a) hereby agrees that it will be bound by, and will not take any action contrary to any Additional Agreement and (b) hereby authorizes and instructs the Administrative Agent to enter into any Additional
Agreement and to subject the Liens on the Collateral securing the Secured Obligations to the provisions thereof. The foregoing provisions are intended as an inducement to the Secured Parties to extend credit to the Borrowers, and the Secured Parties
are intended third-party beneficiaries of such provisions and the provisions of any Additional Agreement. 
 To the extent that the
Administrative Agent (or any Affiliate thereof) is not reimbursed and indemnified by the Borrowers, the Lenders will reimburse and indemnify the Administrative Agent (and any Affiliate thereof) in proportion to their respective Applicable
Percentages (determined as if there were no Defaulting Lenders) for and against any and all liabilities, obligations, losses, damages, penalties, claims, actions, judgments, costs, expenses or disbursements of whatsoever kind or nature which may be
imposed on, asserted against or incurred by the Administrative Agent (or any Affiliate thereof) in performing its duties hereunder or under any other Loan Document or in any way relating to or arising out of this Agreement or any other Loan
Document; provided that no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, claims, actions, judgments, suits, costs, expenses or disbursements resulting from the Administrative Agent’s
(or such affiliate’s) gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable decision). 

To the extent required by any applicable law, the Administrative Agent may withhold from any payment to any Lender an amount equivalent to any
applicable withholding tax. If the forms or other documentation required by Section 2.17 are not delivered to the Administrative Agent, then the Administrative Agent may withhold from any payment to any Lender not providing such forms or other
documentation, an amount equivalent to the applicable withholding tax. If the IRS or any other Governmental Authority asserts a claim that the Administrative Agent did not properly withhold tax from amounts paid to or for the account of any Lender
because the appropriate form was not delivered or was not properly executed or because such Lender failed to notify the Administrative Agent of a change in circumstance which rendered the exemption from, or reduction of, withholding tax ineffective
or for any other reason, such Lender shall indemnify the Administrative Agent fully for all amounts paid, directly or indirectly, by the Administrative Agent as tax or otherwise, including any penalties or interest and together with all expenses
(including legal expenses, allocated internal costs and out-of-pocket expenses) incurred. 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. The provisions of
this Article 8 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, any Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all
obligations under any Loan Document. 

  
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 ARTICLE 9 

MISCELLANEOUS 
 Section 9.01
    Notices. 
 (a)    Except in the case of notices and other communications expressly
permitted to be given by telephone (and subject to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or
registered mail or sent by facsimile or email, as follows: 
  

	 	(i)	 if to any Loan Party, to such Loan Party in the care of the Borrowers at: 

PQ Corporation 
 Valleybrooke
Corporate Center 
 300 Lindenwood Drive 

Malvern, PA 19355-1740 

Telephone: 913-744-2013 

Facsimile: 913-744-2075 

Attention: William J. Sichko 

Email: Bill.Sichko@pqcorp.com 

with copies to (which shall not constitute notice to any Loan Party): 

CCMP Capital Advisors, LP 
 245
Park Avenue, 16th Floor 
 New York, NY 10167-2403 

Telephone: 212-600-9600 

Facsimile: 212-599-3481 

Attention: Mark Mcfadden 

Email: Mark.Mcfadden@ccmpcapital.com 

and 
 Ropes & Gray
LLP 
 1211 Avenue of the Americas 

New York, NY 10036 
 Telephone:
(212) 497-3626 
 Facsimile: (646) 728-1667 

Attention: Jay J. Kim 
 Email:
Jay.Kim@ropesgray.com 
  

	 	(ii)	 if to the Administrative Agent, at: 

Credit Suisse AG 
 Eleven
Madison Avenue, 9th Floor 
 New York, NY 10010 

Telephone: 919-994-6369 

Facsimile: 212-322-2291 

Attention: Loan Operations – Agency Manager 

Email: agency.loanops@credit-suisse.com 

  
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 with a copy to (which shall not constitute notice to the Administrative Agent): 

Latham & Watkins LLP 

885 Third Avenue 
 New York, NY
10022 
 Telephone: (212) 906-1200 

Facsimile: (212) 751-4864 

Attention: Nicole Fanjul 

Email: Nicole.Fanjul@lw.com 

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

All such notices and other communications (A) sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to
have been given when delivered in person or by courier service and signed for against receipt thereof or three Business Days after dispatch if sent by certified or registered mail, in each case, delivered, sent or mailed (properly addressed) to the
relevant party as provided in this Section 9.01 or in accordance with the latest unrevoked direction from such party given in accordance with this Section 9.01 or (B) sent by facsimile shall
be deemed to have been given when sent and when receipt has been confirmed by telephone; provided that received notices and other communications sent by telecopier shall be deemed to have been given when sent (except that, if not given during
normal business hours for the recipient, such notices or other communications shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices and other communications delivered through electronic
communications to the extent provided in clause (b) below shall be effective as provided in such clause (b). 

(b)    Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic
communications (including e-mail and Internet or Intranet websites) pursuant to procedures set forth herein or otherwise approved by the Administrative Agent. The Administrative Agent or the Parent Borrower
(on behalf of any Loan Party) may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures set forth herein or otherwise approved by it; provided that approval of
such procedures may be limited to particular notices or communications. All such notices and other communications (i) sent to an e-mail address shall be deemed received upon the sender’s receipt of
an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement); provided that if not given
during the normal business hours of the recipient, such notice or communication shall be deemed to have been given at the opening of business on the next Business Day for the recipient, and (ii) 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 (b)(i) of notification that such notice or
communication is available and identifying the website address therefor. 
 (c)    Any party hereto may change its
address or facsimile number or other notice information hereunder by notice to the other parties hereto. 
 (d)    The
Borrowers hereby acknowledge that (A) the Administrative Agent will make available to the Lenders materials and/or information provided by or on behalf of the Borrowers hereunder (collectively, “Borrower Materials”) by posting
the Borrower Materials on IntraLinks or another similar electronic system (the “Platform”) and (B) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material non-public information and who may be engaged in investment and other market-related activities with respect to such Persons’ securities. The 

  
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Borrowers hereby agree that (x) by marking Borrower Materials “PUBLIC,” the Borrowers shall be deemed to have authorized the Administrative Agent and the Lenders to treat such
Borrower Materials as not containing any material non-public information (although it may be sensitive and proprietary) (provided, however, that to the extent such Borrower Materials constitute
Confidential Information, they shall be treated as set forth in Section 9.13); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated
“Public Side Information”; and (z) the Administrative Agent shall treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Side
Information”; provided that, for purposes of the foregoing, all information and materials provided pursuant to Section 5.01(a) or (b) shall be deemed to be suitable for posting to Public Lenders.

 Each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the
“Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and
applicable law, including United States Federal and state securities laws, to make reference to Communications that are not made available through the “Public Side Information” portion of the Platform and that may contain material
nonpublic information with respect to the Borrowers or their securities for purposes of United States Federal or state securities laws. 
 THE PLATFORM IS
PROVIDED “AS IS” AND “AS AVAILABLE.” NEITHER THE ADMINISTRATIVE AGENT NOR ANY OF ITS RELATED PARTIES WARRANTS THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS OR THE ADEQUACY OF THE PLATFORM AND EACH EXPRESSLY
DISCLAIMS LIABILITY FOR ERRORS OR OMISSIONS IN THE COMMUNICATIONS. 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 THE ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE PLATFORM. IN
NO EVENT SHALL THE ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PARTIES HAVE ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER OR ANY OTHER PERSON FOR DAMAGES OF ANY KIND, WHETHER OR NOT BASED ON STRICT LIABILITY AND INCLUDING DIRECT OR INDIRECT, SPECIAL,
INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY LOAN PARTY’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE EXTENT THE
LIABILITY OF ANY SUCH PERSON IS FOUND IN A FINAL RULING BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED FROM SUCH PERSON’S GROSS NEGLIGENCE, WILLFUL MISCONDUCT OR MATERIAL BREACH OF ANY LOAN DOCUMENT. 

Section 9.02     Waivers; Amendments. 

(a)    No failure or delay by the Administrative Agent or any Lender in exercising any right or power hereunder or under
any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise
thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent and the Lenders hereunder and under any other Loan Document are cumulative and are not exclusive of any rights or remedies that they would
otherwise have. No waiver of any provision of any Loan Document or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same is permitted by paragraph (b) of

  
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this Section 9.02, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality
of the foregoing, to the extent permitted by law, the making of a Loan shall not be construed as a waiver of any Default or Event of Default, regardless of whether the Administrative Agent or any Lender may have had notice or knowledge of such
Default or Event of Default at the time. 
 (b)    Subject to clauses (A), (B),
(C) and (D) of this Section 9.02(b) and Sections 9.02(c) and (d) below, neither this Agreement nor any other Loan Document nor any provision hereof or thereof
may be waived, amended or modified, except (i) in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by the Borrowers and the Required Lenders (or the Administrative Agent with the consent of the Required
Lenders) or (ii) in the case of any other Loan Document (other than any waiver, amendment or modification to effectuate any modification thereto expressly contemplated by the terms of such other Loan Documents), pursuant to an agreement or
agreements in writing entered into by the Administrative Agent and each Loan Party that is party thereto, with the consent of the Required Lenders; provided that, notwithstanding the foregoing: 

(A)    except with the consent of each Lender directly and adversely affected thereby (but without the
consent of the Required Lenders), no such waiver, amendment or modification shall: 
 (1)    increase the
Commitment or Additional Commitment of such Lender (other than with respect to any Incremental Revolving Facility pursuant to Section 2.22 in respect of which such Lender has agreed to be an Additional Lender); it being
understood that no amendment, modification or waiver of, or consent to departure from, any condition precedent, representation, warranty, covenant, Default, Event of Default, mandatory prepayment or mandatory reduction of the Commitments or
Additional Commitments shall constitute an increase of any Commitment or Additional Commitment of such Lender; 

(2)    reduce or forgive the principal amount of any Loan or any amount due on any Loan Installment Date;

 (3)    (x) extend the scheduled final maturity of any Loan or (y) postpone any Loan Installment
Date, any Interest Payment Date or the date of any scheduled payment of any fee payable hereunder (in each case, other than any extension for administrative reasons agreed by the Administrative Agent); 

(4)    reduce the rate of interest (other than to waive any Default or Event of Default or obligation of
the Borrowers to pay interest at the default rate of interest under Section 2.13(d), which shall only require the consent of the Required Lenders) or the amount of any fee owed to such Lender; it being understood that no
change in the definition of “Senior Secured Leverage Ratio” or any other ratio used in the calculation of any interest or fee due hereunder (including any component definition thereof) shall constitute a reduction in any rate of interest
or fee hereunder; 
 (5)    extend the expiry date of such Lender’s Commitment or Additional
Commitment; it being understood that no amendment, modification or waiver of, or consent to departure from, any condition precedent, representation, warranty, covenant, Default, Event of Default, mandatory prepayment or mandatory reduction of the
Commitments or Additional Commitments shall constitute an extension of any Commitment or Additional Commitment of any Lender; and 

  
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 (6)    waive, amend or modify the provisions of
Section 2.11(a), 2.11(b)(vi), 2.18(b) or 2.18(c) of this Agreement in a manner that would by its terms alter the pro rata sharing of payments required thereby (except in connection with any
transaction permitted under Sections 2.22, 2.23, 9.02(c) and/or 9.05(g) or as otherwise provided in this Section 9.02); and 

(7)    change the currency in which any Loan or Commitment of any such Lender is denominated; and 

(B)    no such waiver, amendment or modification shall: 

(1)    change any of the provisions of Section 9.02(a) or
Section 9.02(b) or the definition of “Required Lenders” to reduce any voting percentage required to waive, amend or modify any right thereunder or make any determination or grant any consent thereunder, without
the prior written consent of each Lender; 
 (2)    release all or substantially all of the Collateral
from the Lien granted pursuant to the Loan Documents (except as otherwise permitted herein or in the other Loan Documents, including pursuant to Article 8 or Section 9.22), without the prior
written consent of each Lender; or 
 (3)    release all or substantially all of the value of the
Guarantees under the Loan Guaranty (except as otherwise permitted herein or in the other Loan Documents, including pursuant to Section 9.22 hereof), without the prior written consent of each Lender; 

(C)    reserved; and 

(D)    reserved. 

provided, further, that no agreement shall amend, modify or otherwise affect the rights or duties of the
Administrative Agent hereunder without the prior written consent of the Administrative Agent. The Administrative Agent may also amend the Commitment Schedule to reflect assignments entered into pursuant to Section 9.05,
incurrences of Additional Commitments or Additional Loans pursuant to Section 2.22, 2.23 or 9.02(c) and reductions or terminations of any such Additional Commitments or Additional Loans. Notwithstanding
anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that the Commitment and any Additional Commitment of any Defaulting Lender may not be increased
without the consent of such Defaulting Lender (it being understood that any Commitment, Additional Commitment or Loan held or deemed held by any Defaulting Lender shall be excluded from any vote hereunder that requires the consent of any Lender,
except as expressly provided in Section 2.21(a)). Notwithstanding the foregoing, this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and the
Borrowers (i) to add one or more additional credit facilities permitted hereunder to this Agreement and to permit any extension of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share
ratably in the relevant benefits of this Agreement and the other Loan Documents and (ii) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders on substantially the same basis as the
Lenders prior to such inclusion. 

  
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 (c)    Notwithstanding the foregoing, this Agreement may be amended:

 (i)    with the written consent of the Borrowers and the Lenders providing the relevant Replacement
Term Loans to permit the refinancing or replacement of all or any portion of the outstanding Initial Term Loans or any then-existing Additional Term Loans under the applicable Class (any such loans being refinanced or replaced, the “Replaced
Term Loans”) with one or more replacement term loans hereunder (“Replacement Term Loans”) pursuant to a Refinancing Amendment; provided that: 

(A)    the aggregate principal amount of any Replacement Term Loans shall not exceed the aggregate
principal amount of the Replaced Term Loans (plus (1) any additional amounts permitted to be incurred under Section 6.01(a), (q), (u), (w) and/or (z) and, to the extent any such
additional amounts are secured, the related Liens are permitted under Section 6.02(k) (with respect to Liens securing Indebtedness permitted by Section 6.01(a), (q), (u), (w)
or (z)), (o)(ii), (u) and/or (hh) and plus (2) the amount of accrued interest and premium (including tender premium) thereon and underwriting discounts, fees (including upfront fees and original issue
discount), commissions and expenses associated therewith), 
 (B)    any Replacement Term Loans must have
a final maturity date that is equal to or later than the final maturity date of, and have a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Replaced Term Loans at the time of the relevant
refinancing, 
 (C)    any Replacement Term Loans may be pari passu or junior in right of payment
and pari passu or junior with respect to the Collateral with the remaining portion of the Initial Term Loans or Additional Term Loans (provided that if pari passu or junior as to payment or Collateral, such Replacement Term
Loans shall be subject to an Acceptable Intercreditor Agreement and may be, at the option of the Administrative Agent and the Parent Borrower, documented in a separate agreement or agreements), or be unsecured, 

(D)    if any Replacement Term Loans are secured, such Replacement Term Loans may not be secured by any
assets other than the Collateral, 
 (E)    if any Replacement Term Loans are guaranteed, such
Replacement Term Loans may not be guaranteed by any Person other than one or more Loan Parties, 

(F)    any Replacement Term Loans that are pari passu in right of payment and pari passu in
right of security may participate on a pro rata basis or a less than pro rata basis (but not greater than a pro rata basis) in any voluntary or mandatory repayment or prepayment in respect of the Initial Term Loans (and any
Additional Term Loans then subject to ratable repayment requirements), in each case as agreed by the Borrowers and the Lenders providing the relevant Replacement Term Loans, 

(G)    any Replacement Term Loans shall have pricing (including interest, fees and premiums) and, subject
to preceding clause (F), optional prepayment and redemption terms as the Parent Borrower and the lenders providing such Replacement Term Loans may agree, 

  
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 (H)    no Default under
Section 7.01(a), 7.01(f) or 7.01(g) or Event of Default shall exist immediately prior to or after giving effect to the effectiveness of the relevant Replacement Term Loans, and 

(I)    either (i) the other terms and conditions of any Replacement Term Loans (excluding pricing,
interest, fees, rate floors, premiums, optional prepayment or redemption terms, security and maturity, subject to preceding clauses (B) through (G)) shall be substantially identical to, or (taken as a whole) no more
favorable (as reasonably determined by the Parent Borrower) to the lenders providing such Replacement Term Loans than those applicable to the Replaced Term Loans (other than covenants or other provisions applicable only to periods after the Latest
Term Loan Maturity Date (in each case, as of the date of incurrence of such Replacement Term Loans)) or (ii) such Replacement Term Loans shall be provided on then-current market terms for the applicable type of Indebtedness, and 

(ii)    with the written consent of the Borrowers and the Lenders providing the relevant Replacement
Revolving Facility to permit the refinancing or replacement of all or any portion of any Additional Revolving Commitment under the applicable Class (any such Additional Revolving Commitment being refinanced or replaced, a “Replaced Revolving
Facility”) with a replacement revolving facility hereunder (a “Replacement Revolving Facility”) pursuant to a Refinancing Amendment; provided that: 

(A)    the aggregate principal amount of any Replacement Revolving Facility shall not exceed the aggregate
principal amount of the Replaced Revolving Facility (plus (x) any additional amounts permitted to be incurred under Section 6.01(a), (q), (u), (w) and/or (z) and, to the extent
any such additional amounts are secured, the related Liens are permitted under Section 6.02(k) (with respect to Liens securing Indebtedness permitted by Section 6.01(a), (q), (u),
(w) or (z)), (o)(ii), (u) and/or (hh) and plus (y) the amount of accrued interest and premium thereon, any committed but undrawn amounts and underwriting discounts, fees (including upfront fees and
original issue discount), commissions and expenses associated therewith), 
 (B)    no Replacement
Revolving Facility may have a final maturity date (or require commitment reductions) prior to the final maturity date of the relevant Replaced Revolving Facility at the time of such refinancing, 

(C)    any Replacement Revolving Facility may be pari passu or junior in right of payment and
pari passu or junior with respect to the Collateral with the remaining portion of the Additional Revolving Commitments (provided that if pari passu or junior as to payment or Collateral, such Replacement Revolving Facility shall
be subject to an Acceptable Intercreditor Agreement and may be, at the option of the Administrative Agent and the Parent Borrower, documented in a separate agreement or agreements), or be unsecured, 

(D)    if any Replacement Revolving Facility is secured, it may not be secured by any assets other than the
Collateral, 
 (E)    if any Replacement Revolving Facility is guaranteed, it may not be guaranteed by
any Person other than one or more Loan Parties, 

  
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 (F)    any Replacement Revolving Facility shall be
subject to the “ratability” provisions applicable to Extended Revolving Credit Commitments and Extended Revolving Loans set forth in the proviso to clause (ii) of Section 2.23(a), mutatis
mutandis, to the same extent as if fully set forth in this Section 9.02(c)(ii), 

(G)    any Replacement Revolving Facility shall have pricing (including interest, fees and premiums) and,
subject to preceding clause (F), optional prepayment and redemption terms as the Borrowers and the lenders providing such Replacement Revolving Facility may agree, 

(H)    no Default under Section 7.01(a), 7.01(f) or 7.01(g) or
Event of Default shall exist immediately prior to or after giving effect to the effectiveness of the relevant Replacement Revolving Facility, and 

(I)    either (i) the other terms and conditions of any Replacement Revolving Facility (excluding
pricing, interest, fees, rate floors, premiums, optional prepayment or redemption terms, security and maturity, subject to preceding clauses (B) through (G)) shall be substantially identical to, or (taken as a whole) no more
favorable (as reasonably determined by the Parent Borrower) to the lenders providing such Replacement Revolving Facility than those applicable to the Replaced Revolving Facility (other than covenants or other provisions applicable only to periods
after the Latest Revolving Loan Maturity Date (in each case, as of the date of incurrence of the relevant Replacement Revolving Facility)) or (ii) such Replacement Revolving Facility shall be provided on then-current market terms for the
applicable type of Indebtedness, and 
 (J)    the commitments in respect of the Replaced Revolving
Facility shall be terminated, and all loans outstanding thereunder and all fees in connection therewith shall be paid in full, in each case on the date such Replacement Revolving Facility is implemented; 

provided, further, that, in respect of each of clauses (i) and (ii) of this clause (c), any Non-Debt Fund Affiliate and Debt Fund Affiliate shall (x) be permitted (without Administrative Agent consent) to provide any Replacement Term Loans, it being understood that in connection with such Replacement
Term Loans, the relevant Non-Debt Fund Affiliate or Debt Fund Affiliate, as applicable, shall be subject to the restrictions applicable to such Persons under Section 9.05 as if such
Replacement Term Loans were Term Loans and (y) any Debt Fund Affiliate (but not any Non-Debt Fund Affiliate) may provide any Replacement Revolving Facility. 

Each party hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be amended by the Borrowers,
the Administrative Agent and the lenders providing the relevant Replacement Term Loans or the Replacement Revolving Facility, as applicable, to the extent (but only to the extent) necessary to reflect the existence and terms of such Replacement Term
Loans or Replacement Revolving Facility, as applicable, incurred or implemented pursuant thereto (including any amendment necessary to treat the loans and commitments subject thereto as a separate “tranche” and “Class” of Loans
and/or commitments hereunder). It is understood that any Lender approached to provide all or a portion of any Replacement Term Loans or any Replacement Revolving Facility may elect or decline, in its sole discretion, to provide such Replacement Term
Loans or Replacement Revolving Facility. 
 (d)    Notwithstanding anything to the contrary contained in this
Section 9.02 or any other provision of this Agreement or any provision of any other Loan Document, (i) the Parent Borrower 

  
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and the Administrative Agent may, without the input or consent of any Lender, amend, supplement and/or waive any guaranty, collateral security agreement, pledge agreement and/or related
document (if any) executed in connection with this Agreement to (x) comply with Requirements of Law or the advice of counsel or (y) cause any such guaranty, collateral security agreement, pledge agreement or other document to be consistent
with this Agreement and/or the relevant other Loan Documents, (ii) the Parent Borrower and the Administrative Agent may, without the input or consent of any other Lender (other than the relevant Lenders (including Additional Lenders) providing
Loans under such Sections), effect amendments to this Agreement and the other Loan Documents as may be necessary in the reasonable opinion of the Parent Borrower and the Administrative Agent to effect the provisions of
Section 2.22, 2.23, 5.12, 6.13 or 9.02(c), or any other provision specifying that any waiver, amendment or modification may be made with the consent or approval of the Administrative Agent and
(iii) if the Administrative Agent and the Parent Borrower have jointly identified any ambiguity, mistake, defect, inconsistency, obvious error or any error or omission of a technical nature or any necessary or desirable technical change, in
each case, in any provision of any Loan Document, then the Administrative Agent and the Parent Borrower shall be permitted to amend such provision solely to address such matter as reasonably determined by them acting jointly. 

Section 9.03     Expenses; Indemnity. 

(a)    The Borrowers shall pay (i) all reasonable and documented out-of-pocket expenses incurred by each Arranger, the Administrative Agent and their respective Affiliates (but limited, in the case of legal fees and expenses, to the actual reasonable and documented out-of-pocket fees, disbursements and other charges of one firm of outside counsel to all such Persons taken as a whole and, if reasonably necessary, of one local counsel in
any relevant jurisdiction to all such Persons, taken as a whole) in connection with the syndication and distribution (including via the Internet or through a service such as SyndTrak) of the Credit Facilities, the preparation, execution, delivery
and administration of the Loan Documents and any related documentation, including in connection with any amendment, modification or waiver of any provision of any Loan Document (whether or not the transactions contemplated thereby are consummated,
but only to the extent the preparation of any such amendment, modification or waiver was requested by the Borrowers and except as otherwise provided in a separate writing between the Parent Borrower, the relevant Arranger and/or the Administrative
Agent) and (ii) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, the Arrangers, or the Lenders or any of their respective
Affiliates (but limited, in the case of legal fees and expenses, to the actual reasonable and documented out-of-pocket fees, disbursements and other charges of one firm
of outside counsel to all such Persons taken as a whole and, if reasonably necessary, of one local counsel in any relevant jurisdiction to all such Persons, taken as a whole) in connection with the enforcement, collection or protection of their
respective rights in connection with the Loan Documents, including their respective rights under this Section 9.03, or in connection with the Loans made. Except to the extent required to be paid on the Closing Date (and
invoiced three (3) Business Days prior thereto), all amounts due under this paragraph (a) shall be payable by the Borrowers within 30 days of receipt of an invoice setting forth such expenses in reasonable detail, together with
backup documentation supporting the relevant reimbursement request. 
 (b)    The Borrowers shall indemnify each
Arranger, the Administrative Agent, and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims,
damages and liabilities (but limited, in the case of legal fees and expenses, to the actual reasonable and documented out-of-pocket fees, disbursements and other charges
of one counsel to all Indemnitees taken as a whole and, if reasonably necessary, one local counsel in any relevant jurisdiction to all Indemnitees, taken as a whole and solely in the case of an actual or perceived conflict of interest, (x) one
additional counsel to all affected Indemnitees, taken as a whole, and (y) one additional local counsel to all affected Indemnitees, 

  
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taken as a whole), incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of the Loan Documents or any agreement
or instrument contemplated thereby and/or the enforcement of the Loan Documents, the performance by the parties hereto of their respective obligations thereunder or the consummation of the Existing Credit Agreement Transactions or any other
transactions contemplated hereby or thereby, (ii) the use of the proceeds of the Loans, (iii) any actual or alleged Release or presence of Hazardous Materials on, at, under or from any property currently or formerly owned or operated by
any Borrower, any of its Restricted Subsidiaries or any other Loan Party or any Environmental Liability related to any Borrower, any of its Restricted Subsidiaries or any other Loan Party and/or (iv) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto (and regardless of whether such matter is initiated by a third party or by
any Borrower, any other Loan Party or any of their respective Affiliates); provided that such indemnity shall not, as to any Indemnitee, be available to the extent that any such loss, claim, damage, or liability (i) is determined by a final and
non-appealable judgment of a court of competent jurisdiction (or documented in any settlement agreement referred to below) to have resulted from the gross negligence, bad faith or willful misconduct of such
Indemnitee or any of its Related Parties or, to the extent such judgment finds (or such settlement agreement acknowledges) that any such loss, claim, damage, or liability has resulted from such Person’s material breach of the Loan Documents or
(ii) arises out of any claim, litigation, investigation or proceeding brought by such Indemnitee against another Indemnitee (other than any claim, litigation, investigation or proceeding that is brought by or against the Administrative Agent or
any Arranger, acting in its capacity as the Administrative Agent or as an Arranger) that does not involve any act or omission of Holdings, any Borrower or any of its subsidiaries. Each Indemnitee shall be obligated to refund or return any and all
amounts paid by the Parent Borrower pursuant to this Section 9.03(b) to such Indemnitee for any fees, expenses, or damages to the extent such Indemnitee is not entitled to payment thereof in accordance with the terms
hereof. All amounts due under this paragraph (b) shall be payable by the Borrowers within 30 days (x) after written demand therefor, in the case of any indemnification obligations and (y) in the case of reimbursement of costs
and expenses, after receipt of an invoice, setting forth such costs and expenses in reasonable detail, together with backup documentation supporting the relevant reimbursement request. This Section 9.03(b) shall not apply
to Taxes, except for Taxes that represent losses, claims or damages arising from any non-Tax claim. 

(c)    The Borrowers shall not be liable for any settlement of any proceeding effected without its consent (which consent
shall not be unreasonably withheld or delayed), but if any proceeding is settled with the relevant Borrower’s written consent, or if there is a final non-appealable judgment of a court of competent
jurisdiction against any Indemnitee in any such proceeding, the Borrowers agree to indemnify and hold harmless each Indemnitee to the extent and in the manner set forth above. The Borrowers shall not, without the prior written consent of the
affected Indemnitee (which consent shall not be unreasonably withheld or delayed), effect any settlement of any pending or threatened proceeding in respect of which indemnity could have been sought hereunder by such Indemnitee unless (i) such
settlement includes an unconditional release of such Indemnitee from all liability or claims that are the subject matter of such proceeding and (ii) such settlement does not include any statement as to any admission of fault or culpability.

 Section 9.04     Waiver of Claim. To the extent permitted by applicable law, no party to this Agreement
shall assert, and each hereby waives, any claim against any other party hereto or any Related Party thereof, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out
of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions, any Loan or the use of the proceeds thereof, except, in the case of any claim by any Indemnitee against any of the
Borrowers, to the extent such damages would otherwise be subject to indemnification pursuant to the terms of Section 9.03. 

  
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 Section 9.05     Successors and Assigns. 

(a)    The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns; provided that (i) except as provided under Section 6.07, the Borrowers may not assign or otherwise transfer any of their rights or obligations hereunder without the
prior written consent of each Lender (and any attempted assignment or transfer by the Borrowers without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in
accordance with the terms of this Section 9.05 (any attempted assignment or transfer not complying with the terms of this Section 9.05 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 permitted assigns, Participants (to the extent provided in paragraph (c) of this
Section 9.05) and, to the extent expressly contemplated hereby, the Related Parties of each of the Arrangers, the Administrative Agent, and the Lenders) any legal or equitable right, remedy or claim under or by reason of
this Agreement. 
 (b)    (i) Subject to the conditions set forth in paragraph (b)(ii) below,
any Lender may assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of any Loan or Additional Commitment added pursuant to Section 2.22,
2.23 or 9.02(c) at the time owing to it) with the prior written consent (not to be unreasonably withheld or delayed) of: 

(A)    the Parent Borrower; provided that the Parent Borrower shall be deemed to have consented to
any such assignment unless it has objected thereto by written notice to the Administrative Agent within 15 Business Days after receiving written notice thereof; provided, further, that no consent of the Parent Borrower shall be
required (x) for any assignment of (1) Additional Revolving Loans or Additional Revolving Commitments to another Revolving Lender or (2) Initial Term Loans, Additional Term Loans, Initial Commitments or Additional Term Commitments to
another Lender, an Affiliate of any Lender or an Approved Fund, or (y) if an Event of Default under Section 7.01(a) or Section 7.01(f) or (g) (solely with respect to the Borrowers)
exists; 
 (B)    the Administrative Agent; provided, that no consent of the Administrative Agent
shall be required for any assignment to another Lender, any Affiliate of a Lender or any Approved Fund; and 

(C)    reserved. 

(ii)    Assignments shall be subject to the following additional conditions: 

(A)    except in the case of any assignment to another Lender, any Affiliate of any Lender or any Approved
Fund or any assignment of the entire remaining amount of the relevant assigning Lender’s Loans or commitments of any Class, the principal amount of Loans or commitments of the assigning Lender subject to the relevant assignment (determined as
of the date on which the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent and determined on an aggregate basis in the event of concurrent assignments to Related Funds or by Related Funds) shall not
be less than (x) $1,000,000, in the case of Initial Term Loans, Additional Term Loans, Initial Commitments and Additional Term Commitments and (y) $5,000,000 in the case of Additional Revolving Loans or Additional Revolving Commitments
unless the Parent Borrower and the Administrative Agent otherwise consent; 

  
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 (B)    any partial assignment shall be made as an
assignment of a proportionate part of all the relevant assigning Lender’s rights and obligations in respect of any Facility under this Agreement; 

(C)    the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment
and Assumption via an electronic settlement system acceptable to the Administrative Agent (or, if previously agreed with the Administrative Agent, manually), and shall pay to the Administrative Agent a processing and recordation fee of $3,500 (which
fee may be waived or reduced in the sole discretion of the Administrative Agent); and 
 (D)    the
relevant Eligible Assignee, if it is not a Lender, shall deliver on or prior to the effective date of such assignment, to the Administrative Agent (1) an Administrative Questionnaire and (2) any forms or other documentation required under
Section 2.17. 
 (iii)    Subject to the acceptance and recording thereof pursuant to
paragraph (b)(iv) of this Section 9.05, from and after the effective date specified in any Assignment and Assumption, the Eligible Assignee thereunder shall be a party hereto and, to the extent of
the interest assigned pursuant to such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption,
be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall
continue to be (A) entitled to the benefits of Sections 2.15, 2.16, 2.17 and 9.03 with respect to facts and circumstances occurring on or prior to the effective date of such assignment and (B) subject to its
obligations thereunder and under Section 9.13). If any assignment by any Lender holding any Promissory Note is made after the issuance of such Promissory Note, the assigning Lender shall, upon the effectiveness of such
assignment or as promptly thereafter as practicable, surrender such Promissory Note to the Administrative Agent for cancellation, and, following such cancellation, if requested by either the assignee or the assigning Lender, the relevant Borrower
shall issue and deliver a new Promissory Note to such assignee and/or to such assigning Lender, with appropriate insertions, to reflect the new commitments and/or outstanding Loans of the assignee and/or the assigning Lender. 

(iv)    The Administrative Agent, acting for this purpose as an agent of the Borrowers, shall maintain at one of its
offices 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 their respective successors and assigns, and the commitment of, and principal amount of and stated
interest on the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). Failure to make any such recordation, or any error in such recordation, shall not affect the Borrowers’ obligations in
respect of such Loans. The entries in the Register shall be conclusive, absent manifest error, and the Borrowers, the Administrative Agent, and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof
as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrowers, and each Lender (but only as to its own holdings), at any reasonable time and from time to time upon reasonable prior notice.

 (v)    Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an Eligible
Assignee, the Eligible Assignee’s completed Administrative Questionnaire and any tax certification required by Section 9.05(b)(ii)(D)(2) (unless the assignee is already a Lender hereunder), the processing and
recordation fee referred to in paragraph (b) of this Section 9.05, if applicable, and any written consent to the relevant assignment required by paragraph (b) of this
Section 9.05, the Administrative Agent shall promptly accept such Assignment and Assumption and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement
unless it has been recorded in the Register as provided in this paragraph. 

  
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 (vi)    By executing and delivering an Assignment and Assumption, the
assigning Lender and the Eligible Assignee thereunder shall be deemed to confirm and agree with each other and the other parties hereto as follows: (A) such assigning Lender warrants that it is the legal and beneficial owner of the interest
being assigned thereby free and clear of any adverse claim and that the amount of its commitments, and the outstanding balances of its Loans, in each case without giving effect to any assignment thereof which has not become effective, are as set
forth in such Assignment and Assumption, (B) except as set forth in clause (A) above, such assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statement, warranty or
representation made in or in connection with this Agreement, or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement, any other Loan Document or any other instrument or document furnished pursuant
hereto, or the financial condition of any Borrower or any Restricted Subsidiary or the performance or observance by any Borrower or any Restricted Subsidiary of any of its obligations under this Agreement, any other Loan Document or any other
instrument or document furnished pursuant hereto; (C) such assignee represents and warrants that it is an Eligible Assignee, legally authorized to enter into such Assignment and Assumption; (D) such assignee confirms that it has received a
copy of this Agreement, together with copies of the most recent financial statements delivered pursuant to Section 5.01 and such other documents and information as it has deemed appropriate to make its own credit analysis
and decision to enter into such Assignment and Assumption; (E) such assignee will independently and without reliance upon the Administrative Agent, the assigning Lender or any other Lender and based on such documents and information as it deems
appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (F) such assignee appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to
exercise such powers under this Agreement as are delegated to the Administrative Agent, by the terms hereof, together with such powers as are reasonably incidental thereto; and (G) such assignee agrees that it will perform in accordance with
their terms all the obligations which by the terms of this Agreement are required to be performed by it as a Lender. 

(c)    (i)Any Lender may, without the consent of the Parent Borrower, the Administrative Agent or any other Lender, sell
participations to any bank or other entity (other than to any Disqualified Institution, any natural Person or, other than with respect to any participation to any Debt Fund Affiliate (any such participations to a Debt Fund Affiliate being subject to
the limitation set forth in the first proviso of the penultimate paragraph set forth in Section 9.05(g), as if the limitation applied to such participations), any Borrower or any of its Affiliates) (a
“Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its commitments and the Loans owing to it); provided that (A) such Lender’s
obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the Borrowers, the Administrative Agent and the other
Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which any Lender sells such a participation shall provide
that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not,
without the consent of the relevant Participant, agree to any amendment, modification or waiver described in (x) clause (A) of the first proviso to Section 9.02(b) that directly and adversely
affects the Loans or commitments in which such Participant has an interest and (y) clause (B)(1), (2) or (3) of the first proviso to Section 9.02(b). Subject to
paragraph (c)(ii) of this Section 9.05, the Borrowers agree that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 to the
same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section 9.05 (it 

  
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being understood that the documentation required under Section 2.17(f) shall be delivered to the participating Lender, and if additional amounts are required to be paid
pursuant to Section 2.17(a) or Section 2.17(c), to the Borrowers and the Administrative Agent upon reasonable written request by the Parent Borrower). To the extent permitted by law, each
Participant also shall be entitled to the benefits of Section 9.09 as though it were a Lender; provided that such Participant agrees to be subject to Section 2.18(c) as though it were a
Lender. 
 (ii)    No Participant shall be entitled to receive any greater payment under
Section 2.15, 2.16 or 2.17 than the participating Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant
is made with the Parent Borrower’s prior written consent expressly acknowledging that such Participant’s entitlement to benefits under Sections 2.15, 2.16 and 2.17 is not limited to what the participating Lender would
have been entitled to receive absent the participation. 
 Each Lender that sells a participation shall, acting solely for this purpose as
an agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and their respective successors and assigns, 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 any Participant’s interest in any Commitment, Loan or any other obligation under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan or
other obligation is in registered form under Section 5f.103-1(c) of the Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and each Lender shall treat
each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as
Administrative Agent) shall have no responsibility for maintaining a Participant Register. 
 (d)    Any Lender may at
any time pledge or assign a security interest in all or any portion of its rights under this Agreement (other than to any Disqualified Institution or any natural person) to secure obligations of such Lender, including without limitation any pledge
or assignment to secure obligations to any Federal Reserve Bank or other central bank having jurisdiction over such Lender, and this Section 9.05 shall not apply to any such pledge or assignment of a security interest;
provided that no such pledge or assignment of a security interest shall release any Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

(e)    Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”) may
grant to a special purpose funding vehicle (an “SPC”), identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Parent Borrower, the option to provide to the Borrowers all or any
part of any Loan that such Granting Lender would otherwise be obligated to make to the Borrowers pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPC to make any Loan and (ii) if an
SPC elects not to exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof. The making of any Loan by an SPC hereunder shall utilize the
Commitment or Additional Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Each party hereto hereby agrees that (i) neither the grant to any SPC nor the exercise by any SPC of such
option shall increase the costs or expenses or otherwise increase or change the obligations of the Borrowers under this Agreement (including its obligations under Section 2.15, 2.16 or 2.17) and no SPC shall
be entitled to any greater amount under Section 2.15, 2.16 or 2.17 or any other provision of this Agreement or any other Loan Document that the Granting Lender would have been entitled to receive, (ii) no
SPC shall be liable for 

  
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any indemnity or similar payment obligation under this Agreement (all liability for which shall remain with the Granting Lender) and (iii) the Granting Lender shall for all purposes
including approval of any amendment, waiver or other modification of any provision of the Loan Documents, remain the Lender of record hereunder. In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the
termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPC, it will not institute against, or join any other Person in
instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of the U.S. or any State thereof; provided that (i) such SPC’s Granting Lender is in compliance in all
material respects with its obligations to the Borrowers hereunder and (ii) each Lender designating any SPC hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its
inability to institute such a proceeding against such SPC during such period of forbearance. In addition, notwithstanding anything to the contrary contained in this Section 9.05, any SPC may (i) with notice to, but
without the prior written consent of, the Parent Borrower or the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loan to the Granting Lender and (ii) disclose on a
confidential basis any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of any surety, guaranty or credit or liquidity enhancement to such SPC. 

(f)    (i) Any assignment or participation by a Lender without the Parent Borrower’s consent, to the extent the
Borrowers’ consent is required under this Section 9.05, to any other Person, shall be null and void, and the Borrowers shall be entitled to seek specific performance to unwind any such assignment or participation in
addition to injunctive relief or any other remedies available to the Borrowers at law or in equity. Upon the request of any Lender, the Parent Borrower shall make available to such Lender the list of Disqualified Institutions at the relevant time
and such Lender may provide the list to any potential assignee or participant on a confidential basis in accordance with Section 9.13 for the purpose of verifying whether such Person is a Disqualified Institution.
Notwithstanding the foregoing, each Loan Party and the Lenders acknowledge and agree that the Administrative Agent shall not have any responsibility or obligation to determine whether any Lender or participant or potential Lender or participant is a
Disqualified Institution and the Administrative Agent shall have no liability with respect to any assignment or participation made to a Disqualified Institution. 

(ii)     If any assignment or participation under this Section 9.05 is made to any Disqualified
Institution or to any Person that cannot be reasonably identified as a Disqualified Institution pursuant to clause (a)(ii) or (b)(ii) of the definition thereof as of the date of such assignment or participation and subsequently becomes
reasonably identifiable as a Disqualified Institution, then (A) the Parent Borrower may, at the Borrowers’ sole expense and effort, upon notice to the applicable Disqualified Institution and the Administrative Agent, require such
Disqualified Institution to assign, without recourse (in accordance with and subject to the restrictions contained in this Section 9.05), all of its interests, rights and obligations under this Agreement to one or more
Eligible Assignees; provided that the relevant assignment shall otherwise comply with this Section 9.05 (except that no registration and processing fee required under this Section 9.05 shall
be required with respect to any assignment pursuant to this paragraph); and (B) the Loans and Commitments held by such Disqualified Institution shall be deemed not to be outstanding for purposes of any amendment, waiver or consent hereunder,
and such Disqualified Institution shall not be permitted to attend meetings of the Lenders or receive information prepared by the Administrative Agent or any Lender in connection with this Agreement. Nothing in this
Section 9.05(f)(ii) shall be deemed to prejudice any right or remedy that Holdings or the Borrowers may otherwise have at law or equity. Each Lender acknowledges and agrees that Holdings and its subsidiaries will
suffer irreparable harm if such Lender breaches any obligation under this Section 9.05 insofar as such obligation relates to any assignment, participation or pledge to any Disqualified Institution without the Parent
Borrower’s prior written consent and, therefore, each Lender agrees that Holdings and/or any 

  
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Borrower may seek to obtain specific performance or other equitable or injunctive relief to enforce this Section 9.05(f)(ii) against such Lender with respect to such
breach without posting a bond or presenting evidence of irreparable harm. 
 (g)    Notwithstanding anything to the
contrary contained herein, any Lender may, at any time, assign all or a portion of its rights and obligations under this Agreement in respect of its Initial Term Loans or Additional Term Loans to an Affiliated Lender on a non-pro rata basis
(A) through Dutch Auctions open to all Lenders holding the relevant Initial Term Loans or such Additional Term Loans, as applicable, on a pro rata basis or (B) through open market purchases, in each case with respect to clauses
(A) and (B), without the consent of the Administrative Agent; provided that: 

(i)    any Initial Term Loans or Additional Term Loans acquired by Holdings, the Borrowers or any of their
subsidiaries shall be retired and cancelled immediately upon the acquisition thereof; provided that upon any such retirement and cancellation, the aggregate outstanding principal amount of the Initial Term Loans or Additional Term Loans, as
applicable, shall be deemed reduced by the full par value of the aggregate principal amount of the Initial Term Loans or Additional Term Loans so retired and cancelled, and each principal repayment installment with respect to the Term Loans pursuant
to Section 2.10(a) shall be reduced on a pro rata basis by the full par value of the aggregate principal amount of Term Loans so cancelled; 

(ii)    any Initial Term Loans or Additional Term Loans acquired by any
Non-Debt Fund Affiliate may (but shall not be required to) be contributed to any Borrower or any of its subsidiaries for purposes of cancelling such Indebtedness (it being understood that any such Initial Term
Loans or Additional Term Loans shall be retired and cancelled immediately upon such contribution); provided that upon any such cancellation, the aggregate outstanding principal amount of the Initial Term Loans or Additional Term Loans, as
applicable, shall be deemed reduced, as of the date of such contribution, by the full par value of the aggregate principal amount of the Initial Term Loans or Additional Term Loans so contributed and cancelled, and each principal repayment
installment with respect to the Initial Term Loans pursuant to Section 2.10(a) shall be reduced pro rata by the full par value of the aggregate principal amount of Initial Term Loans so contributed and cancelled;

 (iii)    the relevant Affiliated Lender and assigning Lender shall have executed an Affiliated Lender
Assignment and Assumption; 
 (iv)    after giving effect to such assignment and to all other assignments
to all Affiliated Lenders, the aggregate principal amount of all Initial Term Loans and Additional Term Loans then held by all Affiliated Lenders shall not exceed 25% of the aggregate principal amount of the Initial Term Loans and Additional Term
Loans then outstanding (after giving effect to any substantially simultaneous cancellations thereof) (the “Affiliated Lender Cap”); provided that each party hereto acknowledges and agrees that the Administrative Agent shall
not be liable for any losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements of any kind or nature whatsoever incurred or suffered by any Person in connection with any compliance or non-compliance with this clause (g)(iv) or any purported assignment exceeding the Affiliated Lender Cap (it being understood and agreed that the Affiliated Lender Cap is intended to apply
to any Loans made available to Affiliated Lenders by means other than formal assignment (e.g., as a result of an acquisition of another Lender (other than any Debt Fund Affiliate) by any Affiliated Lender or the provision of Additional Term
Loans by any Affiliated Lender); provided, further, that to the extent that any assignment to any Affiliated Lender would result in the aggregate principal amount of all Initial Term Loans and Additional Term Loans held by Affiliated
Lenders exceeding the Affiliated Lender Cap (after giving effect to any substantially simultaneous cancellations thereof), the assignment of the relevant excess amount shall be null and void; 

  
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 (v)    in connection with any assignment effected
pursuant to a Dutch Auction and/or open market purchase conducted by Holdings, the Borrowers or any of their subsidiaries, (A) the relevant Person may not use the proceeds of any Additional Revolving Loans to fund such assignment and
(B) no Default or Event of Default exists at the time of acceptance of bids for the Dutch Auction or the confirmation of such open market purchase, as applicable; and 

(vi)    by its acquisition of Term Loans, each relevant Affiliated Lender shall be deemed to have
acknowledged and agreed that: 
 (A)    the Term Loans held by such Affiliated Lender shall be
disregarded in both the numerator and denominator in the calculation of any Required Lender or other Lender vote (and the Term Loans held by such Affiliated Lender shall be deemed to be voted pro rata along with the other Lenders that are not
Affiliated Lenders); provided that (x) such Affiliated Lender shall have the right to vote (and the Term Loans held by such Affiliated Lender shall not be so disregarded) with respect to any amendment, modification, waiver, consent or
other action that requires the vote of all Lenders or all Lenders directly and adversely affected thereby, as the case may be, and (y) no amendment, modification, waiver, consent or other action shall (1) disproportionately affect such
Affiliated Lender in its capacity as a Lender as compared to other Lenders of the same Class that are not Affiliated Lenders or (2) deprive any Affiliated Lender of its share of any payments which the Lenders are entitled to share on a
pro rata basis hereunder, in each case without the consent of such Affiliated Lender; and 

(B)    such Affiliated Lender, solely in its capacity as an Affiliated Lender, will not be entitled to
(i) attend (including by telephone) or participate in any meeting or discussion (or portion thereof) among the Administrative Agent or any Lender or among Lenders to which the Loan Parties or their representatives are not invited or
(ii) receive any information or material prepared by the Administrative Agent or any Lender or any communication by or among the Administrative Agent and one or more Lenders, except to the extent such information or materials have been made
available by the Administrative Agent or any Lender to any Loan Party or its representatives (and in any case, other than the right to receive notices of Borrowings, prepayments and other administrative notices in respect of its Initial Term Loans
or Additional Term Loans required to be delivered to Lenders pursuant to Article 2); and 

(vii)    no Affiliated Lender shall be required to represent or warrant that it is not in possession of
material non-public information with respect to Holdings, the Borrowers and/or any subsidiary thereof and/or their respective securities in connection with any assignment permitted by this
Section 9.05(g). 
 Notwithstanding anything to the contrary contained herein, any Lender may, at any time, assign all or a
portion of its rights and obligations under this Agreement in respect of its Initial Term Loans, Additional Term Loans, or Additional Revolving Commitments to any Debt Fund Affiliate, and any Debt Fund Affiliate may, from time to time, purchase
Initial Term Loans, Additional Term Loans, or Additional Revolving Commitments (x) on a non-pro rata basis through Dutch Auctions open to all applicable Lenders or (y) on a non-pro rata basis through open market purchases
without the consent of the Administrative Agent, in each case, notwithstanding the requirements set forth in subclauses (i) through 

  
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(vii) of this clause (g); provided that the Initial Term Loans, Additional Term Loans and unused commitments and other Loans of all Debt Fund Affiliates shall not account for
more than 49.9% of the amounts included in determining whether the Required Lenders have (A) consented to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document or any departure by any
Loan Party therefrom, or subject to the immediately succeeding paragraph, any plan of reorganization pursuant to the Bankruptcy Code, (B) otherwise acted on any matter related to any Loan Document or (C) directed or required the
Administrative Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or under any Loan Document. Any Initial Term Loans or Additional Term Loans acquired by any Debt Fund Affiliate may (but shall not be
required to) be contributed to any Borrower or any of its subsidiaries for purposes of cancelling such Indebtedness (it being understood that any Initial Term Loans or Additional Term Loans so contributed shall be retired and cancelled immediately
upon thereof); provided that upon any such cancellation, the aggregate outstanding principal amount of the Initial Term Loans or Additional Term Loans shall be deemed reduced, as of the date of such contribution, by the full par value of the
aggregate principal amount of the Initial Term Loans or Additional Term Loans so contributed and cancelled, and each principal repayment installment with respect to the Initial Term Loans pursuant to Section 2.10(a) shall
be reduced pro rata by the full par value of the aggregate principal amount of Initial Term Loans so contributed and cancelled. 

Notwithstanding anything in this Agreement or any other Loan Document to the contrary, each Affiliated Lender hereby agrees that, if a
proceeding under any Debtor Relief Law is commenced by or against any Borrower or any other Loan Party at a time when such Lender is an Affiliated Lender, such Affiliated Lender irrevocably authorizes and empowers the Administrative Agent to vote on
behalf of such Affiliated Lender with respect to the Initial Term Loans or Additional Term Loans held by such Affiliated Lender in any manner in the Administrative Agent’s sole discretion, unless the Administrative Agent instructs such
Affiliated Lender to vote, in which case such Affiliated Lender shall vote with respect to the Initial Term Loans or Additional Term Loans held by it as the Administrative Agent directs; provided that in connection with any matter that
proposes to treat any Obligations held by such Affiliated Lender in a manner that is different than the proposed treatment of similar Obligations held by Lenders that are not Affiliates, (a) such Affiliated Lender shall be entitled to vote in
accordance with its sole discretion (and not in accordance with the direction of the Administrative Agent) and (b) the Administrative Agent shall not be entitled to vote on behalf of such Affiliated Lender. Each Affiliated Lender hereby
irrevocably appoints the Administrative Agent (such appointment being coupled with an interest) as such Affiliated Lender’s attorney-in-fact, with full authority in
the place and stead of such Affiliated Lender and in the name of such Affiliated Lender (solely in respect of Initial Term Loans or Additional Term Loans and participations therein and not in respect of any other claim or status that such Affiliated
Lender may otherwise have), from time to time in the Administrative Agent’s discretion to take any action and to execute any instrument that the Administrative Agent may deem reasonably necessary to carry out the provisions of (but subject to
the limitations set forth in) this paragraph. 
 Section 9.06     Survival. All covenants, agreements,
representations and warranties made by the Loan Parties in the Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied
upon by the other parties hereto and shall survive the execution and delivery of the Loan Documents and the making of any Loans regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative
Agent may have had notice or knowledge of any Default or Event of Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect until the Termination Date. The provisions of
Sections 2.15, 2.16, 2.17, 9.03 and 9.13 and Article 8 shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the
repayment of the Loans, the expiration or termination of any Additional Commitment, the occurrence of the Termination Date or the termination of this Agreement or any provision hereof but in each case, subject to the limitations set forth in this
Agreement. 

  
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 Section 9.07     Counterparts; Integration; Effectiveness.
This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the
other Loan Documents and the Fee Letters and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire agreement 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. This Agreement shall become effective when it has been executed by Holdings, each Borrower and the Administrative Agent and when the Administrative Agent
has received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted
assigns. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or by email as a “.pdf” or “.tif” attachment shall be effective as delivery of a manually executed counterpart of this Agreement.

 Section 9.08     Severability. To the extent permitted by law, any provision of any Loan Document held to
be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining
provisions thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

Section 9.09     Right of Setoff. At any time when an Event of Default exists, upon the written consent of the
Administrative Agent, each Lender is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held
and other obligations (in any currency) at any time owing by the Administrative Agent, or such Lender (including by branches and agencies of the Administrative Agent, or such Lender, wherever located) to or for the credit or the account of any
Borrower or any Loan Party against any of and all the Secured Obligations held by the Administrative Agent, or such Lender, irrespective of whether or not the Administrative Agent, or such Lender shall have made any demand under the Loan Documents
and although such obligations may be contingent or unmatured or are owed to a branch or office of such Lender different than the branch or office holding such deposit or obligation on such Indebtedness. Any applicable Lender, shall promptly notify
the Parent Borrower and the Administrative Agent of such set-off or application; provided that any failure to give or any delay in giving such notice shall not affect the validity of any such set-off or application under this Section 9.09. The rights of each Lender, the Administrative Agent under this Section 9.09 are in addition to other rights and
remedies (including other rights of setoff) which such Lender or the Administrative Agent may have. 
 Section 9.10
    Governing Law; Jurisdiction; Consent to Service of Process. 
 (a)    THIS AGREEMENT AND
THE OTHER LOAN DOCUMENTS (OTHER THAN AS EXPRESSLY SET FORTH IN OTHER LOAN DOCUMENTS) AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN AS EXPRESSLY SET FORTH IN THE OTHER LOAN
DOCUMENTS), WHETHER IN TORT, CONTRACT (AT LAW OR IN EQUITY) OR OTHERWISE, SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

  
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 (b)    EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS,
FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION (SUBJECT TO THE LAST SENTENCE OF THIS CLAUSE (B)) OF ANY U.S. FEDERAL OR NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK (OR ANY APPELLATE COURT THEREFROM)
OVER ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING SHALL (EXCEPT AS PERMITTED BELOW) BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR, TO THE
EXTENT PERMITTED BY LAW, FEDERAL COURT. EACH PARTY HERETO AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY REGISTERED MAIL ADDRESSED TO SUCH PERSON SHALL BE EFFECTIVE SERVICE OF PROCESS AGAINST SUCH PERSON FOR ANY SUIT, ACTION OR
PROCEEDING BROUGHT IN ANY SUCH COURT. EACH PARTY HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. EACH PARTY HERETO AGREES
THAT THE ADMINISTRATIVE AGENT AND THE SECURED PARTIES RETAIN THE RIGHT TO BRING PROCEEDINGS AGAINST ANY LOAN PARTY IN THE COURTS OF ANY OTHER JURISDICTION SOLELY IN CONNECTION WITH THE EXERCISE OF ANY RIGHTS UNDER ANY COLLATERAL DOCUMENT. 

(c)    EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY LEGALLY AND
EFFECTIVELY DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH
(B) OF THIS SECTION 9.10. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY CLAIM OR DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION, SUIT OR PROCEEDING IN
ANY SUCH COURT. 
 (d)    TO THE EXTENT PERMITTED BY LAW, EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE
OF ANY AND ALL PROCESS UPON IT AND AGREES THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE BY REGISTERED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL) DIRECTED TO IT AT ITS ADDRESS FOR NOTICES AS PROVIDED FOR IN
SECTION 9.01. EACH PARTY HERETO HEREBY WAIVES ANY OBJECTION TO SUCH SERVICE OF PROCESS AND FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY ACTION OR PROCEEDING COMMENCED HEREUNDER OR UNDER ANY LOAN
DOCUMENT THAT SERVICE OF PROCESS WAS INVALID AND INEFFECTIVE. NOTHING IN THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. 

Section 9.11     Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY HERETO (a) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER
PARTY WOULD NOT, IN 

  
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THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (b) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.11. 
 Section 9.12     Headings. Article and
Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

Section 9.13     Confidentiality. Each of the Administrative Agent, each Lender, and each Arranger agrees (and
each Lender agrees to cause its SPC, if any) to maintain the confidentiality of the Confidential Information (as defined below), except that Confidential Information may be disclosed (a) to its and its Affiliates’ directors, officers,
managers, employees, independent auditors, or other experts and advisors, including accountants, legal counsel and other advisors (collectively, the “Representatives”) on a “need to know” basis solely in connection with
the transactions contemplated hereby and who are informed of the confidential nature of the Confidential Information and are or have been advised of their obligation to keep the Confidential Information of this type confidential; provided
that such Person shall be responsible for its Affiliates’ and their Representatives’ compliance with this paragraph; provided, further, that unless the Parent Borrower otherwise consents, no such disclosure shall be made by
the Administrative Agent, any Arranger, any Lender or any Affiliate or Representative thereof to any Affiliate or Representative of the Administrative Agent, any Arranger, or any Lender that (i) is engaged as a principal primarily in private
equity, mezzanine financing or venture capital or (ii) is a Disqualified Institution, (b) upon the demand or request of any regulatory or Governmental Authority (including any self-regulatory body or any Federal Reserve Bank or other
central bank acting as pledgee pursuant to Section 9.05) purporting to have jurisdiction over such Person or its Affiliates (in which case such Person shall, except with respect to any audit or examination conducted by bank accountants or any
Governmental Authority or regulatory or self-regulatory authority exercising examination or regulatory authority, to the extent practicable and permitted by law, (i) inform the Parent Borrower promptly in advance thereof and (ii) use
commercially reasonable efforts to ensure that any information so disclosed is accorded confidential treatment), (c) to the extent compelled by legal process in, or reasonably necessary to, the defense of such legal, judicial or administrative
proceeding, in any legal, judicial or administrative proceeding or otherwise as required by applicable Requirements of Law (in which case such Person shall (i) to the extent practicable and permitted by law, inform the Parent Borrower promptly
in advance thereof and (ii) use commercially reasonable efforts to ensure that any such information so disclosed is accorded confidential treatment), (d) to any other party to this Agreement, (e) subject to an acknowledgment and
agreement by the relevant recipient that the Confidential Information is being disseminated on a confidential basis (on substantially the terms set forth in this paragraph or as otherwise reasonably acceptable to the Parent Borrower and the
Administrative Agent, including as set forth in the Information Memorandum) in accordance with the standard syndication process of the Arrangers or market standards for dissemination of the relevant type of information, which shall in any event
require “click through” or other affirmative action on the part of the recipient to access the Confidential Information and acknowledge its confidentiality obligations in respect thereof, to (i) any Eligible Assignee of or Participant
in, or any prospective Eligible Assignee of or prospective Participant in, any of its rights or obligations under this Agreement, including any SPC (in each case other than a Disqualified Institution), (ii) any pledgee referred to in
Section 9.05, (iii) any actual or prospective, direct or indirect contractual counterparty (or its advisors) to any Derivative Transaction (including any credit default swap) or similar derivative product to which any Loan
Party is a party and (iv) subject to the Parent Borrower’s prior approval of the information to be disclosed (not to be unreasonably withheld or delayed), to Moody’s or S&P on a confidential basis in connection with obtaining or
maintaining ratings as required under Section 5.13, (f) with the prior written consent of the Parent Borrower, (g) to the extent the Confidential Information becomes publicly available other than as a result of a
breach of this Section 9.13 

  
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by such Person, its Affiliates or their respective Representatives and (h) to insurers, any numbering administration or settlement services providers on a “need to know” basis
solely in connection with the transactions contemplated hereby and who are informed of the confidential nature of the Confidential Information and are or have been advised of their obligation to keep the Confidential Information of this type
confidential; provided that any disclosure made in reliance on this clause (h) is limited to the general terms of this Credit Agreement and does not include financial or other information relating to Holdings, any Borrower and/or
any of their respective subsidiaries. For purposes of this Section 9.13, “Confidential Information” means all information relating to the Borrowers and/or any of their subsidiaries and their respective
businesses, the Sponsor, the Existing Credit Agreement Transactions or the Transactions (including any information obtained by the Administrative Agent, any Lender or any Arranger, or any of their respective Affiliates or Representatives, based on a
review of the books and records relating to the Borrowers and/or any of their subsidiaries and their respective Affiliates from time to time, including prior to the Closing Date) other than any such information that is publicly available to the
Administrative Agent or any Arranger, or Lender on a non-confidential basis prior to disclosure by any Borrower or any of its subsidiaries. For the avoidance of doubt, in no event shall any disclosure of any
Confidential Information be made to Person that is a Disqualified Institution at the time of disclosure. 
 Section 9.14
    No Fiduciary Duty. Each of the Administrative Agent, the Arrangers, each Lender, and their respective Affiliates (collectively, solely for purposes of this paragraph, the “Lenders”), may have economic
interests that conflict with those of the Loan Parties, their stockholders and/or their respective affiliates. Each Loan Party agrees that nothing in the Loan Documents or otherwise will be deemed to create an advisory, fiduciary or agency
relationship or fiduciary or other implied duty between any Lender, on the one hand, and such Loan Party, its respective stockholders or its respective affiliates, on the other. Each Loan Party acknowledges and agrees that: (i) the transactions
contemplated by the Loan Documents (including the exercise of rights and remedies hereunder and thereunder) are arm’s-length commercial transactions between the Lenders, on the one hand, and the Loan
Parties, on the other, and (ii) in connection therewith and with the process leading thereto, (x) no Lender has assumed an advisory or fiduciary responsibility in favor of any Loan Party, its respective stockholders or its respective
affiliates with respect to the transactions contemplated hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Lender has advised, is currently advising or will advise any
Loan Party, its respective stockholders or its respective Affiliates on other matters) or any other obligation to any Loan Party except the obligations expressly set forth in the Loan Documents and (y) each Lender is acting solely as principal
and not as the agent or fiduciary of such Loan Party, its respective management, stockholders, creditors or any other Person. Each Loan Party acknowledges and agrees that such Loan Party has consulted its own legal, tax and financial advisors to the
extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto. 

Section 9.15     Several Obligations. The respective obligations of the Lenders hereunder are several
and not joint and the failure of any Lender to make any Loan, or perform any of its obligations hereunder shall not relieve any other Lender from any of its obligations hereunder. 

Section 9.16     USA PATRIOT Act. Each Lender that is subject to the requirements of the USA PATRIOT Act or
the Beneficial Ownership Regulation hereby notifies the Loan Parties that pursuant to the requirements of the USA PATRIOT Act or the Beneficial Ownership Regulation, as applicable, it is required to obtain, verify and record information that
identifies each Loan Party, which information includes the name and address of such Loan Party and other information that will allow such Lender to identify such Loan Party in accordance with the USA PATRIOT Act and the Beneficial Ownership
Regulation. 

  
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 Section 9.17     Disclosure. Each Loan Party, and each
Lender hereby acknowledges and agrees that the Administrative Agent and/or its Affiliates from time to time may hold investments in, make other loans to or have other relationships with any of the Loan Parties and their respective Affiliates. 

Section 9.18     Appointment for Perfection. Each Lender hereby appoints each other Lender as its agent for
the purpose of perfecting Liens for the benefit of the Administrative Agent, and the Lenders, in assets which, in accordance with Article 9 of the UCC or any other applicable law can be perfected only by possession. If any Lender (other than the
Administrative Agent) obtains possession of any Collateral, such Lender shall notify the Administrative Agent thereof; and, promptly upon the Administrative Agent’s request therefor shall deliver such Collateral to the Administrative Agent or
otherwise deal with such Collateral in accordance with the Administrative Agent’s instructions. 
 Section 9.19
    Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on
such Loan under applicable law (collectively the “Charged Amounts”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding
such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charged Amounts payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest
and Charged Amounts that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section 9.19 shall be cumulated and the interest and Charged Amounts payable to such Lender
in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by
such Lender. 
 Section 9.20     Acknowledgement and Consent of
Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto
acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and
agrees and consents to, and acknowledges and agrees to be bound by: 
 (a)    the application of any Write-Down and
Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and 

(b)    the effects of any Bail-In Action on any such liability, including, if
applicable: 
 (i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected
Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any
such liability under this Agreement or any other Loan Document; or 
 (iii) the variation of the terms of such liability in
connection with the exercise of the write-down and conversion powers of the applicable Resolution Authority. 

  
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 Section 9.21     Conflicts. Notwithstanding anything to
the contrary contained herein or in any other Loan Document, in the event of any conflict or inconsistency between this Agreement and any other Loan Document, the terms of this Agreement shall govern and control. 

Section 9.22     Release of Loan Parties. Notwithstanding anything in
Section 9.02(b) to the contrary, any Loan Party (other than the Parent Borrower) shall automatically be released from its obligations hereunder (and its Loan Guaranty shall be automatically released) (a) upon the
consummation of any permitted transaction or series of related transactions if as a result thereof such Loan Party ceases to be a Restricted Subsidiary (or becomes an Excluded Subsidiary as a result of a single transaction or series of related
transactions permitted hereunder; provided, that the release of any Loan Party from its obligations under the Loan Guaranty if such Loan Party becomes an Excluded Subsidiary of the type described in clause (a) of the definition
thereof shall only be permitted if at the time such Guarantor becomes an Excluded Subsidiary of such type (i) no Event of Default exists, (ii) after giving pro forma effect to such release and the consummation of the transaction that
causes such Person to be an Excluded Subsidiary of such type, the relevant Borrower is deemed to have made a new Investment in such Person for purposes of Section 6.06 (as if such Person were then newly acquired) in an amount equal to
the portion of the fair market value of the net assets of such Person attributable to such Borrower’s equity interest therein as reasonably estimated by such Borrower and such Investment is permitted pursuant to Section 6.06 (other
than Section 6.06(f)) at such time and (iii) a Responsible Officer of the relevant Borrower certifies to the Administrative Agent compliance with preceding clauses (i) and (ii)) and/or (b) upon the occurrence
of the Termination Date; provided, further, that the release of Eco Services from its obligations under the Loan Guaranty shall only be permitted if the Loans and all other principal, interest, fees and other amounts and obligations
due of Eco Services have been, or will concurrently be, paid in full (or have been, or will concurrently be, assumed by the Parent Borrower). In connection with any such release, the Administrative Agent shall promptly execute and deliver to the
relevant Loan Party, at such Loan Party’s expense, all documents that such Loan Party shall reasonably request to evidence termination or release; provided, that upon the request of the Administrative Agent, the relevant Borrower shall
deliver a certificate of a Responsible Officer certifying that the relevant transaction has been consummated in compliance with the terms of this Agreement. Any execution and delivery of documents pursuant to the preceding sentence of this
Section 9.22 shall be without recourse to or warranty by the Administrative Agent (other than as to the Administrative Agent’s authority to execute and deliver such documents). 

Section 9.23     Certain ERISA Matters. 

(a)    Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and
(y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and each Arranger and their respective Affiliates, and not, for the
avoidance of doubt, to or for the benefit of any Borrower or any other Loan Party, that at least one of the following is and will be true: 

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

(ii)    the prohibited transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions
involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a
class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption 

  
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for certain transactions determined by in-house asset managers), is applicable so as to exempt from the prohibitions of ERISA Section 406 and Code
Section 4975 , such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement, 

(iii)    (A) such Lender is an investment fund managed by a “Qualified Professional Asset
Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and
perform the Loans, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of
sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement, or 

(iv)    such other representation, warranty and covenant as may be agreed in writing between the
Administrative Agent, in its sole discretion, and such Lender. 
 (b)    In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender has not provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date
such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and each Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the
benefit of any Borrower or any other Loan Party, that: 
 (i)    none of the Administrative Agent or the
Arrangers or their respective Affiliates is a fiduciary with respect to the assets of such Lender (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any
documents related to hereto or thereto), 
 (ii)    the Person making the investment decision on behalf
of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement is independent (within the meaning of 29 CFR §
2510.3-21) and is a bank, an insurance carrier, an investment adviser, a broker-dealer or other person that holds, or has under management or control, total assets of at least $50 million, in each case as
described in 29 CFR § 2510.3-21(c)(1)(i)(A)-(E), 

(iii)    the Person making the investment decision on behalf of such Lender with respect to the entrance
into, participation in, administration of and performance of the Loans, the Commitments and this Agreement is capable of evaluating investment risks independently, both in general and with regard to particular transactions and investment strategies
(including in respect of the Obligations), 
 (iv)    the Person making the investment decision on behalf
of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement is a fiduciary under ERISA or the Code, or both, with respect to the Loans, the Commitments and
this Agreement and is responsible for exercising independent judgment in evaluating the transactions hereunder, and 

  
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 (v)    no fee or other compensation is being paid
directly to the Administrative Agent or any Arranger or any their respective Affiliates for investment advice (as opposed to other services) in connection with the Loans, the Commitments or this Agreement. 

(c)    The Administrative Agent and each Arranger hereby informs the Lenders that each such Person is not undertaking to
provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an
Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Commitments and this Agreement, (ii) may recognize a gain if it extended the Loans or the Commitments for an amount less than the amount being paid
for an interest in the Loans or the Commitments by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment fees,
arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate
transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing. 

Section 9.24     Undesignation of a Borrower. The Parent Borrower may undesignate any Borrower (other
than PQ) as a Borrower by delivering to the Administrative Agent prior written notice thereof so long as the Loans and all other principal, interest, fees and other amounts and obligations due of such undesignated Borrower have been paid in full (or
have been assumed by another Borrower). Such undesignation shall, subject to the forgoing sentence, be at the sole discretion of the Parent Borrower, and it may be made in connection with a sale or transfer of all or substantially all of the Capital
Stock or property of any Borrower (other than PQ) that is otherwise permitted by this Agreement, or in connection with any other transaction that is otherwise permitted by this Agreement pursuant to which any Borrower (other than PQ) ceases to be a
Restricted Subsidiary. 
 Section 9.25     Acknowledgement Regarding Any Supported QFCs. 

To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Hedge Agreements or any other agreement or
instrument that is a QFC (such support, “QFC Credit Support” and each such QFC, a “Supported QFC”), the parties hereto hereby acknowledge and agree as follows with respect to the resolution power of the Federal
Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution
Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York
and/or of the United States or any other state of the United States): 
 (a)    In the event a Covered Entity that is
party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and
obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective
under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a
Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that
may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be 

  
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exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation
of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support. 

(b)    As used in this Section 9.25, the following terms have the following meanings: 

“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance
with, 12 U.S.C. 1841(k)) of such party. 
 “Covered Entity” means any of the following: 

(a)    a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
252.82(b); 
 (b)    a “covered bank” as that term is defined in, and interpreted in accordance with,
12 C.F.R. § 47.3(b); or 
 (c)    a “covered FSI” as that term is defined in, and interpreted in
accordance with, 12 C.F.R. § 382.2(b). 
 “Default Right” has the meaning assigned to that term in, and shall be
interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 
 “QFC” has the meaning
assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D). 

[Signature Pages Follow] 

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

					
	CPQ MIDCO I CORPORATION, as Holdings
		
	By:	 	 /s/ Joseph S. Koscinski

		 	Name:	 	Joseph S. Koscinski
		 	Title:	 	President and Secretary
	
	PQ CORPORATION, as the Parent Borrower
		
	By:	 	 /s/ Joseph S. Koscinski

		 	Name:	 	Joseph S. Koscinski
		 	Title: 	 	Vice President, Secretary and General Counsel
	
	ECO SERVICES OPERATIONS CORP., as a Borrower
		
	By:	 	 /s/ Joseph S. Koscinski

		 	Name:	 	Joseph S. Koscinski
		 	Title:	 	Vice President, Secretary and General Counsel

  
 Signature Page to Term
Loan Credit Agreement 

 
					
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Administrative Agent
		
	By:	 	 /s/ William O’Daly

		 	Name:	  	William O’Daly
		 	Title:	  	Authorized Signatory
		
	By:	 	 /s/ Brady Bingham

		 	Name:	  	Brady Bingham
		 	Title:	  	Authorized Signatory

  
 Signature Page to Term
Loan Credit Agreement 

 
					
	CITIBANK, N.A., as a Lender
		
	By:	 	 /s/ Kirkwood Roland

		 	Name:	 	Kirkwood Roland
		 	Title:	 	Managing Director & Vice President

  
 Signature Page to Term
Loan Credit Agreement 

 EXHIBIT A-1 

[FORM OF] 
 ASSIGNMENT
AND ASSUMPTION 
 This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date
set forth below and is entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”). [It is understood and agreed that the rights and
obligations of [the Assignors][the Assignees]1 hereunder are several and not joint.]2 Capitalized terms used but not defined
herein shall have the meanings given to them in the Credit Agreement identified below (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), receipt of a copy of
which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex I attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth
herein in full. 
 For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby
irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below, (i) all of
the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all
of such outstanding rights and obligations of the Assignor under the respective facilities identified below (including any letters of credit included in such facilities) and (ii) to the extent permitted to be assigned under applicable
Requirements of Law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or
instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or
in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being
referred to herein collectively as the “Assigned Interest”). In the case where the Assigned Interest covers all of the Assignor’s rights and obligations under the Credit Agreement, the Assignor shall cease to be a party thereto
but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 9.03 of the Credit Agreement with respect to facts and circumstances occurring on or prior to the Effective Date and
subject to its obligations hereunder and under Section 9.13 of the Credit Agreement. Such sale and assignment is (i) subject to acceptance and recording thereof in the Register by the Administrative Agent pursuant to
Section 9.05(b)(v) of the Credit Agreement, (ii) without recourse to the Assignor and (iii) except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor. 

1.     Assignor: [●] 
 2.
    Assignee: [●] 
 [and is an Affiliate/Approved Fund of [identify Lender]3] 
  
  

	1 	 Select as applicable. 

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

	3 	 Select as applicable. 

  
 A-1-1 

 3.    Borrowers: PQ Corporation and Eco Services Operations Corp. 

4.    Administrative Agent: Credit Suisse AG, Cayman Islands Branch, as administrative agent under the Credit Agreement 

5.    Credit Agreement: That certain New Term Loan Credit Agreement dated as of July 22, 2020 (as amended, restated, amended and
restated, supplemented or otherwise modified and in effect on the date hereof, the “Credit Agreement”), by and among, PQ Corporation, a Pennsylvania corporation (the “Parent Borrower”), Eco Services Operations
Corp., a Delaware corporation (“Eco Services” and together with Parent Borrower, collectively, the “Borrowers” and each, a “Borrower”), CPQ Midco I Corporation, a Delaware corporation, the Lenders
from time to time party thereto, Credit Suisse AG, Cayman Islands Branch, in its capacities as administrative agent and collateral agent for the Lenders. 

6.    Assigned Interest: 
  

																	
	 Aggregate Amount of

Commitment/Loans
	  	Class of
Loans
Assigned	 	  	Amount of
Commitment/Loans
Assigned4	 	  	Percentage Assigned of
Commitment/Loans under
Relevant Class5	 	 	CUSIP Number	 
	 $
	  				  	$	 	 	  	 	    	% 	 			
	 $
	  				  	$	 	 	  	 	    	% 	 			
	 $
	  				  	$	 	 	  	 	    	% 	 			

 Effective Date: [●] [●], 20[●] [TO BE INSERTED BY THE ADMINISTRATIVE AGENT AND WHICH
SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR]. 
 7.    THE PARTIES HERETO ACKNOWLEDGE THAT
ANY ASSIGNMENT TO ANY DISQUALIFIED INSTITUTION WITHOUT OBTAINING THE REQUIRED CONSENT OF THE PARENT BORROWER OR, TO THE EXTENT THE PARENT BORROWER’S CONSENT IS REQUIRED UNDER SECTION 9.05 OF THE CREDIT AGREEMENT, TO ANY
OTHER PERSON, SHALL BE NULL AND VOID, AND THE BORROWERS SHALL BE ENTITLED TO SEEK SPECIFIC PERFORMANCE TO UNWIND ANY SUCH ASSIGNMENT IN ADDITION TO INJUNCTIVE RELIEF OR ANY OTHER REMEDIES AVAILABLE TO THE BORROWERS AT LAW OR IN EQUITY.  

[Signature Page Follows] 
  

 

	4 	 Not to be less than (x) $1,000,000 in the case of Initial Term Loans, Additional Term Loans, Initial Term
Commitments and Additional Term Commitments and (y) $5,000,000 in the case of Additional Revolving Loans or Additional Revolving Commitments unless the Parent Borrower and the Administrative Agent otherwise consent. 

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

  
 A-1-2 

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

 

			
	ASSIGNOR 
	
	[NAME OF ASSIGNOR]
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-1-3 

	☐	 ASSIGNEE HAS EXAMINED THE LIST OF DISQUALIFIED INSTITUTIONS AND (I) REPRESENTS AND
WARRANTS THAT (A) IT IS NOT IDENTIFIED ON SUCH LIST AND (B) IT IS NOT AN AFFILIATE OF ANY INSTITUTION IDENTIFIED ON SUCH LIST [(OTHER THAN, IN THE CASE OF THIS CLAUSE (B), A BONA FIDE DEBT
FUND)]6 AND (II) ACKNOWLEDGES THAT ANY ASSIGNMENT MADE TO AN AFFILIATE OF A DISQUALIFIED INSTITUTION (OTHER THAN A BONA FIDE DEBT FUND) SHALL BE SUBJECT TO
SECTION 9.05 OF THE CREDIT AGREEMENT.7 

  

			
	ASSIGNEE 
	
	[NAME OF ASSIGNEE]
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Consented to and Accepted:
	
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Administrative Agent8
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  
  

	6 	 Insert bracketed language if Assignee is a Bona Fide Debt Fund and not otherwise identified on the list of
Disqualified Institutions. 

	7 	 To be completed by Assignee. 

	8 	 To be added only if the consent of the Administrative Agent is required. 

  
 A-1-4 

 
			
	[Consented to:]9
	
	 PQ CORPORATION,
 as Parent
Borrower

		
	By:	 	  

		 	Name:
		 	Title:

  
  

	9 	 To be added only if the consent of the Parent Borrower is required by Section 9.05(b)(i)(A) of the
Credit Agreement. 

  
 A-1-5 

 Annex I 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 

1.    Representations and Warranties. 

1.1    Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial
owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) its Commitment, and the outstanding balances of its Loans, in each case without giving effect to
assignments thereof which have not become effective, are as set forth herein and (iv) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions
contemplated hereby; and (b) makes no representation or warranty and assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement, any other Loan Document or
any other instrument or document furnished pursuant thereto (other than this Assignment and Assumption) or any collateral thereunder, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan
Documents or any collateral thereunder, (iii) the financial condition of any Borrower, any of their Restricted Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance
by Holdings, any Borrower, any of their Restricted Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document. 

1.2    Assignee. The Assignee (a) represents and warrants that (i) it is an Eligible Assignee and
has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies
the requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of
the Credit Agreement and the other Loan Documents as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder and (iv) it has received a copy of the Credit Agreement, together with
copies of the most recent financial statements delivered pursuant to Section 5.01 thereof, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into
this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender, (v) it has examined the list
of Disqualified Institutions and it is not (A) a Disqualified Institution or (B) an Affiliate of a Disqualified Institution [(other than, in the case of this Clause (B), a Bona Fide Debt Fund)]10 and (vi) if it is a Foreign Lender, attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant to Section 2.17 of the
Credit Agreement, duly completed and executed by the Assignee and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Lender, and based on such documents and information as
it deems appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, (ii) it appoints and authorizes the Administrative Agent to take such action on its behalf and to exercise such
powers and discretion under the Credit Agreement, the other Loan Documents or any other instrument or document furnished pursuant hereto or thereto as are delegated to the Administrative Agent by the terms thereof, together with such powers as are
reasonably incidental thereto, and (iii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

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

	10 	 Insert bracketed language if Assignee is a Bona Fide Debt Fund and not otherwise identified on the list of
Disqualified Institutions. 

  
 Annex I to Exhibit A-1-1

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

  
 A-1-2 

 EXHIBIT A-2 

[FORM OF] 
 AFFILIATED
LENDER 
 ASSIGNMENT AND ASSUMPTION 

This Affiliated Lender Assignment and Assumption (the “Affiliated Lender Assignment and Assumption”) is dated as of the
Effective Date set forth below and is entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Affiliated Lender] (the “Assignee”). Capitalized terms used but not
defined herein shall have the meanings given to them in the Credit Agreement identified below (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), receipt of a
copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex I attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Affiliated
Lender Assignment and Assumption as if set forth herein in full. 
 For an agreed consideration, the Assignor hereby irrevocably sells and
assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the
Administrative Agent as contemplated below, (i) all of the Assignor’s rights and obligations in its capacity as a Term Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent
related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the respective facilities identified below and (ii) to the extent permitted to be assigned under applicable
Requirements of Law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Term Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other
documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other
claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and
(ii) above being referred to herein collectively as the “Assigned Interest”). In the case where the Assigned Interest covers all of the Assignor’s rights and obligations under the Credit Agreement, the Assignor
shall cease to be a party thereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 9.03 of the Credit Agreement with respect to facts and circumstances occurring on or
prior to the Effective Date and subject to its obligations hereunder and under Section 9.13 of the Credit Agreement. Such sale and assignment is (i) subject to acceptance and recording thereof in the Register by the
Administrative Agent pursuant to Section 9.05(b)(v) of the Credit Agreement, (ii) without recourse to the Assignor and (iii) except as expressly provided in this Affiliated Lender Assignment and Assumption,
without representation or warranty by the Assignor. 
 1.    Assignor: [●] 

2.    Assignee: [●] 
 and is an
Affiliated Lender [that is a Non-Debt Fund Affiliate/any Borrower/Holdings or a subsidiary thereof]. 

3.    Borrowers: PQ Corporation and Eco Services Operations Corp. 

4.    Administrative Agent: Credit Suisse AG, Cayman Islands Branch, as administrative agent under the Credit Agreement 

5.    Credit Agreement: That certain New Term Loan Credit Agreement dated as of July 22, 2020 (as amended, restated, amended and
restated, supplemented or otherwise modified and in effect on the date 

  
 A-2-1 

 hereof, the “Credit Agreement”), by and among, PQ Corporation, a Pennsylvania corporation
(the “Parent Borrower”), Eco Services Operations Corp., a Delaware corporation (“Eco Services” and together with Parent Borrower, collectively, the “Borrowers” and each, a
“Borrower”), CPQ Midco I Corporation, a Delaware corporation, the Lenders from time to time party thereto, Credit Suisse AG, Cayman Islands Branch, in its capacities as administrative agent and collateral agent for the Lenders. 

6.    Assigned Interest: 
  

																	
	 Aggregate Amount of

Commitment/Loans
	  	Class of
Loans Assigned	 	  	Amount of
Commitment/Loans
Assigned11	 	  	Percentage Assigned of
Commitment/Loans under
Relevant Class12	 	 	CUSIP
Number	 
	 $
	  				  	$	             	 	  	 		% 	 			
	 $
	  				  	$	 	 	  	 		% 	 			
	 $
	  				  	$	 	 	  	 		% 	 			

 7.    THE PARTIES HERETO ACKNOWLEDGE THAT ANY ASSIGNMENT TO AN AFFILIATED LENDER WHICH RESULTS IN THE
AGGREGATE PRINCIPAL AMOUNT OF TERM LOANS THEN HELD BY ALL AFFILIATED LENDERS EXCEEDING THE AFFILIATED LENDER CAP (AFTER GIVING EFFECT TO ANY SUBSTANTIALLY SIMULTANEOUS CANCELLATION OF TERM LOANS) SHALL BE NULL AND VOID WITH RESPECT TO THE AMOUNT IN
EXCESS OF THE AFFILIATED LENDER CAP. 
 Effective Date: [●] [●], 20[●] [TO BE INSERTED BY THE ADMINISTRATIVE AGENT AND
WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR]. 
 [Signature Page Follows] 

 
  

	11	 Not to be less than (x) $1,000,000 in the case of Initial Term Loans, Additional Term Loans, Initial Term
Commitments and Additional Term Commitments and (y) $5,000,000 in the case of Additional Revolving Loans or Additional Revolving Commitments unless the Parent Borrower and the Administrative Agent otherwise consent. 

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

  
 A-2-2 

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

			
	 ASSIGNOR
  

[NAME OF ASSIGNOR]

		
	By:	 	  

		 	Name:
		 	Title:

  
 A-2-3 

 
			
	ASSIGNEE
	
	[NAME OF ASSIGNEE]
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	[Consented to:]13
	
	 PQ CORPORATION,
 as Parent
Borrower

		
	By:	 	  

		 	Name:
		 	Title:

  
  

	13 	 To be added only if the consent of the Parent Borrower is required by Section 9.05(b)(i)(A) of the
Credit Agreement. 

  
 A-2-4 

 ANNEX I TO EXHIBIT A-2 

STANDARD TERMS AND CONDITIONS FOR 

AFFILIATED LENDER ASSIGNMENT AND ASSUMPTION 

1.    Representations and Warranties. 

1.1    Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial
owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) its Commitment in respect of Term Loans, and the outstanding balances of its Term Loans, in each case
without giving effect to assignments thereof which have not become effective, are as set forth herein, and (iv) it has full power and authority, and has taken all action necessary, to execute and deliver this Affiliated Lender Assignment and
Assumption and to consummate the transactions contemplated hereby; and (b) makes no representation or warranty and assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with
the Credit Agreement, any other Loan Document or any other instrument or document furnished pursuant thereto (other than this Affiliated Lender Assignment and Assumption) or any collateral thereunder, (ii) the execution, legality, validity,
enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of any Borrower, any of their Restricted Subsidiaries or Affiliates or any other Person obligated in respect of
any Loan Document or (iv) the performance or observance by Holdings, any Borrower, any of their Restricted Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document. In connection with any
Dutch Auction, the Assignor has acknowledged and agreed that in connection with this Affiliated Lender Assignment and Assumption, (1) the applicable Affiliated Lender or its Affiliates may have, and later may come into possession of, MNPI,
(2) the Assignor has independently, without reliance on the applicable Affiliated Lender, the Investors, Holdings, any Borrower, any of their respective subsidiaries, the Administrative Agent, the Arrangers or any of their respective
Affiliates, made its own analysis and determination to participate in such assignment notwithstanding the Assignor’s lack of knowledge of the MNPI, (3) none of the applicable Affiliated Lenders, the Investors, Holdings, any Borrower, any
of their respective subsidiaries, the Administrative Agent, the Arrangers or any of their respective Affiliates shall have any liability to the Assignor, and the Assignor hereby waives and releases, to the extent permitted by law, any claims it may
have against the applicable Affiliated Lender, the Investors, Holdings, any Borrower, each of their respective subsidiaries, the Administrative Agent, the Arrangers and their respective Affiliates, under applicable laws or otherwise, with respect to
the nondisclosure of the MNPI and (4) the MNPI may not be available to the Administrative Agent, the Arrangers or the other Lenders. 

1.2    Assignee. The Assignee (a) represents and warrants that (i) it is an Affiliated Lender and
has full power and authority, and has taken all action necessary, to execute and deliver this Affiliated Lender Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement,
(ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound
by the provisions of the Credit Agreement and the other Loan Documents as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement,
together with copies of the most recent financial statements delivered pursuant to Section 5.01 thereof and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to
enter into this Affiliated Lender Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender,
(v) if it is a Foreign Lender, attached to the Affiliated Lender Assignment and Assumption is any documentation required to be delivered by it pursuant to Section 2.17 of the Credit Agreement, duly completed and
executed by the Assignee, (vi) after giving effect to this Affiliated Lender Assignment and Assumption and subject to the provisions of Section 9.05(g)(ii), the aggregate principal amount of all Initial Term Loans and
Additional Term Loans then held by all Affiliated 

  
 Annex I to Exhibit A-2-1

 
Lenders does not exceed the Affiliated Lender Cap (after giving effect to any substantially simultaneous cancellations thereof) and (vii) in the case of Holdings or any of its subsidiaries,
(1) no Indebtedness incurred under any Additional Revolving Facility has been utilized to fund the purchase of the Assigned Interest, (2) no Default or Event of Default exists at the time of acceptance of bids for any Dutch Auction or the
confirmation of any open market purchase and (3) the Term Loans in respect of such Assigned Interest shall, to the extent permitted by applicable Requirement of Law, be retired and cancelled immediately after the Effective Date; and
(b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own
credit decisions in taking or not taking action under the Loan Documents, (ii) it appoints and authorizes the Administrative Agent to take such action on its behalf and to exercise such powers and discretion under the Credit Agreement, the
other Loan Documents or any other instrument or document furnished pursuant hereto or thereto as are delegated to the Administrative Agent, by the terms thereof, together with such powers as are reasonably incidental thereto, and (iii) it will
perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. The Assignee agrees that, solely in its capacity as an Affiliated Lender, it will not be entitled
to (a) attend (including by telephone) or participate in any meeting or discussions (or portion thereof) among the Administrative Agent or any Lender or among Lenders to which the Loan Parties or their representatives are not invited or
(b) receive any information or material prepared by the Administrative Agent or any Lender or any communication by or among the Administrative Agent and one or more Lenders, except to the extent such information or materials have been made
available by the Administrative Agent or any Lender to any Loan Party or its representatives (and in any case, other than the right to receive notices of Borrowings, prepayments and other administrative notices in respect of its Initial Term Loans
or Additional Term Loans required to be delivered to Lenders pursuant to Article 2 of the Credit Agreement). 

2.    Payments. From and after the Effective Date, the Administrative Agent shall make all payments in
respect of the Assigned Interest (other than Assigned Interests assigned to Holdings, any Borrower or any of their Subsidiaries) (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to
but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date. 

3.    General Provisions. This Affiliated Lender Assignment and Assumption shall be binding upon, and inure
to the benefit of, the parties hereto and their respective successors and permitted assigns. This Affiliated Lender Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of
an executed counterpart of a signature page of this Affiliated Lender Assignment and Assumption by facsimile or by email as a “.pdf” or “.tif” attachment shall be effective as delivery of a manually executed counterpart of this
Affiliated Lender Assignment and Assumption. This Affiliated Lender Assignment and Assumption shall be construed in accordance with and governed by the laws of the State of New York. 

  
 Annex I to Exhibit A-2-2

 EXHIBIT B 

[FORM OF] 
 BORROWING
REQUEST 
 Credit Suisse AG, Cayman Islands Branch 
 Eleven
Madison Avenue, 6th Floor 
 New York, New York 10010 

Attention: Loan Operations – Agency Manager 
 Fax: (212)-322-2291 

Email:    agency.loanops@credit-suisse.com 

[●] [●], 20[●]14 

Ladies and Gentlemen: 

Reference is hereby made to that certain New Term Loan Credit Agreement dated as of July 22, 2020 (as amended, restated, amended and
restated, supplemented or otherwise modified and in effect on the date hereof, the “Credit Agreement”), by and among, PQ Corporation, a Pennsylvania corporation (the “Parent Borrower”), Eco Services Operations
Corp., a Delaware corporation (“Eco Services” and together with Parent Borrower, collectively, the “Borrowers” and each, a “Borrower”), CPQ Midco I Corporation, a Delaware corporation, the Lenders
from time to time party thereto, Credit Suisse AG, Cayman Islands Branch, in its capacities as administrative agent and collateral agent for the Lenders. Terms defined in the Credit Agreement are used herein with the same meanings unless otherwise
defined herein. 
 The undersigned hereby gives you notice pursuant to Section 2.03 of the Credit Agreement that
it requests the Borrowings under the Credit Agreement to be made on [●] [●], 20[●], and in that connection sets forth below the terms on which the Borrowings are requested to be made: 

 

					
	(A)	  	Borrowers	  	[PQ Corporation][Eco Services Operations Corp.]
			
	(B)	  	Date of Borrowing (which shall be a Business Day)	  	[●]
			
	(C)	  	Aggregate Amount of Borrowing15	  	$[●]

  

	14	 The Administrative Agent must be notified in writing or by telephone (with such telephonic notification to be
promptly confirmed in writing), which must be received by the Administrative Agent not later than 12:00 p.m. (i) three Business Days prior to the requested day of any Borrowing of LIBO Rate Loans (or one Business Day in the case of any
Borrowing of LIBO Rate Loans to be made on the Closing Date) and (ii) on the requested date of any Borrowing of ABR Loans (or, in each case, such later time as shall be acceptable to the Administrative Agent); provided, however,
that if the Parent Borrower wishes to request LIBO Rate Loans having an Interest Period of other than one, two, three or six months in duration as provided in the definition of “Interest Period,” the applicable notice from the Parent
Borrower must be received by the Administrative Agent not later than 12:00 p.m. four Business Days prior to the requested date of such Borrowing, whereupon the Administrative Agent shall give prompt notice to the relevant Lenders of such request and
determine whether the requested Interest Period is available by all the appropriate Lenders. 

	15	 Subject to Section 2.02(c) of Credit Agreement. 

  
 B-1 

					
	(D)	  	Type of Borrowing16	  	 [●]

			
	(E)	  	Class of Borrowing	  	 [●]

			
	(F)	  	Interest Period17 (in the case of a LIBO Rate Borrowing)	  	[●]
			
	(G)	  	Amount, Account Number and Location	  	

  

					
	Wire Transfer Instructions:	 
	 Amount
	  	$	[	●] 
	 Bank:
	  	 	[	●] 
	 ABA No.:
	  	 	[	●] 
	 Account No.:
	  	 	[	●] 
	 Account Name:
	  	 	[	●] 

 [Signature Page Follows] 
  

 

	16 	 State whether a LIBO Rate Borrowing or ABR Borrowing. If no Type of Borrowing is specified, then the requested
Borrowing shall be an ABR Borrowing. 

	17 	 Must be a period contemplated by the definition of “Interest Period”. If no Interest Period is
specified, then the Interest Period shall be of one-month’s duration. 

  
 B-2 

 
			
	PQ CORPORATION
		
	By:	 	     

		 	Name:
		 	Title:

  
 B-3 

 EXHIBIT C 

[FORM OF] 
 COMPLIANCE
CERTIFICATE 
 [●] [●], 20[●] 

To:    The Administrative Agent and each of the Lenders parties to the 

Credit Agreement described below 

This Compliance Certificate is furnished pursuant to that certain New Term Loan Credit Agreement dated as of July 22, 2020 (as amended,
restated, amended and restated, supplemented or otherwise modified and in effect on the date hereof, the “Credit Agreement”), by and among, PQ Corporation, a Pennsylvania corporation (the “Parent Borrower”), Eco
Services Operations Corp., a Delaware corporation (“Eco Services” and together with Parent Borrower, collectively, the “Borrowers” and each, a “Borrower”), CPQ Midco I Corporation, a Delaware
corporation, the Lenders from time to time party thereto, Credit Suisse AG, Cayman Islands Branch, in its capacities as administrative agent and collateral agent for the Lenders. Unless otherwise defined herein, capitalized terms used in this
Compliance Certificate have the meanings ascribed thereto in the Credit Agreement. 
 THE UNDERSIGNED HEREBY CERTIFIES, AS A RESPONSIBLE
OFFICER OF THE PARENT BORROWER, IN SUCH CAPACITY AND NOT IN AN INDIVIDUAL CAPACITY, THAT: 
 1.    I am the duly elected
[●] of the Parent Borrower and a Responsible Officer of the Parent Borrower; 
 2.    I have reviewed the terms of
the Credit Agreement and I have made, or have caused to be made under my supervision, a review in reasonable detail of the transactions and conditions of the Borrower and its Restricted Subsidiaries, on a consolidated basis, during the [Fiscal
Quarter][Fiscal Year] covered by the attached financial statements; 
 3.    [The attached financial statements
fairly present, in all material respects, in accordance with GAAP, the consolidated financial condition of the Parent Borrower as at the dates indicated and its income and cash flows for the periods indicated, subject to the absence of footnotes and
changes resulting from audit and normal year-end adjustments.]18 

4.    [Except as described in the disclosure set forth below, the][The] examinations described in paragraph
2 did not disclose, and I have no knowledge of the existence of any condition or event which constitutes a Default or Event of Default that exists as of the date of this Compliance Certificate [and the disclosure set forth below
specifies, in reasonable detail, the nature of any such condition or event and any action taken or proposed to be taken with respect thereto.] 

5.    [Schedule 1 attached hereto sets forth reasonably detailed calculations of Excess Cash Flow
for such Fiscal Year.]19 
  

 

	18 	 Include to the extent the relevant Compliance Certificate is delivered in connection with unaudited quarterly
financials. 

	19 	 Only required to the extent the relevant Compliance Certificate is delivered in connection with audited annual
financial statements (commencing with the Fiscal Year ending December 31, 2021), it being agreed that the first payment under Section 2.11(b)(i) of the Credit Agreement, if any, shall be in respect of the Fiscal Year ending
December 31, 2021. 

  
 C-1 

 6.    [Attached as Schedule 2 hereto is a list
of the subsidiaries of each Borrower that identifies each subsidiary as a Restricted Subsidiary or an Unrestricted Subsidiary as of the date hereof.] [There is no change in the list of Restricted Subsidiaries and Unrestricted Subsidiaries since the
later of the Closing Date and the date of the last Compliance Certificate.] 
 7.    [Attached as
Schedule 3 hereto are (i) a summary of the pro forma adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries from the attached financial statements and (ii) if the
attached financial statements relate to any Parent Company, consolidating financial information summarizing in reasonable detail the information related to such Parent Company, on the one hand, and the information relating to such Borrower on a
standalone basis, on the other hand.]20 
 8.    [Attached
hereto as Schedule 4 is the Narrative Report required to be delivered with the attached financial statements in accordance with Section 5.01(a) or
(b) of the Credit Agreement, as applicable]. 
 [The description below sets forth the exceptions to
paragraph 4 by listing, in reasonable detail, the nature of the condition or event, the period during which it has existed and the action which the Parent Borrower has taken, is taking, or proposes to take with respect to each such condition
or event:] 
 [Signature Page Follows] 
  

 

	20 	 Only required if a subsidiary of any Borrower is or has been designated as an Unrestricted Subsidiary at the
time of delivery of the applicable Compliance Certificate. 

  
 C-2 

 The foregoing certifications, together with the information set forth in the Schedules
hereto and the financial statements delivered with this Compliance Certificate in support hereof, are made and delivered as of the date first written above.  

 

			
	PQ CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

  
 C-3 

 SCHEDULE 1 

Calculation of Excess Cash Flow 

  
 Schedule 1 to Exhibit C

 SCHEDULE 2 

List of Restricted Subsidiaries and Unrestricted Subsidiaries 

  
 Schedule 2 to Exhibit C

 SCHEDULE 3 

Summary of Pro Forma Adjustments/Consolidating Information 

  
 Schedule 3 to Exhibit C

 SCHEDULE 4 

Narrative Report 

  
 Schedule 4 to Exhibit C

 EXHIBIT D 

[FORM OF] 
 INTEREST
ELECTION REQUEST 
 Credit Suisse AG, Cayman Islands Branch 

Eleven Madison Avenue, 6th Floor 
 New York, New
York 10010 
 Attention: Loan Operations – Agency Manager 

Fax: (212)-322-2291 

Email:    agency.loanops@credit-suisse.com 

[●] [●], 20[●]21 

Ladies and Gentlemen: 

Reference is hereby made to that certain New Term Loan Credit Agreement dated as of July 22, 2020 (as amended, restated, amended and
restated, supplemented or otherwise modified and in effect on the date hereof, the “Credit Agreement”), by and among, PQ Corporation, a Pennsylvania corporation (the “Parent Borrower”), Eco Services Operations
Corp., a Delaware corporation (“Eco Services” and together with Parent Borrower, collectively, the “Borrowers” and each, a “Borrower”), CPQ Midco I Corporation, a Delaware corporation, the Lenders
from time to time party thereto, Credit Suisse AG, Cayman Islands Branch, in its capacities as administrative agent and collateral agent for the Lenders. Terms defined in the Credit Agreement are used herein with the same meanings unless otherwise
defined herein. 
 The undersigned hereby gives you notice pursuant to Section 2.08 of the Credit Agreement of an
interest rate election, and in that connection sets forth below the terms thereof: 
 (A)    [on
[insert applicable date] (which is a Business Day), the undersigned will convert $[●]22 of the aggregate outstanding principal amount of the Term Loans, bearing interest at the
[ABR][LIBO] Rate, into a [LIBO][ABR] Loan [and, in the case of a LIBO Rate Loan, having an Interest Period of [●] month(s)]23 [;
and][●]] 
  
  

	21 	 The Administrative Agent must be notified in writing or by telephone (with such telephonic notification to be
promptly confirmed in writing), which must be received by the Administrative Agent not later than 12:00 p.m. (i) three Business Days prior to the requested day of any conversion or continuation of LIBO Rate Loans (or one Business Day in the
case of any conversion or continuation of LIBO Rate Loans on the Closing Date) and (ii) on the requested date of any conversion of any Borrowing to ABR Loans or any continuation of any Borrowing as ABR Loans (or, in each case, such later time
as shall be acceptable to the Administrative Agent); provided, however, that if the Parent Borrower wishes to request a conversion or continuation of LIBO Rate Loans with an Interest Period of other than one, two, three or six months
in duration as provided in the definition of “Interest Period,” the applicable notice from the Parent Borrower must be received by the Administrative Agent not later than 12:00 p.m. four Business Days prior to the requested date of such
conversion or continuation, whereupon the Administrative Agent shall give prompt notice to the appropriate Lenders of such request and determine whether the requested Interest Period is available by all the appropriate Lenders.

	22 	 Subject to Section 2.02(c) of the Credit Agreement. 

  
 D-1 

 (B)    [on [insert applicable date] (which is a
Business Day), the undersigned will continue $[●] of the aggregate outstanding principal amount of the Term Loans bearing interest at the LIBO Rate, as LIBO Rate Loans having an Interest Period of [●]
month(s)24.] 
 [Signature Page Follows] 

 
  

	23 	 Must be a period contemplated by the definition of “Interest Period”. 

	24 	 Must be a period contemplated by the definition of “Interest Period”. 

  
 D-2 

			
	PQ CORPORATION
		
	By:	 	
                     
                                         
          

		 	Name:
		 	Title:

  
 D-3 

 EXHIBIT E 

[FORM OF] 
 PERFECTION
CERTIFICATE 
 [CIRCULATED SEPARATELY] 

  
 E-1 

 EXHIBIT F 

[FORM OF] 
 PERFECTION
CERTIFICATE SUPPLEMENT 
 [Insert date] 

Reference is hereby made to (i) that certain New Term Loan Credit Agreement, dated as of July 22, 2020 (the “Credit
Agreement”), by and among PQ Corporation, a Pennsylvania corporation (the “Parent Borrower”), Eco Services Operations Corp., a Delaware corporation (“Eco Services” and together with Parent Borrower,
collectively, the “Borrowers” and each, a “Borrower”), CPQ Midco I Corporation, a Delaware corporation (“Holdings”), the lenders from time to time party thereto (the “Lenders”) and
Credit Suisse AG, Cayman Islands Branch, in its capacities as administrative agent and collateral agent for the Lenders (the “Agent”), (ii) that certain Term Loan Pledge and Security Agreement, dated as of July 22, 2020 (the
“Security Agreement”), by and among the Loan Parties (as defined in the Credit Agreement ) from time to time party thereto and the Agent, and (iii) the Perfection Certificate, dated as of July 22, 2020 (as supplemented by
any perfection certificate and/or perfection certificate supplement delivered prior to the date hereof, the “Prior Perfection Certificate”), executed by the Loan Parties signatory thereto. Capitalized terms used but not defined
herein have the meanings assigned to such terms in the Security Agreement. 
 As used herein, the term “Company” means the
Borrowers, Holdings and the other Grantors (as defined in the Security Agreement). 
 As of the date hereof, the undersigned hereby
represents and warrants to the Agent as follows: 
 1.    Names. Except as set forth on
Schedule 1 hereto, (a) the exact legal name of each Company, as such name appears in its respective Organizational Documents filed with the Secretary of State of such Company’s jurisdiction of organization is set
forth in Schedule 1(a) to the Prior Perfection Certificate, (b) each Company is the type of entity disclosed next to its name in Schedule 1(a) to the Prior Perfection Certificate and
(c) the organizational identification number, if any, of each Company, the Federal Taxpayer Identification Number of each Company and the jurisdiction of organization of each Company are set forth in Schedule 1(a) to
the Prior Perfection Certificate. 
 (a)    Except as otherwise disclosed in Schedule 1(d), set forth in
Schedule 1(b) to the Prior Perfection Certificate is any other name that any Company has used in the past five years, including on any filings with the Internal Revenue Service, together with the date of the relevant change. 

(b)    Except as otherwise disclosed in Schedule 1(c), set forth in Schedule 1(c) to the Prior Perfection
Certificate is a list of the information required by Section 1(a) of this certificate for any other Person (i) to which any Company became the successor by merger, consolidation or acquisition or (ii) that has
been liquidated into, or transferred all or substantially all of its assets to, any Company, at any time within the past five years. Except as set forth in Schedule 1(d) to the Prior Perfection Certificate, or as otherwise disclosed in
Schedule 1(c), no Company has changed its jurisdiction of organization or form of entity at any time during the past four months 

2.    Locations. Except as set forth on Schedule 2 hereto, the chief executive office of
each Company is currently located at the addresses set forth in Schedule 2 to the Prior Perfection Certificate, and except as set forth on Schedule 2 to the Prior Perfection Certificate, no Company has changed its
chief executive office within the past five years. 
 3.    Stock Ownership and Other Equity Interests. Except as
set forth on Schedule 3 hereto, Schedule 3 to the Prior Perfection Certificate sets forth a true and correct list of all of the issued and 

  
 F-1 

 
outstanding stock, partnership interests, limited liability company membership interests or other equity interests owned by any Company constituting Pledged Stock, the beneficial owners of such
stock, partnership interests, membership interests or other equity interests and the percentage of the total issued and outstanding stock, partnership interests, membership interests or other equity interests of the relevant issuer represented
thereby. 
 4.    Instruments and Tangible Chattel Paper. Except as set forth on
Schedule 4 hereto, Schedule 4 to the Prior Perfection Certificate sets forth a true and correct list of all Instruments (other than checks to be deposited in the ordinary course of business) and
Tangible Chattel Paper, in each case having a face amount exceeding $15,000,000, held by any Company as of the date hereof, including the names of the obligors, amounts owing and the due dates. 

5.    Intellectual Property. Except as set forth on Schedule 5(a) hereto,
Schedule 5(a) to the Prior Perfection Certificate sets forth all of each Company’s United States Patents and United States Trademarks registered with (and applied for in) the United States Patent and Trademark Office
(excluding, for the avoidance of doubt, any United States Patent or United States Trademark that has expired or been abandoned in the same manner as permitted in the relevant Credit Agreement, but including United States Trademarks that would
constitute Collateral upon the filing of a “Statement of Use” or an “Amendment to Allege Use” with respect thereto), including the name of the owner and the registration number (or, if applicable, the applicant and the
application number) of each such United States Patent and United States Trademark. Except as set forth on Schedule 5(b) hereto, Schedule 5(b) to the Prior Perfection Certificate sets forth all of
each Company’s Copyrights registered with (or applied for in) the United States Copyright Office (excluding, for the avoidance of doubt, any Copyright that has expired or been abandoned in the same manner as permitted in the relevant Credit
Agreement), including the name of the owner and the registration number (or, if applicable, the applicant and the application number) of each such Copyright. 

6.    Commercial Tort Claims. Except as set forth on Schedule 6 hereto,
Schedule 6 to the Prior Perfection Certificate sets forth all Commercial Tort Claims with an individual value of at least $15,000,000 (as reasonably determined by the Parent Borrower), held by any Company, including a brief
description thereof. 
 7.    Real Property. Except as set forth on Schedule 7 hereto,
Schedule 7 to the Prior Perfection Certificate sets forth all real property owned by each Company located in the United States having a value in excess of $15,000,000. 

[Signature Page Follows] 

  
 F-2 

 IN WITNESS WHEREOF, the undersigned have signed this Perfection Certificate as of the
date first written of above. 
  

					
	[●]	 		 	
			
	By:	 		 	
			
		 	Name:	 	[●]
			
		 	Title:	 	[●]

  
 F-3 

 SCHEDULE 1(A) 

LEGAL NAMES 
  

															
	Company	  	Jurisdiction	 	  	Type	 	  	Organizational
Number	 	  	Federal
Taxpayer
Identification
Number
		  				  				  				  	
		  				  				  				  	
		  				  				  				  	

  
 F-4 

 SCHEDULE 1(B) 

PRIOR ORGANIZATIONAL NAMES 
  

									
	Company	  	Prior Legal Name	 	  	Date of Change	 
		  				  			
		  				  			
		  				  			
		  				  			

  
 F-5 

 SCHEDULE 1(C) 

CHANGES IN CORPORATE IDENTITY 
  

																	
	Company	  	 Action
	 	  	 Legal Name

of Predecessor Entity
	 	  	Jurisdiction of
Organization of
Predecessor Entity	 	  	Date	 
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			

  
 F-6 

 SCHEDULE 1(D) 

CHANGES IN JURISDICTION OR FORM 
  

													
	Company	  	Current
Jurisdiction of
Organization/Form	 	  	Prior Jurisdiction
of Organization/Form	 	  	Date of Change	 
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			

  
 F-7 

 SCHEDULE 2 

CHIEF EXECUTIVE OFFICES 
  

					
	Company	  	Address	 
		  			
		  			
		  			
		  			
		  			

  
 F-8 

 SCHEDULE 3 

PLEDGED STOCK 
  

													
	 Issuer
	  	Holder	 	  	Certificate No.	 	  	% of Issued and
Outstanding	 
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			

  
 F-9 

 SCHEDULE 4 

INSTRUMENTS AND TANGIBLE CHATTEL PAPER 

1.    Promissory Notes/Instruments: 
  

													
	Obligee	  	Obligor	 	  	Principal Amount	 	  	Maturity	 
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			

 2.    Tangible Chattel Paper: 

  
 F-10 

 SCHEDULE 5(A) AND 5(B) 

PATENTS, TRADEMARKS AND COPYRIGHTS 

PATENTS 
  

									
	REGISTERED OWNER	  	SERIAL NUMBER	 	  	DESCRIPTION	 
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			

 PATENT APPLICATIONS 
  

									
	APPLICANT	  	APPLICATION NO.	 	  	DESCRIPTION	 
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			

 TRADEMARKS 
  

									
	REGISTERED OWNER	  	REGISTRATION
NUMBER	 	  	TRADEMARK	 
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			

  
 F-11 

 TRADEMARK APPLICATIONS 

 

									
	APPLICANT	  	APPLICATION NO.	 	  	TRADEMARK	 
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			

 COPYRIGHTS 
  

									
	REGISTERED OWNER	  	REGISTRATION
NUMBER	 	  	TITLE	 
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			

 COPYRIGHT APPLICATIONS 
  

									
	APPLICANT	  	APPLICATION NUMBER	 	  	TITLE	 
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			

  
 F-12 

 SCHEDULE 6 

COMMERCIAL TORT CLAIMS 

  
 F-13 

 SCHEDULE 7 

MORTGAGED PROPERTY 

  
 F-14 

 EXHIBIT G 

[FORM OF] 
 PROMISSORY
NOTE 
  

			
	 $[●]
	  	New York, New York

 [●] [●], 20[●] 

FOR VALUE RECEIVED, the undersigned [PQ Corporation, a Pennsylvania corporation (the “Borrower”)] [Eco Services Operations
Corp., a Delaware corporation (the “Borrower”)], hereby promises to pay on demand to [●] (the “Lender”) or its registered permitted assign, at the office of Credit Suisse AG, Cayman Islands Branch
(“CS”) at Eleven Madison Avenue, 6th Floor New York, New York 10010, Term Loans in the principal amount of $[●] or such lesser amount as is outstanding from time to time, on the dates and in the amounts set forth in the New
Term Loan Credit Agreement, dated as of July 22, 2020 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among, the Borrower, [PQ Corporation, a
Pennsylvania corporation][Eco Services Operations Corp., a Delaware corporation], CPQ Midco I Corporation, a Delaware corporation, the Lenders from time to time party thereto, CS, in its capacities as administrative agent and collateral agent for
the Lenders. The Borrower also promises to pay interest from the date of such Loans on the principal amount thereof from time to time outstanding, in like Dollars, at such office, in each case, in the manner and at the rate or rates per annum and
payable on the dates provided in the Credit Agreement. Terms used but not defined herein shall have the meanings assigned to such terms in the Credit Agreement. 

The Borrower promises to pay interest on any overdue principal and, to the extent permitted by Requirements of Law, overdue interest from the
relevant due dates, in each case, in the manner, at the rate or rates and under the circumstances provided in the Credit Agreement. 
 The
Borrower hereby waives diligence, presentment, demand, protest and notice of any kind to the extent possible under any Requirements of Law. The non-exercise by the holder hereof of any of its rights hereunder
in any particular instance shall not constitute a waiver thereof in that or any subsequent instance. 
 All Borrowings evidenced by this
Promissory Note and all payments and prepayments of the principal hereof and interest hereon and the respective dates thereof shall be endorsed by the holder hereof on the schedules attached hereto and made a part hereof or on a continuation thereof
which shall be attached hereto and made a part hereof, or otherwise recorded by such holder in its internal records; provided, however, that the failure of the holder hereof to make such a notation or any error in such notation shall
not affect the obligations of the Borrower under this Promissory Note. 
 This Promissory Note is one of the promissory notes referred to in
the Credit Agreement that, among other things, contains provisions for the acceleration of the maturity hereof upon the happening of certain events, for optional and mandatory prepayment of the principal hereof prior to the maturity hereof and for
the amendment or waiver of certain provisions of the Credit Agreement, all upon the terms and conditions therein specified. This Promissory Note is entitled to the benefit of the Credit Agreement, and the obligations hereunder are guaranteed and
secured as provided therein and in the other Loan Documents referred to in the Credit Agreement. 
 If any assignment by the Lender holding
this Promissory Note occurs after the date of the issuance hereof, the Lender agrees that it shall, upon the effectiveness of such assignment or as promptly thereafter as practicable, surrender this Promissory Note to the Administrative Agent for
cancellation. 

  
 G-1 

 [Remainder of Page Intentionally Left Blank] 

  
 G-2 

 THE ASSIGNMENT OF THIS PROMISSORY NOTE AND ANY RIGHTS WITH RESPECT THERETO ARE SUBJECT TO
THE PROVISIONS OF THE CREDIT AGREEMENT, INCLUDING THE PROVISIONS GOVERNING, THE REGISTER AND THE PARTICIPANT REGISTER. 
 THIS PROMISSORY
NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 

  
 G-3 

 
			
	[PQ CORPORATION][ECO SERVICES OPERATIONS CORP.]
		
	By:	 	    
		 	Name:
		 	Title:

  
 G-4 

 SCHEDULE A 

LOANS, CONVERSIONS AND REPAYMENTS OF ABR LOANS 
  

													
	 Date
	  	Amount of ABR
Loans	  	Amount Converted to ABR
Loans	  	Amount of Principal
of ABR Loans Repaid	  	Amount of ABR
Loans Converted to
LIBO Rate Loans	  	Unpaid Principal
Balance of ABR
Loans	  	Notation Made
By
		  		  		  		  		  		  	
		  		  		  		  		  		  	
		  		  		  		  		  		  	
		  		  		  		  		  		  	
		  		  		  		  		  		  	
		  		  		  		  		  		  	
		  		  		  		  		  		  	
		  		  		  		  		  		  	
		  		  		  		  		  		  	

  
 Schedule A to Note 

 SCHEDULE B 

LOANS, CONTINUATIONS, CONVERSIONS AND REPAYMENTS OF LIBO RATE LOANS 

 

															
	 Date
	  	Amount of LIBO
Rate Loans	  	Amount Converted to
LIBO Rate Loans	  	Interest Period and
LIBO Rate with
Respect Thereto	  	Amount of
Principal of LIBO
Rate Loans Repaid	  	Amount of LIBO
Rate Loans
Converted to
ABR Loans	  	Unpaid
Principal
Balance of
LIBO Rate
Loans	  	Notation
Made By
		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  	

  
 Schedule B to Note 

 SCHEDULE H-1 

[FORM OF] 
 TRADEMARK
SECURITY AGREEMENT 
 This TRADEMARK SECURITY AGREEMENT is entered into as of [●] [●], 20[●], (this
“Agreement”), among [●] ([each, a][the] “Grantor”) and Credit Suisse AG, Cayman Islands Branch (“CS”), as collateral agent (in such capacity, the “Collateral
Agent”) for the Secured Parties. 
 Reference is made to that certain Term Loan Pledge and Security Agreement, dated as of
July 22, 2020 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time and in effect on the date hereof, the “Security Agreement”), among the Loan Parties party thereto and the
Collateral Agent. The Lenders (as defined below) have extended credit to the Borrowers (as defined in Credit Agreement (as defined below)) subject to the terms and conditions set forth in that certain New Term Loan Credit Agreement dated as of
July 22, 2020 (as amended, restated, amended and restated, supplemented or otherwise modified and in effect on the date hereof, the “Credit Agreement”), by and among, PQ Corporation, a Pennsylvania corporation (the
“Parent Borrower”), Eco Services Operations Corp., a Delaware corporation (“Eco Services” and together with Parent Borrower, collectively, the “Borrowers” and each, a “Borrower”),
CPQ Midco I Corporation, a Delaware corporation, the Lenders from time to time party thereto (the “Lenders”) and CS, in its capacities as administrative agent and collateral agent for the Lenders. Consistent with the requirements
set forth in Sections 4.01 and 5.12 of the Credit Agreement and Section 4.03(c) of the Security Agreement, the parties hereto agree as follows: 

SECTION 1. Terms. Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified in the
Security Agreement. 
 SECTION 2. Grant of Security Interest. As security for the prompt and complete payment or performance,
as the case may be, in full of the Secured Obligations, [each][the] Grantor, pursuant to the Security Agreement, did and hereby does pledge, collaterally assign, mortgage, transfer and grant to the Collateral Agent, its successors and
permitted assigns, on behalf of and for the ratable benefit of the Secured Parties, a continuing security interest in all of its right, title and interest in, to and under all of the following assets, whether now owned by or owing to, or hereafter
acquired by or arising in favor of [such][the] Grantor, and regardless of where located (collectively, the “Trademark Collateral”): 

A.    all trademarks (including service marks), common law marks, trade names, trade dress, and logos,
slogans and other indicia of origin under the laws of any jurisdiction in the world (“Trademarks”), and the registrations and applications for registration thereof and the goodwill of the business symbolized by the foregoing,
including those registrations and applications in the United States Patent and Trademark Office listed on Schedule I hereto; 

B.    all renewals of the foregoing; 

C.    all income, royalties, damages, and payments now or hereafter due or payable with respect to the
Trademarks, including, without limitation, damages, claims, and payments for past, present and future infringements and dilutions thereof; 

D.    all rights to sue for past, present, and future infringements and dilutions thereof, including the
right to settle suits involving claims and demands for royalties owing; and 
 E.    all rights
corresponding to any of the foregoing; 

  
 H-1-1 

 in each case to the extent the foregoing items constitute Collateral. For the avoidance of
doubt, the Collateral excludes any intent-to-use Trademark application prior to the filing and acceptance of a “Statement of Use” or an “Amendment to
Allege Use” with respect thereto, only to the extent, if any, that, and solely during the period, if any, in which the grant of a security interest therein would impair the validity or enforceability of any registration that issues from such intent-to-use Trademark application under applicable federal law. 

SECTION 3. Security Agreement. The security interests granted to the Collateral Agent herein are granted in furtherance, and not
in limitation of, the security interests granted to the Collateral Agent pursuant to the Security Agreement. [Each][The] Grantor hereby acknowledges and affirms that the rights and remedies of the Collateral Agent with respect to the
Trademark Collateral are more fully set forth in the Security Agreement, the terms and provisions of which are hereby incorporated herein by reference as if fully set forth herein. In the event of any conflict between the terms of this Agreement and
the Security Agreement, the terms of the Security Agreement shall govern. 
 SECTION 4. Governing Law. This Agreement shall be
governed by, and construed in accordance with, the laws of the State of New York. 
 [Signature Pages Follow] 

  
 H-1-2 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and
year first above written. 
  

					
	[●]
		
	By:	 	
		 	Name:	 	[●]
		 	Title:	 	[●]

  
 H-1-3 

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
	as Collateral Agent
		
	By:	 	
		 	Name:
		 	Title:
		
	By:	 	
		 	Name:
		 	Title:

  
 H-1-4 

 SCHEDULE I 

TRADEMARKS 
  

									
	RECORD OWNER	  	REGISTRATION
NUMBER	 	  	TRADEMARK	 
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			

 TRADEMARK APPLICATIONS 
  

									
	APPLICANT	  	APPLICATION NO.	 	  	TRADEMARK	 
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			

  
 Schedule I 

 EXHIBIT A 

[FORM OF] 
 TRADEMARK
SECURITY AGREEMENT SUPPLEMENT 
 This TRADEMARK SECURITY AGREEMENT SUPPLEMENT is entered into as of [●] [●], 20[●],
this “Trademark Security Agreement Supplement”), among [●] ([each, a][the] “Grantor”) and Credit Suisse AG, Cayman Islands Branch (“CS”), as collateral agent (in such capacity,
the “Collateral Agent”) for the Secured Parties. 
 Reference is made to that certain Term Loan Pledge and Security
Agreement, dated as of July 22, 2020 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time and in effect on the date hereof, the “Security Agreement”), among the Loan Parties party
thereto and the Collateral Agent. The Lenders (as defined below) have extended credit to the Borrowers (as defined in Credit Agreement (as defined below)) subject to the terms and conditions set forth in that certain New Term Loan Credit Agreement
dated as of July 22, 2020 (as amended, restated, amended and restated, supplemented or otherwise modified and in effect on the date hereof, the “Credit Agreement”), by and among, PQ Corporation, a Pennsylvania corporation (the
“Parent Borrower”), Eco Services Operations Corp., a Delaware corporation (“Eco Services” and together with Parent Borrower, collectively, the “Borrowers” and each, a “Borrower”),
CPQ Midco I Corporation, a Delaware corporation, the Lenders from time to time party thereto (the “Lenders”) and CS, in its capacities as administrative agent and collateral agent for the Lenders. Consistent with the requirements
set forth in Sections 4.01 and 5.12 of the Credit Agreement, the [Grantor][Grantors] and the Collateral Agent have entered into that certain Trademark Security Agreement, dated as of [●]
[●], 20[●] (as amended, restated, amended and restated, supplemented or otherwise modified from time to time and in effect on the date hereof, the “Trademark Security Agreement”). Under the terms of the Security
Agreement, the Grantor has granted to the Collateral Agent for the benefit of the Secured Parties as security interest in the Additional Trademark Collateral (as defined below) and have agreed, consistent with the requirements of
Section 4.03(c) of the Security Agreement, to execute this Trademark Security Agreement Supplement. Now, therefore, the parties hereto agree as follows: 

SECTION 1. Terms. Capitalized terms used in this Trademark Security Agreement Supplement and not otherwise defined herein have
the meanings specified in the Security Agreement, or if not defined therein, in the Credit Agreement. 
 SECTION 2. Grant of Security
Interest. As security for the prompt and complete payment or performance, as the case may be, in full of the Secured Obligations, [each][the] Grantor, pursuant to the Security Agreement, did and hereby does pledge, collaterally
assign, mortgage, transfer and grant to the Collateral Agent, its successors and permitted assigns, on behalf of and for the ratable benefit of the Secured Parties, a continuing security interest in all of its right, title and interest in, to and
under all of the following assets, whether now owned by or owing to, or hereafter acquired by or arising in favor of the [such][the] Grantor, and regardless of where located (collectively, the “Additional Trademark
Collateral”): 
 A.    all Trademarks and registrations and applications in the United States
Patent and Trademark Office listed on Schedule I hereto; 
 B.    all renewals of the foregoing;

 C.    all income, royalties, damages, and payments now or hereafter due or payable with respect
thereto, including, without limitation, damages, claims, and payments for past, present and future infringements and dilutions thereof; 

  
 Exhibit A 

 D.    all rights to sue for past, present, and future
infringements and dilutions of the Trademarks, including the right to settle suits involving claims and demands for royalties owing; and 

E.    all rights corresponding to any of the foregoing; 

in each case to the extent the foregoing items constitute Collateral. For the avoidance of doubt, the Collateral excludes any
intent-to-use Trademark application prior to the filing and acceptance of a “Statement of Use” or an “Amendment to Allege Use” with respect thereto,
only to the extent, if any, that, and solely during the period, if any, in which the grant of a security interest therein would impair the validity or enforceability of any registration that issues from such intent-to-use Trademark application under applicable federal law. 
 SECTION 3. Security
Agreement. The security interests granted to the Collateral Agent herein are granted in furtherance, and not in limitation of, the security interests granted to the Collateral Agent pursuant to the Security Agreement.
[Each][The] Grantor hereby acknowledges and affirms that the rights and remedies of the Collateral Agent with respect to the Additional Trademark Collateral are more fully set forth in the Security Agreement, the terms and provisions
of which are hereby incorporated herein by reference as if fully set forth herein. In the event of any conflict between the terms of this Trademark Security Agreement Supplement and the Security Agreement, the terms of the Security Agreement shall
govern. 
 SECTION 4. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the
State of New York. 
 [Signature Pages Follow] 

  
 Exhibit A 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Trademark Security Agreement
Supplement as of the day and year first above written. 
  

					
	[●]
		
	By:	 	
		 	Name:	 	[●]
		 	Title:	 	[●]

  
 Exhibit A 

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
	as Collateral Agent
		
	By:	 	
		 	Name:
		 	Title:
		
	By:	 	
		 	Name:
		 	Title:

  
 Exhibit A 

 SCHEDULE I 

TRADEMARKS 
  

									
	RECORD OWNER	  	REGISTRATION
NUMBER	 	  	TRADEMARK	 
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			

 TRADEMARK APPLICATIONS 
  

									
	APPLICANT	  	APPLICATION NO.	 	  	TRADEMARK	 
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			

  
 Schedule I 

 EXHIBIT H-2 

[FORM OF] 
 PATENT SECURITY
AGREEMENT 
 This PATENT SECURITY AGREEMENT is entered into as of [●] [●], 20[●] (this “Agreement”),
among [●] ([each, a][the] “Grantor”) and Credit Suisse AG, Cayman Islands Branch (“CS”), as collateral agent (in such capacity, the “Collateral Agent”) for the Secured Parties.

 Reference is made to that certain Term Loan Pledge and Security Agreement, dated as of July 22, 2020 (as amended, restated, amended
and restated, supplemented or otherwise modified from time to time and in effect on the date hereof, the “Security Agreement”), among the Loan Parties party thereto and the Collateral Agent. The Lenders (as defined below) have
extended credit to the Borrowers (as defined in Credit Agreement (as defined below)) subject to the terms and conditions set forth in that certain New Term Loan Credit Agreement dated as of July 22, 2020 (as amended, restated, amended and
restated, supplemented or otherwise modified and in effect on the date hereof, the “Credit Agreement”), by and among, PQ Corporation, a Pennsylvania corporation (the “Parent Borrower”), Eco Services Operations
Corp., a Delaware corporation (“Eco Services” and together with Parent Borrower, collectively, the “Borrowers” and each, a “Borrower”), CPQ Midco I Corporation, a Delaware corporation, the Lenders
from time to time party thereto (the “Lenders”) and CS, in its capacities as administrative agent and collateral agent for the Lenders. Consistent with the requirements set forth in Sections 4.01 and
5.12 of the Credit Agreement and Section 4.03(c) of the Security Agreement, the parties hereto agree as follows: 

SECTION 1. Terms. Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified in the
Security Agreement. 
 SECTION 2. Grant of Security Interest. As security for the prompt and complete payment or performance,
as the case may be, in full of the Secured Obligations, [each][the] Grantor, pursuant to the Security Agreement, did and hereby does pledge, collaterally assign, mortgage, transfer and grant to the Collateral Agent, its successors and
permitted assigns, on behalf of and for the ratable benefit of the Secured Parties, a continuing security interest in all right, title and interest in, to and under all of the following assets, whether now owned by or owing to, or hereafter acquired
by or arising in favor of such Grantor and regardless of where located (collectively, the “Patent Collateral”): 

A.    any and all patents and patent applications, including those patents and pending applications in the
United States Patent and Trademark Office which are listed on Schedule I hereto; 

B.    all inventions described and claimed therein; 

C.    all reissues, divisions, continuations, renewals, extensions and continuations in part thereof; 

D.    all income, royalties, damages, claims, and payments now or hereafter due or payable under and with
respect thereto, including, without limitation, damages and payments for past, present and future infringements thereof; 

E.    all rights to sue for past, present, and future infringements thereof; and 

F.    all rights corresponding to any of the foregoing; 

in each case to the extent the foregoing items constitute Collateral. 

  
 H-2-1 

 SECTION 3.     Security Agreement. The security interests
granted to the Collateral Agent herein are granted in furtherance, and not in limitation of, the security interests granted to the Collateral Agent pursuant to the Security Agreement. [Each][The] Grantor hereby acknowledges and affirms
that the rights and remedies of the Collateral Agent with respect to the Patent Collateral are more fully set forth in the Security Agreement, the terms and provisions of which are hereby incorporated herein by reference as if fully set forth
herein. In the event of any conflict between the terms of this Agreement and the Security Agreement, the terms of the Security Agreement shall govern. 

SECTION 4.     Governing Law. This Agreement shall be governed by, and construed in accordance with, the
laws of the State of New York. 
 [Signature Pages Follow] 

  
 H-2-2 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and
year first above written. 
  

					
	[●]
		
	By:	 	
		 	Name:	 	[●]
		 	Title:	 	[●]

  
 H-2-3 

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
	as Collateral Agent
		
	By:	 	
		 	Name:
		 	Title:
		
	By:	 	
		 	Name:
		 	Title:

  
 H-2-4 

 SCHEDULE I 

PATENTS 
  

									
	RECORD OWNER	  	PATENT NUMBER	 	  	DESCRIPTION	 
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			

 PATENT APPLICATIONS 
  

									
	APPLICANT	  	APPLICATION NO.	 	  	DESCRIPTION	 
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			

  
 Schedule I 

 EXHIBIT A 

[FORM OF] 
 PATENT SECURITY
AGREEMENT SUPPLEMENT 
 This PATENT SECURITY AGREEMENT SUPPLEMENT is entered into as of [●] [●], 20[●] (this
“Patent Security Agreement Supplement”), among [●] ([each, a][the] “Grantor”) and Credit Suisse AG, Cayman Islands Branch (“CS”), as collateral agent (in such capacity, the
“Collateral Agent”) for the Secured Parties. 
 Reference is made to that certain Term Loan Pledge and Security Agreement,
dated as of July 22, 2020 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time and in effect on the date hereof, the “Security Agreement”), among the Loan Parties party thereto and
the Collateral Agent. The Lenders (as defined below) have extended credit to the Borrowers (as defined in Credit Agreement (as defined below)) subject to the terms and conditions set forth in that certain New Term Loan Credit Agreement dated as of
July 22, 2020 (as amended, restated, amended and restated, supplemented or otherwise modified and in effect on the date hereof, the “Credit Agreement”), by and among, PQ Corporation, a Pennsylvania corporation (the
“Parent Borrower”), Eco Services Operations Corp., a Delaware corporation (“Eco Services” and together with Parent Borrower, collectively, the “Borrowers” and each, a “Borrower”),
CPQ Midco I Corporation, a Delaware corporation, the Lenders from time to time party thereto (the “Lenders”) and CS, in its capacities as administrative agent and collateral agent for the Lenders. Consistent with the requirements
set forth in Sections 4.01 and 5.12 of the Credit Agreement, the [Grantor][Grantors] and the Collateral Agent have entered into that certain Patent Security Agreement, dated as of [●] [●],
20[●] (as amended, restated, amended and restated, supplemented or otherwise modified from time to time and in effect on the date hereof, the “Patent Security Agreement”). Under the terms of the Security Agreement, the Grantor
has granted to the Collateral Agent for the benefit of the Secured Parties as security interest in the Additional Patent Collateral (as defined below) and have agreed, consistent with the requirements of Section 4.03(c) of
the Security Agreement, to execute this Patent Security Agreement Supplement. Now, therefore, the parties hereto agree as follows: 

SECTION 1. Terms. Capitalized terms used in this Patent Security Agreement Supplement and not otherwise defined herein have the
meanings specified in the Security Agreement. 
 SECTION 2. Grant of Security Interest. As security for the prompt and
complete payment or performance, as the case may be, in full of the Secured Obligations, [each][the] Grantor, pursuant to the Security Agreement, did and hereby does pledge, collaterally assign, mortgage, transfer and grant to the
Collateral Agent, its successors and permitted assigns, on behalf of and for the ratable benefit of the Secured Parties, a continuing security interest in all right, title and interest in, to and under all of the following assets, whether now owned
by or owing to, or hereafter acquired by or arising in favor of [such][the] Grantor and regardless of where located (collectively, the “Additional Patent Collateral”): 

A.    the patents and pending patent applications in the United States Patent and Trademark Office listed
on Schedule I hereto; 
 B.    all inventions described and claimed therein;

 C.    all reissues, divisions, continuations, renewals, extensions and continuations in part thereof;

  
 Exhibit A 

 D.    all income, royalties, damages, claims, and
payments now or hereafter due or payable under and with respect thereto, including, without limitation, damages and payments for past, present and future infringements thereof; 

E.    all rights to sue for past, present, and future infringements thereof; and 

F.    all rights corresponding to any of the foregoing; 

in each case to the extent the foregoing items constitute Collateral. 

SECTION 3. Security Agreement. The security interests granted to the Collateral Agent herein are granted in furtherance, and not
in limitation of, the security interests granted to the Collateral Agent pursuant to the Security Agreement. [Each][The] Grantor hereby acknowledges and affirms that the rights and remedies of the Collateral Agent with respect to the
Additional Patent Collateral are more fully set forth in the Security Agreement, the terms and provisions of which are hereby incorporated herein by reference as if fully set forth herein. In the event of any conflict between the terms of this
Patent Security Agreement Supplement and the Security Agreement, the terms of the Security Agreement shall govern. 
 SECTION 4.
Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. 

[Signature Pages Follow] 

  
 Exhibit A 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Patent Security Agreement
Supplement as of the day and year first above written. 
  

					
	[●]	 	
		
	By:	 	
		 	Name:	 	[●]
		 	Title:	 	[●]

  
 Exhibit A 

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
	as Collateral Agent
		
	By:	 	
		 	Name:
		 	Title:
		
	By:	 	
		 	Name:
		 	Title:

  
 Exhibit A 

 SCHEDULE I 

PATENTS 
  

									
	RECORD OWNER	  	PATENT NUMBER	 	  	DESCRIPTION	 
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			

 PATENT APPLICATIONS 
  

									
	APPLICANT	  	APPLICATION NO.	 	  	DESCRIPTION	 
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			

  
 Schedule I 

 EXHIBIT H-3 

[FORM OF] 
 COPYRIGHT SECURITY
AGREEMENT 
 This COPYRIGHT SECURITY AGREEMENT is entered into as of [●] [●], 20[●] (this “Agreement”),
among [●] ([each, a][the] “Grantor”) and Credit Suisse AG, Cayman Islands Branch (“CS”), as collateral agent (in such capacity, the “Collateral Agent”) for the Secured Parties.

 Reference is made to that certain Term Loan Pledge and Security Agreement, dated as of July 22, 2020 (as amended, restated, amended
and restated, supplemented or otherwise modified from time to time and in effect on the date hereof, the “Security Agreement”), among the Loan Parties party thereto and the Collateral Agent. The Lenders (as defined below) have
extended credit to the Borrowers (as defined in Credit Agreement (as defined below)) subject to the terms and conditions set forth in that certain New Term Loan Credit Agreement dated as of July 22, 2020 (as amended, restated, amended and
restated, supplemented or otherwise modified and in effect on the date hereof, the “Credit Agreement”), by and among, PQ Corporation, a Pennsylvania corporation (the “Parent Borrower”), Eco Services Operations
Corp., a Delaware corporation (“Eco Services” and together with Parent Borrower, collectively, the “Borrowers” and each, a “Borrower”), CPQ Midco I Corporation, a Delaware corporation, the Lenders
from time to time party thereto (the “Lenders”) and CS, in its capacities as administrative agent and collateral agent for the Lenders. Consistent with the requirements set forth in Sections 4.01 and
5.12 of the Credit Agreement and Section 4.03(c) of the Security Agreement, the parties hereto agree as follows: 

SECTION 1. Terms. Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified in the
Security Agreement. 
 SECTION 2. Grant of Security Interest. As security for the prompt and complete payment or performance,
as the case may be, in full of the Secured Obligations, [each][the] Grantor, pursuant to the Security Agreement, did and hereby does pledge, collaterally assign, mortgage, transfer and grant to the Collateral Agent, its successors and
permitted assigns, on behalf of and for the ratable benefit of the Secured Parties, a continuing security interest in all right, title and interest in, to and under all of the following assets, whether now owned by or owing to, or hereafter acquired
by [such][the] Grantor and regardless of where located (collectively, the “Copyright Collateral”): 

A.    all copyrights, rights and interests in copyrights, works protectable by copyright whether published
or unpublished, including those copyright registrations and pending applications for registration in the United States Copyright Office listed on Schedule I; 

B.    all renewals of any of the foregoing; 

C.    all income, royalties, damages, and payments now or hereafter due and/or payable under any of the
Copyrights, including, without limitation, damages or payments for past, present or future infringements thereof; 

D.    the right to sue for past, present, and future infringements thereof; and 

E.    all rights corresponding to any of the foregoing; 

in each case to the extent the foregoing items constitute Collateral. 

SECTION 3. Security Agreement. The security interests granted to the Collateral Agent herein are granted in furtherance, and not
in limitation of, the security interests granted to the Collateral Agent 

  
 H-3-1 

 
pursuant to the Security Agreement. [Each][The] Grantor hereby acknowledges and affirms that the rights and remedies of the Collateral Agent with respect to the Copyright Collateral
are more fully set forth in the Security Agreement, the terms and provisions of which are hereby incorporated herein by reference as if fully set forth herein. In the event of any conflict between the terms of this Agreement and the Security
Agreement, the terms of the Security Agreement shall govern. 
 SECTION 4. Governing Law. This Agreement shall be governed by,
and construed in accordance with, the laws of the State of New York. 
 [Signature Pages Follow] 

  
 H-3-2 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and
year first above written. 
  

					
	[●]
		
	By:	 	
		 	Name:	 	[●]
		 	Title:	 	[●]

  
 H-3-3 

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
	as Collateral Agent
		
	By:	 	
		 	Name:
		 	Title:
		
	By:	 	
		 	Name:
		 	Title:

  
 H-3-4 

 SCHEDULE I 

COPYRIGHTS 
  

									
	RECORD OWNER	  	 REGISTRATION

NUMBER
	 	  	TITLE	 
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			

 COPYRIGHT APPLICATIONS 
  

									
	APPLICANT	  	APPLICATION NUMBER	 	  	TITLE	 
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			

  
 Schedule I 

 EXHIBIT A 

[FORM OF] 
 COPYRIGHT SECURITY
AGREEMENT SUPPLEMENT 
 This COPYRIGHT SECURITY AGREEMENT SUPPLEMENT is entered into as of [●] [●], 20[●] (this
“Copyright Security Agreement Supplement”), among [●] ([each, a][the] “Grantor”) and Credit Suisse AG, Cayman Islands Branch (“CS”), as Collateral Agent (the “Collateral
Agent”) for the Secured Parties. 
 Reference is made to that certain Term Loan Pledge and Security Agreement, dated as of
July 22, 2020 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time and in effect on the date hereof, the “Security Agreement”), among the Loan Parties party thereto and the
Collateral Agent. The Lenders (as defined below) have extended credit to the Borrowers (as defined in Credit Agreement (as defined below)) subject to the terms and conditions set forth in that certain New Term Loan Credit Agreement dated as of
July 22, 2020 (as amended, restated, amended and restated, supplemented or otherwise modified and in effect on the date hereof, the “Credit Agreement”), by and among, PQ Corporation, a Pennsylvania corporation (the
“Parent Borrower”), Eco Services Operations Corp., a Delaware corporation (“Eco Services” and together with Parent Borrower, collectively, the “Borrowers” and each, a “Borrower”),
CPQ Midco I Corporation, a Delaware corporation, the Lenders from time to time party thereto (the “Lenders”) and CS, in its capacities as administrative agent and collateral agent for the Lenders. Consistent with the requirements
set forth in Sections 4.01 and 5.12 of the Credit Agreement, the [Grantor][Grantors] and the Collateral Agent have entered into that certain Copyright Security Agreement, dated as of [●]
[●], 20[●] (as amended, restated, amended and restated, supplemented or otherwise modified from time to time and in effect on the date hereof, the “Copyright Security Agreement”). Under the terms of the Security
Agreement, the Grantor has granted to the Collateral Agent for the benefit of the Secured Parties as security interest in the Additional Copyright Collateral (as defined below) and have agreed, consistent with the requirements of
Section 4.03(c) of the Security Agreement, to execute this Copyright Security Agreement Supplement. Now, therefore, the parties hereto agree as follows: 

SECTION 1. Terms. Capitalized terms used in this Copyright Security Agreement Supplement and not otherwise defined herein have
the meanings specified in the Security Agreement. 
 SECTION 2. Grant of Security Interest. As security for the prompt and
complete payment or performance, as the case may be, in full of the Secured Obligations, [each][the] Grantor, pursuant to the Security Agreement, did and hereby does pledge, collaterally assign, mortgage, transfer and grant to the
Collateral Agent, its successors and permitted assigns, on behalf of and for the ratable benefit of the Secured Parties, a continuing security interest in all right, title and interest in, to and under all of the following assets, whether now owned
by or owing to, or hereafter acquired by [such][the] Grantor and regardless of where located (collectively, the “Additional Copyright Collateral”): 

A.    all copyrights and registrations and pending applications for registration in the United States
Copyright Office listed on Schedule I hereto; 
 B.    all renewals of any of the foregoing; 

C.    all income, royalties, damages, and payments now or hereafter due and/or payable under any of the
Copyrights, including, without limitation, damages or payments for past, present or future infringements thereof; 

  
 Exhibit A 

 D.    the right to sue for past, present, and future
infringements thereof; and 
 E.    all rights corresponding to any of the foregoing; 

in each case to the extent the foregoing items constitute Collateral. 

SECTION 3. Security Agreement. The security interests granted to the Collateral Agent herein are granted in furtherance, and not
in limitation of, the security interests granted to the Collateral Agent pursuant to the Security Agreement. [Each][The] Grantor hereby acknowledges and affirms that the rights and remedies of the Collateral Agent with respect to the
Additional Copyright Collateral are more fully set forth in the Security Agreement, the terms and provisions of which are hereby incorporated herein by reference as if fully set forth herein. In the event of any conflict between the terms of this
Copyright Security Agreement Supplement and the Security Agreement, the terms of the Security Agreement shall govern. 
 SECTION 4.
Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. 

[Signature Pages Follow] 

  
 Exhibit A 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Copyright Security Agreement
Supplement as of the day and year first above written. 
  

					
	[●]	 		 	
			
	By:	 		 	
		 	Name:	 	[●]
		 	Title:	 	[●]

  
 Exhibit A 

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
	as Collateral Agent
		
	By:	 	
		 	Name:
		 	Title:
		
	By:	 	
		 	Name:
		 	Title:

  
 Exhibit A 

 SCHEDULE I 

COPYRIGHTS 
  

									
	RECORD OWNER	  	REGISTRATION
NUMBER	 	  	TITLE	 
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			

 COPYRIGHT APPLICATIONS 
  

									
	APPLICANT	  	APPLICATION NUMBER	 	  	TITLE	 
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			

  
 Schedule I 

 EXHIBIT I 

[FORM OF] 
 GUARANTY AGREEMENT 

[CIRCULATED SEPARATELY] 

  
 I-1 

 EXHIBIT J 

[FORM OF] 
 SECURITY AGREEMENT 

[CIRCULATED SEPARATELY] 

  
 J-1 

 EXHIBIT K-1 

[FORM OF] 
 U.S. TAX COMPLIANCE
CERTIFICATE 
 (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to that certain New Term Loan Credit Agreement dated as of July 22, 2020 (as amended, restated, amended and
restated, supplemented or otherwise modified and in effect on the date hereof, the “Credit Agreement”), by and among, PQ Corporation, a Pennsylvania corporation (the “Parent Borrower”), Eco Services Operations
Corp., a Delaware corporation (“Eco Services” and together with Parent Borrower, collectively, the “Borrowers” and each, a “Borrower”), CPQ Midco I Corporation, a Delaware corporation, the lenders
from time to time party thereto and Credit Suisse AG, Cayman Islands Branch, in its capacities as administrative agent and collateral agent for the lenders. 

Pursuant to the provisions of Section 2.17(f)(ii)(B)(3) of the Credit Agreement, the undersigned hereby certifies
that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Promissory Notes evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a “bank” within the meaning of
Section 881(c)(3)(A) of the Code, (iii) it is not a “10 percent shareholder” of a Borrower within the meaning of Section 881(c)(3)(B) of the Code and (iv) it is not a “controlled foreign corporation”
described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished the Parent Borrower and the Administrative Agent with a
duly executed certificate of its non-U.S. person status on IRS Form W-8BEN or IRS Form
W-8BEN-E, as applicable. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned
shall promptly so inform each of the Parent Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished each of the Parent Borrower and the Administrative Agent with a properly completed and currently
effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
 [NAME OF LENDER] 
  

			
	 By:
	 	  

		 	Name:
		 	Title:

 Date: [●] [●], 20[●] 

  
 K-1-1 

 EXHIBIT K-2 

[FORM OF] 
 U.S. TAX COMPLIANCE
CERTIFICATE 
 (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to that certain New Term Loan Credit Agreement dated as of July 22, 2020 (as amended, restated, amended and
restated, supplemented or otherwise modified and in effect on the date hereof, the “Credit Agreement”), by and among, PQ Corporation, a Pennsylvania corporation (the “Parent Borrower”), Eco Services Operations
Corp., a Delaware corporation (“Eco Services” and together with Parent Borrower, collectively, the “Borrowers” and each, a “Borrower”), CPQ Midco I Corporation, a Delaware corporation, the lenders
from time to time party thereto and Credit Suisse AG, Cayman Islands Branch, in its capacities as administrative agent and collateral agent for the lenders. 

Pursuant to the provisions of Section 2.17(f)(ii)(B)(4) of the Credit Agreement, the undersigned hereby certifies
that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is
not a “10 percent shareholder” of a Borrower within the meaning of Section 881(c)(3)(B) of the Code, and (iv) it is not a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code. 

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

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
 [NAME OF PARTICIPANT] 
  

			
	By:	 	  

		 	Name:
		 	Title:

 Date: [●] [●], 20[●] 

  
 K-2-1 

 EXHIBIT K-3 

[FORM OF] 
 U.S. TAX COMPLIANCE
CERTIFICATE 
 (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to that certain New Term Loan Credit Agreement dated as of July 22, 2020 (as amended, restated, amended and
restated, supplemented or otherwise modified and in effect on the date hereof, the “Credit Agreement”), by and among, PQ Corporation, a Pennsylvania corporation (the “Parent Borrower”), Eco Services Operations
Corp., a Delaware corporation (“Eco Services” and together with Parent Borrower, collectively, the “Borrowers” and each, a “Borrower”), CPQ Midco I Corporation, a Delaware corporation, the lenders
from time to time party thereto and Credit Suisse AG, Cayman Islands Branch, in its capacities as administrative agent and collateral agent for the lenders. 

Pursuant to the provisions of Section 2.17(f)(ii)(B)(4) of the Credit Agreement, the undersigned hereby certifies
that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect to
such participation, neither the undersigned nor any of its direct or indirect partners/members is a “bank” extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of
Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a “10 percent shareholder” of a Borrower within the meaning of Section 881(c)(3)(B) of the Code and (v) none of its direct
or indirect partners/members is a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code. 
 The
undersigned has furnished its participating Lender with a duly executed IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest
exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, from each of such
partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall
promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the
undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Credit
Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
 [NAME OF PARTICIPANT] 

 

			
	By:	 	  

		 	Name:
		 	Title:

 Date: [●] [●], 20[●] 

  
 K-3-1 

 EXHIBIT K-4 

[FORM OF] 
 U.S. TAX COMPLIANCE
CERTIFICATE 
 (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to that certain New Term Loan Credit Agreement dated as of July 22, 2020 (as amended, restated, amended and
restated, supplemented or otherwise modified and in effect on the date hereof, the “Credit Agreement”), by and among, PQ Corporation, a Pennsylvania corporation (the “Parent Borrower”), Eco Services Operations
Corp., a Delaware corporation (“Eco Services” and together with Parent Borrower, collectively, the “Borrowers” and each, a “Borrower”), CPQ Midco I Corporation, a Delaware corporation, the lenders
from time to time party thereto and Credit Suisse AG, Cayman Islands Branch, in its capacities as administrative agent and collateral agent for the lenders. 

Pursuant to the provisions of Section 2.17(f)(ii)(B)(4) of the Credit Agreement, the undersigned hereby certifies
that (i) it is the sole record owner of the Loan(s) (as well as any Promissory Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial
owners of such Loan(s) (as well as any Promissory Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect
partners/members is a “bank” extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect
partners/members is a “10 percent shareholder” of a Borrower within the meaning of Section 881(c)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a “controlled foreign corporation”
described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished the Parent Borrower and the Administrative Agent with a
duly executed IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form
W-8BEN or IRS Form W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY accompanied
by an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, from each of such partner’s/member’s beneficial owners that
is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Parent Borrower and the
Administrative Agent, and (2) the undersigned shall have at all times furnished the Parent Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is
to be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms
defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
 [Signature Page Follows]

  
 K-4-1 

 [NAME OF LENDER] 

 

			
	By:	 	  

		 	Name:
		 	Title:

 Date: [●] [●], 20[●] 

  
 K-4-2 

 EXHIBIT L 

[FORM OF] 
 SOLVENCY CERTIFICATE

 [●] [●], 20[●] 

This Solvency Certificate (this “Solvency Certificate”) is being executed and delivered pursuant to
Section 4.01(g) of that certain New Term Loan Credit Agreement dated as of July 22, 2020 (as amended, restated, amended and restated, supplemented or otherwise modified and in effect on the date hereof, the
“Credit Agreement”), by and among, PQ Corporation, a Pennsylvania corporation (the “Parent Borrower”), Eco Services Operations Corp., a Delaware corporation (“Eco Services” and together with Parent
Borrower, collectively, the “Borrowers” and each, a “Borrower”), CPQ Midco I Corporation, a Delaware corporation, the lenders from time to time party thereto and Credit Suisse AG, Cayman Islands Branch, in its
capacities as administrative agent and collateral agent for the lenders. Capitalized terms used herein but not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement. 

I, [●], the Chief Financial Officer of the Parent Borrower, in such capacity and not in an individual capacity, on behalf of the
Borrowers, hereby certify as follows: 
  

	1.	 I am generally familiar with the businesses and assets of the Borrowers and their Restricted Subsidiaries,
taken as a whole, and am duly authorized to execute this Solvency Certificate on behalf of the Borrower pursuant to the Credit Agreement; and 

  

	2.	 As of the date hereof and after giving effect to the Transactions on the Closing Date and the incurrence of the
indebtedness and obligations on the Closing Date in connection with the Credit Agreement, that, (i) the sum of the debt (including contingent liabilities) of the Parent Borrower and its Restricted Subsidiaries, taken as a whole, does not exceed
the fair value of the assets of the Parent Borrower and its Restricted Subsidiaries, taken as a whole; (ii) the present fair saleable value of the assets of the Parent Borrower and its Restricted Subsidiaries, taken as a whole, is not less than
the amount that will be required to pay the probable liabilities of the Parent Borrower and its Restricted Subsidiaries, taken as a whole, on their debts as they become absolute and matured; (iii) the capital of the Parent Borrower and its
Restricted Subsidiaries, taken as a whole, is not unreasonably small in relation to the business of the Parent Borrower and its Restricted Subsidiaries, taken as a whole, contemplated as of the date hereof; and (iv) the Parent Borrower and its
Restricted Subsidiaries, taken as a whole, do not intend to incur, or believe that they will incur, debts (including current obligations and contingent liabilities) beyond their ability to pay such debts as they mature in the ordinary course of
business. For the purposes hereof, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected
to become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under Statement of Financial Accounting Standards No. 5). 

[Signature Page Follows] 

  
 L-1 

 IN WITNESS WHEREOF, I have executed this Solvency Certificate on the date first above
written. 
  

			
	PQ CORPORATION
		
	By:	 	
		 	Name:
		 	Title:

  
 L-2 

 [FORM OF] 

GLOBAL INTERCOMPANY NOTE 
 See
attached.Document

Exhibit 10.1

			
	

TERM LOAN AGREEMENT
Dated as of April 17, 2020
among
STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P.,
as the Borrower,

STAG INDUSTRIAL, INC.,
as a Guarantor,

WELLS FARGO BANK, NATIONAL ASSOCIATION,
as the Administrative Agent

and

THE FINANCIAL INSTITUTIONS NOW OR HEREAFTER SIGNATORIES HERETO AND THEIR ASSIGNEES PURSUANT TO SECTION 11.6,
as Lenders

and

PNC BANK, NATIONAL ASSOCIATION, REGIONS BANK, TD BANK, N.A. and U.S. BANK NATIONAL ASSOCIATION,
as Syndication Agents
			
	

WELLS FARGO SECURITIES, LLC
as the Bookrunner

and

WELLS FARGO SECURITIES and PNC CAPITAL MARKETS LLC, Regions Capital Markets, TD Securities (USA) LLC and U.S. BANK NATIONAL ASSOCIATION
as the Joint Lead Arrangers

									
		TABLE OF CONTENTS	
	Section		Page

						
	ARTICLE I DEFINITIONS AND ACCOUNTING TERMS
	1

	SECTION 1.1 Defined Terms
	1

	SECTION 1.2 Other Interpretive Provisions
	30

	SECTION 1.3 Accounting Terms
	30

	SECTION 1.4 Rounding
	30

	SECTION 1.5 Times of Day
	30

	SECTION 1.6 Rates
	30

	SECTION 1.7 Divisions
	30

	ARTICLE II The Commitments and Credit Extensions
	31

	SECTION 2.1 Committed Loans
	31

	SECTION 2.2 Borrowings, Conversions and Continuations of Committed Loans
	32

	SECTION 2.3 Reserved
	33

	SECTION 2.4 Reserved
	33

	SECTION 2.5 Prepayments
	33

	SECTION 2.6 Incremental Term Loans
	34

	SECTION 2.7 Repayment of Loans
	35

	SECTION 2.8 Interest
	35

	SECTION 2.9 Fees
	35

	SECTION 2.10 Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate
	36

	SECTION 2.11 Evidence of Debt
	36

	SECTION 2.12 Payments Generally; The Administrative Agent’s Clawback
	36

	SECTION 2.13 Sharing of Payments by the Lenders
	38

	SECTION 2.14 Reserved
	39

	SECTION 2.15 Reserved
	39

	SECTION 2.16 Defaulting Lenders
	39

	SECTION 2.17 Guaranties
	40

	SECTION 2.18 Extension of Maturity Date
	41

	ARTICLE III Taxes, Yield Protection and Illegality
	41

	SECTION 3.1 Taxes
	41

	SECTION 3.2 Illegality
	46

	SECTION 3.3 Changed Circumstances
	46

	SECTION 3.4 Increased Costs; Reserves on LIBOR Loans
	50

	SECTION 3.5 Compensation for Losses
	51

	SECTION 3.6 Mitigation Obligations; Replacement of the Lenders
	52

	SECTION 3.7 Survival
	52

	ARTICLE IV Unencumbered Properties
	52

	SECTION 4.1 Initial Unencumbered Properties
	52

						
	SECTION 4.2 Reserved
	52

	SECTION 4.3 Notices of Qualification as an Unencumbered Property
	52

	SECTION 4.4 Eligibility
	52

	SECTION 4.5 Reserved
	53

	SECTION 4.6 Guaranty
	53

	SECTION 4.7 Admission of New Unencumbered Properties
	53

	SECTION 4.8 Reserved
	53

	SECTION 4.9 Reserved
	53

	SECTION 4.10 Exclusion Events
	53

	ARTICLE V Conditions Precedent to Credit Extensions
	54

	SECTION 5.1 Conditions to Effectiveness
	54

	SECTION 5.2 Conditions to all Credit Extensions
	56

	ARTICLE VI Representations and Warranties
	57

	SECTION 6.1 Existence, Qualification and Power; Compliance with Laws
	57

	SECTION 6.2 Authorization; No Contravention
	57

	SECTION 6.3 Governmental Authorization; Other Consents
	57

	SECTION 6.4 Binding Effect
	57

	SECTION 6.5 Financial Statements; No Material Adverse Effect
	57

	SECTION 6.6 Litigation
	58

	SECTION 6.7 No Default
	58

	SECTION 6.8 Ownership of Property; Liens; Equity Interests
	58

	SECTION 6.9 Environmental Compliance
	59

	SECTION 6.10 Insurance
	59

	SECTION 6.11 Taxes
	59

	SECTION 6.12 ERISA Compliance
	60

	SECTION 6.13 Subsidiaries; Equity Interests
	60

	SECTION 6.14 Margin Regulations; Investment Company Act
	61
	SECTION 6.15 Disclosure
	61

	SECTION 6.16 Compliance with Laws
	61

	SECTION 6.17 Taxpayer Identification Number
	61

	SECTION 6.18 Intellectual Property; Licenses, Etc
	61
	SECTION 6.19 Reserved
	62

	SECTION 6.20 Solvency
	62

	SECTION 6.21 REIT Status of the Parent
	62

	SECTION 6.22 Labor Matters
	62

	SECTION 6.23 Ground Lease Representation
	62

	SECTION 6.24 Unencumbered Properties
	63

	SECTION 6.25 OFAC
	63

	SECTION 6.26 EEA Financial Institutions.
	63

	ARTICLE VII Affirmative Covenants
	63

	SECTION 7.1 Financial Statements
	64

						
	SECTION 7.2 Certificates; Other Information
	64

	SECTION 7.3 Notices
	64

	SECTION 7.4 Payment of Obligations
	67

	SECTION 7.5 Preservation of Existence, Etc
	67

	SECTION 7.6 Maintenance of Properties
	67

	SECTION 7.7 Maintenance of Insurance
	67

	SECTION 7.8 Compliance with Laws; Beneficial Ownership Regulations
	68

	SECTION 7.9 Books and Records
	68

	SECTION 7.10 Inspection Rights
	68

	SECTION 7.11 Use of Proceeds
	68

	SECTION 7.12 Environmental Matters
	69

	SECTION 7.13 Ground Leases
	70

	SECTION 7.14 Unencumbered Properties
	71

	ARTICLE VIII Negative Covenants
	71
	SECTION 8.1 Liens
	72

	SECTION 8.2 Indebtedness
	73

	SECTION 8.3 Investments
	73

	SECTION 8.4 Fundamental Changes
	74

	SECTION 8.5 Dispositions
	75

	SECTION 8.6 Restricted Payments
	75

	SECTION 8.7 Change in Nature of Business
	75

	SECTION 8.8 Transactions with Affiliates
	75

	SECTION 8.9 Burdensome Agreements
	75

	SECTION 8.10 Use of Proceeds
	76

	SECTION 8.11 Unencumbered Properties; Ground Leases
	76

	SECTION 8.12 Environmental Matters
	77

	SECTION 8.13 Negative Pledge; Indebtedness
	77

	SECTION 8.14 Financial Covenants
	77

	ARTICLE IX Events of Default and Remedies
	78

	SECTION 9.1 Events of Default
	78

	SECTION 9.2 Remedies Upon Event of Default
	80

	SECTION 9.3 Application of Funds
	81

	ARTICLE X The Administrative Agent
	81

	SECTION 10.1 Appointment and Authority
	81

	SECTION 10.2 Rights as a Lender
	82

	SECTION 10.3 Exculpatory Provisions
	82

	SECTION 10.4 Reliance by the Administrative Agent
	83

	SECTION 10.5 Delegation of Duties
	83

	SECTION 10.6 Resignation of the Administrative Agent
	83

	SECTION 10.7 Non-Reliance on the Administrative Agent and Other Lenders
	84

	SECTION 10.8 No Other Duties, Etc
	85

						
	SECTION 10.9 The Administrative Agent May File Proofs of Claim
	85

	SECTION 10.10 Guaranty Matters
	85

	ARTICLE XI Miscellaneous
	85

	SECTION 11.1 Amendments, Etc
	85

	SECTION 11.2 Notices; Effectiveness; Electronic Communication
	87

	SECTION 11.3 No Waiver; Cumulative Remedies; Enforcement
	89

	SECTION 11.4 Expenses; Indemnity; Damage Waiver
	89

	SECTION 11.5 Payments Set Aside
	90
	SECTION 11.6 Successors and Assigns
	90

	SECTION 11.7 Treatment of Certain Information; Confidentiality
	95

	SECTION 11.8 Right of Setoff
	96

	SECTION 11.9 Interest Rate Limitation
	97

	SECTION 11.10 Counterparts; Integration; Effectiveness
	97

	SECTION 11.11 Survival of Representations and Warranties
	97

	SECTION 11.12 Severability
	97

	SECTION 11.13 Replacement of the Lenders
	98

	SECTION 11.14 Governing Law; Jurisdiction; Etc
	98

	SECTION 11.15 No Advisory or Fiduciary Responsibility
	99

	SECTION 11.16 Electronic Execution of Assignments and Certain Other Documents
	100

	SECTION 11.17 USA PATRIOT ACT
	100

	SECTION 11.18 ENTIRE AGREEMENT
	100

	SECTION 11.19 Acknowledgement and Consent to Bail-In of Affected Financial Institutions
	101

	SECTION 11.20 Certain ERISA Matters
	101
	SECTION 11.21 Acknowledgment Regarding Any Supported QFCs
	102

SCHEDULES
2.1 Commitments and Applicable Percentages
4.1 Initial Unencumbered Properties
6.6 Litigation
6.9 Environmental Matters
6.13 Subsidiaries and Other Equity Investments and Equity Interests in the Borrower and Each Subsidiary Guarantor
6.18 Intellectual Property Matters
8.1 Existing Liens
8.13 Indebtedness
11.2 The Administrative Agent’s Office; Certain Addresses for Notices
RO Responsible Officers
EXHIBITS
A Committed Loan Notice
B Form of Note
C Compliance Certificate
D-1 Assignment and Assumption
D-2 Administrative Questionnaire
E Form of Disbursement Instruction Agreement
F-1 Form of Parent Guaranty
F-2 Form of Subsidiary Guaranty
G Reserved
H-1 U.S. Tax Compliance Certificate
H-2 U.S. Tax Compliance Certificate
H-3 U.S. Tax Compliance Certificate
H-4 U.S. Tax Compliance Certificate

TERM LOAN AGREEMENT
This TERM LOAN AGREEMENT (the “Agreement”) is entered into as of April 17, 2020, among STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (the “Borrower”), STAG INDUSTRIAL, INC., a Maryland corporation and the sole member of the sole general partner of the Borrower (the “Parent”), each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Administrative Agent.
The Borrower has requested that the Lenders provide a term credit facility, and the Lenders are willing to do so on the terms and conditions set forth herein.
In consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:
ARTICLE I
DEFINITIONS AND ACCOUNTING TERMS

SECTION 1.1 Defined Terms.  As used in this Agreement, the following terms shall have the meanings set forth below:
“Acceptable Ground Lease” means a ground lease with respect to an Acceptable Property executed by a Subsidiary Guarantor, as lessee, that (a) has a remaining lease term (including extension or renewal rights) of at least twenty-five (25) years, calculated as of the date such Acceptable Property is deemed an Unencumbered Property, and that the Administrative Agent determines, in its sole discretion, is a financeable ground lease and is otherwise acceptable or (b) has a bargain purchase option (as defined in accordance with GAAP).
“Acceptable Property” means a Property (a) that is approved by the Administrative Agent and the Required Lenders, or (b) that meets the following requirements:
(i) such Property is wholly-owned by, or ground leased pursuant to an Acceptable Ground Lease to, the Borrower or a Subsidiary Guarantor free and clear of any Liens (other than Liens permitted by Section 8.1);
(ii) such Property is an industrial, manufacturing, warehouse/distribution and/or office property located within the United States;
(iii)  if such Property is owned by a Subsidiary Guarantor, or is ground leased pursuant to an Acceptable Ground Lease to a Subsidiary Guarantor, then the Equity Interests of such Subsidiary Guarantor are owned, directly or indirectly by the Borrower, free and clear of any Liens other than Liens permitted by Section 8.1; and
(iv) such Property is free of all structural defects or major architectural deficiencies, title defects, environmental conditions or other adverse matters except for defects, deficiencies, conditions or other matters which, individually or collectively, are not  material to the profitable operation of such Property.
“Additional Permitted Indebtedness” means unsecured Indebtedness permitted to be incurred pursuant to Section 8.2(f).

“Additional Term Loans” has the meaning specified in Section 2.6(b)(i).
“Adjusted NOI” means, with respect to any Property for the Current Reporting Quarter, annualized, an amount equal to (a) the aggregate gross revenues (excluding non-cash revenues) from the operations of such Property during such period, minus (b) the sum of (i) all expenses and other proper charges incurred in connection with the operation of such Property during such period (including real estate taxes, but excluding any property and asset management fees, debt service charges, income taxes, depreciation, amortization and other non-cash expenses and excluding capital expenditures), (ii) a management fee equal to the greater of (A) two percent (2%) of the aggregate gross base rental revenues (excluding non-cash revenues) from the operations of such Property during such period and (B) actual property management fees paid, and (iii) a replacement reserve of $0.10 per square foot (excluding any Property acquired during the Current Reporting Quarter).  Adjusted NOI shall exclude the amount of any revenues and expenses from any Dark Property.  Adjusted NOI shall be increased, without duplication, by (i) annualized rental revenues (excluding non-cash revenues), net of associated expenses, from any new lease which went into effect with the tenant taking occupancy (or any lease with respect to any Property acquired during the Current Reporting Quarter) and the Borrower is recognizing revenue from such tenant in accordance with GAAP during such Current Reporting Quarter, and (ii) annualized gross base rental revenues (excluding non-cash revenues) for the first monthly gross base rental payment for any lease in a free rent period and the Borrower is recognizing revenue from the applicable tenant in accordance with GAAP during such Current Reporting Quarter.
“Administrative Agent” means Wells Fargo in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent.
“Administrative Agent’s Office” means the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 11.2, or such other address or account as the Administrative Agent may from time to time notify the Borrower and the Lenders.
“Administrative Questionnaire” means an Administrative Questionnaire in substantially the form of Exhibit D-2 or any other form approved by the Administrative Agent.
“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.
“Affiliate” means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified; provided in no event shall Administrative Agent or any Lender be deemed to be an Affiliate of the Borrower.
“Aggregate Commitments” means the Commitments of all the Lenders.  The initial amount of the Aggregate Commitments in effect on the Closing Date is THREE HUNDRED MILLION DOLLARS ($300,000,000.00).
“Agreement” means this Term Loan Agreement.
“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or its Subsidiaries from time to time concerning or relating to bribery, corruption or money laundering.
2

“Applicable Percentage” means, with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of the Aggregate Commitments represented by such Lender’s Commitment at such time.  If the commitment of each Lender to make Loans has been terminated pursuant to Section 2.1(a) or Section 9.2 or if the Aggregate Commitments have expired, then the Applicable Percentage of each Lender shall be determined based on the percentage (carried out to the ninth decimal place) of the Total Outstandings represented by such Lender’s Loans at such time.  The initial Applicable Percentage of each Lender is set forth opposite the name of such Lender on Schedule 2.1 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable.
“Applicable Rate” means the following percentages per annum, based upon the Debt Rating as set forth below (determined in accordance with the Performance-Based Pricing Grid set forth below).
Performance-Based Pricing Grid:
												
	Applicable Rate			
	Pricing Level	Debt Rating	Base Rate Applicable Margin	LIBOR Loan Applicable Margin
	1	≥A-/A3	0.35%	1.35%
	2	BBB+/Baa1	0.40%	1.40%
	3	BBB/Baa2	0.50%	1.50%
	4	BBB-/Baa3	0.75%	1.75%
	5	< BBB-/Baa3	1.15%	2.15%

Each change in the Applicable Rate resulting from a publicly announced change in the Debt Rating shall be effective, in the case of an upgrade, during the period commencing on the date of delivery by the Borrower to the Administrative Agent of notice thereof pursuant to Section 7.3(e) and ending on the date immediately preceding the effective date of the next such change and, in the case of a downgrade, during the period commencing on the date of the public announcement thereof and ending on the date immediately preceding the effective date of the next such change.
“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender, or (c) an entity or an Affiliate of an entity that administers or manages a Lender.
“Assignee Group” means two (2) or more Eligible Assignees that are Affiliates of one another or two (2) or more Approved Funds managed by the same investment advisor.
“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 11.6(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit D-1 or any other form (including electronic documentation generated by MarkitClear or other electronic platform) approved by the Administrative Agent.
“Attributable Indebtedness” means, on any date in respect of any Capital Lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP.
“Audited Financial Statements” means the audited financial statements of the Parent for the fiscal year ended December 31, 2019 and, from and after the delivery of the financial statements of the 
3

Parent required pursuant to Section 7.1(a) for the fiscal year ending December 31, 2020, the most-recent financial statements furnished pursuant to Section 7.1(a).
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.
“Bail-In Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom,  Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).
“Balloon Payments” shall mean with respect to any loan constituting Indebtedness, any required principal payment of such loan which is payable at the maturity of such Indebtedness, provided, however, that the final payment of a fully amortized loan shall not constitute a Balloon Payment.
“Base Rate” means, at any time, the highest of (a) the Prime Rate, (b) the Federal Funds Rate plus 0.50% and (c) the LIBOR Market Index Rate plus 1%; each change in the Base Rate shall take effect simultaneously with the corresponding change or changes in the Prime Rate, the Federal Funds Rate or the LIBOR Market Index Rate (provided that clause (c) shall not be applicable during any period in which LIBOR is unavailable or unascertainable). If the Base Rate as determined as provided above would be less than 1.25%, the Base Rate shall be deemed to be 1.25%.
“Base Rate Loan” means a Loan that bears interest based on the Base Rate. 
“Benchmark Replacement” has the meaning specified in Section 3.3(b).

“Benchmark Replacement Adjustment” has the meaning specified in Section 3.3(b).

“Benchmark Replacement Conforming Changes” has the meaning specified in Section 3.3(b).

“Benchmark Replacement Date” has the meaning specified in Section 3.3(b).
 
“Benchmark Transition Event” has the meaning specified in Section 3.3(b).

“Benchmark Transition Start Date” has the meaning specified in Section 3.3(b).

“Benchmark Unavailability Period” has the meaning specified in Section 3.3(b).

“Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.
“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.
“Book Value” means all land, building, improvements, leasing commissions and deferred leasing intangibles less accumulated depreciation and amortization.
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“Borrower” has the meaning specified in the introductory paragraph hereto.
“Borrower Materials” has the meaning specified in Section 7.2.
“Borrowing” means a Committed Borrowing.
“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the state where the Administrative Agent’s Office is located or the State of New York, and, if such day relates to any LIBOR Loan, means any such day that is also a London Banking Day.
“Capital Lease” means, with respect to any Person, the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP.
“Capital Lease Obligations” means, with respect to any Person for any period, the capitalized amount of obligations under Capital Leases for such Person for such period as determined in accordance with GAAP.
“Capitalization Rate” means seven percent (7.0%).
“Cash Equivalents” means any of the following types of Investments, to the extent owned by Guarantor, the Borrower or any of their Subsidiaries free and clear of all Liens (other than Liens permitted hereunder):
(a)readily marketable obligations issued or directly and fully guaranteed or insured by the United States of America or any agency or instrumentality thereof having maturities of not more than 360 days from the date of acquisition thereof; provided that the full faith and credit of the United States of America is pledged in support thereof;
(b)demand or time deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank that (A) is a Lender or (B) (i) is organized under the laws of the United States of America, any state thereof or the District of Columbia or is the principal banking subsidiary of a bank holding company organized under the laws of the United States of America, any state thereof or the District of Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial paper rated as described in clause (c) of this definition and (iii) has combined capital and surplus of at least $1,000,000,000, in each case with maturities of not more than 90 days from the date of acquisition thereof;
(c)commercial paper in an aggregate amount of no more than $5,000,000 per issuer outstanding at any time issued by any Person organized under the laws of any state of the United States of America and rated at least “Prime-1” (or the then equivalent grade) by Moody’s or at least “A-1” (or the then equivalent grade) by S&P, in each case with maturities of not more than 180 days from the date of acquisition thereof;
(d)Investments, classified in accordance with GAAP as current assets of the Parent or any of its Subsidiaries, in money market investment programs registered under the Investment Company Act of 1940, which are administered by financial institutions that have the highest rating obtainable from either 
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Moody’s or S&P, and the portfolios of which are limited solely to Investments of the character, quality and maturity described in clauses (a), (b) and (c) of this definition; and
(e)Other liquid or readily marketable investments in an amount not to exceed five percent (5%) of Total Asset Value.
“Casualty” means, with respect to any Unencumbered Property, if such Unencumbered Property has been damaged or destroyed, in whole or in part, by fire or other casualty.
“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any Law, rule, regulation or treaty; (b) any change in any Law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority; or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith or in implementation thereof 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, issued or implemented.
“Change of Control” means an event or series of events by which:
(a)any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its Subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of all Equity Interests that such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time (such right, an “option right”)), directly or indirectly, of thirty-five percent (35%) or more of the Equity Interests of the Parent entitled to vote for members of the board of directors or equivalent governing body of the Parent on a fully-diluted basis (and taking into account all such Equity Interests that such person or group has the right to acquire pursuant to any option right);
(b)during any period of twelve (12) consecutive months, a majority of the members of the board of directors or other equivalent governing body of the Parent cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body; or
(c)the Parent shall cease to (i) either be the sole general partner of, or wholly own and control the general partner of, the Borrower or (ii) own, directly or indirectly, greater than fifty percent (50%) of the Equity Interests of the Borrower.
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“Closing Date” means the first date all the conditions precedent in Section 5.1 are satisfied or waived in accordance with Section 11.1.
“Code” means the Internal Revenue Code of 1986.
“Commitment” means, as to each Lender, its obligation to make Committed Loans to the Borrower pursuant to Section 2.1, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 2.1.
“Committed Borrowing” means a borrowing consisting of simultaneous Committed Loans of the same Type and, in the case of LIBOR Loans, having the same Interest Period made by each of the Lenders pursuant to Section 2.1.
“Committed Loan” has the meaning specified in Section 2.1(a).
“Committed Loan Notice” means a notice of (a) a Committed Borrowing, (b) a conversion of Committed Loans from one Type to the other, or (c) a continuation of LIBOR Loans, pursuant to Section 2.2(a), which, if in writing, shall be substantially in the form of Exhibit A.
“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.) as amended from time to time, and any successor statute.
“Companies” means, without duplication, the Parent and its Consolidated Subsidiaries (including the Borrower), and “Company” means any one of the Companies.
“Compliance Certificate” means a certificate substantially in the form of Exhibit C.
“Condemnation” means a temporary or permanent taking by any Governmental Authority as the result, in lieu, or in anticipation, of the exercise of the right of condemnation or eminent domain of all or any part of any Unencumbered Property, or any interest therein or right accruing thereto, including any right of access thereto or any change of grade affecting any Unencumbered Property or any part thereof.
“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, for any Person for any period, an amount equal to (a) Consolidated Net Income, plus (b) the sum of the following (without duplication and to the extent reflected as a charge in the statement of such Consolidated Net Income for such period): (i) income tax expense; (ii) interest expense, amortization or write-off of debt discount and debt issuance costs and commissions, discounts and other fees and charges associated with Indebtedness; (iii) depreciation and amortization expense; (iv) amortization of intangibles (including goodwill) and organization costs; (v) any extraordinary, unusual or non-recurring expenses or losses (including, whether or not otherwise includable as a separate item in the statement of such Consolidated Net Income for such period, losses on sales of assets outside of the ordinary course of business), including property acquisition costs; (vi) any other non-cash charges, and (vii) all commissions, guaranty fees, discounts and other fees and charges owed by such Person with respect to letters of credit and bankers’ acceptance financing and net costs of such Person under Swap Contracts in respect of interest rates to the extent such net costs are allocable to such period in accordance with GAAP; minus (c) the sum of the following (to the extent included in the statement of such Consolidated Net Income for such period): (i) interest income (except to the extent deducted in determining such Consolidated Net Income); (ii) any extraordinary, unusual or non-recurring 
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income or gains (including, whether or not otherwise includable as a separate item in the statement of such Consolidated Net Income for such period, gains on the sales of assets outside of the ordinary course of business); and (iii) any other non-cash income.
“Consolidated Fixed Charges” means, on a consolidated basis, for any Person for any period, the sum (without duplication) of (a) Consolidated Interest Expense, (b) provision for cash income taxes made by such Person on a consolidated basis in respect of such period, (c) scheduled principal amortization payments due during such period on account of Indebtedness of such Person (excluding Balloon Payments), and (d) Restricted Payments paid in cash with respect to preferred Equity Interests of such Person during such period (other than any repayments of principal with respect to preferred Equity Interests).
“Consolidated Interest Expense” means, for any Person for any period, the total interest expense (including that attributable to Capital Lease Obligations) of such Person for such period with respect to all outstanding Total Funded Debt (including all commissions, discounts and other fees and charges owed by such Person with respect to letters of credit and bankers’ acceptance financing and net costs of such Person under Swap Contracts in respect of interest rates to the extent such net costs are allocable to such period in accordance with GAAP).  Consolidated Interest Expenses shall exclude non-cash charges, interest rate hedge termination payments or receipts, loan prepayment costs, and upfront loan fees, interest expense covered by an interest reserve established under a loan facility and any interest expense under any construction loan or construction activity that under GAAP is required to be capitalized.
“Consolidated Leverage Ratio” means, as of any date of determination, the quotient (expressed as a percentage) of (a) Consolidated Total Debt, divided by (b) Total Asset Value.
“Consolidated Net Income” means, for any Person for any period, the consolidated net income (or loss) of such Person for such period, determined on a consolidated basis; provided that in calculating Consolidated Net Income of the Parent for any period, there shall be excluded (a) the income (or deficit) of any Person accrued prior to the date it becomes a Subsidiary or is merged into or consolidated with the Parent or any of its Subsidiaries, (b) the income (or deficit) of any Person (other than a Company) in which any Company has an ownership interest, except to the extent that any such income is actually received by such Company in the form of dividends or similar distributions, and (c) the undistributed earnings of any Subsidiary of any Company to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary is not at the time permitted by the terms of any Contractual Obligation (other than under any Loan Document) or requirement of Law applicable to such Subsidiary.
“Consolidated Subsidiary” means any Person in which the Parent or the Borrower has a direct or indirect ownership interest and whose financial results would be consolidated under GAAP with the financial results of the Parent on the consolidated financial statements of the Parent.
“Consolidated Total Debt” means, as of any date of determination, the aggregate principal amount of all Indebtedness of the Parent on such date, determined on a consolidated basis in accordance with GAAP which would be required to be included on the liabilities side of the balance sheet of the Parent in accordance with GAAP, and including the Companies’ Share of the principal amount of all Indebtedness of Unconsolidated Affiliates, but, in each case, excluding the net obligations of the Parent on a consolidated basis under any Swap Contract.
“Construction in Progress” means (a) a Property with new ground up construction, (b) a Property under renovation in which (i) greater than thirty percent (30%) of the square footage of such 
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Property is unavailable for occupancy due to renovation and (ii) no rents are being paid on such square footage or (c) a building expansion.  The classification of “Construction in Progress” will cease on the earlier to occur of (A) the time that such Property has an Occupancy Rate of greater than eighty percent (80%), and (B) one hundred eighty (180) days after completion of construction, renovation or expansion of such Property, as applicable.
“Contamination” means the presence of Hazardous Materials in amounts exceeding regulatory action levels.
“Contractual Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound.
“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise.  The terms “Controlling” and “Controlled” have meanings correlative thereto.
 “Covered Entity” has the meaning specified in Section 11.21.
“Credit Agreements” means (a) that certain Term Loan Agreement, dated as of July 12, 2019, among the Borrower, the Parent, Wells Fargo, as administrative agent, and the other lenders party thereto, (b) the Revolving Credit Agreement, (c) that certain Term Loan Agreement, dated as of July 26, 2018, among the Borrower, the Parent, Wells Fargo, as administrative agent, and the other lenders party thereto, (d) that certain Term Loan Agreement, dated as of July 28, 2017, among the Borrower, the Parent, Bank of America, N.A., as administrative agent, and the other lenders party thereto and (e) that certain Amended and Restated Term Loan Agreement, dated as of December 20, 2016, among the Borrower, the Parent, Wells Fargo, as administrative agent, and the other lenders party thereto, in each case, as amended from time to time.
“Credit Extension” means a Borrowing.
“Current Reporting Quarter” means the most recent fiscal quarter for which quarterly financial statements have been delivered to the Lenders pursuant to Section 7.1.
“Customary Recourse Exceptions” means, with respect to any Indebtedness, personal recourse that is limited to fraud, misrepresentation, misapplication of cash, waste, environmental claims and liabilities, prohibited transfers, violations of single purposes entity covenants, and other circumstances customarily excluded by institutional lenders from exculpation provisions and/or included in separate guaranty or indemnification agreements in non-recourse financing of Real Property.
“Dark Property” means any Property as to which, as of the last day of the Current Reporting Quarter, (a) all leases have terminated, (b) the Borrower is not recognizing revenue from any tenants in accordance with GAAP or (c) the Adjusted NOI for such Property is negative.
“Debt Rating” means, as of any date of determination, the rating as determined by a minimum of two of S&P, Moody’s or Fitch (collectively, the “Debt Ratings”) of the Borrower’s non-credit-enhanced, senior unsecured long-term debt. In the event that the Borrower receives only two Debt Ratings, and such Debt Ratings are not equivalent, the Applicable Margin shall be determined based on the higher of the two Debt Ratings. In the event that Borrower receives more than two Debt Ratings, and such Debt Ratings are not all equivalent, (A) if the difference between the highest and the lowest such Debt Ratings 
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is one ratings category, the Applicable Margin corresponding to the highest of the Debt Ratings shall apply; and (B) if the difference between the highest and the lowest such Debt Ratings is two ratings categories or more, the Applicable Margin corresponding to the average of the two highest Debt Ratings shall apply, provided that if such average is not a recognized rating category, then the Applicable Margin corresponding to the lower of the two highest Debt Ratings shall apply. Notwithstanding the foregoing, (a) during any period in which the Borrower has only one Debt Rating, the Applicable Margin corresponding to the Debt Rating that is one level lower than that of such Debt Rating shall apply and (b) during any period in which the Borrower does not have any Debt Ratings, Pricing Level 5 set forth in the definition of Applicable Margin shall apply. 
“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.
 “Default” means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default.
“Default Rate” means an interest rate equal to (i) the Base Rate plus (ii) the Applicable Rate, if any, applicable to Base Rate Loans plus (iii) two percent (2%) per annum; provided that with respect to a LIBOR Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan plus two percent (2%) per annum.
“Default Right” has the meaning specified in Section 11.21.
“Defaulting Lender” means, subject to Section 2.16(b), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within two (2) Business Days of the date when due, (b) has notified the Borrower and the Administrative Agent in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company which controls such Lender that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become the subject of a Bail-In Action; 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 
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ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.  Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above, and of the effective date of such status, shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.16(b)) as of the date established therefor by the Administrative Agent in a written notice of such determination, which shall be delivered by the Administrative Agent to the Borrower and each Lender promptly following such determination.
“Designated Jurisdiction” means any country or territory to the extent that such country or territory itself is the subject of any Sanction.
“Disbursement Instruction Agreement” means an agreement substantially in the form of Exhibit E to be executed and delivered by the Borrower pursuant to Section 5.1(a), as the same may be amended, restated or modified from time to time with the prior written approval of the Administrative Agent.
“Disposition” or “Dispose” means the sale, transfer, license, lease (other than a real estate lease entered into in the ordinary course of business as part of Property leasing operations) or other disposition (including any sale and leaseback transaction) of any property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith but excluding any arrangement constituting a Lien.
“Dollar” and “$” mean lawful money of the United States. 
“Early Opt-in Election” has the meaning specified in Section 3.3(b).

“EEA Financial Institution” means (a) any institution established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 
“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
“EEA Resolution Authority” means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
“Eligible Assignee” means any Person that meets the requirements to be an assignee under Section 11.6(b)(iii) and (v) (subject to such consents, if any, as may be required under Section 11.6(b)(iii)).
“Environmental Assessment” has the meaning specified in Section 7.12(b).
“Environmental Claim” means any investigative, enforcement, cleanup, removal, containment, remedial, or other private or governmental or regulatory action at any time instituted or completed pursuant to any applicable Environmental Requirement against any Company or against or with respect to 
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any Real Property or any condition, use, or activity on any Real Property (including any such action against the Administrative Agent or any Lender), and any claim at any time made by any Person against any Company or against or with respect to any Real Property or any condition, use, or activity on any Real Property (including any such claim against the Administrative Agent or any Lender), relating to damage, contribution, cost recovery, compensation, loss, or injury resulting from or in any way arising in connection with any Hazardous Material or any Environmental Requirement.
“Environmental Damages” means all liabilities (including strict liability), losses, damages (excluding consequential, special, exemplary or punitive damages except to the extent such damages were imposed upon an Indemnitee as a result of any claims made against such Indemnitee by a governmental entity or any other third party), judgments, penalties, fines, costs and expenses (including fees, costs and expenses of attorneys, consultants, contractors, experts and laboratories), of any and every kind or character, at law or in equity, contingent or otherwise, matured or unmatured, foreseeable or unforeseeable, made, incurred, suffered, brought, or imposed at any time and from time to time, whether before or after the Release Date and arising in whole or in part from:
(a)the presence of any Hazardous Material on any Unencumbered Property, or any escape, seepage, leakage, spillage, emission, release, discharge or disposal of any Hazardous Material on or from any Unencumbered Property, or the migration or release or threatened migration or release of any Hazardous Material to, from or through any Unencumbered Property, on or before the Release Date; or
(b)any act, omission, event or circumstance existing or occurring in connection with the handling, treatment, containment, removal, storage, decontamination, clean up, transport or disposal of any Hazardous Material which is at any time on or before the Release Date present on any Unencumbered Property; or
(c)the breach of any representation, warranty, covenant or agreement contained in this Agreement  relating to the presence of any Hazardous Material on any Unencumbered Property because of any event or condition occurring or existing on or before the Release Date; or
(d)any violation on or before the Release Date, of any Environmental Requirement in connection with any Unencumbered Property in effect on or before the Release Date, regardless of whether any act, omission, event or circumstance giving rise to the violation constituted a violation at the time of the occurrence or inception of such act, omission, event or circumstance; or
(e)any Environmental Claim, or the filing or imposition of any environmental Lien against any Unencumbered Property, because of, resulting from, in connection with, or arising out of any of the matters referred to in subparagraphs (a) through (d) preceding;
and regardless of whether any of the foregoing was caused by the Borrower, any other Loan Party or their respective tenant or subtenant, or a prior owner of an Unencumbered Property or its tenant or subtenant, or any third party including (i) injury or damage to any person, property or natural resource occurring on or off of an Unencumbered Property including the cost of demolition and rebuilding of any improvements on any Real Property; (ii) the investigation or remediation of any such Hazardous Material or violation of Environmental Requirement including the preparation of any feasibility studies or reports and the performance of any cleanup, remediation, removal, response, abatement, containment, closure, restoration, monitoring or similar work required by any Environmental Requirement or necessary to have full use and benefit of Unencumbered Properties as contemplated by the Loan Documents (including any of the same in connection with any foreclosure action or transfer in lieu thereof); (iii) all liability to pay or 
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indemnify any Person or Governmental Authority for costs expended in connection with any of the foregoing; (iv) the investigation and defense of any claim, whether or not such claim is ultimately withdrawn or defeated; and (v) the settlement of any claim or judgment.  “Costs” as used in this definition shall also include any diminution in the value of the security afforded by the Unencumbered Property or any future reduction of the sales price of any Unencumbered Property by reason of any matter set forth in Section 7.12 or Section 8.12.
“Environmental Laws” means any and all applicable Federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials into the environment, including those related to hazardous substances or wastes, air emissions and discharges to waste or public systems.
“Environmental Requirement” means any Environmental Law, agreement or restriction, as the same now exists or may be changed or amended or come into effect in the future, which pertains to any Hazardous Material or the environment including ground or air or water or noise pollution or contamination, and underground or aboveground tanks.
“Equity Interests” means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of determination.
 “ERISA” means the Employee Retirement Income Security Act of 1974.
“ERISA Affiliate” means any trade or business (whether or not incorporated) under common control with the Borrower within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).
“ERISA Event” means: (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal of the Parent or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which such entity was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by the Parent or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate, the treatment of a Pension Plan amendment as a termination under Section 4041 or 4041A of ERISA; (e) the institution by the PBGC of proceedings to terminate a Pension Plan; (f) any event or condition which constitutes grounds under Section 4042(a)(1) or (2) of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; (g) the determination that any Pension Plan is considered an at-risk plan or notification that a Multiemployer Plan is in endangered or critical status within the meaning of Sections 430, 431 and 432 of the Code or Sections 303, 304 and 305 of ERISA; or (h) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon  the Parent or any ERISA Affiliate.
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“Eurodollar Reserve Percentage” means, for any day, the percentage which is in effect for such day as prescribed by the FRB (or any successor) for determining the maximum reserve requirement (including, without limitation, any basic, supplemental or emergency reserves) in respect of eurocurrency liabilities or any similar category of liabilities for a member bank of the Federal Reserve System in New York City.
“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time.
“Event of Default” has the meaning specified in Section 9.1.
“Excluded Party” shall mean any REIT, any parent company of or Person who Controls any REIT in each instance engaged primarily in owning and operating Real Property, and any other Person whom the Borrower has reasonably identified in writing to the Administrative Agent as a competitor or potential competitor of the Borrower.
“Excluded Swap Obligation” means, with respect to any Loan Party, any Swap Contract if, and to the extent that, all or a portion of the liability of such Loan Party for or the Guarantee of such Loan Party of, or the grant by such Loan Party of a Lien to secure, such Swap Contract (or any liability or guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Loan Party’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the liability for or the Guarantee of such Loan Party or the grant of such Lien becomes effective with respect to such Swap Contract (such determination being made after giving effect to any applicable keepwell, support or other agreement for the benefit of the applicable Loan Party, including under Section 27 of the Subsidiary Guaranty).  If a Swap Contract arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Contract that is attributable to swaps for which such Guarantee or Lien is or becomes illegal for the reasons identified in the immediately preceding sentence of this definition.
“Excluded Taxes” means any of the following Taxes imposed on or with respect to any Recipient  or required to be withheld or deducted from a payment to a Recipient: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 11.13) or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to Section 3.1(a)(ii) or (c), amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its Lending Office, (c) Taxes attributable to such Recipient’s failure to comply with Section 3.1(e) and (d) any U.S. federal withholding Taxes imposed pursuant to FATCA.
“Exclusion Event” has the meaning specified in Section 4.10.
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“Exclusion Notice” has the meaning specified in Section 4.10.
“Existing 2020 Term Loan Agreement” means that certain Term Loan Agreement dated as of September 29, 2015, as amended and assigned prior to the date hereof, among the Borrower, Wells Fargo Bank, National Association, as administrative agent, and a syndicate of lenders.
“Existing 2021 Term Loan Agreement” means that certain Second Amended and Restated Term Loan Agreement dated as of December 20, 2016, as amended and assigned prior to the date hereof, among the Borrower, Wells Fargo Bank, National Association, as administrative agent, and a syndicate of lenders.
“FASB ASC” means the Accounting Standards Codification of the Financial Accounting Standards Board.
“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreement entered into pursuant to Section 1471(b)(1) of the Code.
“Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, then the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, (b) if no such rate is so published on such next succeeding Business Day, then the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Wells Fargo on such day on such transactions as determined by the Administrative Agent and (c) if the Federal Funds Rate should be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
“Federal Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source. 
“Fee Letters” means the letter agreements, dated as of (a) April 7, 2020 among the Borrower, the Administrative Agent and WFS, and (b) the Closing Date between the Borrower and any other Lead Arranger, if any.
 “Fitch” means Fitch, Inc., and any successor thereto.
“Fixed Charge Ratio” means, as of any date of determination, the quotient (expressed as a percentage) of (a) Consolidated EBITDA, divided by (b) Consolidated Fixed Charges.
“Foreign Lender” means (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes.  For purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.
“FRB” means the Board of Governors of the Federal Reserve System of the United States.
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“Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities.
 “GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied.
“Governmental Authority” means the government of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank).
“Guarantee” means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien).  The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith.  The term “Guarantee” as a verb has a corresponding meaning.
“Guaranties” means the Parent Guaranty and the Subsidiary Guaranties, and “Guaranty” means any one of the Guaranties.
“Guarantors” means, collectively, the Parent and each Subsidiary Guarantor, and “Guarantor” means any one of the Guarantors.
“Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants regulated pursuant to any Environmental Law, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law.
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“ICE” has the meaning specified in the definition of “LIBOR”.
“Immaterial Subsidiary” means any Subsidiary whose assets constitute less than one percent (1%) of Total Asset Value; provided that if at any time the aggregate Total Asset Value of the “Immaterial Subsidiaries” which are not Guarantors exceeds ten percent (10%) of Total Asset Value, then the Borrower shall designate certain “Immaterial Subsidiaries” as Guarantors such that the aggregate Total Asset Value of the “Immaterial Subsidiaries” which are not Guarantors does not exceed ten percent (10%) of Total Asset Value.
 “Increase Effective Date” has the meaning specified in Section 2.6(b)(ii).
“Indebtedness” means, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP:
(a)all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments;
(b)all direct or contingent obligations of such Person arising under letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments;
(c)net obligations of such Person under any Swap Contract;
(d)all obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts payable in the ordinary course of business and, in each case, either (i) not past due for more than one hundred and eighty (180) days or (ii) being contested in good faith by appropriate proceedings diligently conducted);
(e)Capital Lease Obligations;
(f)all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any ownership interest (excluding perpetual preferred ownership interests) in such Person or any other Person, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference plus (without duplication and only to the extent required to be paid) accrued and unpaid dividends;
(g)all Guarantees of such Person in respect of any of the foregoing (except for guaranties of customary exceptions for fraud, misapplication of funds, environmental indemnities, voluntary bankruptcy, collusive involuntary bankruptcy and other similar customary exceptions to non-recourse liability); and
(h)all obligations of the kind referred to in clauses (a) through (g) above secured by (or for which the holder of such obligation has an existing right, contingent or otherwise, to be secured by) any lien on Property (including accounts and contract rights) owned by such Person, whether or not such Person has assumed or become liable for the payment of such obligation, but limited to the lesser of (i) the fair market value of the property subject to such lien and (ii) the aggregate amount of the obligations so secured.
For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability 
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company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person.  The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date; provided that, solely for  purposes of calculating the financial covenants set forth in Sections 8.14(a), (b) and (c), Indebtedness shall exclude the net obligations of the Parent on a consolidated basis under Swap Contracts entered into to hedge or mitigate any interest rate risk in respect of borrowed money for which the Parent, the Borrower or any Subsidiary has actual exposure. The amount of any Capital Lease Obligations as of any date shall be deemed to be the amount of Attributable Indebtedness in respect thereof as of such date.
“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes.
“Indemnitees” has the meaning specified in Section 11.4(b).
“Information” has the meaning specified in Section 11.7.
“Initial Unencumbered Properties” means the Acceptable Properties listed on Schedule 4.1, and “Initial Unencumbered Property” means any one of the Initial Unencumbered Properties.
“Interest Payment Date” means (a) as to any Loan other than a Base Rate Loan, the last day of each Interest Period applicable to such Loan and the Maturity Date applicable to such Loan; provided that if any Interest Period for a LIBOR Loan exceeds three (3) months, then the respective dates that fall every three (3) months after the beginning of such Interest Period shall also be Interest Payment Dates, and (b) as to any Base Rate Loan, the last Business Day of each March, June, September, and December and the Maturity Date applicable to such Loan.
“Interest Period” means as to each LIBOR Loan, the period commencing on the date such LIBOR Loan is disbursed or converted to or continued as a LIBOR Loan and ending on the date one (1), two (2), three (3) or six (6) months (if available to all Lenders) thereafter, as selected by the Borrower in its Loan Notice; provided that:
(i) any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless, in the case of a LIBOR Loan, such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day;
(ii) any Interest Period pertaining to a LIBOR Loan that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and
(iii) no Interest Period for a subject Loan shall extend beyond the Maturity Date applicable to such Loan.
“Investment” means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of Equity Interests of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person and any arrangement pursuant to which the 
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investor Guarantees Indebtedness of such other Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person that constitute a business unit.  For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment.
“IP Rights” has the meaning specified in Section 6.18.
“IRS” means the United States Internal Revenue Service.
 “Laws” means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law.
“Lead Arrangers” means Wells Fargo Securities, LLC and PNC Capital Markets LLC, Regions Capital Markets, TD Securities (USA) LLC and U.S. Bank National Association in their capacities as joint lead arrangers.
“Lease” means each existing or future lease, sublease (to the extent of any Subsidiary Guarantor’s rights thereunder), license, or other agreement (other than an Acceptable Ground Lease) under the terms of which any Person has or acquires any right to occupy or use any Property, or any part thereof, or interest therein, and each existing or future guaranty of payment or performance thereunder.
“Lender” has the meaning specified in the introductory paragraph hereto.
“Lending Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent.
“LIBOR” means, with respect to any LIBOR Loan for any Interest Period, the rate of interest obtained by dividing (i) the rate of interest per annum determined on the basis of the rate as set by the ICE Benchmark Administration (“ICE”) (or the successor thereto if ICE is no longer making such rate available) for deposits in U.S. dollars for a period equal to the applicable Interest Period which appears on Reuters Screen LIBOR01 Page (or any applicable successor page) at approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of the applicable Interest Period by (ii) a percentage equal to 1 minus the Eurodollar Reserve Percentage.  If, for any reason, the rate referred to in the preceding clause (i) does not appear on Reuters Screen LIBOR01 Page (or any applicable successor page), then the rate to be used for such clause (i) shall be determined by the Administrative Agent to be the arithmetic average of the rate per annum at which deposits in U.S. dollars would be offered by first class banks in the London interbank market to the Administrative Agent at approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of the applicable Interest Period for a period equal to such Interest Period.  Any change in the Eurodollar Reserve Percentage maximum rate or reserves described in the preceding clause (ii) shall result in a change in LIBOR on the date on which such change in such Eurodollar Reserve Percentage rate becomes effective.  Unless otherwise specified in any amendment to this Agreement entered into in accordance with clauses (b)(i) or (ii) of Section 3.3, in the event that a Benchmark Replacement with respect to LIBOR is implemented then all references herein to LIBOR shall be deemed references to such Benchmark Replacement.  If LIBOR as determined as 
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provided above would be less than 0.25%, LIBOR shall be deemed to be 0.25%.  Each calculation by the Administrative Agent of LIBOR shall be conclusive and binding for all purposes, absent manifest error.
“LIBOR Loan” means a Committed Loan that bears interest at a rate based on LIBOR.
“LIBOR Market Index Rate” means, for any day, LIBOR as of that day that would be applicable for a LIBOR borrowing having a one-month interest period determined at approximately 10:00 a.m. Central time for such day (rather than 11:00 a.m. (London time) two business days prior to the first day of such interest period as otherwise provided in the definition of “LIBOR”), or if such day is not a business day, the immediately preceding business day.  The LIBOR Market Index Rate shall be determined on a daily basis.
“Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property and any Capital Lease having substantially the same economic effect as any of the foregoing).
“Loan” means an extension of credit by a Lender to the Borrower under Article II in the form of a Committed Loan.
“Loan Documents” means this Agreement, each Note, the Fee Letters, and the Guaranties.
“Loan Notice” means a notice of (a) a Borrowing, (b) a conversion of Loans from one Type to the other, or (c) a continuation of LIBOR Loans, pursuant to Section 2.2(a), which, if in writing, shall be substantially in the form of Exhibit A.
“Loan Parties” means, collectively, the Borrower and each Guarantor and “Loan Party” means any one of the Loan Parties.
“London Banking Day” means any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar market.
“Material Acquisition” means any acquisition (or series of related acquisitions) or investments (or series of related investments) permitted by this Agreement and consummated in accordance with the terms of this Agreement for which the aggregate consideration paid in respect of such acquisition or investment (including any Indebtedness assumed in connection therewith) exceeds 10% of Total Asset Value for the Current Reporting Quarter, without giving pro forma effect to such acquisition.
“Material Adverse Effect” means: (a) a material adverse change in, or a material adverse effect upon, the business, assets, operations, or financial condition of the Companies, taken as a whole; (b) a material impairment of the ability of the Loan Parties, taken as a whole, to perform their obligations under the Loan Documents; or (c) a material adverse effect upon the legality, validity, binding effect, or enforceability against the Loan Parties, taken as a whole, of the Loan Documents to which they are parties.
“Material Environmental Event” means, with respect to any Unencumbered Property, (a) a violation of any Environmental Law with respect to such Unencumbered Property, or (b) the presence of any Hazardous Materials on, about, or under such Unencumbered Property that, under or pursuant to any 
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Environmental Law, would require remediation, if in the case of either (a) or (b), such event or circumstance could reasonably be expected to have a Material Property Event.
“Material Property Event” means, with respect to any Unencumbered Property, the occurrence of any event or circumstance occurring or arising after the date of this Agreement that resulted in a (a) material adverse effect with respect to the financial condition or the operations of such Unencumbered Property, (b) material adverse effect on the value of such Unencumbered Property, or (c) material adverse effect on the ownership of such Unencumbered Property.
“Material Subsidiary” means each Subsidiary of the Borrower other than a Non-Guarantor Subsidiary.
“Material Title Defects” means, with respect to any Unencumbered Property, defects, Liens (other than Liens for local real estate taxes and similar local governmental charges), and other encumbrances in the nature of easements, servitudes, restrictions, and rights-of-way that would customarily be deemed unacceptable title exceptions for a prudent lender (i.e., a prudent lender would reasonably determine that such exceptions, individually or in the aggregate, materially impair the value or operations of such Unencumbered Property, would prevent such Unencumbered Property from being used in the manner in which it is currently being used, or would result in a violation of any Law which would have a material and adverse effect on such Unencumbered Property); provided that Material Title Defects shall not include any Liens or other encumbrances (i) that existed as of the date of the title insurance policies issued in connection with the Prior Credit Agreement for the Initial Unencumbered Properties, (ii) that existed as of the date of this Agreement and that are listed on Schedule 8.1 or (iii) with respect to any Unencumbered Properties added following the date of this Agreement, Liens and other encumbrances similar in type and extent to those contemplated by clauses (i) and (ii) above.
 “Maturity Date” means April 16, 2021 or such later date to which the Maturity Date may be extended pursuant to Section 2.18; provided that if such date is not a Business Day, then the Maturity Date shall be the next preceding Business Day.
“Minimum Distributions” means (a) for the Parent for any fiscal year of the Parent, Restricted Payments in an amount not less than the aggregate amount of distributions required to be paid by the Parent in order for the Parent to qualify as a REIT, and (b) for the Borrower for any fiscal year of the Borrower, Restricted Payments in an amount not less than the aggregate amount of distributions required to be paid by the Borrower to the Parent in order for the Parent to qualify as a REIT.
“Moody’s” means Moody’s Investors Service, Inc. and any successor thereto.
“Multiemployer Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which the Parent or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five (5) plan years, has made or been obligated to make contributions.
“Multiple Employer Plan” means a Plan which has two (2) or more contributing sponsors (including the Parent or any ERISA Affiliate) at least two (2) of whom are not under common control, as such a plan is described in Section 4064 of ERISA.
 “Non-Guarantor Subsidiary” means any Subsidiary (whether direct or indirect) of the Borrower, other than any Subsidiary which owns an Unencumbered Property or any Subsidiary which owns any of the Equity Interests of any such Subsidiary, which (a) is (i) formed for or converted to the specific 
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purpose of holding title to Real Property assets which are collateral for Indebtedness owing or to be owed by such Subsidiary, provided that such Indebtedness must be incurred or assumed within ninety (90) days, such ninety (90) day period to be extended for an additional sixty (60) days if the Borrower provides an executed term sheet or commitment letter for the financing of such Real Property to the Administrative Agent (or, in either instance, for such longer period as the Administrative Agent may agree in writing) of such formation or conversion or such Subsidiary shall cease to qualify as a Non-Guarantor Subsidiary, and (ii) expressly prohibited in writing from guaranteeing Indebtedness of any other person or entity pursuant to (A) a provision in any document, instrument or agreement evidencing such Indebtedness of such Subsidiary or (B) a provision of such Subsidiary’s Organization Documents, in each case, which provision was included in such Organization Document or such other document, instrument or agreement at the request of the applicable third party creditor and as an express condition to the extension or assumption of such Indebtedness; provided that a Subsidiary meeting the requirements set forth in this clause (a) shall only remain a “Non-Guarantor Subsidiary” for so long as (1) each of the foregoing requirements set forth in this clause (a) are satisfied, (2) such Subsidiary does not guarantee any other Indebtedness, and (3) the Indebtedness with respect to which the restrictions noted in clause (a) (ii) are imposed remains outstanding; (b)(i) becomes a Subsidiary following the Closing Date, (ii) is not a wholly-owned Subsidiary of the Borrower, and (iii) with respect to which the Borrower and its Affiliates, as applicable, do not have sufficient voting power to cause such Subsidiary to become a Guarantor hereunder; (c) is an Immaterial Subsidiary; (d) is a Subsidiary which has been released from its Obligations under a Subsidiary Guaranty pursuant to Section 2.17(b) below, or (e) is not a domestic Subsidiary. For the avoidance of doubt, STAG Industrial Management, LLC, the Subsidiary that employs the Parent’s employees, shall be deemed to be a Non-Guarantor Subsidiary.
“Non-Recourse Indebtedness” means, for any Person, any Indebtedness of such Person for the repayment of which neither the Parent or the Borrower has any personal liability (other than for Customary Recourse Exceptions) or, if such Person is the Parent or the Borrower, in which recourse of the applicable holder of such Indebtedness for non-payment is limited to such holder’s Liens on a particular asset or group of assets (other than for Customary Recourse Exceptions).  For the avoidance of doubt, if any Indebtedness is partially guaranteed by the Parent or the Borrower, then the portion of such Indebtedness that is not so guaranteed shall still be Non-Recourse Indebtedness if it otherwise satisfies the requirements in this definition.
“Note” means a promissory note made by the Borrower in favor of each Lender requesting the same evidencing Loans made by such Lender, substantially in the form of Exhibit B.
“Note Purchase Agreements” means those certain Note Purchase Agreements dated as of April 16, 2014, December 18, 2014, December 1, 2015 and April 10, 2018, each among the Parent, the Borrower and the purchasers party thereto, in each case as amended from time to time.
“Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding; including, without limitation of the foregoing, all present and future indebtedness, liabilities, and obligations now or hereafter owed to the  Administrative  Agent, any Lender, or any Affiliate of the Administrative Agent or any Lender (including, for the avoidance of doubt, any 
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Specified Derivatives Providers) arising from, by virtue of, or pursuant to any Swap Contract, other than any Excluded Swap Obligation, that relates solely to the Obligations.
“Occupancy Rate” means, for any Property, the percentage of the rentable area of such Property occupied by bona fide tenants of such Property or leased by tenants pursuant to bona fide tenant Leases, in each case, which tenants are not more than 60 days past due in the payment of all rent or other similar payments due under such Leases and paying rent.
“Organization Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction), (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement, and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity.
“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).
“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 3.6).
“Outstanding Amount” means with respect to Committed Loans on any date, the aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Loans occurring on such date.
“Parent” has the meaning specified in the introductory paragraph hereto.
“Parent Guaranty” means the Guaranty Agreement executed by the Parent in favor of the Administrative Agent, for the benefit of the Lenders and any Specified Derivatives Providers, in form and substance acceptable to the Administrative Agent.
“Parent Share” means a share of common stock, par value $0.01 per share, of the Parent.
“Participant” has the meaning specified in Section 11.6(c).
“Participant Register” has the meaning specified in Section 11.6(d).
“PBGC” means the Pension Benefit Guaranty Corporation.
“Pension Act” means the Pension Protection Act of 2006.
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“Pension Funding Rules” means the rules of the Code and ERISA regarding minimum required contributions (including any installment payment thereof) to Pension Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension Act, Section 412 of the Code and Section 302 of ERISA, each as in effect prior to the Pension Act and, thereafter, Sections 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.
“Pension Plan” means any employee pension benefit plan (including a Multiple Employer Plan or a Multiemployer Plan) that is maintained or is contributed to by the Borrower and any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code.
“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.
“Plan” means any employee benefit plan within the meaning of Section 3(3) of ERISA (including a Pension Plan), maintained for employees of the Parent or any ERISA Affiliate or any such Plan to which the Parent or any ERISA Affiliate is required to contribute on behalf of any of its employees.
“Platform” has the meaning specified in Section 7.2.
“Prime Rate” means, at any time, the rate of interest per annum publicly announced from time to time by the Administrative Agent as its prime rate.  Each change in the Prime Rate shall be effective as of the opening of business on the day such change in such prime rate occurs.  The parties acknowledge that the rate announced publicly by the Administrative Agent as its prime rate is an index or base rate and shall not necessarily be its lowest or best rate charged to its customers or other banks.
“Prior Credit Agreement” means that certain Credit Agreement dated as of April 20, 2011 among the Borrower, Bank of America, N.A., as agent and a syndicate of lenders.
“Property” means any Real Property which is owned or ground leased, directly or indirectly, by any Company.
“PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.
“Public Lender” has the meaning specified in Section 7.2.
“QFC” has the meaning specified in Section 11.21.
“QFC Credit Support” has the meaning specified in Section 11.21.
“Rating Condition” means the achievement by the Borrower of a Debt Rating.
“Real Property” of any Person means all of the right, title, and interest of such Person in and to land, improvements, and fixtures.
“Recipient” means the Administrative Agent, any Lender, or any other recipient of any payment to be made by or on account of any obligation of any Loan Party hereunder.
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“Recourse Indebtedness” means Indebtedness that is not Non-Recourse Indebtedness; provided that personal recourse for Customary Recourse Exceptions shall not, by itself, cause such Indebtedness to be characterized as Recourse Indebtedness.
“Refinanced Term Loan Facilities” means the Existing 2020 Term Loan Agreement and the Existing 2021 Term Loan Agreement.
“Register” has the meaning specified in Section 11.6(c).
“REIT” means a “real estate investment trust” in accordance with Section 856 of the Code.
“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates.
“Relevant Governmental Body” has the meaning specified in Section 3.3(b).
“Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the thirty (30) day notice period has been waived.
“Request for Credit Extension” means with respect to a Borrowing, conversion or continuation of Committed Loans, a Committed Loan Notice.
“Required Lenders” means, at any time, the Lenders having Commitments representing more than 50% of the Aggregate Commitments of all Lenders or, if the commitment of each Lender to make Loans has been terminated on the Closing Date pursuant to Section 2.1(a) or 9.2, the Lenders holding in the aggregate more than fifty percent (50%) of the Total Outstandings. The Commitment and Loans of any Defaulting Lender shall be disregarded in determining the Required Lenders at any time. At all times when two or more Lenders (excluding Defaulting Lenders) are party to this Agreement, the term “Required Lenders” shall in no event mean fewer than two Lenders.
“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.
“Responsible Officer” means the chief executive officer, president, chief financial officer, chief operating officer, chief accounting officer, treasurer, assistant treasurer, or controller of a Loan Party, and solely for purposes of the delivery of incumbency certificates pursuant to Section 5.1, the secretary or any assistant secretary of a Loan Party and, solely for purposes of notices given pursuant to ARTICLE II, any other officer of the applicable Loan Party so designated by any of the foregoing officers in a notice to the Administrative Agent.  Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.  Each initial Responsible Officer is listed on Schedule RO.
“Restricted Payment” means any dividend or other distribution (whether in cash, Equity Interests or other property) with respect to any capital stock or other Equity Interest of any Company or Subsidiary, or any payment (whether in cash, Equity Interests or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or 
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termination of any such capital stock or other Equity Interests, or on account of any return of capital to such Company’s or Subsidiary’s stockholders, partners or members (or the equivalent Person thereof).
“Revolving Credit Agreement” means that certain Credit Agreement, dated as of July 26, 2018, among the Borrower, the Parent, Wells Fargo, as administrative agent, and the other lenders party thereto, as amended.
“S&P” means Standard & Poor’s Financial Services, a Standard & Poor’s Financial Services LLC business, or any successor thereto.
“Sanction(s)” means any international economic sanction administered or enforced by OFAC, the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority.
“SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.
“Secured Indebtedness” means (without duplication), with respect to a Person as of any given date, the aggregate principal amount of all Indebtedness of such Person or its subsidiaries outstanding at such date and that is secured by a Lien, and including the Companies’ Share of all Indebtedness of Unconsolidated Affiliates that is secured by a Lien, but excluding for the avoidance of doubt, any net obligations under any Swap Contract that is secured by a Lien, all Unsecured Indebtedness and all Indebtedness hereunder, and provided further that the obligations under any revolving credit agreement (including the Revolving Credit Agreement or any amendment or replacement thereof) shall not constitute Secured Indebtedness due to the existence  of cash collateral security requirements in connection with customary defaulting lender provisions.
“Secured Leverage Ratio” means, as of any date of determination, the quotient (expressed as a percentage) of (a) Secured Indebtedness of Parent and its Subsidiaries, divided by (b) Total Asset Value.
“Share” means the Borrower’s and the Parent’s direct or indirect share of a Consolidated Subsidiary or an Unconsolidated Affiliate as reasonably determined by the Borrower based upon the Borrower’s and the Parent’s economic interest (whether direct or indirect) in such Consolidated Subsidiary or Unconsolidated Affiliate, as of the date of such determination.
“SOFR” has the meaning specified in Section 3.3(b).
“Specified Derivatives Provider” shall have the meaning provided in Section 9.3.
“Specified Swap Contract” means any Swap Contract that is made or entered into at any time, or in effect at any time now or hereafter, whether as a result of an assignment or transfer or otherwise, in each case with respect to the Loans, between the Borrower and a Specified Swap Contract Provider.
“Specified Swap Contract Provider” means any Lender, or Affiliate of a Lender, that is party to a Swap Contract at the time such Swap Contract is entered into.
“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the Equity Interests having ordinary voting power for the election of directors or other governing body (other than Equity Interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management 
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of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person.  Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Borrower.
“Subsidiary Guarantors” means, as of any date, each domestic Subsidiary which owns an Unencumbered Property, all domestic Subsidiaries of the Borrower owning a direct or indirect interest in an Unencumbered Property, each other domestic Material Subsidiary, and the general partner of each Subsidiary Guarantor that is a limited partnership and “Subsidiary Guarantor” means any one of the Subsidiary Guarantors; provided, however, that (a) STAG Industrial Management, LLC and (b) STAG Industrial TRS, LLC and its Subsidiaries shall in no event be deemed or required to be a Subsidiary Guarantor.
“Subsidiary Guaranty” means the Guaranty Agreement executed by each Subsidiary Guarantor in favor  of  the Administrative Agent,  for  the benefit  of the Lenders  and any Specified Derivatives Providers, in form and substance acceptable to the Administrative Agent.
“Supported QFC” has the meaning provided in Section 11.21.
“Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement, and (c) any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act.
“Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender).
“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.
“Term SOFR” has the meaning specified in Section 3.3(b).
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“Threshold Amount” means (a) $40,000,000 with respect to Recourse Indebtedness, (b) $75,000,000 with respect to all Non-Recourse Indebtedness, and (c) $40,000,000 with respect to all other amounts.
“Total Asset Value” means, for the Companies, on a consolidated basis, as on any date, the sum of (a) an amount equal to (i) aggregate Adjusted NOI with respect to all Properties (without duplication from the assets in clauses (b) through (g) below) for the Current Reporting Quarter, annualized divided by (ii) the Capitalization Rate, plus (b) 75% of the Book Value of any Dark Property (provided that no Dark Property shall be included in the calculation of Total Asset Value for a period greater than 12 months), plus (c) the acquisition cost of Construction in Progress and the costs of improvements thereon and renovations thereof, plus (d) cash and cash equivalents (including restricted cash) on such date, plus (e) the Companies’ Share of the foregoing items and components attributable to Unconsolidated Affiliates, plus (f) an amount equal to the book value (adjusted in accordance with GAAP to reflect any default or other impairment of such loan) of mortgage loans, construction loans, capital improvement loans, and other loans, in each case owned by a Company, plus (g) fifty percent (50%) of the book value of any undeveloped land.
Notwithstanding the foregoing, for purposes of determining Total Asset Value, to the extent the amount of Total Asset Value attributable to (a) the amount under clause (b) above would exceed 10% of Total Asset Value, such excess shall be excluded, (b) the amount under clause (c) and (g) above would exceed 15% of Total Asset Value, such excess shall be excluded, (c) the amount under clause (e) above would exceed 30% of Total Asset Value, such excess shall be excluded, (d) the amount under clause (f) above would exceed 15% of Total Asset Value, such excess shall be excluded, and (e) the amount under clauses (b), (c), (e), (f) and (g) above would exceed 30% of Total Asset Value, such excess shall be excluded.
“Total Funded Debt” means, as of any date, Consolidated Total Debt excluding intercompany Indebtedness, deferred income taxes, security deposits, accounts payable and accrued liabilities, and any prepaid rents, in each case determined in accordance with GAAP.
“Total Outstandings” means as of any date of determination, the aggregate Outstanding Amount of all Loans.
“Type” means, with respect to a Committed Loan, its character as a Base Rate Loan or a LIBOR Loan.
“UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.
“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution. 
“Unadjusted Benchmark Replacement” has the meaning specified in Section 3.3(b).
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“Unconsolidated Affiliate” means any Person in which a Company has an Equity Interest and whose financial results would not be consolidated under GAAP with the financial results of the Parent on the consolidated financial statements of the Parent.
“Unencumbered Adjusted NOI” means, for any period, the aggregate Adjusted NOI of all Unencumbered Properties excluding any Dark Property for such period.
“Unencumbered Asset Value” means without duplication, the sum of for each Unencumbered Property owned or ground leased for the Current Reporting Quarter, (i) an amount equal to (x) the Unencumbered Adjusted NOI attributable to such Unencumbered Property for such Current Reporting Quarter, annualized, divided by (ii) the Capitalization Rate.
“Unencumbered Leverage Ratio” means, as of any date of determination, the quotient (expressed as a percentage) of (a) Unsecured Indebtedness of Parent and its Subsidiaries, divided by (b) Unencumbered Asset Value.
“Unencumbered Properties” means each Acceptable Property that either (a) is an Initial Unencumbered Property or (b) becomes an Unencumbered Property pursuant to Section 4.3, and “Unencumbered Property” means any one of the Unencumbered Properties.
“United States” and “U.S.” mean the United States of America.
“Unsecured Indebtedness” means Indebtedness which is not Secured Indebtedness.  Notwithstanding the foregoing, all Indebtedness which is secured by a pledge of equity interests only and is recourse to the Borrower or the Parent shall be deemed to be Unsecured Indebtedness.
“Unsecured Interest Coverage Ratio” means, as of any date of determination, the quotient (expressed as a percentage) of (a) Unencumbered Adjusted NOI to (b) Unsecured Interest Expense.
“Unsecured Interest Expense” means, with respect to any period, Consolidated Interest Expense of the Parent and its Subsidiaries for such period attributable to Unsecured Indebtedness of the Parent and its Subsidiaries.
“U.S. Person” means any Person that is a “United States person” as defined in Section 7701(a)(30) of the Code.
“U.S. Special Resolution Regimes” has the meaning specified in Section 11.21.
“U.S. Tax Compliance Certificate” has the meaning specified in Section 3.1(e)(ii)(B)(III).
“Wells Fargo” means Wells Fargo Bank, National Association and its successors.
“WFS” means Wells Fargo Securities, LLC and its successors and assigns.
“Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom,  any powers of the applicable Resolution Authority  under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution  or any contract or instrument 
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under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.
SECTION 1.2 Other Interpretive Provisions.  With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document:
(a)The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.  Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.”  The word “will” shall be construed to have the same meaning and effect as the word “shall.”  Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document (including any Organization Document) shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented, or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “hereto,” “herein,” “hereof” and “hereunder,” and words of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and (vi) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, Equity Interests, accounts and contract rights.
(b)In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and including.”
(c)Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document.
SECTION 1.3 Accounting Terms.
(a)Generally.  All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the Audited Financial Statements except as otherwise specifically prescribed herein.  Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness of the Borrower and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 on financial liabilities shall be disregarded.
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(b)Changes in GAAP.  If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided that until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP.  Without limiting the foregoing, leases shall continue to be classified and accounted for on a basis consistent with that reflected in the Audited Financial Statements for all purposes of this Agreement, notwithstanding any change in GAAP relating thereto, unless the parties hereto shall enter into a mutually acceptable amendment addressing such changes, as provided for above.
(c)Consolidation of Variable Interest Entities.  All references herein to consolidated financial statements of the Companies or to the determination of any amount for the Companies on a consolidated basis or any similar reference shall, in each case, be deemed to include each variable interest entity that the Parent is required to consolidate pursuant to FASB ASC 810 as if such variable interest entity were a Subsidiary as defined herein, provided further that for all purposes in calculating consolidated covenants hereunder the Parent shall be deemed to own one hundred percent (100%) of the equity interests in the Borrower.
SECTION 1.4 Rounding.  Any financial ratios required to be maintained by the Borrower pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).
SECTION 1.5 Times of Day.  Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable).
SECTION 1.6 Rates.  The Administrative Agent does not warrant, nor accept responsibility, nor shall the Administrative Agent have any liability with respect to the administration, submission or any other matter related to the rates in the definition of “LIBOR” or with respect to any comparable or successor rate thereto.
SECTION 1.7 Divisions.  For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its equity interests at such time.
ARTICLE II
THE COMMITMENTS AND CREDIT EXTENSIONS
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SECTION 2.1 Committed Loans.
(a)Committed Loans.  On the Closing Date, each Lender severally agrees to make a loan (each such loan, a “Committed Loan”) in the amount of such Lender’s Commitment subject to the terms and conditions set forth in this Agreement, including the limitations set forth in Section 2.1(b). The Commitments shall automatically and permanently terminate and be reduced to zero on the earlier of (i) 5:00 p.m. on the Closing Date and (ii) concurrently with the funding of the Committed Loans on the Closing Date.
(b)Committed Loan Limitations.  Notwithstanding the provisions of Sections 2.1(a), after giving effect to any Committed Borrowing, (i) the Total Outstandings shall not exceed the Aggregate Commitments, as in effect on the Closing Date, and (ii) the aggregate Loans advanced by any Lender shall not exceed such Lender’s Commitment, as in effect on the Closing Date.  With respect to Committed Loans, subject to the other terms and conditions hereof, the Borrower may prepay under Section 2.5. Amounts repaid on the Committed Loans may not be reborrowed.  Committed Loans may be Base Rate Loans or LIBOR Loans, as further provided herein.
SECTION 2.2 Borrowings, Conversions and Continuations of Committed Loans.
(a)Each Committed Borrowing, each conversion of Committed Loans from one Type to the other, and each continuation of LIBOR Loans shall be made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by telephone.  Each such notice must be received by the Administrative Agent not later than 10:00 a.m. (i) three (3) Business Days prior to the requested date of any Borrowing of, conversion to or continuation of LIBOR Loans or of any conversion of LIBOR Loans to Base Rate Committed Loans, and (ii) on the requested date of any Borrowing of Base Rate Committed Loans.  Each telephonic notice by the Borrower pursuant to this Section 2.2(a) must be confirmed promptly by delivery to the Administrative Agent of a written Committed Loan Notice, appropriately completed and signed by a Responsible Officer of the Borrower.  Each Borrowing of, conversion to or continuation of LIBOR Loans shall be in a principal amount of $500,000 or a whole multiple of $500,000 in excess thereof.  Each conversion to Base Rate Committed Loans shall be in a principal amount of $250,000 or a whole multiple of $50,000 in excess thereof.  Each Committed Loan Notice (whether telephonic or written) shall specify (i) whether the Borrower is requesting a Committed Borrowing, a conversion of Committed Loans from one Type to the other, or a continuation of LIBOR Loans, (ii) the requested date of the Committed Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Committed Loans to be borrowed, converted or continued, (iv) the Type of Committed Loans to be borrowed or to which existing Committed Loans are to be converted, and (v) if applicable, the duration of the Interest Period with respect thereto.  If the Borrower fails to specify a Type of Committed Loan in a Committed Loan Notice or if the Borrower fails to give a timely notice requesting a conversion or continuation, then (I) so long as no Event of Default exists, the applicable Committed Loans shall be made as, or continued to, a LIBOR Loan of the same Type and with an Interest Period of one (1) month and (II) if an Event of Default exists, then the applicable Committed Loans shall be made as, or converted to, Base Rate Loans.  Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable LIBOR Loans.  If the Borrower requests a Committed Borrowing of, conversion to, or continuation of LIBOR Loans in any such Committed Loan Notice, but fails to specify an Interest Period, then it will be deemed to have specified an Interest Period of one (1) month.
(b)Following receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount of its Applicable Percentage of the applicable Committed Loans, and if 
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no timely notice of a conversion or continuation is provided by the Borrower, the Administrative Agent shall notify each Lender of the details of any automatic continuation or conversion to Base Rate Loans described in the preceding subsection.  In the case of a Committed Borrowing, each Lender shall make the amount of its Committed Loan available to the Administrative Agent in immediately available funds at the Administrative Agent’s Office not later than 12:00 noon on the Business Day specified in the applicable Committed Loan Notice.  Upon satisfaction of the applicable conditions set forth in Section 5.1 and Section 5.2, the Administrative Agent shall make all funds so received available to the Borrower by 3:00 p.m. in like funds as received by the Administrative Agent either by (i) crediting the account of the Borrower on the books of Wells Fargo with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower.
(c)Except as otherwise provided herein, a LIBOR Loan may be continued or converted only on the last day of an Interest Period for such LIBOR Loan.  During the existence of an Event of Default, no Loans may be requested as, converted to or continued as LIBOR Loans without the consent of the Required Lenders.
(d)The Administrative Agent shall promptly notify the Borrower and the Lenders of the interest rate applicable to any Interest Period for LIBOR Loans upon determination of such interest rate.  At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify the Borrower and the Lenders of any change in Wells Fargo’s prime rate used in determining the Base Rate promptly following the public announcement of such change.
(e)After giving effect to all Committed Borrowings, all conversions of Committed Loans from one Type to the other, and all continuations of Committed Loans as the same Type, there shall not be more than eight (8) Interest Periods in effect with respect to Committed Loans.
SECTION 2.3 Reserved.
SECTION 2.4 Reserved.
SECTION 2.5 Prepayments.
The Borrower may, upon notice to the Administrative Agent, at any time or from time to time voluntarily prepay Committed Loans in whole or in part; provided that (i) such notice must be received by the Administrative Agent not later than 11:00 a.m. (A) three (3) Business Days prior to any date of prepayment of LIBOR Loans and (B) on the date of prepayment of Base Rate Committed Loans; (ii) any prepayment of LIBOR Loans shall be in a principal amount of $1,000,000 or a whole multiple of $100,000 in excess thereof; and (iii) any prepayment of Base Rate Committed Loans shall be in a principal amount of $100,000 or a whole multiple of $25,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding.  Each such notice shall specify the date and amount of such prepayment and the Type(s) of Committed Loans to be prepaid and, if LIBOR Loans are to be prepaid, the Interest Period(s) of such Loans.  The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s Applicable Percentage of such prepayment.  If such notice is given by the Borrower, then the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein.  Any prepayment of a LIBOR Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.5.  Subject to Section 2.16, each such 
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prepayment shall be applied to the Committed Loans of the Lenders in accordance with their respective Applicable Percentages.
SECTION 2.6 Incremental Term Loans.
(a)Reserved. 
(b)Incremental Term Loans.
(i)  Election.  Provided there exists no Default upon notice to the Administrative Agent (which shall promptly notify the Lenders), the Parent and the Borrower may from time to time, elect to enter into one or more tranches of term loans (“Additional Term Loans”) in an aggregate amount not exceeding $300,000,000 either by designating another bank or financial institution not theretofore a Lender to become a Lender (such designation to be effective only with the prior written consent of the Administrative Agent, which consent will not be unreasonably withheld) and/or by agreeing with an existing Lender or Lenders, in such Lender or Lenders’ absolute discretion, that such Lender shall make Additional Term Loans; provided that (i) any such election for Additional Term Loans shall be in a minimum amount of $10,000,000, and (ii) the Parent and the Borrower may make a maximum of three (3) such requests.  Upon execution and delivery by the Borrower and such Lender or other bank or financial institution of an instrument in form and substance reasonably satisfactory to the Administrative Agent to effect such Additional Term Loans, including, as required, a new or amended Note, such existing Lender shall have a Loan as therein set forth or such bank or financial institution shall become a Lender with a Loan as therein set forth and all the rights and obligations of a Lender with such a Loan hereunder.
(ii)  Effective Date.  If Additional Term Loans are made in accordance with this Section 2.6(b), then the Administrative Agent, the Parent, and the Borrower shall determine the effective date (the “Increase Effective Date”) that such Additional Term Loans shall be made.  The Administrative Agent shall promptly notify the Parent, the Borrower, and the Lenders of the Increase Effective Date.
(iii)  Conditions to Effectiveness of Additional Term Loans. As a condition precedent to such Additional Term Loans, the Parent and the Borrower shall deliver to the Administrative Agent a certificate dated as of the Increase Effective Date (in sufficient copies for each Lender) signed by a Responsible Officer of the Parent or the Borrower (on behalf of each Loan Party) (i) certifying and attaching the resolutions adopted by such Parent and the Borrower (on behalf of each Loan Party) approving or consenting to such Additional Term Loans, and (ii) certifying that, before and after giving effect to such Additional Term Loans, (A) the representations and warranties contained in ARTICLE VI and the other Loan Documents are true and correct in all material respects (except in the case of a representation or warranty qualified by materiality or Material Adverse Effect, in which case such representation or warranty shall be true and correct in all respects) on and as of the Increase Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (except in the case of a representation or warranty qualified by materiality or Material Adverse Effect, in which case such representation or warranty shall be true and correct in all respects) as of such earlier date, and except that for purposes of this Section 2.6, the representations and warranties contained in Section 6.5(b) shall be deemed to refer to the most-recent statements furnished pursuant to Section 7.1(b), and (B) no Default exists.
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The Borrower shall execute and provide new Notes to such Lenders as may request herewith.
(iv)  Conflicting Provisions.  This Section shall supersede any provisions in Section 2.13 or Section 11.1 to the contrary.
(c)General.  The Administrative Agent will promptly notify the Lenders of any notice of Additional Term Loans.  Each Additional Term Loan shall be a Committed Loan hereunder.
SECTION 2.7 Repayment of Loans.  The Borrower shall repay to the Lenders on the Maturity Date the aggregate principal amount of Loans outstanding on such date.
SECTION 2.8 Interest.
(a)Subject to the provisions of subsection (b) below, (i) each LIBOR Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to LIBOR for such Interest Period plus the Applicable Rate; (ii) each Base Rate Committed Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate.
(b)
(i)  If any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.
(ii)  If any amount (other than principal of any Loan) payable by the Borrower under any Loan Document is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.
(iii)  Upon the request of the Required Lenders, while any Event of Default exists (other than as set forth in clauses (b)(i) and (b)(ii) above), the Borrower shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.
(iv)  Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand.
(c)Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein.  Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.
SECTION 2.9 Fees.
(a)The Borrower shall pay to the Lead Arrangers and the Administrative Agent, for their own respective accounts, fees in the amounts and at the times specified in the Fee Letters (without 
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duplication of fees otherwise referenced herein).  Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.
(b)The Borrower shall pay to the Lenders such fees as shall have been separately agreed upon in writing in the amounts and at the times so specified.  Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.
(c)Extension Fees.  If the Maturity Date is being extended in accordance with Section 2.18, the Borrower shall pay to the Administrative Agent for the account of each Lender a fee equal to (i) 0.15% of such Lender’s Outstanding Amount in effect on the effective date of the first such extension and (ii) 0.20% of such Lender’s Outstanding Amount in effect on the effective date of the second such extension.  Such fees shall be due and payable in full on and as a condition to the effective date of the applicable extension.
SECTION 2.10   Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate.  All computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to LIBOR) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed.  All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year).  Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid; provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.12(a), bear interest for one (1) day.  Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.
SECTION 2.11  Evidence of Debt.
(a)The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the Administrative Agent in the ordinary course of business.  The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrower and the interest and payments thereon.  Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations.  In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error.  Upon the request of any Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such Lender’s Loans in addition to such accounts or records.  Each such Note shall be in the form of Exhibit B (a “Note”).  Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto.
SECTION 2.12  Payments Generally; The Administrative Agent’s Clawback.
(a)General.  All payments to be made by the Borrower shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff.  Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the Administrative Agent’s Office in Dollars and in immediately available funds not later than 1:00 p.m. on the date specified herein.  The 
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Administrative Agent will promptly distribute to each Lender its Applicable Percentage (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office.  If and to the extent the Administrative Agent shall not make such payments to a Lender when due as set forth in the preceding sentence, then such unpaid amounts shall accrue interest, payable by the Administrative Agent, at the Federal Funds Rate from the due date until (but not including) the date on which the Administrative Agent makes such payments to such Lender.  All payments received by the Administrative Agent after 1:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue.  If any payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be.
(b)Clawback.
(i)  Funding by the Lenders; Presumption by the Administrative Agent.  Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Committed Borrowing of LIBOR Loans (or, in the case of any Committed Borrowing of Base Rate Loans, prior to 1:00 p.m. on the date of such Borrowing) that such Lender will not make available to the Administrative Agent such Lender’s share of such Committed Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.2 (or, in the case of a Committed Borrowing of Base Rate Loans, that such Lender has made such share available in accordance with and at the time required by Section 2.2) and may, in reliance upon such assumption, make available to the Borrower a corresponding amount.  In such event, if a Lender has not in fact made its share of the applicable Committed Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount in immediately available funds with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made by the Borrower, the interest rate applicable to Base Rate Loans.  If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, then the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period.  If such Lender pays its share of the applicable Committed Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s Committed Loan included in such Committed Borrowing.  Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent.
(ii)  Payments by the Borrower; Presumptions by the Administrative Agent.  Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due.  In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative 
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Agent forthwith on demand the amount so distributed to such Lender, in immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, within one (1) Business Day.  If and to the extent the Administrative Agent shall not return such funds to a Lender when due as set forth in the preceding sentence, then such unpaid amounts shall accrue interest, payable by the Administrative Agent, at the Federal Funds Rate from the due date until (but not including) the date on which the Administrative Agent returns such funds to such Lender.
A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount owing under this subsection (b) shall be conclusive, absent manifest error.
(c)Failure to Satisfy Conditions Precedent.  If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this ARTICLE II, and such funds are not made available to the Borrower by the Administrative Agent because the conditions to the applicable Credit Extension set forth in ARTICLE V are not satisfied or waived in accordance with the terms hereof, then the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest.
(d)Obligations of the Lenders Several.  The obligations of the Lenders hereunder to make Committed Loans and to make payments pursuant to Section 11.4(d) are several and not joint.  The failure of any Lender to make any Committed Loan or to make any payment under Section 11.4(d) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Committed Loan or to make its payment under Section 11.4(d).
(e)Funding Source.  Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner.
(f)Funds Transfer.  The Administrative Agent will, in its sole discretion, determine the funds transfer system and the means by which each transfer will be made.  The Administrative Agent may delay or refuse to accept a funds transfer request if the transfer would: (i) violate the terms of this authorization, (ii) require use of a bank unacceptable to the Administrative Agent or any Lender, in its reasonable discretion, or prohibited by any Governmental Authority, (iii) cause the Administrative Agent or any Lender to violate any Federal Reserve or other regulatory risk control program or guideline or (iv) otherwise cause the Administrative Agent or any Lender to violate any applicable Law or regulation.  The Borrower hereby authorizes the Administrative Agent to disburse the proceeds of any Loan made by the Lenders or any of their Affiliates pursuant to the Loan Documents as requested by an authorized representative of the Borrower to any of the accounts designated in the Disbursement Instruction Agreement.
SECTION 2.13  Sharing of Payments by the Lenders.  If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of the Committed Loans made by it, resulting in such Lender’s receiving payment of a proportion of the aggregate amount of such Committed Loans and accrued interest thereon greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b)  make such adjustments as shall be equitable, so that 
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the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Committed Loans and other amounts owing them, provided that the provisions of this Section shall not be construed to apply to any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Committed Loans to any assignee or participant, other than an assignment to the Borrower or any Affiliate thereof (as to which the provisions of this Section shall apply).  Each Loan Party consents to the foregoing and agrees, to the extent it may effectively do so under applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Loan Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Loan Party in the amount of such participation.
SECTION 2.14  Reserved.
SECTION 2.15  Reserved.
SECTION 2.16  Defaulting Lenders.
(a)Adjustments.  Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law:
(i)  Waivers and Amendments.  That Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of “Required Lenders” and in Section 11.1.
(ii)  Defaulting Lender Waterfall.  Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article IX or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 11.8 shall be applied at such time or times as may be reasonably determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; third, if so determined by the Administrative Agent and the Borrower, to be held in an interest bearing deposit account and released pro rata in order to satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement; fourth, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; fifth, so long as no Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and sixth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if such payment is a payment of the principal amount of any Loans in respect of which such Defaulting Lender has not fully funded its appropriate share, such payment shall be applied solely to pay the Loans of all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of such Defaulting Lender until such time as all Loans and funded hereunder without giving effect to Section 2.16(a)(iv). Any payments, prepayments or other 
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amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.
(iii)  Certain Fees.  No Defaulting Lender shall be entitled to receive any fee pursuant to Section 2.9 for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender pursuant to Section 2.9 for any period during which that Lender is a Defaulting Lender), and the Borrower shall not be required to pay the remaining amount of such fee that otherwise would have been required to have been paid to that Defaulting Lender. 
(b)Defaulting Lender Cure.  If the Borrower and the Administrative Agent agree in writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Committed Loans to be held on a pro rata basis by the Lenders in accordance with their Applicable Percentages, whereupon that 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.
SECTION 2.17  Guaranties.  Pursuant to the Parent Guaranty, the Parent shall unconditionally Guarantee in favor of the Administrative Agent, the Lenders and any Specified Derivatives Providers the full payment and performance of the Obligations. Pursuant to the Subsidiary Guaranty or an addendum thereto in the form attached to the Subsidiary Guaranty, the Parent and the Borrower shall cause each Subsidiary Guarantor to execute a Subsidiary Guaranty unconditionally guarantying in favor of the Administrative Agent, the Lenders and any Specified Derivatives Providers the full payment and performance of the Obligations; provided, however, that such Subsidiary Guaranty may be released and reinstated in accordance with its terms.
(a)Notwithstanding anything to the contrary in this Agreement or any other Loan Document, (x) concurrently with the delivery of each Compliance Certificate, with respect to any Person that became a Subsidiary of the Parent owning a direct or indirect interest in the Borrower since the date of the most recent Compliance Certificate or (y) substantially concurrently with any Subsidiary of the Parent (other than the Borrower) entering into any Guarantee of Indebtedness of the Parent, the Borrower or any Subsidiary of the Borrower owning directly or indirectly any Unencumbered Property, the Parent, the Borrower and such Subsidiary shall deliver to the Administrative Agent each of the following: (i) a joinder to the Subsidiary Guaranty executed by such Subsidiary, (ii) concurrently with the delivery of each Compliance Certificate a comprehensive list of all Guarantors, which identifies the joining and departing entities, and (iii) the items that would have been delivered under subsections (iii) and (v) of Section 5.1(a) if such Subsidiary had been a Subsidiary Guarantor on the Closing Date, in form and substance substantially consistent with such items delivered on the Closing Date or otherwise reasonably satisfactory to the Administrative Agent.
(b)The Borrower may request in writing that the Administrative Agent release, and upon receipt of such request the Administrative Agent shall release, a Subsidiary Guarantor from the Guaranty 
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so long as: (i) such Subsidiary Guarantor is not otherwise required to be a party to the Guaranty under the immediately preceding subsection (a) (after giving effect to clause (ii) hereof); (ii) such Subsidiary Guarantor no longer Guarantees (or which Guarantee is being substantially concurrently released) any other Indebtedness of the Parent, the Borrower or any Subsidiary of the Borrower owning directly or indirectly any Unencumbered Property, (iii) no Default or Event of Default shall then be in existence or would occur as a result of such release, including without limitation, a Default or Event of Default resulting from a violation of any of the covenants contained in Section 8.14; and (iv) the Administrative Agent shall have received such written request at least five (5) Business Days (or such shorter period as may be acceptable to the Administrative Agent) prior to the requested date of release.  Delivery by the Borrower to the Administrative Agent of any such request shall constitute a representation by the Parent and the Borrower that the conditions set forth in the preceding sentence are or will be satisfied as of the requested date of release.
SECTION 2.18  Extension of Maturity Date. Subject to the terms of this Section 2.18, the Borrower shall have the right to extend the current Maturity Date by twelve (12) months by executing and delivering to the Administrative Agent at least ninety (90) days but not more than one hundred and eighty (180) days prior to the current Maturity Date, a written notice of such extension (an “Extension Notice”).  The Administrative Agent shall forward to each Lender a copy of such Extension Notice delivered to the Administrative Agent promptly upon receipt thereof.  Subject to satisfaction of the following conditions as of the date of the delivery of the certificate required pursuant to the next succeeding sentence, the Maturity Date shall be extended for twelve (12) months from the then effective Maturity Date: (x) immediately prior to such extension and immediately after giving effect thereto, (A) no Default or Event of Default shall or would exist and (B) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct in all material respects on and as of the date of such extension with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents (provided that, for purposes of this clause (B), any representation or warranty which is qualified by materiality or “material adverse effect” or similar language shall be true and correct in all respects) and (y) the Borrower shall have paid the fees payable under Section 2.9(c).  At the time of effectiveness of any such extension, upon the Administrative Agent’s request, the Borrower shall deliver to the Administrative Agent a certificate from a Responsible Officer certifying the matters referred to in the immediately preceding clauses (x)(A) and (x)(B).  The Maturity Date may be extended only twice pursuant to this Section 2.18.
ARTICLE III
TAXES, YIELD PROTECTION AND ILLEGALITY
SECTION 3.1 Taxes.
(a)Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.
(i)  Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable Laws.  If any applicable Laws (as determined in the good faith discretion of the Administrative Agent) require the deduction or withholding of any Tax from any such payment by the Administrative Agent or a Loan Party, then the Administrative Agent or such 
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Loan Party shall be entitled to make such deduction or withholding, upon the basis of the information and documentation to be delivered pursuant to subsection (e) below.
(ii)  If any Loan Party or the Administrative Agent shall be required by the Code to withhold or deduct any Taxes, including both United States Federal backup withholding and withholding taxes, from any payment, then (A) the Administrative Agent shall withhold or make such deductions as are determined by the Administrative Agent to be required based upon the information and documentation it has received pursuant to subsection (e) below, (B) the Administrative Agent shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with the Code, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section 3.1) the applicable Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made.
(iii)  If any Loan Party or the Administrative Agent shall be required by any applicable Laws other than the Code to withhold or deduct any Taxes from any payment, then (A) such Loan Party or the Administrative Agent, as required by such Laws, shall withhold or make such deductions as are determined by it to be required based upon the information and documentation it has received pursuant to subsection (e) below, (B) such Loan Party or the Administrative Agent, to the extent required by such Laws, shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with such Laws, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section 3.1) the applicable Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made.
(b)Payment of Other Taxes by the Borrower.  Without limiting the provisions of subsection (a) above, the Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.
(c)Tax Indemnifications.   
(i)  Each of the Loan Parties shall, and does hereby, jointly and severally indemnify each Recipient, and shall make payment in respect thereof within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 3.1) 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.  Each of the Loan Parties shall, and does hereby, jointly and severally indemnify the Administrative Agent, and shall make payment in respect thereof within 10 days after demand therefor, for any amount which a Lender for any 
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reason fails to pay indefeasibly to the Administrative Agent as required pursuant to Section 3.1(c)(ii) below.
(ii)  Each Lender shall, and does hereby, severally indemnify, and shall make payment in respect thereof within 10 days after demand therefor, (x) the Administrative Agent against 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) the Administrative Agent and the Loan Parties, as applicable, against any Taxes attributable to such Lender’s failure to comply with the provisions of Section 11.6(d) relating to the maintenance of a Participant Register and (z) the Administrative Agent and the Loan Parties, as applicable, against any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent or a Loan Party 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 this Agreement or any other Loan Document against any amount due to the Administrative Agent under this clause (ii).
(d)Evidence of Payments.  Upon request by the Borrower or the Administrative Agent, as the case may be, after any payment of Taxes by the Borrower or by the Administrative Agent to a Governmental Authority as provided in this Section 3.1, the Borrower shall deliver to the Administrative Agent or the Administrative Agent shall deliver to the Borrower, as the case may be, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by Laws to report such payment or other evidence of such payment reasonably satisfactory to the Borrower or the Administrative Agent, as the case may be.
(e)Status of the Lenders; Tax Documentation.
(i)  Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 3.1(e)(ii)(A), (ii)(B) and (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. Person,
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(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 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 or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E 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 H-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 IRS Form W-8BEN-E; 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, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit H-2 or Exhibit H-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 H-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 
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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 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 clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.
(iii)  Each Lender agrees that if any form or certification it previously delivered 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.  Each Lender shall promptly (A) notify the Borrower and the Administrative Agent of any change in circumstances which would modify or render invalid any claimed exemption or reduction, and (B) take such steps as shall not be materially disadvantageous to it, in the reasonable judgment of such Lender, and as may be reasonably necessary (including the re-designation of its Lending Office) to avoid any requirement of applicable Laws of any jurisdiction that the Borrower or the Administrative Agent make any withholding or deduction for taxes from amounts payable to such Lender.
(f)Treatment of Certain Refunds.  Unless required by applicable Laws, at no time shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender, or have any obligation to pay to any Lender, any refund of Taxes withheld or deducted from funds paid for the account of such Lender.  If any Recipient determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified by any Loan Party or with respect to which any Loan Party has paid additional amounts pursuant to this Section 3.1, it shall pay to the Loan Party an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by a Loan Party under this Section 3.1 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) incurred by such Recipient, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that the Loan Party, upon the request of the Recipient, agrees to repay the amount paid over to the Loan Party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Recipient in the event the Recipient is required to repay such refund to such Governmental Authority.  Notwithstanding anything to the contrary in this subsection, in no event will the applicable Recipient be required to pay any amount to the Loan Party pursuant to this subsection, the payment of which would place the Recipient in a less favorable net after-Tax position than such Recipient 
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would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid.  This subsection shall not be construed to require any Recipient to make available its tax returns (or any other information relating to its taxes that it deems confidential) to any Loan Party or any other Person.
(g)Survival.  Each party’s obligations under this Section 3.1 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction and discharge of all other Obligations.
SECTION 3.2 Illegality.  If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to LIBOR, or to determine or charge interest rates based upon LIBOR, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender to the Borrower through the Administrative Agent, (i) any obligation of such Lender to make or continue LIBOR Loans or to convert Base Rate Committed Loans to LIBOR Loans shall be suspended, and (ii) if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans the interest rate on which is determined by reference to the LIBOR component of the Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the LIBOR component of the Base Rate, in each case until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist.  Upon receipt of such notice, (x) the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all LIBOR Loans of such Lender to Base Rate Loans (the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the LIBOR component of the Base Rate), either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such LIBOR Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such LIBOR Loans and (y) if such notice asserts the illegality of such Lender determining or charging interest rates based upon LIBOR, the Administrative Agent shall during the period of such suspension compute the Base Rate applicable to such Lender without reference to the LIBOR component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal  for such Lender to determine or charge interest rates based upon LIBOR.  Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted.
SECTION 3.3 Changed Circumstances.
(a)Circumstances Affecting LIBOR Rate Availability.  Subject to Section 3.3(b) hereof and anything herein to the contrary notwithstanding, if, on or prior to the determination of LIBOR for any Interest Period:
(i)  the Administrative Agent shall determine (which determination shall be conclusive and binding absent manifest error) that reasonable and adequate means do not exist for ascertaining LIBOR for such Interest Period;
(ii)  the Administrative Agent reasonably determines (which determination shall be conclusive) that quotations of interest rates for the relevant deposits referred to in the definition of 
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LIBOR are not being provided in the relevant amounts or for the relevant maturities for purposes of determining rates of interest for LIBOR Loans as provided herein; or
(iii)  the Administrative Agent reasonably determines (which determination shall be conclusive) that the relevant rates of interest referred to in the definition of LIBOR upon the basis of which the rate of interest for LIBOR Loans for such Interest Period is to be determined are not likely to adequately cover the cost to any Lender of making or maintaining LIBOR Loans for such Interest Period;
then the Administrative Agent shall give the Borrower and each Lender prompt notice thereof and, so long as such condition remains in effect, the Lenders shall be under no obligation to, and shall not continue LIBOR Loans or convert Loans into LIBOR Loans and the Borrower shall either (A) repay in full (or cause to be repaid in full) the then outstanding principal amount of each such LIBOR Loan together with accrued interest thereon (subject to Section 11.09), on the last day of the then current Interest Period applicable to such LIBOR Loan; or (B) convert the then outstanding principal amount of each such LIBOR Loan to a Base Rate Loan as of the last day of such Interest Period
(b)Effect of Benchmark Transition Event.  
(i)  Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, the Administrative Agent and the Borrower may amend this Agreement to replace LIBOR with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all Lenders and the Borrower so long as the Administrative Agent has not received, by such time, written notice of objection to such amendment from Lenders comprising the Required Lenders; provided that any such amendment with respect to an Early Opt-in Election will become effective on the date that the Borrower accepts the Required Lenders’ or the Administrative Agent’s request for an amendment. No replacement of LIBOR with a Benchmark Replacement pursuant to this Section 3.3(b) will occur prior to the applicable Benchmark Transition Start Date.
(ii)  Benchmark Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement.
(iii)  Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date and Benchmark Transition Start Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes and (iv) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or Lenders pursuant to this Section 3.3(b), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be 
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made in its or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 3.3(b).
(iv)  Benchmark Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for a LIBOR Loan, or conversion to or continuation of LIBOR Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a Loan of or conversion to Base Rate Loans. During any Benchmark Unavailability Period, the component of the Base Rate based upon LIBOR will not be used in any determination of the Base Rate.
(v)  Certain Defined Terms. As used in this Agreement:
“Benchmark Replacement” means the sum of: (a) the alternate benchmark rate (which may include Term SOFR) that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to LIBOR for U.S. dollar-denominated syndicated credit facilities and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be less than 0.25%, the Benchmark Replacement will be deemed to be 0.25% for the purposes of this Agreement.
“Benchmark Replacement Adjustment” means, with respect to any replacement of LIBOR with an Unadjusted Benchmark Replacement for each applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of LIBOR with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of LIBOR with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities at such time.
“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest and other administrative matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of the Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement).
“Benchmark Replacement Date” means the earlier to occur of the following events with respect to LIBOR:
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(A)in the case of clause (i) or (ii) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of LIBOR permanently or indefinitely ceases to provide LIBOR; or
(B)in the case of clause (iii) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein.
“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to LIBOR:
(A)a public statement or publication of information by or on behalf of the administrator of LIBOR announcing that such administrator has ceased or will cease to provide LIBOR, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide LIBOR;
(B)a public statement or publication of information by the regulatory supervisor for the administrator of LIBOR, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for LIBOR, a resolution authority with jurisdiction over the administrator for LIBOR or a court or an entity with similar insolvency or resolution authority over the administrator for LIBOR, which states that the administrator of LIBOR has ceased or will cease to provide LIBOR permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide LIBOR; or
(C)a public statement or publication of information by the regulatory supervisor for the administrator of LIBOR announcing that LIBOR is no longer representative.
“Benchmark Transition Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication) and (b) in the case of an Early Opt-in Election, the date agreed to by the Borrower and the Administrative Agent.
“Benchmark Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to LIBOR and solely to the extent that LIBOR has not been replaced with a Benchmark Replacement, the period (x) beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced LIBOR for all purposes hereunder in accordance with this Section 3.3(b) and (y) ending at the time that a Benchmark Replacement has replaced LIBOR for all purposes hereunder pursuant to this Section 3.3(b).
“Early Opt-in Election” means the occurrence of:
(A)(x) a determination by the Administrative Agent or (y) a notification by the Required Lenders to the Administrative Agent (with a copy to the Borrower) that the Required Lenders have determined that U.S. dollar-denominated syndicated credit facilities being executed at such time, or that include language similar to that contained in 
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this Section 3.3(b), are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace LIBOR, and
(B)(x) the election by the Administrative Agent or (y) the election by the Required Lenders to declare that an Early Opt-in Election has occurred and the provision, as applicable, by the Administrative Agent of written notice of such election to the Borrower and the Lenders or by the Required Lenders of written notice of such election to the Administrative Agent.
“Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.
“SOFR” with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website.
“Term SOFR” means the forward-looking term rate based on SOFR that has been elected or recommended by the Relevant Governmental Body.
“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.
SECTION 3.4 Increased Costs; Reserves on LIBOR Loans.
(a)Increased Costs Generally.  If any Change in Law shall:
(i)  impose, modify or deem applicable any reserve, special deposit, liquidity, compulsory loan, insurance charge or similar assessment or requirement against assets of, deposits with or for the account of, or credit extended or participated in by, the Administrative Agent or any Lender (except any reserve requirement contemplated by Section 3.4(e));
(ii)  subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or
(iii)  impose on the Administrative Agent or any Lender or the London interbank market any other condition, cost or expense affecting this Agreement or LIBOR Loans made by such Lender;
and the result of any of the foregoing shall be to increase the cost to the Administrative Agent or such Lender, as applicable, of making, converting, continuing or maintaining any Loan (or of maintaining its obligation to make any such Loan), then the Borrower will pay to the Administrative Agent or such Lender, as applicable, such additional amount or amounts as will compensate the Administrative Agent or such Lender, as applicable, for such additional costs incurred or reduction suffered.
(b)Capital Requirements.  If any Lender  determines  that  any  Change  in  Law affecting such Lender or any Lending Office of such Lender or such Lender’s holding company, if any, regarding capital or liquidity ratios or requirements has or  would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this 
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Agreement, the Commitments of such Lender or the Loans made by such Lender, to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy and liquidity), then from time to time the Borrower will pay  to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered.
(c)Certificates for Reimbursement.  A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section and delivered to the Borrower shall be conclusive absent manifest error.  The Borrower shall pay such Lender the amount shown as due on any such certificate within fifteen (15) days after receipt thereof.
(d)Delay in Requests.  Failure or delay on the part of any Lender to demand compensation pursuant to the foregoing provisions of this Section shall not constitute a waiver of such Lender’s right to demand such compensation, provided that the Borrower shall not be required to compensate a Lender pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than nine (9) months prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-(9-)month period referred to above shall be extended to include the period of retroactive effect thereof).
(e)Reserves on LIBOR Loans.  The Borrower shall pay to each Lender, as long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of each LIBOR Loan equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), which shall be due and payable on each date on which interest is payable on such Loan, provided that  the Borrower shall have received at least ten (10) days’ prior notice (with a copy to the Administrative Agent) of such additional interest from such Lender.  If a Lender fails to give notice ten (10) days prior to the relevant Interest Payment Date, such additional interest shall be due and payable ten (10) days from receipt of such notice.
SECTION 3.5 Compensation for Losses.  Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrower shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of:
(a)any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);
(b)any failure by the Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the date or in the amount notified by the Borrower; or
(c)any assignment of a LIBOR Loan on a day other than the last day of the Interest Period therefor as a result of a request by the Borrower pursuant to Section 11.13;
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excluding any loss of anticipated profits and including any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained.  The Borrower shall also pay any customary administrative fees charged by such Lender in connection with the foregoing.
For purposes of calculating amounts payable by the Borrower to the Lenders under this Section 3.5, each Lender shall be deemed to have funded each LIBOR Loan made by it at LIBOR for such Loan by a matching deposit or other borrowing in the London interbank eurodollar market for a comparable amount and for a comparable period, whether or not such LIBOR Loan was in fact so funded.
SECTION 3.6 Mitigation Obligations; Replacement of the Lenders.
(a)Designation of a Different Lending Office.  If any Lender requests compensation under Section 3.4, or the Borrower is required to pay any Indemnified Taxes or additional amount to any Lender, or any Governmental Authority for the account of any Lender pursuant to Section 3.1, or if any Lender gives a notice pursuant to Section 3.2, then at the request of the Borrower such Lender shall, as applicable, use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.1 or Section 3.4, as the case may be, in the future, or eliminate the need for the notice pursuant to Section 3.2, as applicable, and (ii) in each case, would not subject such Lender to any material unreimbursed cost or expense and would not otherwise be materially disadvantageous to such Lender.  The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.
(b)Replacement of the Lenders.  If any Lender requests compensation under Section 3.4, 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 3.1 and, in each case, such Lender has declined or is unable to designate a different lending office in accordance with Section 3.6(a), the Borrower may replace such Lender in accordance with Section 11.13.
SECTION 3.7 Survival.  All of the Borrower’s obligations under this ARTICLE III shall survive termination of the Aggregate Commitments, repayment of all other Obligations hereunder, and resignation of the Administrative Agent.
ARTICLE IV
UNENCUMBERED PROPERTIES
SECTION 4.1 Initial Unencumbered Properties.  As of the Closing Date, the Initial Unencumbered Properties shall consist of the Properties set forth on Schedule 4.1.
SECTION 4.2 Reserved.
SECTION 4.3 Notices of Qualification as an Unencumbered Property.  The Borrower shall provide the Administrative Agent with a written notice of an Acceptable Property to be deemed an Unencumbered Property.
SECTION 4.4 Eligibility.  In order for an Acceptable Property to be eligible for inclusion as an Unencumbered Property, such Acceptable Property shall satisfy the following requirements unless otherwise approved by the Required Lenders:
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(a)no Material Title Defect with respect to such Acceptable Property shall exist;
(b)such Acceptable Property shall have reasonable access to public utilities; and
(c)such Acceptable Property shall not have any material defects.
SECTION 4.5 Reserved.
SECTION 4.6 Guaranty.  An Acceptable Property shall not  be  deemed  an  Unencumbered Property until the applicable Subsidiary Guarantor shall have executed and delivered (or caused to be executed and delivered) to the Administrative Agent, for the benefit of the Lenders and any Specified Derivatives Providers, the Subsidiary Guaranty.
SECTION 4.7 Admission of New Unencumbered Properties.  If, after the date of this Agreement, the Borrower has submitted to the Administrative Agent the notice contemplated by Section 4.3, then such Acceptable Property shall be deemed to be an Unencumbered Property.
SECTION 4.8 Reserved.
SECTION 4.9 Reserved.
SECTION 4.10 Exclusion Events.  Each of the following events shall be an “Exclusion Event” with respect to an Unencumbered Property:
(a)such Unencumbered Property suffers a Material Environmental Event or a Material Title Defect after the date of this Agreement which the Administrative Agent determines, acting reasonably and in good faith, materially impairs the Unencumbered Asset Value or marketability of such Unencumbered Property;
(b)the Administrative Agent determines that such Unencumbered Property has suffered a Material Property Event after the date such Property was deemed an Unencumbered Property (or in the case of an uninsured Casualty, in respect of such Unencumbered Property, is reasonably likely to become a Material Property Event) which the Administrative Agent determines, acting reasonably and in good faith, materially impairs the Unencumbered Asset Value or marketability of such Unencumbered Property;
(c)a Lien for the performance of work or the supply of materials which is established against such Unencumbered Property, or any stop notice served on the owner of such Unencumbered Property, the Administrative Agent or a Lender, remains unsatisfied or unbonded for a period of thirty (30) days after the date of filing or service and such Lien has priority over any Loan previously or thereafter made under this Agreement;
(d)(i) any default by any Subsidiary Guarantor, as tenant under any applicable Acceptable Ground Lease, in the observance or performance of any material term, covenant, or condition of any applicable Acceptable Ground Lease on the part of such Subsidiary Guarantor to be observed or performed and said default is not cured following the expiration of any applicable grace and notice periods therein provided, or (ii)  the leasehold estate created by any applicable Acceptable Ground Lease shall be surrendered or (iii)  any applicable Acceptable Ground Lease shall cease to be in full force and effect or (iv) any applicable Acceptable Ground Lease shall be terminated or canceled for any reason or under any circumstances whatsoever, or any of the material terms, covenants or conditions of any 
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applicable Acceptable Ground Lease shall be modified, changed, supplemented, altered, or amended in any manner not otherwise permitted hereunder without the consent of the Administrative Agent; and
(e)the Borrower shall cease to own, directly or indirectly, one hundred percent (100%) of the Equity Interests of any Subsidiary Guarantor that owns an Unencumbered Property free and clear of any Liens (other than Liens in favor of the Administrative Agent).
After the occurrence of any Exclusion Event, the Administrative Agent, at the direction of the Required Lenders in their sole discretion, shall have the right at any time and from time to time to notify the Borrower (the “Exclusion Notice”) that, effective ten (10) Business Days after the giving of such notice and for so long as such Exclusion Event exists, such Property shall no longer be considered an Unencumbered Property.
If the Administrative Agent delivers an Exclusion Notice and such Exclusion Event no longer exists, then the Borrower may give the Administrative Agent written notice thereof (together with reasonably detailed evidence of the cure of such condition) and such Unencumbered Property shall be considered an Unencumbered Property as long as such Unencumbered Property meets all the requirements to be deemed an Unencumbered Property set forth in this ARTICLE IV.  Any Property that is excluded from the Unencumbered Properties pursuant to this Section 4.10 may subsequently be reinstated as an Unencumbered Property, even if an Exclusion Event exists, upon such terms and conditions as the Required Lenders may approve.
Upon the occurrence of an Default under Section 8.11(a), the Borrower shall have the right to elect, upon written notice to the Administrative Agent, that the Lenders designate one or more Unencumbered Properties to be excluded as Unencumbered Properties in order to effect compliance with Section 8.11(a), with the Borrower thereafter having the right to elect to have any such Unencumbered Property thereafter deemed an Unencumbered Property, provided no Exclusion Event shall exist at such time with respect to such Unencumbered Property.
ARTICLE V
CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
SECTION 5.1 Conditions to Effectiveness.  The effectiveness of this Agreement is subject to satisfaction of the following conditions precedent:
(a)The Administrative Agent’s receipt of the following, each of which shall be originals or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance satisfactory to the Administrative Agent and each of the Lenders:
(i)  executed counterparts of this Agreement and the Guaranties sufficient in number for distribution to the Administrative Agent, each Lender, and the Borrower for each Initial Unencumbered Property;
(ii)  a Note executed by the Borrower in favor of each Lender requesting a Note;
(iii)  copies of the Organization Documents of each Loan Party certified to be true and complete as of a recent date by the appropriate Governmental Authority of the state or other 
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jurisdiction of its incorporation or organization, where applicable, and certified by a Responsible Officer of such Loan Party to be true and correct as of the Closing Date;
(iv)  such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Party as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which such Loan Party is a party;
(v)  such documents and certifications as the Administrative Agent may reasonably require to evidence that each Loan Party is duly organized or formed, and that each Loan Party is validly existing, in good standing and qualified to engage in business in each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect;
(vi)  a favorable opinion of DLA Piper LLP (US), counsel to the Loan Parties, addressed to the Administrative Agent and each Lender, as to the matters set forth in Exhibit G and such other matters concerning the Loan Parties and the Loan Documents as the Required Lenders may reasonably request;
(vii)  a certificate of a Responsible Officer of each Loan Party either (A) attaching copies of all consents, licenses and approvals required in connection with the execution, delivery and performance by such Loan Party and the validity against such Loan Party of the Loan Documents to which it is a party, and such consents, licenses and approvals shall be in full force and effect, or (B) stating that no such consents, licenses or approvals are so required;
(viii)  a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 5.2(a) and (b) have been satisfied, and (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect;
(ix) a duly completed Compliance Certificate as of the Closing Date, signed by a Responsible Officer of the Borrower;
(x)  evidence that all insurance required to be maintained pursuant to the Loan Documents has been obtained and is in effect;
(xi)  a Disbursement Instruction Agreement effective as of the Agreement Date;
(xii)  the Borrower shall have provided to the Administrative Agent and each Lender the documentation and other information requested by the Administrative Agent or such Lender in connection with applicable “know your customer” and anti-money-laundering rules and regulations, including the PATRIOT Act, in each case at least five (5) Business Days prior to the Closing Date;
(xiii)  at least five days prior to the Closing Date, each Loan Party that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification 
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in relation to such Loan Party or such Subsidiary, in each case at least five (5) Business Days prior to the Closing Date; 
(xiv)  evidence that each of the Refinanced Term Loan Facilities has been or concurrently with the Closing Date is being terminated and any Liens securing obligations under such Refinanced Term Loan Facility have been or concurrently with the Closing Date are being released; and
(xv)  such other assurances, certificates, documents, consents or opinions as the Administrative Agent or the Required Lenders reasonably may require.
(b)Any fees required to be paid on or before the Closing Date shall have been paid.
(c)Unless waived by the Administrative Agent, the Borrower shall have paid all fees, charges and disbursements of counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
Without limiting the generality of the provisions of the last paragraph of Section 10.3, for purposes of determining compliance with the conditions specified in this Section 5.1, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
SECTION 5.2 Conditions to all Credit Extensions.  The obligation of each Lender to honor any Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Committed Loans to the other Type, or a continuation of LIBOR Loans) is subject to the following conditions precedent:
(a)The representations and warranties of the Borrower and each other Loan Party contained in ARTICLE VI or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality or Material Adverse Effect, in which case such representation or warranty shall be true and correct in all respects) on and as of the date of such Credit Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality or Material Adverse Effect, in which case such representation or warranty shall be true and correct in all respects) as of such earlier date, and except that for purposes of this Section 5.2, the representations and warranties contained in Section 6.5(b) shall be deemed to refer to the most-recent statements furnished pursuant to Section 7.1(b).
(b)No Default shall exist, or would result from such proposed Credit Extension or from the application of the proceeds thereof.
(c)The Administrative Agent shall have received a Request for Credit Extension in accordance with the requirements hereof.
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(d)After giving effect to such proposed Credit Extension, the Borrower shall be in compliance with Section 2.1(b).
Each Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Committed Loans to the other Type or a continuation of LIBOR Loans) submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections 5.2(a), (b), and (d) have been satisfied on and as of the date of the applicable Credit Extension.
ARTICLE VI
REPRESENTATIONS AND WARRANTIES
Each of the Parent and the Borrower represents and warrants to the Administrative Agent and the Lenders that:
SECTION 6.1 Existence, Qualification and Power; Compliance with Laws.  The Parent, the Borrower and each Subsidiary Guarantor (a) is duly organized or formed, validly existing and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to (i) own or lease its assets and carry on its business and (ii) in the case of the Loan Parties, execute, deliver, and perform its obligations under the Loan Documents to which it is a party, and (c) is duly qualified and is licensed and, as applicable, in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license; except in each case referred to in clause (b)(i) or (c) to the extent that failure to do so would not have a Material Adverse Effect.
SECTION 6.2 Authorization; No Contravention.  The execution, delivery and performance by each Loan Party of each Loan Document to which such Person is party, have been duly authorized by all necessary corporate or other organizational action, and do not and will not (a) contravene the terms of any of such Person’s Organization Documents; (b) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (i) any Contractual Obligation to which such Person is a party or affecting such Person or the properties of such Person or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (c) violate any Law.
SECTION 6.3 Governmental Authorization; Other Consents.  No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document except for those that have been obtained, taken or made, as the case may be, and those specified herein.
SECTION 6.4 Binding Effect.  This Agreement has been, and each other Loan Document, when delivered hereunder, will have been, duly executed and delivered by each Loan Party that is party thereto.  This Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is party thereto in accordance with its terms, except as enforcement may be limited by Debtor Relief Laws or general equitable principles relating to or limiting creditors’ rights generally.
SECTION 6.5 Financial Statements; No Material Adverse Effect.
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(a)The Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present the financial condition of the Parent as of the date thereof and their results of operations for each period covered thereby in accordance with GAAP consistently applied throughout the each period covered thereby, except as otherwise expressly noted therein; and (iii) show all material indebtedness and other liabilities, direct or contingent, of the Parent as of the date thereof, including liabilities for taxes, material commitments and Indebtedness required by GAAP to be reflected therein.
(b)The most recent unaudited consolidated balance sheet of the Parent delivered pursuant to Section 7.1(b), and the related consolidated statements of income or operations, shareholders’ equity and cash flows for the fiscal quarter ended on that date (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein, and (ii) fairly present the financial condition of the Parent as of the date thereof and its results of operations for the period covered thereby, subject, in the case of clauses (i) and (ii), to the absence of footnotes and to normal year-end audit adjustments.
(c)From and after the date of the Audited Financial Statements, and thereafter, from and after the date of the most recent financial statements delivered pursuant to Section 7.1(a) or Section 7.1(b), there has been no event or circumstance, either individually or in the aggregate, that has had or would have a Material Adverse Effect.
SECTION 6.6 Litigation.  There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of any Company, threatened or contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against any Company or against any of their properties or revenues that (a) purport to affect or pertain to this Agreement or any other Loan Document, or any of the transactions contemplated hereby, or (b) except as specifically disclosed in Schedule 6.6, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, and there has been no adverse change in the status, or financial effect on any Company, of the matters described on Schedule 6.6, which change could reasonably be expected to have a Material Adverse Effect.
SECTION 6.7 No Default.  No Company is in default under or with respect to any Contractual Obligation that could, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  No Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document.
SECTION 6.8 Ownership of Property; Liens; Equity Interests.  Each Subsidiary Guarantor has good record and marketable title in fee simple to, or valid leasehold interests in, all Unencumbered Properties necessary or used in the ordinary conduct of its business, except for such defects in title as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  Each applicable Subsidiary Guarantor has good record and marketable fee simple title (or, in the case of Acceptable Ground Leases, a valid leasehold) to the Unencumbered Property owned by such Subsidiary Guarantor, subject only to Liens permitted by Section 8.1.  All of the outstanding Equity Interests in each Subsidiary Guarantor have been validly issued, are fully paid and non-assessable and are owned by the applicable holders free and clear of all Liens (other than Liens permitted by Section 8.1).
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SECTION 6.9 Environmental Compliance.
(a)The Companies conduct in the ordinary course of business a review of the effect of existing Environmental Laws and claims alleging potential liability or responsibility for violation of any Environmental Law on their respective businesses, operations and properties, and as a result thereof the Parent and the Borrower have reasonably concluded that, except as specifically disclosed in Schedule 6.9, such Environmental Laws and claims could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
(b)After due inquiry in accordance with good commercial or customary practices to determine whether Contamination is present on any Property, without regard to whether the Administrative Agent or any Lender has or hereafter obtains any knowledge or report of the environmental condition of such Property, except as may be indicated in environmental reports delivered to the Administrative Agent and except to the extent the same could not reasonably be expected to have a Material Adverse Effect: (i) such Property has not been used (A) for landfilling, dumping, or other waste or Hazardous Material disposal activities or operations, or (B) for generation, storage, use, sale, treatment, processing, or recycling of any Hazardous Material, or for any other use that has resulted in Contamination, and in each case, to each Company’s knowledge, no such use on any adjacent property occurred at any time prior to the date hereof; (ii) there is no Hazardous Material, storage tank (or similar vessel) whether underground or otherwise, sump or well currently on any Property; (iii) no Company has received any notice of, or has knowledge of, any Environmental Claim or any completed, pending, proposed or threatened investigation or inquiry concerning the presence or release of any Hazardous Material on any Property or any adjacent property or concerning whether any condition, use or activity on any Property or any adjacent property is in violation of any Environmental Requirement; (iv) the present conditions, uses, and activities on each Property do not violate any Environmental Requirement and the use of any Property which any Company (and each tenant and subtenant) makes and intends to make of any Property complies and will comply with all applicable Environmental Requirements; (v) no Property appears on the National Priorities List, any federal or state “superfund” or “superlien” list, or any other list or database of properties maintained by any local, state, or federal agency or department showing properties which are known to contain or which are suspected of containing a Hazardous Material; (vi) no Company has ever applied for and been denied environmental impairment liability insurance coverage relating to any Property; (vii) no Company has, nor, to any Company’s knowledge, have any tenants or subtenants, obtained any permit or authorization to construct, occupy, operate, use, or conduct any activity on any Property by reason of any Environmental Requirement; and (viii) to any Company’s knowledge, there are no underground or aboveground storage tanks on such Property.
SECTION 6.10  Insurance.  The properties of the Loan Parties are insured with financially sound and reputable insurance companies not Affiliates of any Loan Party, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the Loan Parties operate.
SECTION 6.11  Taxes.  The Companies have filed all material Federal, state and other tax returns and reports required to be filed, and have paid all material Federal, state and other taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets otherwise due and payable, except those which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP or which would not result in a Material Adverse Effect.  There is no proposed tax assessment against any Company that would, if made, have a Material Adverse Effect. Neither any Loan Party nor any Subsidiary thereof is party to any tax sharing agreement.
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SECTION 6.12  ERISA Compliance.
(a)Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other Federal or state laws.  Each Pension Plan that is intended to be a qualified plan under Section 401(a) of the Code has received a favorable determination letter from the Internal Revenue Service to the effect that the form of such Plan is qualified under Section 401(a) of the Code and the trust related thereto has been determined by the Internal Revenue Service to be exempt from federal income tax under Section 501(a) of the Code, or an application for such a letter is currently being processed by the Internal Revenue Service.  To the best knowledge of the Parent and the Borrower, nothing has occurred that would prevent or cause the loss of such tax-qualified status.  The Parent and each ERISA Affiliate have made all required contributions to each Plan subject to Section 412 of the Code, and no application for a funding waiver or an extension of any amortization period pursuant to Section 412 of the Code has been made with respect to any Plan.
(b)There are no pending or, to the best knowledge of the Parent and the Borrower, threatened claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that would have a Material Adverse Effect.  There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan that has resulted or would have a Material Adverse Effect.
(c)(i) No ERISA Event has occurred, and neither the Parent nor any ERISA Affiliate is aware of any fact, event or circumstance that would constitute or result in an ERISA Event with respect to any Pension Plan; (ii) the Parent and each ERISA Affiliate has met all applicable requirements under the Pension Funding Rules in respect of each Pension Plan, and no waiver of the minimum funding standards under the Pension Funding Rules has been applied for or obtained; (iii) as of the most-recent valuation date for any Pension Plan, the funding target attainment percentage (as defined in Section 430(d)(2) of the Code) is 60% or higher and neither the Parent nor any ERISA Affiliate knows of any facts or circumstances that would cause the funding target attainment percentage for any such plan to drop below 60% as of the most-recent valuation date; (iv) neither the Parent nor any ERISA Affiliate has incurred any liability to the PBGC other than for the payment of premiums, and there are no premium payments which have become due that are unpaid; (v) neither the Parent nor any ERISA Affiliate has engaged in a transaction that could be subject to Section 4069 or Section 4212(c) of ERISA; and (vi) no Pension Plan has been terminated by the plan administrator thereof nor by the PBGC, and no event or circumstance has occurred or exists that would  cause the PBGC to institute proceedings under Title IV of ERISA to terminate any Pension Plan, in each case, that would result in a liability, individually, or in the aggregate, in excess of the Threshold Amount.
(d)As of the Closing Date the Borrower is not nor will be using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans or the Commitments.
SECTION 6.13  Subsidiaries; Equity Interests.  As of the Closing Date, the Parent and the Borrower have no Subsidiaries other than those specifically disclosed in Part (a) of Schedule 6.13, and all of the outstanding Equity Interests in such Subsidiaries have been validly issued, are fully paid and non-assessable and are owned by a Company in the amounts specified on Part (a) of Schedule 6.13 free and clear of all Liens.  As of the Closing Date, neither the Parent nor the Borrower has any direct or indirect Equity Interests in any other Person other than those specifically disclosed in Part (b) of Schedule 6.13.  All of the outstanding Equity Interests in each Subsidiary Guarantor have been validly issued, are 
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fully paid and non-assessable and are owned by the applicable holders in the amounts specified on Part (c) of Schedule 6.13 free and clear of all Liens.
SECTION 6.14  Margin Regulations; Investment Company Act.
(a)Neither the Parent nor the Borrower is engaged and will not engage, principally or as one of their important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock.
(b)None of the Parent, the Borrower, any Person Controlling the Borrower, or any other Company is or is required to be registered as an “investment company” under the Investment Company Act of 1940.
SECTION 6.15  Disclosure.
(a)The Parent and the Borrower have disclosed to the Administrative Agent and the Lenders all agreements, instruments and corporate or other restrictions to which any Company is subject, and all other matters known to them, that, individually or in the aggregate, would have a Material Adverse Effect.  The reports, financial statements, certificates or other information furnished (whether in writing or orally) by or on behalf of any Company to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other Loan Document (in each case, as modified or supplemented by other information so furnished), taken as a whole, do not contain any material misstatement of fact or fail to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; provided that (a) with respect to projected financial information, the Parent and the Borrower represent only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time made, and (b) with respect to any lease abstracts provided by the Borrower, to the best of the Borrower’s knowledge, same will not contain any material misstatement of fact or fail to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.
(b)As of the Closing Date, the information included in the Beneficial Ownership Certification is true and correct in all respects.
SECTION 6.16  Compliance with Laws.  Each Company is in compliance in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted or (b) the failure to comply therewith, either individually or in the aggregate, would not have a Material Adverse Effect.
SECTION 6.17  Taxpayer Identification Number.  As of the date hereof, each Loan Party’s true and correct U.S. taxpayer identification number is set forth on Schedule 11.2.
SECTION 6.18  Intellectual Property; Licenses, Etc.  Each Loan Party owns, or possesses the right to use, all of the trademarks, service marks, trade names, copyrights, patents, patent rights, franchises, licenses and other intellectual property rights (collectively, “IP Rights”) that are reasonably necessary for the operation of their respective businesses, without conflict with the rights of any other Person except, in each case, where the failure to do so would have a Material Adverse Effect.  
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To the best knowledge of each Loan Party, no slogan or other advertising device, product, process, method, substance, part or other material now employed, or now contemplated to be employed, by any Loan Party infringes upon any rights held by any other Person except where such infringement would not have a Material Adverse Effect.  Except as specifically disclosed in Schedule 6.18, no claim or litigation regarding any of the foregoing is pending or, to the best knowledge of each Loan Party, threatened, which, either individually or in the aggregate, would have a Material Adverse Effect.
SECTION 6.19  Reserved.
SECTION 6.20  Solvency.  No Loan Party (a) has entered into the transaction or executed this Agreement or any other Loan Document with the actual intent to hinder, delay or defraud any creditor and (b) has not received reasonably equivalent value in exchange for its obligations under the Loan Documents.  After giving effect to any Loan, the fair saleable value of the Loan Parties’ assets, taken as a whole, exceeds and will, immediately following the making of any such Loan, exceed the Loan Parties’ total liabilities, including subordinated, unliquidated, disputed and contingent liabilities.  The Loan Parties’ assets, taken as a whole, do not constitute unreasonably small capital to carry out their business as conducted or as proposed to be conducted, nor will their assets constitute unreasonably small capital immediately following the making of any Loan.  The Loan Parties do not intend to incur debt and liabilities (including contingent liabilities and other commitments) beyond their ability to pay such debt and liabilities as they mature (taking into account the timing and amounts of cash to be received by the Loan Parties and the amounts to be payable on or in respect of obligations of the Loan Parties).  No petition under any Debtor Relief Laws has been filed against any Loan Party in the last seven (7) years, and neither the Borrower nor any other Loan Party in the last seven (7) years has ever made an assignment for the benefit of creditors or taken advantage of any insolvency act for the benefit of debtors.  No Loan Party is contemplating either the filing of a petition by it under any Debtor Relief Laws or the liquidation of all or a major portion of its assets or property (except for dispositions permitted hereunder), and no Loan Party has knowledge of any Person contemplating the filing of any such petition against it or any other Loan Party.
SECTION 6.21  REIT Status of the Parent.  The Parent qualified as a REIT commencing with its taxable year ending December 31, 2014 and will remain qualified in each taxable year thereafter.
SECTION 6.22  Labor Matters.  There is (a) no significant unfair labor practice complaint pending against any Company or, to the best of each Company’s knowledge, threatened against any Company, before the National Labor Relations Board, and no significant grievance or significant arbitration proceeding arising out of or under any collective bargaining agreement is pending on the date hereof against any Company or, to best of any Company’s knowledge, threatened against any Company which, in either case, would result in a Material Adverse Effect, and (b) no significant strike, labor dispute, slowdown or stoppage is pending against any Company or, to the best of any Company’s knowledge, threatened against any Company which would result in a Material Adverse Effect.
SECTION 6.23  Ground Lease Representation.
(a)The applicable Subsidiary Guarantor has delivered to the Administrative Agent true and correct copies of each Acceptable Ground Lease to the extent requested by the Administrative Agent.
(b)Each Acceptable Ground Lease is in full force and effect.
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SECTION 6.24  Unencumbered Properties.  To the Borrower’s knowledge and except where the failure of any of the following to be true and correct would not have a Material Adverse Effect:
(a)Each Unencumbered Property complies with all Laws, including all subdivision and platting requirements, without reliance on any adjoining or neighboring property.  No Loan Party has received any notice or claim from any Person that an Unencumbered Property, or any use, activity, operation, or maintenance thereof or thereon, is not in compliance with any Law, and has no knowledge of any such noncompliance except as disclosed in writing to the Administrative Agent;
(b)The Loan Parties have not directly or indirectly conveyed, assigned, or otherwise disposed of, or transferred (or agreed to do so) any development rights, air rights, or other similar rights, privileges, or attributes with respect to an Unencumbered Property, including those arising under any zoning or property use ordinance or other Laws;
(c)All utility services necessary for the use of each Unencumbered Property and the operation thereof for their intended purpose are available at each Unencumbered Property;
(d)The current use of each Unencumbered Property complies in all material respects with all applicable zoning ordinances, regulations, and restrictive covenants affecting such Unencumbered Property, all use restrictions of any Governmental Authority having jurisdiction have been satisfied; and
(e)No Unencumbered Property is the subject of any pending or, to any Loan Party’s knowledge, threatened Condemnation or material adverse zoning proceeding for which the Administrative Agent has not been notified in accordance with Section 7.3(f).
SECTION 6.25  OFAC.  No Loan Party, nor, to the knowledge of any Loan Party, any Related Party, (i) is currently the subject of any Sanctions, (ii) is located, organized or residing in any Designated Jurisdiction, or (iii) is or has been (within the previous five (5) years) engaged in any transaction with any Person who is now or was then the subject of Sanctions or who is located, organized or residing in any Designated Jurisdiction.  No Loan, nor the proceeds from any Loan, has been used, directly or indirectly, to lend, contribute, provide or has otherwise made available to fund any activity or business in any Designated Jurisdiction or to fund any activity or business of any Person located, organized or residing in any Designated Jurisdiction or who is the subject of any Sanctions, or in any other manner that will result in any violation by any Person (including any Lender, the Lead Arrangers or the Administrative Agent) of Sanctions.  Each Loan Party, their respective officers and, to the knowledge of the Parent and the Borrower, its respective directors, employees and agents and any Related Party, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. No Credit Extension, use of the proceeds of any Credit Extension, or other transactions contemplated hereby will violate Anti-Corruption Laws or applicable Sanctions.  Neither the making of the Credit Extensions hereunder nor the use of the proceeds thereof will violate the Patriot Act, the Trading with the Enemy Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto or successor statute thereto. Each Loan Party is in compliance in all material respects with the Patriot Act.
SECTION 6.26  EEA Financial Institutions. No Loan Party is an Affected Financial Institution.
ARTICLE VII
AFFIRMATIVE COVENANTS
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So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder (excluding contingent indemnification obligations to the extent no unsatisfied claim giving rise thereto has been asserted) shall remain unpaid or unsatisfied:
SECTION 7.1 Financial Statements.  Each of the Parent and the Borrower shall deliver to the Administrative Agent and each Lender, in form and detail reasonably satisfactory to the Administrative Agent and the Required Lenders:
(a)as soon as available, but in any event within one hundred five (105) days after the end of each fiscal year of the Parent (or, if earlier, fifteen (15) days after the date required to be filed with the SEC without giving effect to any extension permitted by the SEC) (commencing with the fiscal year ending December 31, 2020, a consolidated balance sheet of the Parent as at the end of such fiscal year, and the related consolidated statements of income or operations, changes in shareholders’ equity, and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, such consolidated statements to be audited and accompanied by a report and opinion of an independent certified public accountant of nationally recognized standing reasonably acceptable to the Required Lenders, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit; and
(b)as soon as available, but in any event within sixty (60) days after the end of each of the first three (3) fiscal quarters of each fiscal year of the Parent (or, if earlier, five (5) days after the date required to be filed with the SEC) (commencing with the fiscal quarter ending March 31, 2020), a consolidated balance sheet of the Parent, the Borrower and its Subsidiaries as at the end of such fiscal quarter, the related consolidated statements of income or operations for such fiscal quarter and for the portion of the Parent’s fiscal year then ended, and the related consolidated statements of changes in shareholders’ equity, and cash flows for the portion of the Parent’s fiscal year then ended, in each case setting forth in comparative form, as applicable, the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail, such consolidated statements to be certified by the chief executive officer, chief financial officer, treasurer or controller of the Parent as fairly presenting the financial condition, results of operations, shareholders’ equity and cash flows of the Parent in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes
As to any information contained in materials furnished pursuant to Section 7.2, the Parent and the Borrower shall not be separately required to furnish such information under clause (a) or (b) above, but the foregoing shall not be in derogation of the obligation of the Parent and the Borrower to furnish the information and materials described in clauses (a) and (b) above at the times specified therein.
SECTION 7.2 Certificates; Other Information.
Each of the Parent and the Borrower shall deliver to the Administrative Agent and each Lender, in form and detail reasonably satisfactory to the Administrative Agent and the Required Lenders:
(a)concurrently with the delivery of the financial statements referred to in Sections 7.1(a) and (b), a duly completed Compliance Certificate signed by the chief executive officer, chief financial officer, chief accounting officer, treasurer or controller of the Borrower (which delivery may, unless the 
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Administrative Agent or a Lender requests executed originals, be by electronic communication including fax or e-mail and shall be deemed to be an original authentic counterpart thereof for all purposes);
(b)promptly after any request by the Administrative Agent, copies of any detailed audit opinions or review reports submitted to the board of directors (or the audit committee of the board of directors) of the Parent by independent accountants in connection with the accounts or books of the Parent;
(c)promptly after the same are available, copies of each annual report, proxy or financial statement or other report or communication sent to the stockholders of the Parent, and copies of all annual, regular, periodic and special reports and registration statements which the Borrower may file or be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934, and not otherwise required to be delivered to the Administrative Agent pursuant hereto;
(d)promptly after the furnishing thereof, copies of any statement or report furnished to any holder of publicly-held debt securities of the Parent or the Borrower pursuant to the terms of any indenture, loan or credit or similar agreement and not otherwise required to be furnished to the Lenders pursuant to Section 7.1 or any other clause of this Section 7.2;
(e)promptly, and in any event within five (5) Business Days after receipt thereof by the Parent or the Borrower, copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any material investigation or other material inquiry by such agency regarding financial or other operational results of any Company unless restricted from doing so by such agency; and
(f)promptly, such additional information regarding the business, financial or corporate affairs of the Parent or the Borrower or any Unencumbered Property, or compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender may from time to time reasonably request.
Documents required to be delivered pursuant to Section 7.1(a) or (b) or Section 7.2(c) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Parent or the Borrower (A) files any such document with the Securities and Exchange Commission’s EDGAR system (or any successor thereto) in a manner accessible to the public at large or (B) posts such documents, or provides a link thereto on the Parent and the Borrower’s website on the Internet at the website address listed on Schedule 11.2; or (ii) on which such documents are posted on the Parent and the Borrower’s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent). The Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Parent and the Borrower with any such request by a Lender for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.
The Parent and the Borrower hereby acknowledge that (a) the Administrative Agent and/or the Lead Arrangers will make available to the Lenders materials and/or information provided by or on behalf of the Parent and the Borrower hereunder (collectively, the “Borrower Materials”) by posting the Borrower Materials on IntraLinks, SyndTrak or another similar electronic system (the “Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material non-public information with respect to the Parent, the Borrower or their Affiliates, or the 
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respective Equity Interests of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ Equity Interests. The Parent and the Borrower hereby agree that (w) all the Borrower Materials that are to be made available to the Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking the Borrower Materials “PUBLIC,” the Parent and the Borrower shall be deemed to have authorized the Administrative Agent, the Lead Arrangers and the Lenders to treat such Borrower Materials as not containing any material non-public information with respect to the Parent and the Borrower or their Equity Interests for purposes of United States Federal and state securities laws (provided that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 11.7); (y) all the Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side Information;” and (z) the Administrative Agent and the Lead Arrangers shall be entitled to treat any the Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Side Information.”
SECTION 7.3 Notices.  Each of the Parent and the Borrower shall, upon becoming aware of same, promptly notify the Administrative Agent who shall notify each Lender:
(a)of the occurrence of any Default;
(b)of any matter that has resulted or could reasonably be expected to have a Material Adverse Effect;
(c)of the occurrence of any ERISA Event which has resulted or would result in liabilities of any Company in an aggregate amount in excess of the Threshold Amount;
(d)of any material litigation, arbitration or governmental investigation or proceeding instituted or threatened in writing against any Unencumbered Property, and any material development therein;
(e)of any announcement by Moody’s, Fitch or S&P of any change in a Debt Rating or in its “outlook” with respect to a Debt Rating;
(f)of any actual or threatened in writing Condemnation or zoning proceeding of any portion of any Unencumbered Property, any negotiations with respect to any such taking, or any material loss of or substantial damage to any Unencumbered Property, in each case, except to the extent that the same could not reasonably be expected to have a Material Adverse Effect;
(g)of any Casualty with respect to any Unencumbered Property except to the extent that the same could not reasonably be expected to have a Material Adverse Effect;
(h)of any material permit, license, certificate or approval required with respect to any Unencumbered Property that lapses or ceases to be in full force and effect or any claim from any person that any Unencumbered Property, or any use, activity, operation or maintenance thereof or thereon, is not in compliance with any Law, in each case, except to the extent that the same could not reasonably be expected to have a Material Adverse Effect;
(i)of any material change in accounting policies or financial reporting practices by any Company; and
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(j)of any labor controversy pending or threatened against any Company, and any material development in any labor controversy except to the extent that the same could not reasonably be expected to have a Material Adverse Effect.
Each notice pursuant to this Section 7.3 shall be accompanied by a statement of a Responsible Officer of the Parent and the Borrower setting forth details of the occurrence referred to therein and stating what action the Parent and/or the Borrower has taken and proposes to take with respect thereto.  Each notice pursuant to Section 7.3(a) shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached.
SECTION 7.4 Payment of Obligations.  Each of the Parent and the Borrower shall, and shall cause each other Loan Party to, pay and discharge as the same shall become due and payable, all its obligations and liabilities, including: (a) all tax liabilities, assessments and governmental charges or levies upon a Loan Party or its properties or assets, unless the same are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained by such Loan Party; (b) all lawful claims which, if unpaid, would by law become a Lien upon its property other than Liens of the type permitted under Sections 8.1(a) through (g); and (c) all Indebtedness, as and when due and payable except, in each case, where the failure to do so would not result in a Material Adverse Effect.
SECTION 7.5 Preservation of Existence, Etc.  Each of the Parent and the Borrower shall, and shall cause each other Loan Party to (a) preserve, renew and maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction of its organization except in a transaction permitted by Section 8.4; (b) take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its business, except to the extent that failure to do so would not have a Material Adverse Effect; and (c) preserve or renew all of its IP Rights, the non-preservation of which would have a Material Adverse Effect.
SECTION 7.6 Maintenance of Properties.  Each of the Parent and the Borrower shall, and shall cause each other Company to (a) maintain, preserve and protect all of its material properties and equipment necessary in the operation of its business in good working order and condition except to the extent the failure to do so would not result in a Material Adverse Effect; (b) make all necessary repairs thereto and renewals and replacements thereof except where the failure to do so would not have a Material Adverse Effect; (c) use the standard of care typical in the industry in the operation and maintenance of its (i) Unencumbered Properties, and, (ii) as to its other Properties except where the failure to do so would not have a Material Adverse Effect; and (d) keep the Unencumbered Properties in good order, repair, operating condition, and appearance, causing all necessary repairs, renewals, replacements, additions, and improvements to be promptly made, and not allow any of the Unencumbered Properties to be misused, abused or wasted or to deteriorate (ordinary wear and tear excepted) except where the failure to do so would not have a Material Adverse Effect.
SECTION 7.7 Maintenance of Insurance.  Each of the Parent and the Borrower shall, and shall cause each other Company to, maintain with financially sound and reputable insurance companies not Affiliates of any Company, insurance (including flood insurance if available or required) with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts as are customarily carried under similar circumstances by such other Persons.
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SECTION 7.8 Compliance with Laws; Beneficial Ownership Regulations.  Each of the Parent and the Borrower shall, and shall cause each other Subsidiary Guarantor to, (a) comply in all material respects with the requirements of all Laws (including without limitation Anti-Corruption Laws and applicable Sanctions) and all orders, writs, injunctions and decrees applicable to it or to its business or property, except in such instances in which (i) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted; or (ii) the failure to comply therewith would not have a Material Adverse Effect, (b) notify the Administrative Agent and each Lender that previously received a Beneficial Ownership Certification of any change in the information provided in the Beneficial Ownership Certification that would result in a change to the list of beneficial owners identified therein and (c) promptly upon the reasonable request of the Administrative Agent or any Lender, provide the Administrative Agent or such Lender, as the case may be, any information or documentation requested by it for purposes of complying with the Beneficial Ownership Regulation.
SECTION 7.9 Books and Records.  Each of the Parent and the Borrower shall, and shall cause each other Company to: (a) maintain proper books of record and account, in which full, true and correct entries in conformity with GAAP consistently applied shall be made of all financial transactions and matters involving the assets and business of each Company, as the case may be; and (b) maintain such books of record and account in material conformity with all applicable requirements of any Governmental Authority having regulatory jurisdiction over any Company, as the case may be.
SECTION 7.10  Inspection Rights.  Subject to the rights of tenants, each of the Parent and the Borrower shall, and shall cause each other Loan Party to, permit representatives and independent contractors of the Administrative Agent and each Lender, at the expense of the Administrative Agent or such Lender, to visit and inspect and photograph any Unencumbered Property and any of its other properties, to examine its corporate, financial and operating records, and all recorded data of any kind or nature, regardless of the medium of recording including all software, writings, plans, specifications and schematics, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its officers all at the expense of the Borrower and at such reasonable times during normal business hours, upon reasonable advance notice to the applicable Loan Party and no more often than once in any period of twelve (12) consecutive months unless an Event of Default has occurred and is continuing; provided that when an Event of Default has occurred and is continuing the Administrative Agent or any Lender (or any of their respective representatives or independent contractors) may do any of the foregoing at the expense of the Borrower at any time during normal business hours and without advance notice, subject to the rights of tenants.  Any inspection or audit of the Unencumbered Properties or the books and records, including recorded data of any kind or nature, regardless of the medium of recording including software, writings, plans, specifications and schematics of any Loan Party, or the procuring of documents and financial and other information, by the Administrative Agent on behalf of itself or on behalf of the Lenders shall be for the Administrative Agent’s and the Lenders’ protection only, and shall not constitute any assumption of responsibility to any Loan Party or anyone else with regard to the condition, construction, maintenance or operation of the Unencumbered Properties nor the Administrative Agent’s approval of any certification given to the Administrative Agent nor relieve any Loan Party of the Borrower’s or any other Loan Party’s obligations.
SECTION 7.11  Use of Proceeds.  Each of the Parent and the Borrower shall, and shall cause each other Company to, use the proceeds of the Credit Extensions (a) to finance the acquisition of Properties, (b) to pay operating and leasing expenses with respect to its Properties, and (c) for general corporate purposes, in each case, not in contravention of any Law or of any Loan Document.
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SECTION 7.12  Environmental Matters.  Each of the Parent and the Borrower shall, and shall cause each other Loan Party to:
(a)Violations; Notice to the Administrative Agent.  Use reasonable efforts to:
(i)  Keep the Unencumbered Properties free of Contamination, except to the extent that any failure to do so could not reasonably be expected to have a Material Adverse Effect;
(ii)  Promptly deliver to the Administrative Agent a copy of each report pertaining to any Property or to any Loan Party prepared by or on behalf of such Loan Party pursuant to a material violation of any Environmental Requirement to the extent that the same could reasonably be expected to have a Material Adverse Effect; and
(iii)  As soon as practicable advise the Administrative Agent in writing of any Environmental Claim or of the discovery of any Contamination on any Unencumbered Property that could reasonably be expected to have a Material Adverse Effect, as soon as any Loan Party first obtains knowledge thereof, including a description of the nature and extent of the Environmental Claim and/or Hazardous Material and all relevant circumstances.
(b)Site Assessments and Information.  If the Parent or the Borrower fails to comply with Section 7.12(a) or if any other Event of Default shall have occurred and be continuing, then if requested by the Administrative Agent, at the Borrower’s expense, deliver to the Administrative Agent from time to time, but no more frequently than once per calendar year unless an Event of Default exists, in each case within seventy five (75) days after the Administrative Agent’s request, an Environmental Assessment (hereinafter defined) made after the date of the Administrative Agent’s request.  As used in this Agreement, the term “Environmental Assessment” means a report of an environmental assessment of any or all Unencumbered Properties and of such scope so as to be compliant with the guidelines established by the ASTM (including the taking of soil borings and air and groundwater samples and other above and below ground testing) as the Administrative Agent may reasonably request to be performed by a licensed environmental consulting firm reasonably acceptable to the Administrative Agent.  Each applicable Loan Party shall cooperate with each consulting firm making any such Environmental Assessment and shall supply to the consulting firm all information available to such Loan Party to facilitate the completion of the Environmental Assessment.  If any Loan Party fails to furnish the Administrative Agent within thirty (30) days after the Administrative Agent’s request with a copy of an agreement with an acceptable environmental consulting firm to provide such Environmental Assessment, or if any Loan Party fails to furnish to the Administrative Agent such Environmental Assessment within seventy five (75) days after the Administrative Agent’s request, upon written notice to the Parent and the Borrower, the Administrative Agent may cause any such Environmental Assessment to be made at the Borrower’s expense and risk.  Subject to the rights of tenant, the Administrative Agent and its designees are hereby granted access to the Unencumbered Properties upon written notice, and a license which is coupled with an interest and irrevocable, to make or cause to be made such Environmental Assessments.  The Administrative Agent may disclose to any Governmental Authority, to the extent required by applicable law, any information the Administrative Agent ever has about the environmental condition or compliance of the Unencumbered Properties, but shall be under no duty to disclose any such information except as may be required by Law.  The Administrative Agent shall be under no duty to make any Environmental Assessment of the Unencumbered Properties, and in no event shall any such Environmental Assessment by the Administrative Agent be or give rise to a representation that any Hazardous Material is or is not present on the Unencumbered Properties, or that there has been or shall be compliance with any Environmental Requirement, nor shall any Company or any other Person be entitled to rely on any 
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Environmental Assessment made by the Administrative Agent or at the Administrative Agent’s request but the Administrative Agent shall deliver a copy of such report to the Parent and the Borrower.  Neither the Administrative Agent nor any Lender owes any duty of care to protect any Company or any other Person against, or to inform them of, any Hazardous Material or other adverse condition affecting the Unencumbered Properties.
(c)Remedial Actions.  If any Contamination which could reasonably be expected to have a Material Adverse Effect is discovered on any Unencumbered Property at any time and regardless of the cause, (i) promptly at the applicable Loan Parties’ sole expense, remove, treat, and dispose of the Hazardous Material in compliance with all applicable Environmental Requirements in addition to taking such other action as is necessary to have the full use and benefit of such Unencumbered Property as contemplated by the Loan Documents, and provide the Administrative Agent with satisfactory evidence thereof; and (ii) if reasonably requested by the Administrative Agent, provide to the Administrative Agent within thirty (30) days of the Administrative Agent’s request a bond, letter of credit, or other financial assurance, including self-assurance,  evidencing to the Administrative Agent’s satisfaction that all necessary funds are readily available to pay the costs and expenses of the actions required by the preceding clause (i) and to discharge any assessments or liens established against such Unencumbered Property as a result of the presence of the Hazardous Material on the Unencumbered Property. After completion of such remedial actions, the applicable Loan Party shall promptly request regulatory approval, take all reasonable measures to expedite issuance of such approval and upon receipt thereof deliver to the Administrative Agent a letter indicating that no further action is required with respect to the applicable Unencumbered Property or similar confirmation by the applicable regulator that all required remedial action as stated above has been taken and successfully completed to the satisfaction of the applicable regulator.  The Loan Parties shall not be deemed to have satisfied their remedial obligations under this provision until they have provided the Administrative Agent such confirmation.
SECTION 7.13  Ground Leases.  Solely with respect to Unencumbered Property, each of the Parent and the Borrower shall, and shall cause each other Loan Party to:
(a)Diligently perform and observe in all material respects all of the terms, covenants, and conditions of any Acceptable Ground Lease as tenant under such Acceptable Ground Lease; and
(b)Promptly notify the Administrative Agent of (i) the giving to the applicable Subsidiary Guarantor of any notice of any default by such Subsidiary Guarantor under any Acceptable Ground Lease and deliver to the Administrative Agent a true copy of each such notice within five (5) Business Days of such Subsidiary Guarantor’s receipt thereof, and (ii) any bankruptcy, reorganization, or insolvency of the landlord under any Acceptable Ground Lease or of any notice thereof, and deliver to the Administrative Agent a true copy of such notice within five (5) Business Days of the applicable Subsidiary Guarantor’s receipt.
(c)Exercise any individual option to extend or renew the term of an Acceptable Ground Lease upon demand by the Administrative Agent made at any time within thirty (30) days prior to the last day upon which any such option may be exercised, and each applicable Subsidiary Guarantor hereby expressly authorizes and appoints the Administrative Agent as its attorney-in-fact to exercise any such option in the name of and upon behalf of such Subsidiary Guarantor, which power of attorney shall be irrevocable and shall be deemed to be coupled with an interest.
If the applicable Subsidiary Guarantor shall default in the performance or observance of any term, covenant, or condition of any Acceptable Ground Lease on the part of such Subsidiary Guarantor and 
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shall fail to cure the same prior to the expiration of any applicable cure period provided thereunder, then the Administrative Agent shall have the right, but shall be under no obligation, to pay any sums and to perform any act or take any action as may be appropriate to cause all of the terms, covenants, and conditions of such Acceptable Ground Lease on the part of such Subsidiary Guarantor to be performed or observed on behalf of such Subsidiary Guarantor, to the end that the rights of such Subsidiary Guarantor in, to, and under such Acceptable Ground Lease shall be kept unimpaired and free from default.  If the landlord under any Acceptable Ground Lease shall deliver to the Administrative Agent a copy of any notice of default under such Acceptable Ground Lease, then such notice shall constitute full protection to the Administrative Agent for any action taken or omitted to be taken by the Administrative Agent, in good faith, in reliance thereon.
SECTION 7.14  Unencumbered Properties.
(a)Except where the failure to comply with any of the following would not have a Material Adverse Effect, each of the Parent and the Borrower shall, and shall use commercially reasonable efforts to cause each other Loan Party or the applicable tenant, to:
(i)  Pay all real estate and personal property taxes, assessments, water rates or sewer rents, ground rents, maintenance charges, impositions, and any other charges, including vault charges and license fees for the use of vaults, chutes and similar areas adjoining any Unencumbered Property, now or hereafter levied or assessed or imposed against any Unencumbered Property or any part thereof (except those which are being contested in good faith by appropriate proceedings diligently conducted);
(ii)  Promptly pay (or cause to be paid) when due all bills and costs for labor, materials, and specifically fabricated materials incurred in connection with any Unencumbered Property (except those which are being contested in good faith by appropriate proceedings diligently conducted), and in any event never permit to be created or exist in respect of any Unencumbered Property or any part thereof any other or additional Lien or security interest other than Liens permitted by Section 8.1; and
(iii)  Operate the Unencumbered Properties in a good and workmanlike manner and in all material respects in accordance with all Laws in accordance with such Loan Party’s prudent business judgment.
(b)Except where the failure would not have a material and adverse effect on the value of the Unencumbered Properties, taken as whole, each of the Parent and the Borrower shall, and shall cause each other Loan Party to, to the extent owned and controlled by a Loan Party, preserve, protect, renew, extend and retain all material rights and privileges granted for or applicable to each Unencumbered Property.
ARTICLE VIII
NEGATIVE COVENANTS

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder (excluding contingent indemnification obligations to the extent no unsatisfied claim giving rise thereto has been asserted) shall remain unpaid or unsatisfied:
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SECTION 8.1 Liens.  Each of the Parent and the Borrower shall not, nor shall it permit any other Loan Party to, directly or indirectly, create, incur, assume or suffer to exist any Lien upon any Unencumbered Property, other than the following:
(a)Liens pursuant to any Loan Document;
(b)Liens existing on the date hereof and listed on Schedule 8.1;
(c)Liens for taxes not yet due and payable or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;
(d)carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary course of business which are not overdue for a period of more than thirty (30) days or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person;
(e)pledges or deposits in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other social security legislation, other than any Lien imposed by ERISA;
(f)easements, rights-of-way, restrictions, restrictive covenants, encroachments, protrusions and other similar encumbrances affecting real property which, in the aggregate, are not substantial in amount, and which do not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the applicable Person;
(g)Liens securing judgments for the payment of money not constituting an Event of Default under Section 9.1(i);
(h)the rights of tenants under leases or subleases not interfering with the ordinary conduct of business of such Person;
(i)Liens securing obligations in the nature of personal property financing leases for furniture, furnishings or similar assets, Capital Leases Obligations and other purchase money obligations for fixed or capital assets; provided that (i) such Liens do not at any time encumber any property other than the property financed by such Indebtedness, (ii) the obligations secured thereby does not exceed the cost or fair market value, whichever is lower, of the property being acquired on the date of acquisition, and (iii) with respect to Capital Leases, such Liens do not at any time extend to or cover any assets other than the assets subject to such Capital Leases;
(j)Liens securing obligations in the nature of the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety bonds (other than bonds related to judgments or litigation), performance bonds and other obligations of a like nature incurred in the ordinary course of business;
(k)all Liens, encumbrances and other matters disclosed in any owner’s title insurance policies or other title reports and updated thereof accepted by the Administrative Agent; and
(l)such other title and survey exceptions as the Administrative Agent has approved in writing in the Administrative Agent’s reasonable discretion.
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SECTION 8.2 Indebtedness.  Each of the Parent and the Borrower shall not, nor shall it permit any other Loan Party to, create, incur, assume or suffer to exist any Indebtedness, except:
(a)Indebtedness under the Loan Documents;
(b)Indebtedness outstanding on the date hereof and listed on Schedule 8.2 and any refinancings, refundings, renewals or extensions thereof; provided that the amount of such Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing and by an amount equal to any existing commitments unutilized thereunder;
(c)Guarantees of (i) the Borrower or the Parent in respect of Indebtedness otherwise permitted hereunder of the Borrower or any other Guarantor, (ii) the Parent or the Borrower, in respect of Indebtedness otherwise permitted hereunder of any Non-Guarantor Subsidiary if, in the case of any Guarantee pursuant to this clause (ii), (x) no Default shall exist immediately before or immediately after the making of such Guarantee, and (y) there exists no violation of the financial covenants set forth in Section 8.14 hereunder on a pro forma basis after the making of such Guarantee, and (iii) Non-Guarantor Subsidiaries made in the ordinary course of business;
(d)obligations (contingent or otherwise) of the Borrower or any Subsidiary existing or arising under any Swap Contract, provided that such obligations are (or were) entered into by such Person in the ordinary course of business for the purpose of directly mitigating risks associated with liabilities, commitments, investments, assets, or property held or reasonably anticipated by such Person, or changes in the value of securities issued by such Person, and not for purposes of speculation or taking a “market view”;
(e)Indebtedness in respect of Capital Leases and purchase money obligations for fixed or capital assets within the limitations set forth in Section 8.1(i), and unsecured Indebtedness in the form of trade payables incurred in the ordinary course of business; and
(f)Indebtedness of the Borrower or the Parent incurred or assumed after the date hereof that is either unsecured or is secured by Liens on assets of the Parent or the Borrower (other than any Unencumbered Property or the Equity Interests in any Loan Party); provided, such Indebtedness shall be permitted under this Section 8.2(f) only if: (i) no Default shall exist immediately before or immediately after the incurrence or assumption of such Indebtedness, and (ii) there exists no violation of the financial covenants set forth in Section 8.14 hereunder on a pro forma basis after the incurrence or assumption of such Indebtedness.
SECTION 8.3 Investments.  Neither the Parent nor the Borrower shall have and shall not permit the Companies’ to have any Investments other than:
(a)Investments in the form of cash or Cash Equivalents;
(b)Investments existing on the date hereof and set forth on Schedule 6.13;
(c)advances to officers, directors and employees of the Borrower and Subsidiaries for travel, entertainment, relocation and analogous ordinary business purposes;
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(d)Investments of the Guarantor and the Borrower in the form of Equity Interests and investments of the Borrower in any wholly-owned Subsidiary, and Investments of the Borrower directly in, or of any wholly-owned Subsidiary in another wholly-owned Subsidiary which owns, real property assets which are functional industrial, manufacturing, warehouse/distribution and/or office properties located within the United States, provided in each case the Investments held by the Borrower or Subsidiary are in accordance with the provisions of this Section 8.3 other than this Section 8.3(d);
(e)Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business;
(f)Investments in non-wholly owned Subsidiaries and Unconsolidated Affiliates;
(g)Investments in mortgages and mezzanine loans;
(h)Investments in unimproved land holdings and Construction in Progress;
(i)Investments by the Parent for the redemption, conversion, exchange, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any Equity Interests of the Parent or the Borrower now or hereafter outstanding to the extent permitted under Section 8.6 below; and
(j)Other Investments not to exceed at any time ten percent (10%) of Total Asset Value.
SECTION 8.4 Fundamental Changes.  Each of the Parent and the Borrower shall not, nor shall it permit any other Loan Party to, directly or indirectly, merge, dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person, except that, so long as no Event of Default has occurred and is continuing or would result therefrom:
(a)any Loan Party (other than the Parent or the Borrower) may merge with (i) the Parent or the Borrower, provided that the Parent or the Borrower, as applicable, shall be the continuing or surviving Person, or (ii) any other Loan Party, or (iii) any other Person, provided that if it owns an Unencumbered Property and is not the surviving entity, then such Property shall cease to be an Unencumbered Property;
(b)any Loan Party (other than the Parent or the Borrower) may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to another Loan Party;
(c)any Loan Party may Dispose of a Property owned by such Loan Party in the ordinary course of business and for fair value; and
(d)the Parent or the Borrower may merge or consolidate with another Person so long as either the Parent or the Borrower, as the case may be, is the surviving entity, shall remain in pro forma compliance with the covenants set forth in Section 8.14 below after giving effect to such transaction, and the Borrower shall have given the Administrative Agent at least fifteen (15) Business Days’ prior written notice of such merger or consolidation, such notice to include a certification as to the pro forma compliance referenced above, with the Borrower agreeing to provide such other financial information as the Administrative Agent shall reasonably request in order to verify such pro forma compliance.
Nothing in this Section shall be deemed to prohibit the sale or leasing of Property or portions of Property in the ordinary course of business.
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SECTION 8.5 Dispositions.  Each of the Parent, the Borrower or any Loan Party shall not make any Disposition or enter into any agreement to make any Disposition, except:
(a)Dispositions of obsolete or worn out property, whether now owned or hereafter acquired, in the ordinary course of business;
(b)Dispositions of inventory in the ordinary course of business;
(c)Any other Dispositions of Properties or other assets in an arm’s length transaction; provided that the Borrower and the Parent will remain in pro forma compliance with the covenants set forth in Section 8.14 after giving effect to such transaction.
SECTION 8.6 Restricted Payments.  Each of the Parent and the Borrower shall not, nor shall it permit any other Company to, directly or indirectly, declare or make, directly or indirectly, any Restricted Payment other than (a) Minimum Distributions, (b) Restricted Payments made by any Company to the Borrower or the Parent, or (c) provided no Event of Default shall have occurred and be continuing at the time of such payment or would result therefrom, other Restricted Payments.
SECTION 8.7 Change in Nature of Business.  Except for Investments permitted under Section 8.3, each of the Parent and the Borrower shall not, nor shall it permit any other Loan Party to, directly or indirectly, engage in any material line of business substantially different from those lines of business conducted by the Companies on the date hereof or any business substantially related or incidental thereto.
SECTION 8.8 Transactions with Affiliates.  Each of the Parent and the Borrower shall not, nor shall it permit any other Loan Party to, directly or indirectly, enter into any transaction of any kind with any Affiliate of a Company, whether or not in the ordinary course of business, other than on fair and reasonable terms substantially as favorable to such Loan Party as would be obtainable by such Company at the time in a comparable arm’s length transaction with a Person other than an Affiliate.
SECTION 8.9 Burdensome Agreements.  Each of the Parent and the Borrower shall not, nor shall it permit any other Loan Party to, directly or indirectly enter into any Contractual Obligation (other than this Agreement or any other Loan Document) that directly or indirectly prohibits any Company from (a) creating or incurring any Lien on any Unencumbered Property unless simultaneously therewith such Unencumbered Property ceases to be an Unencumbered Property, other than restrictions or conditions set forth in the Note Purchase Agreements, the Credit Agreements and, to the extent such restrictions or conditions are customary for such Indebtedness, any other agreements governing Indebtedness permitted under Section 8.2, in each case, which restrictions are no more restrictive, taken as a whole than the comparable restrictions and conditions set forth in this Agreement as determined in the good faith judgment of the Borrower, (b) other than restrictions or conditions set forth in the Note Purchase Agreements, the Credit Agreements and, to the extent such restrictions or conditions are customary for such Indebtedness, any other agreements governing Indebtedness permitted under Section 8.2, in each case, which restrictions are no more restrictive, taken as a whole than the comparable restrictions and conditions set forth in this Agreement as determined in the good faith judgment of the Borrower,  limiting the ability (i) of any Subsidiary to make Restricted Payments to the Borrower or any Guarantor or to otherwise transfer property to the Borrower or any Guarantor, (ii) of any Subsidiary to Guarantee the Indebtedness of the Borrower or (iii) of the Borrower or any Subsidiary to create, incur, assume or suffer to exist Liens on property of such Person; provided, however, that this clause (iii) shall not prohibit any negative pledge incurred or provided in favor of any holder of Indebtedness permitted under Section 8.3(e) solely to the extent any such negative pledge relates to the property financed by or the 
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subject of such Indebtedness; or (c) requiring the grant of a Lien to secure an obligation of such Person if a Lien is granted to secure another obligation of such Person.
SECTION 8.10  Use of Proceeds.  Each of the Parent and the Borrower shall not, nor shall it permit any other Company to, directly or indirectly, use the proceeds of any Credit Extension, whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose.  The Borrower shall not request any Credit Extension, shall not use, and shall ensure that its Subsidiaries and its or their respective directors, officers, employees and agents do not use the proceeds of any Credit Extension (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws or (ii) in any manner that would result in the violation of any applicable Sanctions.
SECTION 8.11  Unencumbered Properties; Ground Leases.  Each of the Parent and the Borrower shall not, nor shall it permit any other Loan Party to, directly or indirectly:
(a)Use or occupy or conduct any activity on, or knowingly permit the use or occupancy of or the conduct of any activity on any Unencumbered Properties by any tenant, in any manner which violates any Law or which constitutes a public or private nuisance in any manner which would have a Material Adverse Effect or which makes void, voidable, or cancelable any insurance then in force with respect thereto or makes the maintenance of insurance in accordance with Section 7.7 commercially unreasonable (including by way of increased premium);
(b)[Reserved];
(c)Without the prior written consent of the Administrative Agent (which consent shall not be unreasonably withheld or delayed), (i) impose any material easement, restrictive covenant, or encumbrance upon any Unencumbered Property, (ii) execute or file any subdivision plat or condominium declaration affecting any Unencumbered Property, or (iii) consent to the annexation of any Unencumbered Property to any municipality;
(d)Do any act, or suffer to be done any act by any Company or any of its Affiliates, which would reasonably be expected to materially decrease the value of any Unencumbered Property (including by way of negligent act);
(e)[Reserved];
(f)Allow there to be fewer than twenty-five (25) Unencumbered Properties as of any date of determination;
(g)Allow the Total Asset Value of the Unencumbered Properties to be less than One Hundred Fifty Million Dollars ($150,000,000.00);
(h)Without the prior consent of the Lenders (which consent shall not be unreasonably withheld or delayed), surrender the leasehold estate created by any Acceptable Ground Lease or terminate or cancel any Acceptable Ground Lease or materially modify, change, supplement, alter, or amend any Acceptable Ground Lease, either orally or in writing, in each case, to the extent such event would reasonably be expected to be materially adverse to the interests of the Lenders; and
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(i)Enter into any Contractual Obligations related to any Unencumbered Property providing for the payment a management fee (or any other similar fee) to anyone other than a Company if, with respect thereto, the Administrative Agent has reasonably required that such fee be subordinated to the Obligations in a manner satisfactory to the Administrative Agent, and an acceptable subordination agreement has not yet been obtained.
SECTION 8.12  Environmental Matters.  Each of the Parent and the Borrower shall not knowingly directly or indirectly:
(a)Cause, commit, permit, or allow to continue (i) any violation of any Environmental Requirement by or with respect to any Unencumbered Property or any use of or condition or activity on any Unencumbered Property, or (ii) the attachment of any environmental Liens on any Unencumbered Property, in each case, that could reasonably be expected to have a Material Adverse Effect;
(b)Place, install, dispose of, or release, or cause, permit, or allow the placing, installation, disposal, spilling, leaking, dumping, or release of, any Hazardous Material on any Unencumbered Property in any manner that could reasonably be expected to have a Material Adverse Effect; and
(c)Use any Hazardous Material on any Unencumbered Property except in such a manner which could not reasonably be expected to have a Material Adverse Effect.
SECTION 8.13 Negative Pledge; Indebtedness.  Each of the Parent and the Borrower shall not permit:
(a)The Equity Interests of the Borrower held by the Parent to be subject to any Lien.
(b)Any Person (other than the Parent or the Borrower) that directly or indirectly owns Equity Interests in any Subsidiary Guarantor to (i) incur any Indebtedness (whether Recourse Indebtedness or Non-Recourse Indebtedness) (other than Indebtedness listed on Schedule 8.13 and Additional Permitted Indebtedness), (ii) provide Guarantees to support Indebtedness (other than Indebtedness listed on Schedule 8.13 and Additional Permitted Indebtedness), or (iii) have its Equity Interests subject to any Lien or other encumbrance (other than in favor of the Administrative Agent).
(c)Any Subsidiary Guarantor that owns an Unencumbered Property to (i) incur any Indebtedness (whether Recourse Indebtedness or Non-Recourse Indebtedness) (other than the Obligations, Indebtedness listed on Schedule 8.13 and Additional Permitted Indebtedness) or (ii) provide Guarantees to support Indebtedness (other than  the Obligations, Indebtedness listed on Schedule 8.13 and Additional Permitted Indebtedness).
SECTION 8.14 Financial Covenants.  The Parent shall not, directly or indirectly, permit:
(a)Maximum Consolidated Leverage Ratio. As of the last day of any fiscal quarter, the Consolidated Leverage Ratio to exceed sixty percent (60%); provided that, if any Material Acquisition shall occur and the Consolidated Leverage Ratio shall have been less than sixty percent (60%) for at least one full fiscal quarter immediately preceding the proposed Consolidated Leverage Ratio Covenant Holiday, then, at the election of the Borrower upon delivery of prior written notice to the Administrative Agent, concurrently with or prior to the delivery of a Compliance Certificate pursuant to Section 7.2(a), and provided that no Default or Event of Default shall have occurred and be continuing, the maximum Consolidated Leverage Ratio covenant level shall be increased to sixty-five (65%) for the fiscal quarter in which such Material Acquisition is consummated and the three (3) fiscal quarters immediately following 
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the fiscal quarter in which such Material Acquisition is consummated (any such increase a “Consolidated Leverage Ratio Covenant Holiday”); provided further that not more than two (2) Consolidated Leverage Ratio Covenant Holidays may be elected by the Borrower during the term of this Agreement;
(b)Maximum Secured Leverage Ratio. As of the last day of any fiscal quarter, the Secured Leverage Ratio to exceed forty percent (40%);
(c)Maximum Unencumbered Leverage Ratio.  As of the last day of any fiscal quarter, the Unencumbered Leverage Ratio to exceed sixty percent (60%); provided that, if any Material Acquisition shall occur and the Unencumbered Leverage Ratio shall have been less than sixty percent (60%) for at least one full fiscal quarter immediately preceding the proposed Unencumbered Leverage Ratio Covenant Holiday, then, at the election of the Borrower upon delivery of prior written notice to the Administrative Agent, concurrently with or prior to the delivery of a Compliance Certificate pursuant to Section 7.2(a), and provided that no Default or Event of Default shall have occurred and be continuing, the maximum Unencumbered Leverage Ratio covenant level shall be increased to sixty-five (65%) for the fiscal quarter in which such Material Acquisition is consummated and the three (3) fiscal quarters immediately following the fiscal quarter in which such Material Acquisition is consummated (any such increase an “Unencumbered Leverage Ratio Covenant Holiday”); provided further that not more than two (2) Unencumbered Leverage Ratio Covenant Holidays may be elected by the Borrower during the term of this Agreement;
(d)[Reserved];
(e)Minimum Fixed Charge Ratio.  As of the last day of any fiscal quarter, the Fixed Charge Ratio for the Parent, on a consolidated basis, for the fiscal quarter then ended, annualized, to be less than or equal to 1.5 to 1.0; and
(f)Minimum Unsecured Interest Coverage Ratio. As of the last day of any fiscal quarter, the Unsecured Interest Coverage Ratio for the Parent, on a consolidated basis, for the fiscal quarter then ended, annualized, to be less than or equal to 1.75 to 1.00.
ARTICLE IX
EVENTS OF DEFAULT AND REMEDIES

SECTION 9.1 Events of Default.  Any of the following shall constitute an Event of Default:
(a)Non-Payment.  The Borrower or any other Loan Party fails to pay (i) when and as required to be paid herein, any amount of principal of any Loan, or (ii) within five (5) days after the same becomes due, any interest on any Loan due hereunder, except that there shall be no grace period for interest due on any applicable Maturity Date, or (iii) within ten (10) days after notice from the Administrative Agent, any other amount payable to the Administrative Agent or any Lender hereunder or under any other Loan Document except that there shall be no grace period for any amount due on any Maturity Date; or
(b)Specific Covenants.  Any Loan Party fails to perform or observe any term, covenant or agreement contained in any of Section 7.11 or Article VIII (other than Sections 8.11 (a) and (c), or 8.13) or the Parent fails to perform or observe any term, covenant or agreement contained in the Parent Guaranty or any Subsidiary Guarantor fails to perform or observe any term, covenant or agreement contained in the Subsidiary Guaranty; or
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(c)Performance.  Any Loan Party fails to perform or observe any term, covenant or agreement contained in any of Section 7.1, Section 7.2, or Section 7.3, and such failure continues unremedied for ten (10) Business Days after such failure has occurred; or
(d)Other Defaults.  Any Loan Party fails to perform or observe any other covenant or agreement (not specified in subsection (a), (b), or (c) above) contained in any Loan Document on its part to be performed or observed and such failure continues unremedied for thirty (30) days after the earlier of notice from the Administrative Agent or the actual knowledge of the Loan Party, and in the case of a default that cannot be cured within such thirty (30) day period despite the Borrower’s diligent efforts but is susceptible of being cured within ninety (90) days of the Borrower’s receipt of the Administrative Agent’s original notice, then the Borrower shall have such additional time as is reasonably necessary to effect such cure, but in no event in excess of ninety (90) days from the Borrower’s receipt of the Administrative Agent’s original notice, subject in each instance to the Borrower’s remedial rights under Section 7.12(c); or
(e)Representations and Warranties.  Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of the Borrower or any other Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith or therewith shall be incorrect or misleading when made or deemed made and shall not be cured or remedied so that such representation, warranty, certification or statement of fact is no longer incorrect or misleading within ten (10) days after the earlier of notice from the Administrative Agent or the actual knowledge of any Loan Party thereof; or
(f)Cross-Default.  (i) Any Company (A) fails to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise), after the expiration of any applicable grace periods, in respect of any Indebtedness or Guarantee (other than (x) Indebtedness hereunder, and (y) Indebtedness under Swap Contracts) having an aggregate principal amount (including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than the Threshold Amount, or (B) fails to observe or perform any other agreement or condition relating to any such Indebtedness or Guarantee or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness or more than the Threshold Amount to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable or cash collateral in respect thereof to be demanded; or (ii) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from (A) any event of default under such Swap Contract as to which any Company is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to which any Company is an Affected Party (as so defined) and, in either event, the Swap Termination Value owed by such Company as a result thereof is greater than the Threshold Amount; or
(g)Insolvency Proceedings, Etc.  Any Loan Party institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed for sixty (60) calendar 
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days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent of such Person and continues undismissed or unstayed for sixty (60) calendar days, or an order for relief is entered in any such proceeding; or
(h)Inability to Pay Debts; Attachment.  (i) the Parent or the Borrower becomes unable to pay its debts as they become due, or any Loan Party admits in writing its inability or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part of the property of any such Loan Party and is not released, vacated or fully bonded within thirty (30) days after its issue or levy; or
(i)Judgments.  There is entered against any Loan Party (i) one or more final judgments or orders for the payment of money in an aggregate amount (as to all such judgments or orders) exceeding the Threshold Amount (to the extent not covered by independent third-party insurance as to which the insurer does not dispute coverage), or (ii) any one or more non-monetary final judgments that have, or would have, individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period of ten (10) consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or
(j)ERISA.  (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or would result in liability of any Company  under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of the Threshold Amount, or (ii) the Parent or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of the Threshold Amount; or
(k)Invalidity of Loan Documents.  Any Loan Document at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect in all material respects; or any Loan Party or any other Person contests in any manner the validity or enforceability of any Loan Document; or any Loan Party denies that it has any or further liability or obligation under any Loan Document, or purports to revoke, terminate or rescind any  Loan Document, except as expressly permitted hereunder; or
(l)REIT Status of the Parent.  The Parent ceases to be treated as a REIT or the Parent Shares shall fail to be listed and traded on the New York Stock Exchange; or
(m)Change of Control.  There occurs any Change of Control.
SECTION 9.2 Remedies Upon Event of Default.  If any Event of Default occurs and is continuing, the Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders, take any or all of the following actions:
(a)declare the commitment of each Lender to make Loans to be terminated, whereupon such commitments and obligation shall be terminated;
(b)declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; and
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(c)exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents;
provided that upon the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United States, the obligation of each Lender to make Loans shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, in each case without further act of the Administrative Agent or any Lender.
SECTION 9.3 Application of Funds.  After the exercise of remedies provided for in Section 9.2 (or after the Loans have automatically become immediately due and payable), any amounts received on account of the Obligations shall, subject to the provisions of Section 2.16, be applied by the Administrative Agent in the following order:
First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under ARTICLE III) payable to the Administrative Agent in its capacity as such;
Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable to the Lenders (including fees, charges and disbursements of counsel to the respective Lenders and amounts payable under ARTICLE III), ratably among them in proportion to the respective amounts described in this clause Second payable to them;
Third, to payment of that portion of the Obligations constituting accrued and unpaid interest on the Loans, and other Obligations, ratably among the Lenders, in proportion to the respective amounts described in this clause Third payable to them;
Fourth, to payment of that portion of the Obligations constituting (x) unpaid principal of the Loans and (y) payment obligations then owing to the Administrative Agent, any Lender, or any Affiliate of the Administrative Agent or any Lender (“Specified Derivatives Providers”) arising from, by virtue of, or pursuant to any Swap Contract, other than any Excluded Swap Obligation, that relates solely to the Obligations, ratably among the Lenders and the Specified Derivatives Providers in proportion to the respective amounts described in this clause Fourth payable to them; and
Last, the balance, if any, after all of the Obligations have been paid in full, to the Borrower or as otherwise required by Law.
Notwithstanding the foregoing, Obligations owing to Specified Derivatives Providers shall be excluded from the application described above if the Administrative Agent has not received written notice thereof, together with such supporting documentation as the Administrative Agent may request, from the applicable Specified Derivatives Provider.  Each Specified Derivatives Provider not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of Article X for itself and its Affiliates as if a “Lender” party hereto.
ARTICLE X
THE ADMINISTRATIVE AGENT
SECTION 10.1  Appointment and Authority.  Each of the Lenders hereby irrevocably appoints Wells Fargo to act on its behalf as the Administrative Agent hereunder and under the other Loan 
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Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto.  The provisions of this Article are solely for the benefit of the Administrative Agent and the Lenders, neither the Borrower nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions.  It is understood and agreed that the use of the term “agent” (or any other similar term) herein or in any other Loan Documents with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties.
SECTION 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.
SECTION 10.3  Exculpatory Provisions.  The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be administrative in nature.  Without limiting the generality of the foregoing, the Administrative Agent:
(a)shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;
(b)shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law; and
(c)shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity.
The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 11.1 and 9.2) 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 
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judgment.  The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given in writing to the Administrative Agent by the Borrower or a Lender.
The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.
SECTION 10.4  Reliance by the Administrative Agent.  The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (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, by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the making of such Loan.  The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.
SECTION 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 the Administrative Agent.  The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.
SECTION 10.6  Resignation of the Administrative Agent.
(a)The Administrative Agent may at any time give notice of its resignation to the Lenders and the Borrower.  Upon receipt of any such notice of resignation, the Required Lenders shall have the right, subject to the reasonable approval of the Borrower (with any Lender or affiliate of a Lender being deemed approved, unless such Lender is a Defaulting Lender, and which approval shall not be required if an Event of Default shall be in existence), 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 
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appointment within 30 days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to) on behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above.  Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date.
(b)If the Person serving as the Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrower and such Person remove such Person as the Administrative Agent and, in consultation with the Borrower, appoint a successor. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.
(c)With effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (1) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any pledge security held by the Administrative Agent on behalf of the Lenders 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 (2) except for any indemnity payments or other amounts then owed to the retiring or removed Administrative Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for above.  Upon the acceptance of a successor’s appointment as the 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) the Administrative Agent (other than any rights to indemnity payments or other amounts owed to the retiring or removed Administrative Agent as of the Resignation Effective Date or the Removal Effective Date, as applicable), and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section).  The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor.  After the retiring or removed Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Article and Section 10.4 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 the Administrative Agent.
SECTION 10.7  Non-Reliance on the 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.
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SECTION 10.8  No Other Duties, Etc.  Anything herein to the contrary notwithstanding, none of the Lead Arrangers, Bookrunners or co-Syndication 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, a Lender hereunder.
SECTION 10.9  The Administrative Agent May File Proofs of Claim.  In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:
(a)to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the Administrative Agent under Sections 2.9 and 11.4) allowed in such judicial proceeding; and
(b)to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;
and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.9 and 11.4. Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.
SECTION 10.10 Guaranty Matters.  Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release any Guarantor from its obligations under a Guaranty pursuant to the terms of this Agreement.
ARTICLE XI
MISCELLANEOUS
SECTION 11.1  Amendments, Etc.  No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by the Borrower or any other Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders and the Borrower or the applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided that no such amendment, waiver or consent shall:
(a)waive any condition set forth in Section 5.1(a) without the written consent of each Lender;
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(b)extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 2.1(a) or Section 9.2) without the written consent of such Lender;
(c)postpone any date fixed by this Agreement or any other Loan Document for any payment or mandatory prepayment of principal, interest, fees or other amounts due to a Lender or any scheduled or mandatory reduction of the Aggregate Commitments hereunder or under any other Loan Document without the written consent of each Lender directly affected thereby;
(d)reduce or forgive the principal of, or the rate of interest specified herein on, any Loan, or (subject to clause (iii) of the second proviso to this Section 11.1) any fees or other amounts payable hereunder or under any other Loan Document, without the written consent of each Lender directly affected thereby; provided that only the consent of the Required Lenders shall be necessary  to amend the definition of “Default Rate,” waive any obligation of the Borrower to pay interest at the Default Rate, or change the manner of computation of any financial ratio (including any change in any applicable defined term) used in determining the Applicable Rate that would result in a reduction of any interest rate on any Loan or any fee payable hereunder;
(e)change Section 9.3 in a manner that would alter the pro rata sharing of payments required thereby without the written consent of each Lender;
(f)change any provision of this Section or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of the Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender;
(g)release all or substantially all of the value of the Guaranties without the written consent of each Lender;
and, provided, further, that (i) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; and (ii) the Fee Letters may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto.  Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender.  All communications from the Administrative Agent to any Lender requesting such Lender’s determination, consent, approval or disapproval (a) shall be given in the form of a written notice to such Lender, (b) shall be accompanied by a description of the matter or issue as to which such determination, approval, consent or disapproval is requested, or shall advise such Lender where information, if any, regarding such matter or issue may be inspected, or shall otherwise describe the matter or issue to be resolved, (c) shall include, if reasonably requested by such Lender and to the extent not previously provided to such Lender, written materials and, as appropriate, a brief summary of all oral information provided to the Administrative Agent by the Borrower in respect of the matter or issue to be resolved, and (d) shall include the Administrative Agent’s recommended course of action or determination in respect thereof.  Notwithstanding the foregoing, the Administrative Agent may, without 
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the consent of any Lender, enter into amendments or modifications to this Agreement or any of the other Loan Documents or enter into additional Loan Documents as the Administrative Agent may deem appropriate in order to implement any Benchmark Replacement or otherwise effectuate the terms of clause (b) of Section 3.3.
SECTION 11.2  Notices; Effectiveness; Electronic Communication.
(a)Notices Generally.  Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:
(i)  if to the Borrower or the Administrative Agent to the address, telecopier number, electronic mail address or telephone number specified for such Person on Schedule 11.2; and
(ii)  if to any other Lender, to the address, telecopier number, electronic mail address or telephone number specified in its Administrative Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then in effect for the delivery of notices that may contain material non-public information relating to the Borrower).
Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient).  Notices and other communications delivered through electronic communications to the extent provided in subsection (b) below, shall be effective as provided in such subsection (b).
(b)Electronic Communications.  Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including e mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender pursuant to ARTICLE II if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication.  The Administrative Agent or the Borrower may each, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications.
Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii), if such notice, e-mail or other communication is not sent during the normal business hours of the recipient, such notice, e-mail 
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or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient.
(c)The Platform.  THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.”  THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS.  NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM.  In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower, any Lender or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s or the Administrative Agent’s transmission of the Borrower Materials through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided that in no event shall any Agent Party have any liability to the Borrower, any Lender or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages) resulting therefrom.
(d)Change of Address, Etc.  Each of the Borrower and the Administrative Agent may change its address, telecopier or telephone number for notices and other communications hereunder by notice to the other parties hereto.  Each other Lender may change its address, telecopier or telephone number for notices and other communications hereunder by notice to the Borrower and the Administrative Agent.  In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone number, telecopier number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender.  Furthermore, each Public Lender agrees to cause at least one (1) individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable Law, including United States Federal and state securities Laws, to make reference to the Borrower Materials that are not made available through the “Public Side Information” portion of the Platform and that may contain material non-public information with respect to the Borrower or its Equity Interests for purposes of United States Federal or state securities laws.
(e)Reliance by the Administrative Agent and the Lenders.  The Administrative Agent and the Lenders shall be entitled to rely and act upon any notices (including telephonic Committed Loan Notices) purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof.  The Borrower shall indemnify the Administrative Agent, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrower.  All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording.
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SECTION 11.3  No Waiver; Cumulative Remedies; Enforcement.  No failure by any Lender or the Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.  The rights, remedies, powers and privileges herein provided and provided under each other Loan Document are cumulative and not exclusive of any rights, remedies, powers and privileges provided by Law.
Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with Section 9.2 for the benefit of all the Lenders; provided that the foregoing shall not prohibit (a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as the Administrative Agent) hereunder and under the other Loan Documents, (b) any Lender from exercising setoff rights in accordance with Section 11.8 (subject to the terms of Section 2.13), or (c) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting as the Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Section 9.2 and (ii) in addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to Section 2.13, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.
SECTION 11.4  Expenses; Indemnity; Damage Waiver.
(a)Costs and Expenses.  Each Loan Party shall jointly and severally pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including (a) the reasonable fees, charges and disbursements of counsel for the Administrative Agent; (b) fees and charges of each consultant, inspector, and engineer; (c) uniform commercial code searches; (d) judgment and tax lien searches for the Borrower and each Guarantor; (e) escrow fees; and (f) documentary taxes, in connection with the initial 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 Administrative Agent or any Lender (including the reasonable fees, charges and disbursements of any counsel for the Administrative Agent or any Lender (only if a Default shall be in existence)), in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with the Loans made hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans; provided, however that the Borrower shall not be required to pay the expenses of more than one law firm acting as counsel for the Lenders (in addition to expenses for any appropriate local or special counsel) in connection with such workout or enforcement to the extent the Lenders reasonably determine that joint representation is appropriate under the circumstances.
(b)Indemnification.  The Parent and the Borrower shall jointly and severally indemnify the Administrative Agent (and any sub-agent thereof), each Lender, and each Related Party of any of the 
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foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the reasonable fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the Borrower or any other Loan Party resulting from any action, suit, or proceeding relating to (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder, the consummation of the transactions contemplated hereby or thereby, or, in the case of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other Loan Documents (including in respect of any matters addressed in Section 3.1), (ii) any Loan or the use or proposed use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Damages related in any way to the Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any other Loan Party, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (w) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or any Related Party of such Indemnitee, (x) result from a claim brought by the Borrower or any other Loan Party 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 other Loan Party has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction, (y) for which an Indemnitee has been compensated pursuant to the terms of this Agreement or the Fee Letters, or (z) to the extent based upon contractual obligations of such Indemnitee owing by such Indemnitee to any third party which are not expressly set forth in this Agreement.
(c)Reserved.
(d)Reimbursement by the Lenders.  To the extent that the Loan Parties for any reason fail to indefeasibly pay any amount required under subsection (a) or (b) of this Section to be paid by the Loan Parties to the Administrative Agent (or any sub-agent thereof), or any Related Party of any of the foregoing (and without limiting their obligation to do so), each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent) or such Related Party, as the case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s Applicable Percentage) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender), such payment to be made severally among them based on such Lenders’ Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent), or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent), in connection with such capacity.  The obligations of the Lenders under this subsection (c) are subject to the provisions of Section 2.12(d).
(e)Waiver of Consequential Damages, Etc.  To the fullest extent permitted by applicable Law, no Loan Party shall assert, and each Loan Party hereby waives and acknowledges that no other Person shall have, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection 
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with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof.  No Indemnitee referred to in subsection (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the gross negligence or willful misconduct of such Indemnitee as determined by a final and nonappealable judgment of a court of competent jurisdiction.
(f)Payments.  All amounts due under this Section shall be payable not later than ten (10) Business Days after demand therefor.
(g)Survival.  The agreements in this Section and the indemnity provisions of Section 11.2(e) shall survive the resignation of the Administrative Agent, the replacement of any Lender, the termination of the Aggregate Commitments, and the repayment, satisfaction or discharge of all the other Obligations.
SECTION 11.5  Payments Set Aside.  To the extent that any payment by or on behalf of the Borrower is made to the Administrative Agent or any Lender, or the Administrative Agent or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by the Administrative Agent (without relieving the Borrower of its obligation to make any such payment so required), plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect.  The obligations of the Lenders under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement.
SECTION 11.6  Successors and Assigns.
(a)Successors and Assigns Generally.  The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that neither the Borrower nor any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of subsection (b) of this Section, (ii) by way of participation in accordance with the provisions of subsection (d) of this Section, or (iii) by way of pledge or assignment of a security interest subject to the restrictions of subsection (e) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void).  Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of 
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each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.
(b)Assignments by the Lenders.  Any Lender may, at no cost or expense to any Loan Party (except as provided in Section 11.13), 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 the Loans at the time owing to it); provided that any such assignment shall be subject to the following conditions:
(i)  Minimum Amounts.
(A)in the case of an assignment of the entire remaining amount of the assigning Lender’s Loans at the time owing to it or contemporaneous assignments to related Approved Funds that equal at least the amount specified in paragraph (b)(i)(B) of this Section in the aggregate or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned (but any such assignment shall be of a pro rata interest in each of the Loans); and
(B)in any case not described in subsection (b)(i)(A) of this Section, 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 $5,000,000 and shall be an assignment of a pro rata interest in each of the Loans, and the amount assigned to the Eligible Assignee shall not be less than $5,000,000, unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided that concurrent assignments to members of an Assignee Group and concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or to an Eligible Assignee and members of its Assignee Group) will be treated as a single assignment for purposes of determining whether such minimum amount has been met.
(ii)  Proportionate Amounts.  Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loans assigned;
(iii)  Required Consents.  No consent shall be required for any assignment except to the extent required by subsection (b)(i)(B) of this Section and, in addition:
(A)the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event of Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender, an Approved Fund or to any Federal Reserve Bank or other central bank authority or comparable agency having jurisdiction over such Lender; provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof; and
(B)the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required if such assignment is to a Person that 
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is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender.
(iv)  Assignment and Assumption.  The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; provided that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment.  The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.
(v)  No Assignment to Certain Persons.  No such assignment shall be made (A) to the Parent or the Borrower or any of their Affiliates or Subsidiaries, or (B) without the consent of the Administrative Agent and the Borrower, 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), (C) to a natural person, or (D) without the consent of the Borrower, to any Excluded Party.
(vi)  Certain Additional Payments.  In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or sub-participations, or other compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans in accordance with its Applicable Percentage.  Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.
Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Section 3.1, Section 3.4, Section 3.5, and Section 11.4 with respect to facts and circumstances occurring prior to the effective date of such assignment, provided, that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.  Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender.  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not 
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comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with subsection (d) of this Section.
(c)Register.  The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower (and such agency being solely for tax purposes), shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it (or the equivalent thereof in electronic form) and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement.  The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.
(d)Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations to any Person (other than a natural person, an Excluded Party, a Defaulting Lender or the Parent or the Borrower or any of their 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 the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent, the Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.  For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 11.4(d) without regard to the existence of any participation.
Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any  provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in the first proviso to Section 11.1 that affects such Participant.  The Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.1, 3.4 and 3.5 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section (it being understood that the documentation required under Section 3.1(e) shall be delivered to the Lender who sells the participation); provided that such Participant (A) agrees to be subject to the provisions of Sections 3.6 and 11.13 as if it were an assignee under paragraph (b) of this Section and (B) shall not be entitled to receive any greater payment under Sections 3.1 or 3.4, with respect to any participation than the Lender from whom it acquired the applicable participation 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 3.6 with respect to any Participant.  To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 11.8 as though it were a Lender; provided that such Participant agrees to be subject to Section 2.13 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any 
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obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.  The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.  For the avoidance of doubt, the Administrative Agent (in its capacity as the Administrative Agent) shall have no responsibility for maintaining a Participant Register.
(e)Certain Pledges.  Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central bank authority or comparable agency having jurisdiction over such Lender; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.
(f)Reserved.
(g)USA Patriot Act Notice; Compliance.  In order for the Administrative Agent to comply with “know your customer” and anti-money laundering rules and regulations, including without limitation, the Patriot Act, prior to any Lender that is organized under the laws of a jurisdiction outside of the United States of America becoming a party hereto, the Administrative Agent may request, and such Lender shall provide to the Administrative Agent, its name, address, tax identification number and/or such other identification information as shall be necessary for the Administrative Agent to comply with federal law.
SECTION 11.7  Treatment of Certain Information; Confidentiality.  Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent required or requested by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable Laws or regulations or by any subpoena or similar legal process so long as the Administrative Agent and any Lender, as the case may be, requests confidential treatment of such Information to the extent permitted by Law (provided that the requesting Administrative Agent or Lender shall not be responsible for the failure by any such party to keep the Information confidential), (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights and obligations under this Agreement or any Eligible Assignee invited to be a Lender pursuant to Section 3.6(c), Section 11.13 or (ii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder, (g) on a confidential basis to (i)  any rating agency in connection with rating the Borrower or its Subsidiaries or the credit facilities provided hereunder or (ii) the CUSIP Service Bureau 
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or any similar agency in connection with the issuance and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities provided hereunder, (h) with the consent of the Borrower, (i) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, any Lender or any of their respective Affiliates on a non-confidential basis from a source other than the Borrower provided that the source of such information was not at the time known to be bound by a confidentiality agreement or other legal or contractual obligation of confidentiality with respect to such Information or (j) constituting deal terms and other information customarily reported to Thomson Reuters, other bank market data collectors and similar service providers to the lending industry and service providers to the Administrative Agent and the Lenders in connection with the administration of the Loan Documents.  For purposes of this Section, “Information” means all information received from the Borrower or any Subsidiary relating to the Borrower or any Subsidiary or any of their respective businesses, other than any such information that is available to the Administrative Agent or any Lender on a non-confidential basis prior to disclosure by the Borrower or any Subsidiary, provided that, in the case of information received from the Borrower or any Subsidiary after the date hereof, such information is clearly identified at the time of delivery as confidential.  Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.
Each of the Administrative Agent and the Lenders acknowledges that (a) the Information may include material non-public information concerning the Borrower or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material non-public information in accordance with applicable Law, including United States Federal and state securities Laws.
SECTION 11.8  Right of Setoff.  If an Event of Default shall have occurred and be continuing and the Administrative Agent and the Required Lenders shall have consented in writing thereto, each Lender and each of their respective Affiliates (including, for the avoidance of doubt, any Specified Derivatives Providers) is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate to or for the credit or the account of the Borrower or any other Loan Party against any and all of the obligations of the Borrower or such Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender or their respective Affiliates, irrespective of whether or not such Lender or Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower or such Loan Party may be  contingent or unmatured or are owed to a branch, office or Affiliate of such Lender different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness; provided, that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.17 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it  exercised  such right of setoff. The rights of each Lender and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender or their respective Affiliates may have. Each Lender agrees to notify the Borrower and the Administrative Agent 
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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.
SECTION 11.9  Interest Rate Limitation.  Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”).  If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower.  In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.
SECTION 11.10 Counterparts; Integration; Effectiveness.  This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Agreement and the other Loan Documents, 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 5.1, 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 telecopy, by e-mail with a pdf copy attached, or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Agreement.
SECTION 11.11 Survival of Representations and Warranties.  All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof.  Such representations and warranties have been or will be relied upon by the Administrative Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied.
SECTION 11.12 Severability.  If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.  The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.  Without limiting the foregoing provisions of this Section 11.12, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent then such provisions shall be deemed to be in effect only to the extent not so limited.
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SECTION 11.13 Replacement of the Lenders.  If the Borrower is entitled to replace a Lender pursuant to the provisions of Section 3.6, or if any Lender is a Defaulting Lender or if any other circumstance exists hereunder that gives the Borrower the right to replace a Lender as a party hereto, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 11.6), all of its interests, rights (other than its existing rights to payments pursuant to Sections 3.1, 3.4 and 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:
(a)the Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 11.6(b);
(b)such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.5) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts);
(c)in the case of any such assignment resulting from a claim for compensation under Section 3.4 or payments required to be made pursuant to Section 3.1, such assignment will result in a reduction in such compensation or payments thereafter; and
(d)such assignment does not conflict with applicable Laws.
(e)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.
SECTION 11.14 Governing Law; Jurisdiction; Etc.
(a)GOVERNING LAW.  THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
(b)SUBMISSION TO JURISDICTION.  THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH 
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COURTS  AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION 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, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.  NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT 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.
(c)WAIVER OF VENUE.  EACH OF THE PARENT, THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (b) OF THIS SECTION.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.
(d)SERVICE OF PROCESS.  EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 11.2 PROVIDED THAT, IN THE CASE OF SERVICE ON ANY LOAN PARTY A COPY IS ALSO DELIVERED TO JEFFREY SULLIVAN, GENERAL COUNSEL FOR PARENT AND BORROWER.  NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.
(e)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.
SECTION 11.15 No Advisory or Fiduciary Responsibility.  In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Parent, the Borrower, and each other Loan Party acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (i)(A) the arranging and other services regarding this Agreement provided by the Administrative Agent and the Lead Arrangers are arm’s-length commercial transactions between the Parent, the Borrower, each other Loan Party and their respective Affiliates, on the one hand, and the Administrative Agent and the Lead 
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Arrangers, on the other hand, (B) each of the Parent, the Borrower, and the other Loan Parties has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower and each other Loan Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii)(A) each of the Administrative Agent, the Lead Arrangers and the Lenders is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Parent, the Borrower, any other Loan Party, or any of their respective Affiliates, or any other Person and (B) the Administrative Agent, the Lead Arrangers and the Lender have no obligation to the Parent, the Borrower, any other Loan Party, or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Administrative Agent, the Lead Arrangers and the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Parent, the Borrower, the other Loan Parties, and their respective Affiliates, and the Administrative Agent, the Lead Arrangers and the Lenders have no obligation to disclose any of such interests to the Parent, the Borrower, any other Loan Party, or any of their respective Affiliates.  To the fullest extent permitted by Law, each of the Parent, the Borrower, and the other Loan Parties hereby waives and releases any claims that it may have against the Administrative Agent and the Lead Arrangers with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.
SECTION 11.16 Electronic Execution of Assignments and Certain Other Documents.  The words “execution,” “signed,” “signature,” and words of like import in any Assignment and Assumption or in any amendment or other modification hereof (including waivers and consents) shall be deemed to include electronic signatures, the electronic matching or assignment terms and contract formations on electronic platforms approved by the Administrative Agent or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.
SECTION 11.17 USA PATRIOT ACT.  Each Lender that is subject to the Patriot Act (as hereinafter defined) and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required to obtain, verify and record certain information that identifies individuals or business entities which open an “account” with such financial institution, which information includes the name, address, and tax identification number of the Borrower and such other identification information that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrower in accordance with the Patriot Act and comply with federal law.  An “account” for this purpose may include, without limitation, a deposit account, cash management service, a transaction or asset account, a credit account, a loan or other extension of credit, and/or other financial services product. the Borrower shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation and other information that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act.
SECTION 11.18 ENTIRE AGREEMENT.  THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY 
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NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.
SECTION 11.19 Acknowledgement and Consent to Bail-In of Affected Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(a)the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and
(b)the effects of any Bail-In Action on any such liability, including, if applicable:
(i)  a reduction in full or in part or cancellation of any such liability;
(ii)  a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or
(iii)  the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.
SECTION 11.20 Certain ERISA Matters.
(a)Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, each Lead Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true:
(i)  such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans or the Commitments;
(ii)  the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement;
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(iii)  (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement; or
(iv)  such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.
(b)In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, each Lead Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that none of the Administrative Agent, any Lead Arranger and their respective Affiliates is a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto).
SECTION 11.21 Acknowledgment Regarding Any Supported QFCs.  To the extent that the Loan Documents provide support, through a guarantee or otherwise, for a Swap Contract or any other agreement or instrument that is a QFC (such support, “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):
(a)In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and 
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the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.
(b)As used in this Section 11.21, the following terms have the following meanings:
(A)“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841 (k)) of such party.
(B)“Covered Entity” means any of the following:
(1)a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §252.82(b);
(2)a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §47.3(b); or
(3)a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §382.2(b).
(C)“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.
(D)“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12. U.S.C 5390(c)(8)(D).

103

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

STAG INDUSTRIAL OPERATING 
PARTNERSHIP, L.P.,
a Delaware limited partnership
By: STAG Industrial GP, LLC, a Delaware limited liability company, its General Partner

By:  /s/ William R. Crooker
Name: William R. Crooker
Title: Authorized Officer

PARENT:

STAG INDUSTRIAL, INC.,
a Maryland corporation

By:  /s/ William R. Crooker
Name: William R. Crooker
Title: Executive Vice President, Chief Financial Officer and Treasurer

STAG 2020 Term Loan Agreement

WELLS FARGO BANK, NATIONAL ASSOCIATION,
as the Administrative Agent and a Lender

By:  /s/ D. Bryan Gregory
Name: D. Bryan Gregory
Title: Managing Director

STAG 2020 Term Loan Agreement

PNC Bank, National Association,
as a Lender

By:  /s/ Shari L. Reams-Henofer
Name: Shari L. Reams-Henofer
Title: Senior Vice President

STAG 2020 Term Loan Agreement

TD Bank, N.A.,
as a Lender

By:  /s/ Rory Desmond
Name: Rory Desmond
Title: Vice President

STAG 2020 Term Loan Agreement

Regions Bank,
as a Lender

By:  /s/ Ghi S. Gavin
Name: Ghi S. Gavin
Title: Senior Vice President

STAG 2020 Term Loan Agreement

U.S. Bank National Association,
as a Lender

By:  /s/ Kimberly L. Feldman
Name: Kimberly L. Feldman
Title: Vice President

STAG 2020 Term Loan Agreement

Bank of America, N.A.,
as a Lender

By:  /s/ Jeff Darling
Name:  Jeff Darling
Title: Senior Vice President

STAG 2020 Term Loan Agreement

Eastern Bank,
as a Lender

By:  /s/ Jared H. Ward
Name: Jared H. Ward
Title: Senior Vice President

STAG 2020 Term Loan Agreement

Truist Bank, f/k/a Branch Banking and Trust Company,
as a Lender

By:  /s/ Karen Cadiente
Name: Karen Cadiente
Title: Assistant Vice President

STAG 2020 Term Loan Agreement

Citibank, N.A.,
as a Lender

By:  /s/ Christopher Albano
Name: Christopher Albano
Title: Authorized Signatory

STAG 2020 Term Loan Agreement

American Savings Bank, F.S.B.,
as a Lender

By:  /s/ Kyle J. Shelly
Name: Kyle J. Shelly
Title: First Vice President

STAG 2020 Term Loan Agreement

Raymond James Bank, N.A.,
as a Lender

By:  /s/ Matt Stein
Name: Matt Stein
Title: Senior Vice President

STAG 2020 Term Loan Agreement

SCHEDULE 2.1
COMMITMENTS AND APPLICABLE PERCENTAGES
									
	Lender	Commitment	Applicable Percentage
	Wells Fargo Bank, National Association	$67,500,000	22.50%
	PNC Bank, National Association	$47,500,000	15.83%
	TD Bank, N.A.	$40,000,000	13.33%
	Regions Bank	$40,000,000	13.33%
	U.S. Bank National Association	$40,000,000	13.33%
	Bank of America, N.A.	$15,000,000	5%
	Eastern Bank	$15,000,000	5%
	Truist Bank, f/k/a Branch Banking and Trust Company	$10,000,000	3.33%
	Citibank, N.A.	$10,000,000	3.33%
	American Savings Bank, F.S.B.	$10,000,000	3.33%
	Raymond James Bank, N.A.	$5,000,000	1.66%
	Total	$300,000,000	100%

SCHEDULE 4.1
Initial Unencumbered Properties
															
	STAG Allentown, LLC	7132 Daniels Drive	Allentown	PA	
	STAG III Arlington L.P.	3311 Pinewood Drive	Arlington	TX	
	STAG Arlington 2, L.P.	401 N. Great Southwest Parkway	Arlington	TX	
	STAG Belvidere I, LLC	1701 Industrial Court	Belvidere	IL	
	STAG Belvidere III, LLC	725 Landmark Drive	Belvidere	IL	
	STAG Belvidere IV, LLC	888 Landmark Drive	Belvidere	IL	
	STAG Belvidere V, LLC	3915 Morreim Drive  and 
3925 Morreim Drive
	Belvidere	IL	
	STAG Belvidere VI, LLC	725 & 729 Logistics Drive	Belvidere	IL	
	STAG Belvidere VII, LLC	795 Landmark Drive	Belvidere	IL	
	STAG Belvidere VIII, LLC	857  Landmark Drive	Belvidere	IL	
	STAG Belvidere 10, LLC	3458 Morreim Drive	Belvidere	IL	
	STAG Belvidere IX, LLC	984 Landmark Drive	Belvidere	IL	
	STAG III Boardman, LLC	365 McClurg Rd.	Boardman	OH	
	STAG Burlington, LLC	6 Campus Drive	Burlington	NJ	
	STAG Burlington 2, LLC	1900 River Road	Burlington	NJ	
	STAG Burlington 3, LLC	8 Campus Drive	Burlington	NJ	
	STAG Columbia, LLC	185 McQueen Street	Columbia	SC	
	STAG DeKalb, LLC	1085 Peace Road	DeKalb	IL	
	STAG De Pere, LLC	2191 American Boulevard	De Pere	WI	
	STAG Duncan, LLC	110 Hidden Lakes Circle and
112 Hidden Lakes Circle
	Duncan	SC	
	STAG Edgefield, LLC	One Tranter Drive	Edgefield	SC	
	STAG Elizabethtown, LLC	11 and 33 Industrial Road	Elizabethtown	PA	
	STAG El Paso 1, LP	1601 Northwestern Drive	El Paso	TX	
	STAG El Paso 2, LP	6500 N. Desert Blvd.	El Paso	TX	
	STAG El Paso 3, LP	1550 Northwestern	El Paso	TX	
	STAG El Paso 4, LP	1701 Northwestern Drive	El Paso	TX	
	STAG El Paso 5, LP	1701 Northwestern	El Paso	TX	
	STAG El Paso, LP	47 Butterfield Circle	El Paso	TX	
	STAG Fairborn, LLC	1340 E Dayton Yellow Springs Road	Fairborn	OH	
	STAG Garland, LP	2901 W. Kingsley Road	Garland	TX	
	STAG Germantown, LLC	11900 N. River Lane	Germantown	WI	
	STAG GI Rogers, LLC	19850 South Diamond Lake Road	Rogers	MN	
	STAG GI Streetsboro, LLC	9777 Mopar Drive	Streetsboro	OH	
	STAG Greer, LLC	149 Metro Court
153 Metro Court
154 Metro Court
169 Metro Court
	Greer	SC	
	STAG Gurnee 2, LLC	3818 Grandville Avenue	Gurnee	IL	
	STAG Gurnee, LLC	3800 Swanson Court	Gurnee	IL	
	STAG Hampstead, LLC	630 Hanover Pike	Hampstead	MD	

															
	STAG Harvard, LLC	875 West Diggins Street	Harvard	IL	
	STAG Houston 2, L.P.	4949 Windfern Road	Houston	TX	
	STAG Houston 4, LP	1020 Rankin Road	Houston	TX	
	STAG IND Stafford, LP	13720 Stafford Road	Stafford	TX	
	STAG IND El Paso 6, LP	32 Celerity Wagon Street & 48 Walter Jones Blvd.	El Paso	TX	
	STAG IND Houston 9, LP	7049 Brookhollow West Drive 	Houston	TX	
	STAG IND Houston 11, LP	16548 Donwick Drive	Houston	TX	
	STAG Houston 14, LP	Fallbrook Drive & Ella Blvd.	Houston	TX	
	STAG IND Mission, LP	802 Trinity Street	Mission	TX	
	STAG Industrial Holdings, LLC	1726 Blackhawk Drive	West Chicago	IL	
	STAG Industrial Holdings, LLC	4075 Blue Ridge Industrial Pkwy	Norcross	GA	
	STAG Industrial Holdings, LLC	2001 Centre Avenue	Reading	PA	
	STAG Industrial Holdings, LLC	111 Southchase Boulevard	Greenville	SC	
	STAG Industrial Holdings, LLC	128 Crews Drive	Columbia	SC	
	STAG Industrial Holdings, LLC	2151 and 2201 Cabot Blvd. West	Langhorne	PA	
	STAG Industrial Holdings, LLC	7500 Tank Avenue	Warren	MI	
	STAG Industrial Holdings, LLC	400 Lukens Drive	New Castle	DE	
	STAG Industrial Holdings, LLC	35 Otis Street	Westborough	MA	
	STAG Industrial Holdings, LLC	5300 Kennedy Road	Forest Park	GA	
	STAG Industrial Holdings, LLC	5345 Old Dixie Highway	Forest Park	GA	
	STAG Industrial Holdings, LLC	47 Market Street	Gardiner	ME	
	STAG Industrial Holdings, LLC	121 Wheeler Court	Langhorne	PA	
	STAG Industrial Holdings, LLC	3900 Gantz Road	Grove City	OH	
	STAG Industrial Holdings, LLC	16231 Lone Elm Road	Olathe	KS	
	STAG Industrial Holdings, LLC	4949 Southwest 20th St.
	Oklahoma City	OK	
	STAG Industrial Holdings, LLC	321 Foster Ave	Wood Dale	IL	

Schedule 4.1

															
	STAG Industrial Holdings, LLC	9625 55th Street
	Kenosha	WI	
	STAG Industrial Holdings, LLC	1800 Bruning Drive	Itasca	IL	
	STAG Industrial Holdings, LLC	Lot 2, Bruning Drive	Itasca	IL	
	STAG Industrial Holdings, LLC	500 W. North Shore Drive	Hartland	WI	
	STAG Industrial Holdings, LLC	1 American Eagle Plaza	Earth City	MO	
	STAG Industrial Holdings, LLC	5675 North Blackstone Road	Spartanburg	SC	
	STAG Industrial Holdings, LLC	222 Old Wire Road	West Columbia	SC	
	STAG Industrial Holdings, LLC	1300 Northwest Avenue	West Chicago	IL	
	STAG Industrial Holdings, LLC	1400 Northwest Avenue	West Chicago	IL	
	STAG Industrial Holdings, LLC	1450 Northwest Avenue	West Chicago	IL	
	STAG Industrial Holdings, LLC	1270 Nuclear Drive	West Chicago	IL	
	STAG Industrial Holdings, LLC	1145 & 1149 Howard Drive	West Chicago	IL	
	STAG Industrial Holdings, LLC	505-507 Stokely Drive	DeForest	WI	
	STAG Industrial Holdings, LLC	4300 Alatex Road	Montgomery	AL	
	STAG Industrial Holdings, LLC	9696 International Blvd.	West Chester	OH	
	STAG Industrial Holdings, LLC	610 Kelsey Court	West Columbia	SC	
	STAG Industrial Holdings, LLC	6688 93rd Avenue-N
	Brooklyn Park	MN	
	STAG Industrial Holdings, LLC	4 Craftsman Road	East Windsor	CT	
	STAG Industrial Holdings, LLC	775 Whittaker Road	Jacksonville	FL	
	STAG Industrial Holdings, LLC	9601 North Main Street	Jacksonville	FL	

Schedule 4.1

															
	STAG Industrial Holdings, LLC	550 Gun Club Road	Jacksonville	FL	
	STAG Industrial Holdings, LLC	555 Zoo Parkway	Jacksonville	FL	
	STAG Industrial Holdings, LLC	17-20 Veronica Avenue	Franklin Township	NJ	
	STAG Industrial Holdings, LLC	40 Pepes Farm Road	Milford	CT	
	STAG Industrial Holdings, LLC	26801 Fargo Avenue	Bedford Heights	OH	
	STAG Industrial Holdings, LLC	12100 Inkster Road	Redford	MI	
	STAG Industrial Holdings, LLC	13301 Stephens Road	Warrant	MI	
	STAG Industrial Holdings, LLC	3751 Sunset Avenue	Waukegan	IL	
	STAG Industrial Holdings, LLC	50 Peachview Blvd.	Gaffney	SC	
	STAG Industrial Holdings, LLC	2800 Concorde Drive	Dayton	OH	
	STAG Industrial Holdings, LLC	775 Logistics Drive	Belvidere	IL	
	STAG Industrial Holdings, LLC	2055 Dublin Drive	San Diego	CA	
	STAG Industrial Holdings, LLC	9601 Woodend Road	Edwardsville	KS	
	STAG Industrial Holdings, LLC	1 Gateway Blvd.	Pedricktown	NJ	
	STAG Industrial Holdings, LLC	125 Richwood Road	Walton	KY	
	STAG Industrial Holdings, LLC	1953 Lanston Street	Rock Hill	SC	
	STAG Industrial Holdings, LLC	2300 Sweeney Drive	Clinton	PA	
	STAG Industrial Holdings, LLC	1100 Paramount Parkway	Batavia	IL	
	STAG Industrial Holdings, LLC	5 Sterling Drive	Wallingford	CT	

Schedule 4.1

															
	STAG Industrial Holdings, LLC	2761 Hildebrandt Street	Romulus	MI	
	STAG Industrial Holdings, LLC	1635 Stone Ridge Drive	Stone Mountain	GA	
	STAG Industrial Holdings, LLC	One Commerce Road	Pittston	PA	
	STAG Industrial Holdings, LLC	6705 Keaton Corporate Parkway	O’Fallon	MO	
	STAG Industrial Holdings, LLC	3450 West Teco Avenue	Las Vegas	NV	
	STAG Industrial Holdings, LLC	2165 Center Square Road	Swedesboro	NJ	
	STAG Industrial Holdings, LLC	1605 Westbelt Drive	Columbus	OH	
	STAG Industrial Holdings, LLC	5830 Green Pointe Drive South	Groveport	OH	
	STAG Industrial Holdings, LLC	Haggerty Road	Belleville	MI	
	STAG Industrial Holdings LLC	1209 31st Avenue
	Council Bluffs	IA	
	STAG Industrial Holdings, LLC	4251 Leap Road	Hilliard	OH	
	STAG Industrial Holdings, LLC	141 Southchase Blvd.	Fountain Inn	SC	
	STAG Industrial Holdings, LLC	925 N. 127th Avenue
	Avondale	AZ	
	STAG Industrial Holdings, LLC	55 Bristol Avenue	South Easton	MA	
	STAG Industrial Holdings, LLC	4718 and 4722 Helgesen Drive	Madison	WI	
	STAG Industrial Holdings, LLC	107 South Chase Blvd.	Fountain Inn	SC	
	STAG Industrial Holdings, LLC	1300 Hampshire Avenue	South Bloomington	MN	
	STAG Industrial Holdings, LLC	57 Grumbacher Road	York	PA	
	STAG Industrial Holdings, LLC	2501 Highway 101 South	Greer	SC	
	STAG Industrial Holdings, LLC	831/833 Ridgeview Drive	McHenry	IL	
	STAG Industrial Holdings, LLC	1343 27th Street	Caledonia	WI	
	STAG Industrial Holdings, LLC	2250 Pilot Knob Road	Mendota Heights	MN	

Schedule 4.1

															
	STAG Industrial Holdings, LLC	2251 Sweeney Drive	Clinton	PA	
	STAG Industrial Holdings, LLC	3840 Port Union Road	Fairfield	OH	
	STAG Industrial Holdings, LLC	121000 Little Cayman	Baton Rouge	LA	
	STAG Industrial Holdings, LLC	730 Pilot Road	Las Vegas	NV	
	STAG Industrial Holdings, LLC	4300 Godding Hollow Pkwy	Longmont	CO	
	STAG Industrial Holdings, LLC	8 Shelter Drive	Greer	SC	
	STAG Industrial Holdings, LLC	1100 Burlington Pike Road	Florence	KY	
	STAG Industrial Holdings, LLC	43800 Gen Mar Drive	Novi	MI	
	STAG Industrial Holdings, LLC	1900 E 17th Street
	Des Moines	IA	
	STAG Industrial Holdings, LLC	115 Hunt Valley Road	New Kensington	PA	
	STAG Industrial Holdings, LLC	N117 W18456 Fulton Drive	Germantown	WI	
	STAG Industrial Holdings, LLC	7475 S. 6th Street
	Oak Creek	WI	
	STAG Industrial Holdings, LLC	7366 S. 1st Street
	Oak Creek	WI	
	STAG Industrial Holdings, LLC	N106 W13131 Bradley Way	Germantown	WI	
	STAG Industrial Holdings, LLC	8901 102nd Street
	Pleasant Prairie	WI	
	STAG Industrial Holdings, LLC	1816 Tobacco Road	August	GA	
	STAG Industrial Holdings, LLC	100 Purity Drive	Lebanon	IN	
	STAG Industrial Holdings, LLC	585-595 Hale Avenue	Oakdale	MN	
	STAG Industrial Holdings, LLC	6210 Days Cove Road	White Marsh	MD	
	STAG Industrial Holdings, LLC	513 Old Griffin Road	Piedmont	SC	
	STAG Industrial Holdings, LLC	3001 State Road	Westrock Croydon	PA	

Schedule 4.1

															
	STAG Industrial Holdings, LLC	N102 W19400 Willow Creek Way	Germantown	WI	
	STAG Industrial Holdings, LLC	Simko Blvd.	Charleroi	PA	
	STAG Industrial Holdings, LLC	6161 South Palo Verde Road	Tucson	AZ	
	STAG Industrial Holdings, LLC	1312 Old Stage Rd.	Simpsonville	SC	
	STAG Industrial Holdings, LLC	W277 N2737 Duplainville Rd.	Pewaukee	WI	
	STAG Industrial Holdings, LLC	W288 N2801 Duplainville Rd.	Pewaukee	WI	
	STAG Industrial Holdings, LLC	10411 80th Avenue
	Pleasant Prairie	WI	
	STAG Industrial Holdings, LLC	525 West Marquette Avenue	Oak Creek	WI	
	STAG Industrial Holdings, LLC	410-426 Keystone Drive	Warrendale	PA	
	STAG Industrial Holdings, LLC	1415 Collins Road	Greenwood	IN	
	STAG Industrial Holdings, LLC	1086 Oracal Parkway	Savannah	GA	
	STAG Industrial Holdings, LLC	907 Weber Road	Albion	IN	
	STAG Industrial Holdings, LLC	1105 Weber Road	Albion	IN	
	STAG Industrial Holdings, LLC	600 South 7th Street
	Albion	IN	
	STAG Industrial Holdings, LLC	1514 Progress Drive	Albion	IN	
	STAG Industrial Holdings, LLC	1515, 1545,1563 East State Rd 8	Albion	IN	
	STAG Industrial Holdings, LLC	811 Commerce Drive	Kendallville	IN	
	STAG Industrial Holdings, LLC	3501 East County Road	Elkhart	IN	
	STAG Industrial Holdings, LLC	2600 College Avenue	Goshen	IN	

Schedule 4.1

															
	STAG Industrial Holdings, LLC	3310 William Richardson Court	South Bend	IN	
	STAG Industrial Holdings, LLC	4750 County Road 13, NE	Alexandria	MN	
	STAG Industrial Holdings, LLC	14399 Huntington Avenue	Savage	MN	
	STAG Industrial Holdings, LLC	2001 Ware Bottom Spring Road	Chester	VA	
	STAG Industrial Holdings, LLC	4500 Early Road	Harrisonburg	VA	
	STAG Industrial Holdings, LLC	3424 Centennial Drive	Fort Wayne	IN	
	STAG Industrial Holdings, LLC	9200 Brookfield Court	Florence	KY	
	STAG Industrial Holdings, LLC	800 John Quincy Adams Road	Taunton	MA	
	STAG Industrial Holdings, LLC	157 Starpoint Blvd.	Burgettstown	PA	
	STAG Industrial Holdings, LLC	3705 95th Ave NE
	Blaine	MN	
	STAG Industrial Holdings, LLC	50501 E. Russell Schmidt	Chesterfield	MI	
	STAG Industrial Holdings, LLC	50371 E. Russell Schmidt	Chesterfield	MI	
	STAG Industrial Holdings, LLC	50271 E. Russell Schmidt	Chesterfield	MI	
	STAG Industrial Holdings, LLC	50900 E. Russell Schmidt	Chesterfield	MI	
	STAG Industrial Holdings, LLC	5050 Kendrick Street, SE	Grand Rapids	MI	
	STAG Industrial Holdings, LLC	4070 East Paris Avenue	Kentwood	MI	
	STAG Industrial Holdings, LLC	7009 West Mount Hope Highway	Lansing	MI	
	STAG Industrial Holdings, LLC	2780 Sanders Road	Lansing	MI	
	STAG Industrial Holdings, LLC	2051 South Canal Road	Lansing	MI	
	STAG Industrial Holdings, LLC	1511 George Brown Drive	Marshall	MI	
	STAG Industrial Holdings, LLC	25250 Regency Drive	Novi	MI	
	STAG Industrial Holdings, LLC	14835 Pilot Drive	Plymouth	MI	

Schedule 4.1

															
	STAG Industrial Holdings, LLC	2640 Northridge Drive	Walker	MI	
	STAG Industrial Holdings, LLC	3900-3990 Business Park Drive	Columbus	OH	
	STAG Industrial Holdings, LLC	2815 South Gettysburg Avenue	Moraine	OH	
	STAG Industrial Holdings, LLC	4275 Thunderbird Lane	Fairfield	OH	
	STAG Industrial Holdings, LLC	1120 Morrison Road	Gahanna	OH	
	STAG Industrial Holdings, LLC	1261 Highland Road	Macedonia	OH	
	STAG Industrial Holdings, LLC	800 Pennsylvania Avenue	Salem	OH	
	STAG Industrial Holdings, LLC	7258 Innovation Way	Mason	OH	
	STAG Industrial Holdings, LLC	500 South Bailey Road	North Jackson	OH	
	STAG Industrial Holdings, LLC	382 Rosemont Road	North Jackson	OH	
	STAG Industrial Holdings, LLC	26350 Broadway	Oakwood Village	OH	
	STAG Industrial Holdings, LLC	12930 Darice Parkway	Strongsville	OH	
	STAG Industrial Holdings, LLC	1800 Jason Street	Toledo	OH	
	STAG Industrial Holdings, LLC	7900 Bavaria Road	Twinsburg	OH	
	STAG Industrial Holdings, LLC	911 Kurth Road	Chippewa Falls	WI	
	STAG Industrial Holdings, LLC	1406 Lowater Road	Chippewa Falls	WI	
	STAG Industrial Holdings, LLC	2761 Buell Drive	East Troy	WI	
	STAG Industrial Holdings, LLC	2929 Venture Drive	Janesville	WI	
	STAG Industrial Holdings, LLC	605 Fourth Street	Mayville	WI	
	STAG Industrial Holdings, LLC	5600 S. Moorland Road	New Berlin	WI	
	STAG Industrial Holdings, LLC	1615 Commerce Drive	Sun Prairie	WI	
	STAG Industrial Holdings, LLC	2207 S 114th Street
	West Allis	WI	

Schedule 4.1

															
	STAG Industrial Holdings, LLC	2075 S. 114th Street
	West Allis	WI	
	STAG Industrial Holdings, LLC	2145 S. 114th Street
	West Allis	WI	
	STAG Industrial Holdings, LLC	2025 S. 114th Street
	West Allis	WI	
	STAG Industrial Holdings, LLC	13900 West Grandview Parkway	Yorkville	WI	
	STAG Industrial Holdings, LLC	1610 Old Grove Road	Piedmont	SC	
	STAG Industrial Holdings, LLC	420 Emig Road	York	PA	
	STAG Industrial Holdings, LLC	10488 S 136th St.
	Omaha	NE	
	STAG Industrial Holdings, LLC	6685 Santa Barbara Court	Elkridge	MD	
	STAG Industrial Holdings, LLC	550 Hale Avenue	North Oakdale	MN	
	STAG Industrial Holdings, LLC	700 Riley Street	Zeeland	MI	
	STAG Industrial Holdings, LLC	2071 & 2171 Fryml Drive	Spartanburg	SC	
	STAG Industrial Holdings, LLC	6 Corporate Parkway	Goose Creek	SC	
	STAG Industrial Holdings, LLC	8001 Greenpine Road	Richmond	VA	
	STAG Industrial Holdings, LLC	6565 & 6735 Exchequer Drive	Baton Rouge	LA	
	STAG Industrial Holdings, LLC	550 Glen Ave & 600 Glen Court	Moorestown	NJ	
	STAG Industrial Holdings, LLC	1550 West Main Street	West Jefferson	OH	
	STAG Industrial Holdings, LLC	105 East Port Lane	Summerville	SC	
	STAG Industrial Holdings, LLC	4330 Williams Road	Tampa	FL	
	STAG Industrial Holdings, LLC	101 Mt. Holly Bypass	Lumberton	NJ	
	STAG Industrial Holdings, LLC	329 Hallberg Street	Delavan	WI	
	STAG Industrial Holdings, LLC	1714 Hobbs Drive	Delavan	WI	
	STAG Industrial Holdings, LLC	390 Koopman	Elkhorn	WI	

Schedule 4.1

															
	STAG Industrial Holdings, LLC	4660 East Paris Avenue Southeast	Kentwood	WI	
	STAG Industrial Holdings, LLC	1750 Shenango Road	New Galilee	PA	
	STAG Industrial Holdings, LLC	16 Leona Drive	Middleborough	MA	
	STAG Industrial Holdings, LLC	4565 Wynn Road	Paradise	NV	
	STAG Industrial Holdings, LLC	6460 Arville Street	Paradise	NV	
	STAG Industrial Holdings, LLC	535 Maddox Simpson Parkway	Lebanon	TN	
	STAG Industrial Holdings, LLC	810 Bistline Drive	West Columbia	SC	
	STAG Industrial Holdings, LLC	1003 Corporate Lane	Murraysville	PA	
	STAG Industrial Holdings, LLC	9995 & 10025 I Street	Omaha	NE	
	STAG Industrial Holdings, LLC	200 Solar Drive	Imperial	PA	
	STAG Industrial Holdings, LLC	4880 Tuggle Road	Memphis	TN	
	STAG Industrial Holdings, LLC	5238 Lamar Avenue	Memphis	TN	
	STAG Industrial Holdings, LLC	4925 South Indiana Avenue	Lisle	IL	
	STAG Industrial Holdings, LLC	6111 South 6th Way
	Ridgefield	WA	
	STAG Industrial Holdings, LLC	9779 Pritchard Road	Jacksonville	FL	
	STAG Industrial Holdings, LLC	121 North Enterprise Blvd.	Lebanon	IL	
	STAG Industrial Holdings, LLC	2501-2509 Cassens Drive	Fenton	MO	
	STAG Industrial Holdings, LLC	6050 Nathan & 6075 Trenton Lane North	Plymouth	MN	
	STAG Industrial Holdings, LLC	3555 Discovery Road	Eagan	MN	
	STAG Industrial Holdings, LLC	1451 Dean Lakes Trail	Shakopee	MN	
	STAG Industrial Holdings, LLC	6515 Ameriplex Drive	Portage	IN	

Schedule 4.1

															
	STAG Industrial Holdings, LLC	555 Koopman Lane	Elkhorn	WI	
	STAG Industrial Holdings, LLC	5700 Casey Drive	Knoxville	TN	
	STAG Industrial Holdings, LLC	1000 Technology Drive	West Columbia	SC	
	STAG Industrial Holdings, LLC	2010 Nazareth Church Road	Spartanburg	SC	
	STAG Industrial Holdings, LLC	1101 Easy Street	Rogers	AR	
	STAG Industrial Holdings, LLC	2139 Bond Street	Grand Junction	CO	
	STAG Industrial Holdings, LLC	60 Security Drive	Avon	CT	
	STAG Industrial Holdings, LLC	24 Thompson Road	East Windsor	CT	
	STAG Industrial Holdings, LLC	530 Fentress Boulevard	Daytona Beach	FL	
	STAG Industrial Holdings, LLC	650 Southwest 27th Avenue
	Ocala	FL	
	STAG Industrial Holdings, LLC	7050 Overland Road	Orlando	FL	
	STAG Industrial Holdings, LLC	1854 Central Florida Parkway	Orlando	FL	
	STAG Industrial Holdings, LLC	1301 North Palafox Street	Pensacola	FL	
	STAG Industrial Holdings, LLC	103 Enterprise Drive	Calhoun	GA	
	STAG Industrial Holdings, LLC	351 Thomas D. Murphy Drive	Dallas	TX	
	STAG Industrial Holdings, LLC	212 Burlington Drive	Shannon	GA	
	STAG Industrial Holdings, LLC	3500 Highlands Parkway	Smyrna	GA	
	STAG Industrial Holdings, LLC	1965 Statham Drive	Statham	GA	
	STAG Industrial Holdings, LLC	3900 South America Way	Idaho Falls	ID	

Schedule 4.1

															
	STAG Industrial Holdings, LLC	6301 North Gateway Drive	Marion	IA	
	STAG Industrial Holdings, LLC	14000 Marshall Drive	Lenexa	KS	
	STAG Industrial Holdings, LLC	1355 Lebanon Road	Danville	KY	
	STAG Industrial Holdings, LLC	1500 Interstate Drive	Erlanger	KY	
	STAG Industrial Holdings, LLC	1340 E Dayton Yellow Springs Rd	Erlanger	KY	
	STAG Industrial Holdings, LLC	2151 South Park Drive	Hebron	KY	
	STAG Industrial Holdings, LLC	300 Spencer Mattingly Lane	Bardstown	KY	
	STAG Industrial Holdings, LLC	7540 West Bert Kouns Industrial	Shreveport	LA	
	STAG Industrial Holdings, LLC	101 Harrison Bridge Road	Shreveport	LA	
	STAG Industrial Holdings, LLC	103 Harrison Bridge Road	Shreveport	LA	
	STAG Industrial Holdings, LLC	21 Schoodic Drive	Belfast	ME	
	STAG Industrial Holdings, LLC	1 Bakers Way	Biddeford	ME	
	STAG Industrial Holdings, LLC	19 Mollison Way	Lewiston	ME	
	STAG Industrial Holdings, LLC	125 Industrial Way	Portland	ME	
	STAG Industrial Holdings, LLC	2189 Westover Road	Chicopee	MA	
	STAG Industrial Holdings, LLC	7525 Hazelwood Avenue	Hazelwood	MO	
	STAG Industrial Holdings, LLC	3801 Lloyd King Drive	O’Fallon	MO	
	STAG Industrial Holdings, LLC	9025 Moya Blvd.	Reno	NV	
	STAG Industrial Holdings, LLC	29 Jack’s Bride Rd./Clark Rd.	Londonderry	NH	
	STAG Industrial Holdings, LLC	80 Northwest Boulevard	Nashua	NH	

Schedule 4.1

															
	STAG Industrial Holdings, LLC	1236-50 William Street	Buffalo	NY	
	STAG Industrial Holdings, LLC	40-60 Industrial Parkway	Cheektowaga	NY	
	STAG Industrial Holdings, LLC	5786 Collett Road	Farmington	NY	
	STAG Industrial Holdings, LLC	5101 South Council Road	Oklahoma City	OK	
	STAG Industrial Holdings, LLC	11607 East 43rd Street
	Tulsa	OK	
	STAG Industrial Holdings, LLC	4050 Fairview Industrial Drive SE	Salem	OR	
	STAG Industrial Holdings, LLC	1100 Wilson Street	Chattanooga	TN	
	STAG Industrial Holdings, LLC	1800 Crutchfield Street	Chattanooga	TN	
	STAG Industrial Holdings, LLC	4405 Michigan Ave Rd NE	Cleveland	TN	
	STAG Industrial Holdings, LLC	1330 Carden Farm Drive	Clinton	TN	
	STAG Industrial Holdings, LLC	1094 Flex Drive	Jackson	TN	
	STAG Industrial Holdings, LLC	2525 Quality Lane	Knoxville	TN	
	STAG Industrial Holdings, LLC	2522-2526 Westcott	Knoxville	TN	
	STAG Industrial Holdings, LLC	1700 Elizabeth Lee Parkway	Loudon	TN	
	STAG Industrial Holdings, LLC	538 Myatt Drive	Madison	TN	
	STAG Industrial Holdings, LLC	9575 Commission Drive	Mascot	TN	
	STAG Industrial Holdings, LLC	2122 Holston Bend Drive	Mascot	TN	
	STAG Industrial Holdings, LLC	540 New Salem Road	Murfreesboro	PA	
	STAG Industrial Holdings, LLC	3258 Ezell Pike	Nashville	TN	
	STAG Industrial Holdings, LLC	90 Deer Crossing	Vonore	TN	

Schedule 4.1

															
	STAG Industrial Holdings, LLC	16250 W. Wood Edge Rd	New Berlin	WI	
	STAG Industrial Holdings, LLC	4150 Ronald Reagan Blvd.	Johnstown	CO	
	STAG Industrial Holdings, LLC	800 Edward Drive	Lebanon	IN	
	STAG Industrial Holdings, LLC	5910 Southeast Rio Court	Ankeny	IA	
	STAG Industrial Holdings, LLC	291 Evans Way	Branchburg	NJ	
	STAG Industrial Holdings, LLC	7728 Wilbur Way	Sacramento	CA	
	STAG Industrial Holdings, LLC	56 Commerce Center	Olathe	KS	
	STAG Industrial Holdings, LLC	47440 Michigan Avenue	Canton	MI	
	STAG Industrial Holdings, LLC	1350 Scottsville Road	Rochester	NY	
	STAG Industrial Holdings, LLC	2700 Harvey Street	Hudson	WI	
	STAG Industrial Holdings, LLC	4841 Urbani Avenue McClennen Park	Sacramento	CA	
	STAG Industrial Holdings, LLC	5250 Klockner Drive	Richmond	VA	
	STAG Industrial Holdings, LLC	S64 W15620-80 Commerce Center Parkway	Muskego	WI	
	STAG Industrial Holdings, LLC	27027 Mound Road	Warren	MI	
	STAG Industrial Holdings, LLC	10757 East Ute Street	Tulsa	OK	
	STAG Industrial Holdings, LLC	1 Cabot Blvd.	Langhorne	PA	
	STAG Katy, LP	1800 North Mason Road	Katy	TX	
	STAG Katy 2, LP	21601 Park Row	Katy	TX	
	STAG Lancaster, LLC	2919 Old Tree Road	Lancaster	PA	
	STAG Laurens, LLC	103 Cherry Blossom Drive	Laurens	SC	
	STAG Lebanon, LLC	1 Keystone Drive	So. Lebanon	PA	
	STAG Libertyville 1, LLC	1755 N. Butterfield Road	Libertyville	IL	
	STAG Libertyville 2, LLC	1795 N. Butterfield Road	Libertyville	IL	
	STAG Livonia 1, LLC	38150 Plymouth Road	Livonia	MI	
	STAG Livonia 2, LLC	38220 Plymouth Road	Livonia	MI	

Schedule 4.1

															
	STAG Louisville, LLC	6350 & 6400 Ladd Avenue	Louisville	KY	
	STAG Machesney Park, LLC	7166 Greenlee Drive	Machesney Park	IL	
	STAG III Malden, LLC	219 and 243 Medford Street	Malden	MA	
	STAG McHenry 2, LLC	921 Ridgeview Drive	McHenry	IL	
	STAG Mechanicsburg 1, LLC	6350 Brackbill Blvd.	Mechanicsburg	PA	
	STAG Mechanicsburg 2, LLC	6 Doughten Road	New Kingston	PA	
	STAG Mechanicsburg 3, LLC	245 Salem Church Road	Mechanicsburg	PA	
	STAG Montgomery, LLC	2001 Baseline Road	Montgomery	IL	
	STAG Mooresville 2, LP	119 E. Super Sport Drive	Mooresville	NC	
	STAG NC GP 2, LLC	119 Supersport Drive	Mooresville	NC	
	STAG NC Holdings, LP	913 Airport Road	Salisbury	NC	
	STAG NC Holdings, LP	2027 Gateway Blvd.,	Charlotte	NC	
	STAG NC Holdings, LP	6601 North I Service Road	Charlotte	NC	
	STAG NC Holdings, LP	1401 Tar Heel Road	Charlotte	NC	
	STAG NC Holdings, LP	2702 Weck Drive	Durham	NC	
	STAG NC Holdings, LP	13201 Reese Blvd.	Huntersville	NC	
	STAG NC Holdings, LP	200 Woodside Drive	Lexington	NC	
	STAG NC Holdings, LP	1500 Prodelin Drive	Newton	NC	
	STAG NC Holdings, LP	300 Forum Parkway	Rural Hall	NC	
	STAG NC Holdings, LP	7412 Oakwood Street	Mebane	NC	
	STAG NC Holdings, LP	7600 Oakwood Street	Mebane	NC	
	STAG NC Holdings, LP	7110 E. Washington Street	Mebane	NC	
	STAG NC Holdings, LP	199 N. Egerton Road	Mountain Home	NC	
	STAG NC Holdings, LP	3250 Highway 70 Business West	Smithfield	NC	
	STAG NC Holdings, LP	2655 Annapolis Drive	Winston-Salem	NC	
	STAG NC Holdings, LP	200 K Flex Way	Youngstown	NC	
	STAG NC Holdings, LP	279 Old Murdock Road	Troutman	NC	
	STAG NC Holdings, LP	415 Westcliff Road	Greensboro	NC	
	STAG NC Holdings, LP	171 Enterprise Way	Mocksville	NC	
	STAG NC Holdings, LP	313 Mooresville  Blvd.	Mooresville	NC	
	STAG New Hope, LLC	5520 North Highway 169	New Hope	MN	
	STAG Norton, LLC	202 South Washington St.	Norton	MA	
	STAG GI New Jersey, LLC	190 Strykers Road  and	Lopatcong	NJ	
		251 Circle Drive North	Piscataway	NJ	
	STAG North Haven, LLC	300 Montowese Avenue	North Haven	CT	
	STAG Piedmont 1, LLC	1100 Piedmont Highway	Piedmont	SC	
	STAG Piedmont 2, LLC	1102 Piedmont Highway	Piedmont	SC	
	STAG Piedmont 3, LLC	1104 Piedmont Highway	Piedmont	SC	
	STAG Pineville, LLC	10519 Industrial Drive	Pineville	NC	
	STAG Plymouth 3, LLC	9800 13th Avenue North
	Plymouth	MN	
	STAG Portage, LLC	725 George Nelson Drive	Portage	IN	
	STAG Portland 2, LLC	3150 Barry Drive	Portland	TN	

Schedule 4.1

															
	STAG Reading, LLC	171-173 Tuckerton Road	Muhlenberg Township	PA	
	STAG Rockwall, L.P.	3400 Discovery Blvd.	Rockwall	TX	
	STAG Romulus 2, LLC	9800 Inkster Road	Romulus	MI	
	STAG Sauk Village, LLC	21399 Torrence Avenue	Sauk Village	IL	
	STAG IV Seville, LLC	5160 Greenwich Road	Seville	OH	
	STAG Simpsonville, LLC	101 Harrison Bridge Road and  103  Harrison Bridge Road	Simpsonville	SC	
	STAG South Saint Paul, LLC	411 Farwell Avenue	South Street Paul	MN	
	STAG Sparks 2, LLC	325 E. Nugget Avenue	Sparks	NV	
	STAG Spartanburg, LLC	150-160 National Avenue	Spartanburg	SC	
	STAG Spartanburg 3, LLC	950 Brisack Road	Spartanburg	SC	
	STAG Stoughton 1, LLC	12 Campanelli Parkway	Stoughton	MA	
	STAG Stoughton 2, LLC	100 Campanelli Parkway	Stoughton	MA	
	STAG TX Holdings, LP	1650 S. Highway 67	Cedar Hill	TX	
	STAG TX Holdings, LP	7300 Airport Blvd.	Houston	TX	
	STAG TX Holdings, LP	1610 Cornerway Boulevard	San Antonio	TX	
	STAG TX Holdings, LP	13808 Humphrey Road	Laredo	TX	
	STAG TX Holdings, LP	868 Pear Street	Houston	TX	
	STAG TX Holdings, LP	13627 West Hardy Road	Houston	TX	
	STAG TX Holdings, LP	14620 Henry Road	Houston	TX	
	STAG TX Holdings, LP	18601 Intercontinental Crossing	Houston	TX	
	STAG TX Holdings, LP	18717 Kenswick Drive	Houston	TX	
	STAG TX Holdings, LP	9302 Ley Road	Houston	TX	
	STAG TX Holdings, LP	13710 IH 35 Frontage Road	Laredo	TX	
	STAG IV Waco, L.P.	101 Apron Road	Waco	TX	
	STAG West Columbia 3, LLC	825 Bistline Drive	West Columbia	SC	
	STAG West Houston, LP	10401 S. Sam Houston Parkway	West Houston	TX	
	STAG Williamsport, LLC	3300 Wahoo Drive	Williamsport	PA	
	STAG Woodstock, LLC	1005 Courtaulds Drive	Woodstock	IL	
	STAG York, LLC	2925 East Market Street	York	PA	

Schedule 4.1

SCHEDULE 6.6
LITIGATION

None.
Schedule 6.6

SCHEDULE 6.9
ENVIRONMENTAL MATTERS

None.

         Schedule 6.9

SCHEDULE 6.13

SUBSIDIARIES, 
OTHER EQUITY INTERESTS AND SUBSIDIARY GUARANTORS

Part (a). All Subsidiaries of the Parent and the Borrower. 

Parent:

Direct Subsidiaries (percentages reflect the Parent ownership interest):

        STAG Industrial GP, LLC (100%)

Borrower (97.5% of the common limited partnership interests and 100% of the preferred limited partnership interests, each as of 12/31/2019)

Indirect Subsidiaries:

        All held through Borrower

Borrower:

Direct Subsidiaries (100% ownership by the Borrower unless noted otherwise):

STAG Industrial Management, LLC (99% - remaining 1% owned by STAG TRS, LLC)
STAG Industrial Holdings, LLC
STAG Industrial Holdings II, LLC
STAG Investments Holdings III, LLC
STAG Investments Holdings IV, LLC
STAG GI Investments Holdings, LLC
STAG Industrial TRS, LLC
STAG NC GP, LLC
STAG NC GP 2, LLC

Indirect Subsidiaries:

STAG III Arlington, L.P.  
STAG III Boardman, LLC
STAG III Malden, LLC
STIR Investments GP III, LLC
STAG West Columbia 3, LLC 

Note:  Subsidiaries in italics not included as Subsidiary Guarantors

STAG IV Seville, LLC 
STAG IV Waco, L.P. 
STIR Investments GP IV, LLC
STAG GI New Jersey, LLC
         Schedule 6.13

STAG GI Rogers, LLC
STAG GI Streetsboro, LLC
STAG Louisville, LLC
STAG TX GP, LLC
STAG Gloversville 1, LLC
STAG Gloversville 2, LLC
STAG Gloversville 4, LLC
STAG Johnstown 1, LLC
STAG Johnstown 2, LLC
STAG Johnstown 3, LLC
STAG Johnstown 4, LLC
STAG Ware Shoals, LLC
STAG Greenwood 1, LLC  
STAG Greenwood 2, LLC    
STAG Holland 3, LLC 
STAG Independence, LLC 
STAG Lafayette 1, LLC   
STAG Lafayette 2, LLC 
STAG Lafayette 3, LLC   
STAG Lansing 3, LLC  
STAG Marion, LLC  
STAG Novi, LLC
STAG O'Hara, LLC
STAG Phenix City, LLC
STAG Sterling Heights, LLC
STAG Wichita 1, LLC
STAG Wichita 2, LLC
STAG Wichita 4, LLC
STAG Arlington 2, L.P.  
STAG TX GP 2, LLC
STAG Edgefield, LLC
STAG Pineville, LLC
STAG Portland 2, LLC
STAG Reading, LLC
STAG Spartanburg, LLC
STAG Portage, LLC
STAG El Paso, LP
STIR Investments GP, LLC
STAG Simpsonville, LLC
STAG De Pere, LLC
STAG Duncan, LLC
STAG Gurnee, LLC
STAG Montgomery, LLC
STAG Woodstock, LLC
STAG Columbia, LLC
STAG Dekalb, LLC
STAG Houston 2, L.P.
STAG Williamsport, LLC
STAG Belvidere I, LLC
         Schedule 6.13

STAG Belvidere III, LLC
STAG Belvidere IV, LLC
STAG Belvidere V, LLC
STAG Belvidere VI, LLC
STAG Belvidere VII, LLC
STAG Belvidere VIII, LLC
STAG Belvidere IX, LLC
STAG Hampstead, LLC
STAG New Hope, LLC
STAG Harvard, LLC
STAG Sauk Village, LLC
STAG Allentown, LLC
STAG Garland, LP
STAG El Paso 1, LP
STAG El Paso 2, LP
STAG El Paso 3, LP
STAG El Paso 4, LP
STAG Mechanicsburg 1, LLC
STAG Mechanicsburg 2, LLC
STAG Mechanicsburg 3, LLC
STAG Gurnee 2, LLC
STAG Germantown, LLC
STAG Elizabethtown, LLC
STAG CA GP, LLC
STAG Spartanburg 3, LLC
STAG Houston 4, LP 
STAG Burlington, LLC
STAG North Haven, LLC
STAG Stoughton 1, LLC
STAG Stoughton 2, LLC
STAG Fairborn, LLC
STAG El Paso 5, LP 
STAG Machesney Park, LLC 
STAG Libertyville 1, LLC
STAG Libertyville 2, LLC
STAG Greer, LLC
STAG Piedmont 1, LLC
STAG Piedmont 2, LLC
STAG Piedmont 3, LLC
STAG Belvidere 10, LLC
STAG Laurens, LLC
STAG Lancaster, LLC
STAG Burlington 2, LLC
STAG Norton, LLC
STAG NC Holdings, LP
STAG TX Holdings, LP
STAG Rock Hill 2, LLC
STAG Sparks 2, LLC
STAG Rockwall, L.P.
         Schedule 6.13

STAG Lebanon, LLC
STAG York, LLC
STAG Mooresville 2, LP
STAG IND Stafford, LP
STAG IND El Paso 6, LP
STAG IND Houston 9, LP
STAG McHenry 2, LLC
STAG Romulus 2, LLC
STAG South Saint Paul, LLC
STAG IND Houston 11, LP 
STAG IND Mission, LP
STAG Plymouth 3, LLC
STAG Burlington 3, LLC
STAG Livonia 1, LLC
STAG Livonia 2, LLC
STAG Katy, LP
STAG Katy 2, LP
STAG West Houston, LP
STAG Houston 14, LP

Part (b). Other Equity Investments of the Parent and the Borrower.

        None.

Part (c). Subsidiary Guarantors.

Direct Subsidiaries of the Parent and the Borrower:

        STAG Industrial Holdings, LLC   100% owned by Borrower
STAG Investments Holdings III, LLC  100% owned by Borrower
STAG Investments Holdings IV, LLC  100% owned by Borrower
STAG GI Investments Holdings, LLC  100% owned by Borrower
        STAG NC GP, LLC    100% owned by Borrower
        STAG NC GP 2, LLC    100% owned by Borrower

Indirect Subsidiaries:

(i) 100% owned by STAG Investments Holdings III, LLC unless noted:

STAG III Arlington, L.P.  (99.5%) (STIR Investments GP III, LLC - 0.5% ownership)   
STAG III Boardman, LLC 
STAG III Malden, LLC       
STIR Investments GP III, LLC                                        

(ii)100% owned by STAG Investments Holdings IV, LLC unless noted:
         Schedule 6.13

STAG IV Seville, LLC        
STAG IV Waco, L.P.   (99.5%) (STIR Investments GP IV, LLC - 0.5% ownership)   
STIR Investments GP IV, LLC
STAG GI Rogers, LLC
STAG GI Streetsboro, LLC
STAG TX GP, LLC
STAG Louisville, LLC 

(iii)100% owned by STAG GI Investments Holdings, LLC:

STAG GI New Jersey, LLC

(iv)100% owned by STAG Industrial Holdings, LLC unless noted:

STAG Arlington 2, L.P.   (100%)        
STAG TX GP 2, LLC                                                    
STAG Edgefield, LLC       
STAG Pineville, LLC       
STAG Portland 2, LLC       
STAG Reading, LLC       
STAG Spartanburg, LLC       
STAG Portage, LLC       
STAG El Paso, LP (99.5%) (STIR Investments GP, LLC - 0.5% ownership)    
STIR Investments GP, LLC      
STAG Simpsonville, LLC       
STAG De Pere, LLC       
STAG Duncan, LLC       
STAG Gurnee, LLC       
           
STAG Montgomery, LLC       
STAG Woodstock, LLC       
STAG Columbia, LLC       
STAG DeKalb, LLC        
STAG Houston 2, L.P.  (99.5%) (STAG TX GP 2, LLC - 0.5% ownership)    
STAG Williamsport, LLC       
STAG Belvidere I, LLC       
STAG Belvidere III, LLC       
STAG Belvidere IV, LLC       
STAG Belvidere V, LLC       
STAG Belvidere VI, LLC       
STAG Belvidere VII, LLC       
STAG Belvidere VIII, LLC       
STAG Belvidere IX, LLC       
STAG Hampstead, LLC       
STAG New Hope, LLC       
STAG Harvard, LLC       
STAG Sauk Village, LLC       
STAG Allentown, LLC       
STAG Garland, LP (99.5%)  (STAG TX GP 2, LLC - 0.5% ownership)     
STAG El Paso 1, LP (99.5%) (STAG TX GP 2, LLC - 0.5% ownership)       

         Schedule 6.13

STAG El Paso 2, LP (99.5%) (STAG TX GP 2, LLC - 0.5% ownership)        
STAG El Paso 3, LP (99.5%) (STAG TX GP 2, LLC - 0.5% ownership)       
STAG El Paso 4, LP (99.5%) (STAG TX GP 2, LLC - 0.5% ownership)    
STAG Mechanicsburg 1, LLC      
STAG Mechanicsburg 2, LLC      
STAG Mechanicsburg 3, LLC      
STAG Gurnee 2, LLC       
STAG Germantown, LLC       
STAG Elizabethtown, LLC       
STAG CA GP, LLC       
STAG Spartanburg 3, LLC
STAG Houston 4 LP (99.5%) (STAG TX GP2, LLC - 0.5% ownership) 
STAG Burlington, LLC
STAG North Haven, LLC
STAG Stoughton 1, LLC
STAG Stoughton 2, LLC
STAG Fairborn, LLC
STAG El Paso 5, LP (99.5%) (STAG TX GP 2, LLC - 0.5% ownership) 
STAG Machesney Park, LLC 
STAG Libertyville 1, LLC
STAG Libertyville 2, LLC
STAG Greer, LLC
STAG Piedmont 1, LLC
STAG Piedmont 2, LLC
STAG Piedmont 3, LLC
STAG Belvidere 10, LLC
STAG Laurens, LLC
STAG Lancaster, LLC
STAG Burlington 2, LLC
STAG Norton, LLC
STAG TX Holdings, LP  (99.5%) (STAG TX GP 2, LLC - 0.5% ownership)
STAG Sparks 2, LLC
STAG Rockwall, L.P. (99.5%) (STAG TX GP 2, LLC - 0.5% ownership)
STAG Lebanon, LLC
STAG York, LLC
STAG Mooresville 2, LP (99.5%) (STAG NC GP 2, LLC - 0.5% ownership)
STAG West Columbia 3, LLC
STAG IND Stafford, LP (99.5%) (STAG TX GP 2, LLC - 0.5% ownership)
STAG IND El Paso 6, LP (99.5%) (STAG TX GP 2, LLC - 0.5% ownership)
STAG IND Houston 9, LP (99.5%) (STAG TX GP 2, LLC - 0.5% ownership)
STAG McHenry 2, LLC
STAG Romulus 2, LLC
STAG South Saint Paul, LLC
STAG IND Houston 11, LP (99.5%) (STAG TX GP 2, LLC - 0.5% ownership)
STAG IND Mission, LP (99.5%) (STAG TX GP 2, LLC - 0.5% ownership)
STAG Plymouth 3, LLC
STAG Burlington 3, LLC
STAG Livonia 1, LLC
STAG Livonia 2, LLC
STAG Katy, LP (99.5%) (STAG TX GP 2, LLC - 0.5% ownership)
STAG Katy 2, LP (99.5%) (STAG TX GP 2, LLC - 0.5% ownership)
STAG West Houston, LP (99.5%) (STAG TX GP 2, LLC - 0.5% ownership)
STAG Houston 14, LP (99.5%) (STAG TX GP 2, LLC - 0.5% ownership)

         Schedule 6.13

(v)Owned by STAG NC GP, LLC:

STAG NC Holdings, LP (99.5%) (STAG NC GP, LLC - 0.5% ownership)

         Schedule 6.13

SCHEDULE 6.18
INTELLECTUAL PROPERTY MATTERS

None.
         Schedule 6.18

SCHEDULE 8.1
EXISTING LIENS

None.
         Schedule 8.1

SCHEDULE 8.13
Existing Indebtedness Part (a).  Existing Indebtedness
																					
	Loan	Balance (in millions) as of June 30, 2019	Balance (in millions) as of September 30, 2019	Balance (in millions) as of December 31, 2019	Interest Rate Type	Interest Rate as of December 31, 2019	Maturity Date
	Wells Fargo Bank, N.A. Unsecured Revolving Credit Facility	           129.0

	78.0

	146.0

	VARIABLE	LIBOR + .090%	01/15/23
	Wells Fargo Bank, N.A. Unsecured Term Loan A	150.0	150.0	150.0	VARIABLE	LIBOR + 1.00%	03/31/22
	Wells Fargo Bank, N.A. Unsecured Term Loan B	150.0	150.0	150.0	VARIABLE	LIBOR + 1.00%	03/21/21
	Wells Fargo Bank, N.A. Unsecured Term Loan C	150.0	150.0	150.0	VARIABLE	LIBOR + 1.00%	09/29/20
	Wells Fargo Bank, N.A. (CMBS loan)	52.3

	51.9

	51.4	FIXED	4.31%	12/01/22
	Bank of America, N.A.
Unsecured Term Loan D
	150.0	150.0	150.0	VARIABLE	LIBOR + 1.00%	01/04/23
	Thrivent Financial for Lutherans (Rock Hill 2)	3.7

	3.7	3.7	FIXED	4.78%	12/15/23
	Wells Fargo Bank, N.A.
Unsecured Term Loan E
	-	175.0	175.0	VARIABLE	LIBOR +1.00%	01/15/24
	Wells Fargo Bank, N.A.
Unsecured Term Loan F
	-	-	100.0	VARIABLE	LIBOR +1.00%	01/12/25
	Series A Unsecured Notes	50.0	50.0	50.0	FIXED	4.98%	10/01/24
	Series B Unsecured Notes	50.0	50.0	50.0	FIXED	4.98%	07/01/26
	Series C Unsecured Notes	80.0	80.0	80.0	FIXED	4.42%	12/30/26
	Series D Unsecured Notes	100.00	100.00	100.00	FIXED	4.32%	02/20/25
	Series E Unsecured Notes	20.0	20.0	20.0	FIXED	4.42%	02/20/27
	Series F Unsecured Notes	100.0	100.0	100.0	FIXED	3.98%	01/05/23
	Series G Unsecured Notes	75.0	75.0	75.0	FIXED	4.10%	06/13/25

Schedule 8.13

																					
	Series H Unsecured Notes	100.0	100.0	100.0	FIXED	4.27%	06/13/28
	Total	$1,360.0	$1,483.60	$1,651.10	 	 	 

(1)The above amounts are principal amounts only and do not include any unamortized fair market value premiums.

SCHEDULE 11.2
ADMINISTRATIVE AGENT'S OFFICE; CERTAIN ADDRESSES FOR NOTICES
PARENT AND BORROWER:
c/o  STAG Industrial, Inc.
One Federal Street, 23rd Floor
Boston, Massachusetts 02110
Attention: Jeffrey M. Sullivan, Esq. 
Telephone: 617-936-1343
Telecopier: 617-574-0052
Electronic Mail: jsullivan@stagindustrial.com
Website Address: stagindustrial.com
U.S. Taxpayer Identification Number for the Parent: 27-3099608
U.S. Taxpayer Identification Number for the Borrower: 27-1536464

with a copy to:

DLA Piper LLP (US)
33 Arch Street, 26th Floor
Boston, MA  02110
Attention: John Sullivan, Esq.
Telephone: 617-406-6000
Telecopier: 617-406-6100
Electronic Mail:  john.sullivan@dlapiper.com

ADMINISTRATIVE AGENT:
The Administrative Agent’s Office 
(for payments and Requests for Credit Extensions):

Wells Fargo Bank, National Association
Commercial Real Estate Loan Services
600 South 4th Street, 8th Floor
MAC N9300-085
Minneapolis, MN 55415
Attention:  Anthony Gangelhoff 
Telephone:  612-316-0109
Electronic Mail:  Anthony.gangelhoff@wellsfargo.com

SCHEDULE RO

						
	Chief Executive Officer/President	Benjamin S. Butcher
	Chief Financial Officer	William R. Crooker
	Chief Operating Officer	Stephen C. Mecke
	Chief Accounting Officer	Jaclyn Paul
	Secretary	Jeffrey M. Sullivan
	Assistant Secretary	Alan H. Simmons

EXHIBIT A
FORM OF COMMITTED LOAN NOTICE
Date:  ___________, _____
To: Wells Fargo Bank, National Association, as the Administrative Agent
Ladies and Gentlemen:
Reference is made to that certain Term Loan Agreement, dated as of April 17, 2020 (as amended, restated, extended, supplemented, or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among STAG Industrial Operating Partnership, L.P., a Delaware limited partnership (the “Borrower”), STAG Industrial, Inc., a Maryland corporation, the Lenders from time to time party thereto, and Wells Fargo Bank, National Association, as the Administrative Agent.
The undersigned hereby requests (select one): 
___ A Committed Borrowing of Committed Loans
___ A conversion or continuation of Committed Loans

1. On ____________________________ (a Business Day).
2. In the amount of $____________________.
3. Comprised of ________________________________.
          [Type of Loan requested]

4. For LIBOR Loans:  with an Interest Period of [one (1)][two (2)][three (3)][six (6)] month(s).

The Borrowing, if any, requested herein complies with the applicable provisions of Section 2.1 of the Agreement.
BORROWER:

STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P., a Delaware limited partnership

By: STAG Industrial GP, LLC, a Delaware limited liability company, its General Partner

By:   
Name: Stephen C. Mecke
Title: Authorized Officer
A - 1
Form of Committed Loan Notice

EXHIBIT B
FORM OF NOTE
FOR VALUE RECEIVED, the undersigned (the “Borrower”), hereby promises to pay to _____________________ or its registered assigns (the “Lender”), in accordance with the provisions of the Agreement (as hereinafter defined), the principal amount of each Committed Loan from time to time made by the Lender to the Borrower under that certain Term Loan Agreement, dated as of April 17, 2020 (as amended, restated, extended, supplemented, or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among the Borrower, STAG Industrial, Inc., a Maryland corporation and the sole member of the sole general partner of the Borrower, the Lenders from time to time party thereto, and Wells Fargo Bank, National Association, as the Administrative Agent.
The Borrower promises to pay interest on the unpaid principal amount of each Committed Loan from the date of such Committed Loan until such principal amount is paid in full, at such interest rates and at such times as provided in the Agreement.  All payments of principal and interest shall be made to the Administrative Agent for the account of the Lender in Dollars in immediately available funds at the Administrative Agent’s Office.  If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Agreement.
This Note is one of the Notes referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided therein.  This Note is also entitled to the benefits of the Guaranties.  Upon the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Note shall become, or may be declared to be, immediately due and payable all as provided in the Agreement.  Committed Loans made by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The Lender may also attach schedules to this Note and endorse thereon the date, amount and maturity of its Committed Loans and payments with respect thereto.
The Borrower, for itself, its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand, dishonor and non-payment of this Note.
THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
*******

        B - 1
        Form of Note

BORROWER:

STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P., a Delaware limited partnership

By: STAG Industrial GP, LLC, a Delaware limited liability company, its General Partner

By:           
Name: Stephen C. Mecke
Title: Authorized Officer

B - 2
Signature Page to Note

COMMITTED LOANS AND PAYMENTS WITH RESPECT THERETO
																					
	Date	Type of Loan Made	Amount of Loan Made	End of Interest Period	Amount of Principal or Interest Paid This Date	Outstanding Principal Balance This Date	Notation Made By
							
							
							
							
							
							
							
							
							
							
							
							

        B - 3
        Form of Note

EXHIBIT C
FORM OF COMPLIANCE CERTIFICATE
Financial Statement Date: _______, ____
To: Wells Fargo Bank, National Association, as the Administrative Agent
Ladies and Gentlemen:
Reference is made to that certain Term Loan Agreement, dated as of April 17, 2020 (as amended, restated, extended, supplemented, or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among STAG Industrial Operating Partnership, L.P., a Delaware limited partnership (the “Borrower”), STAG Industrial, Inc., a Maryland corporation and the sole general partner of the Borrower (the “Parent”), the Lenders from time to time party thereto, and Wells Fargo Bank, National Association, as the Administrative Agent.
The undersigned Responsible Officer hereby certifies as of the date hereof that he/she is the 
            of the Parent, and that, as such, he/she is authorized to execute and deliver this Compliance Certificate to the Administrative Agent on the behalf of the Parent, for itself and as general partner of the Borrower, and that:
[Use the following paragraph 1 for fiscal year-end financial statements]
1. The Parent has delivered the year-end audited financial statements required by Section 7.1(a) of the Agreement for the fiscal year of the Parent ended as of the above date, together with the report and opinion of an independent certified public accountant required by such section.
[Use the following paragraph 1 for fiscal quarter-end financial statements]
1. The Parent has delivered the unaudited financial statements required by Section 7.1(b) of the Agreement for the fiscal quarter of the Parent ended as of the above date.  Such financial statements fairly present the financial condition, results of operations and cash flows of the Companies in accordance with GAAP as at such date and for such period, subject only to normal year-end audit adjustments and the absence of footnotes.
2. The undersigned has reviewed and is familiar with the terms of the Agreement and has made, or has caused to be made under his/her supervision, a detailed review of the transactions and condition (financial or otherwise) of the Companies during the accounting period covered by such financial statements.
3. A review of the activities of the Companies during such fiscal period has been made under the supervision of the undersigned with a view to determining whether during such fiscal period the Companies performed and observed all of their Obligations under the Loan Documents, and
[select one:]
[during such fiscal period each Company has performed and observed each covenant and condition of the Loan Documents applicable to it, and no Default has occurred and is continuing.]
C - 1
Form of Compliance Certificate

--or--
[during such fiscal period the following covenants or conditions have not been performed or observed and the following is a list of each such Default and its nature and status:]
4. The representations and warranties of the Parent and the Borrower contained in Article VI of the Agreement, and any representations and warranties of any Loan Party that are contained in any document furnished at any time under or in connection with the Loan Documents, are true and correct on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and except that for purposes of this Compliance Certificate, the representations and warranties contained in Section 6.5(b) shall be deemed to refer to the most-recent statements furnished pursuant to Section 7.1(b) of the Agreement, in each case, including the statements delivered in connection with this Compliance Certificate.
5. The financial covenant analyses and information set forth on Schedules 1 and 2 attached hereto are true and accurate on and as of the date of this Compliance Certificate.
IN WITNESS WHEREOF, the undersigned has executed this Compliance Certificate as of    , 20__.
BORROWER:

STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P., a Delaware limited partnership

By: STAG Industrial GP, LLC, a Delaware limited liability company, its General Partner

By:   
Name: Stephen C. Mecke
Title: Authorized Officer

PARENT:

STAG INDUSTRIAL, INC.,
a Maryland corporation

By:   
Name: Stephen C. Mecke
Title: Authorized Officer

C - 2
Form of Compliance Certificate

For the Quarter/Year ended ___________________(“Statement Date”)
SCHEDULE 1
to the Compliance Certificate 
($ in 000’s)
						
	I. Section 8.14(a) – Maximum Consolidated Leverage Ratio.
	
	A. Consolidated Total Debt as of the Statement Date:	$ 

	B. Total Asset Value as of the Statement Date (See Schedule 2):
	$ 

	C. Consolidated Leverage Ratio (Line I.A divided by Line I.B):
	        %

	         Maximum permitted:
	60%
	II. Section 8.14(b) – Maximum Secured Leverage Ratio.
	
	A. Secured Indebtedness as of the Statement Date:	$ 

	B. Total Asset Value as of the Statement Date (See Schedule 2):
	$ 

	C. Secured Leverage Ratio (Line II.A divided by Line II.B):
	        %

	         Maximum permitted:
	40%
	III. Section 8.14(c) – Maximum Unencumbered Leverage Ratio.
	
	A. Unsecured Indebtedness as of the Statement Date:	$            

	B. Unencumbered Asset Value as of the Statement Date (See Schedule 2):
	$            

	C. Unencumbered Leverage Ratio (Line III.A divided by Line III.B):
	        %

	         Maximum permitted:
	60%
	IV. Section 8.14(e) – Minimum Fixed Charge Ratio.
	
	A. Consolidated EBITDA for the fiscal quarter ending on the Statement Date (the “Subject Period”), annualized (See Schedule 2):
	$            

	B. Consolidated Fixed Charges for the Subject Period, annualized (See Schedule 2):
	$            

	C. Fixed Charge Ratio (Line IV.A. divided by Line IV.B):
	         to 1

	         Minimum required:
	1.5 to 1.0
	V. Section 8.14(f) – Minimum Unsecured Interest Coverage Ratio.
	
	A. Unencumbered Adjusted NOI (See Schedule 2):
	$            

	B. Unsecured Interest Expense (See Schedule 2):
	$            

	C. Unsecured Interest Coverage Ratio (Line V.A divided by Line V.B):
	$            

	         Minimum required:
	1.75 to 1.00

        C - 3
        Form of Compliance Certificate

For the Quarter/Year ended ___________________(“Statement Date”)
SCHEDULE 2
to the Compliance Certificate 
($ in 000’s)

CALCULATION OF TOTAL ASSET VALUE, Unencumbered Asset Value, CONSOLIDATED EBITDA, CONSOLIDATED FIXED CHARGES, Unencumbered ADJUSTED NOI, Unsecured Interest Expense, ETC.

(all in accordance with the definition for such term as set forth in the Agreement)

        [Provide Various Calculations]

        C - 4
        Form of Compliance Certificate

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

1  For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a single Assignor, choose the first bracketed language.  If the assignment is from multiple Assignors, choose the second bracketed language.
2  For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single Assignee, choose the first bracketed language.  If the assignment is to multiple Assignees, choose the second bracketed language.
3  Select as appropriate.
4  Include bracketed language if there are either multiple Assignors or multiple Assignees.
        D-1 - 1
        Form of Assignment and Assumption

         
[for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]]
3. Borrower: STAG Industrial Operating Partnership, L.P., a Delaware limited partnership
4. Administrative Agent: Wells Fargo Bank, National Association, as the administrative agent under the Term Loan Agreement
5. Term Loan Agreement:  Term Loan Agreement, dated as of April 17, 2020 (as amended, restated, extended, supplemented, or otherwise modified in writing from time to time, the “Term Loan Agreement”), among the Borrower, STAG Industrial, Inc., Maryland corporation (the “Parent”), the Lenders from time to time party thereto, and Wells Fargo Bank, National Association, as the Administrative Agent
6. Assigned Interest[s]:
																					
	Assignor[s]5	Assignee[s]6	Aggregate
Amount of
Loans
for all Lenders7	Amount of Loans Assigned	Percentage
Assigned of
Loans8		CUSIP
Number
			$______	$______	______%

		
			$______	$______	______%
		
			$______	$______	______%
		
							

[7. Trade Date: __________________]9
Effective Date: __________________, 20__ [TO BE INSERTED BY THE ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]
The terms set forth in this Assignment and Assumption are hereby agreed to:

5  List each Assignor, as appropriate.
6  List each Assignee, as appropriate.
7  Amounts in this column and in the column immediately to the right to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date.
8  Set forth, to at least 9 decimals, as a percentage of the Loans of all Lenders thereunder.
9  To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the Trade Date.
        D-1 - 2
        Form of Assignment and Assumption

ASSIGNOR

[NAME OF ASSIGNOR]
By:_______________________
Name:
Title:

ASSIGNEE
[NAME OF ASSIGNEE]

By:_______________________
Name:
Title:

        D-1 - 3
        Form of Assignment and Assumption

[Consented to and]10 Accepted:
Wells Fargo Bank, National Association,
as the Administrative Agent

By: _______________________
Name:
Title:

10  To be added only if the consent of the Administrative Agent is required by the terms of the Term Loan Agreement.
        D-1 - 4
        Form of Assignment and Assumption

[Consented to:]11
BORROWER:

STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P.,
a Delaware limited partnership

By: STAG Industrial GP, LLC, a Delaware limited liability
company,  its General Partner

By:_______________________
Name: 
Title: Authorized Officer

11  To be added only if the consent of Borrower and/or other parties is required by the terms of the Term Loan Agreement.
        D-1 - 5
        Form of Assignment and Assumption

ANNEX 1 TO ASSIGNMENT AND ASSUMPTION
STANDARD TERMS AND CONDITIONS FOR
ASSIGNMENT AND ASSUMPTION
1. Representations and Warranties.
1.1. Assignor.  [The][Each] Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of [the][[the relevant] Assigned Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Term Loan Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document.
1.2. Assignee.  [The][Each] Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Term Loan Agreement, (ii) it meets all the requirements to be an assignee under Section 11.6(b)(iii) and (v) of the Term Loan Agreement (subject to such consents, if any, as may be required under Section 11.6(b)(iii) of the Term Loan Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Term Loan Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by [the][such] Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire [the][such] Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Term Loan Agreement, and has received or has been accorded the opportunity to receive copies of the most-recent financial statements delivered pursuant to Sections 7.1(a) and (b) thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, (vi) it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, and (vii) if it is a Foreign Lender, attached hereto is any documentation required to be delivered by it pursuant to the terms of the Term Loan Agreement, duly completed and executed by [the][such] Assignee; and (b) agrees that (i) it will, independently and without reliance upon the Administrative Agent, [the][any] Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.
2. Payments.  From and after the Effective Date, the Administrative Agent shall make all payments in respect of [the][each] Assigned Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued to but excluding the Effective 
        D-1 - 6
        Form of Assignment and Assumption

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

        D-1 - 7
        Form of Assignment and Assumption

EXHIBIT D-2
FORM OF ADMINISTRATIVE QUESTIONNAIRE
(see attached)
Administrative Details Questionnaire
D-2 - 1
Form of Administrative Questionnaire

Borrower: STAG Industrial Operating Partnership, L.P., a Delaware limited partnership       
         
												
	Agent Address:	Wells Fargo Bank, National Association	Return form to:	
		Loan Service Operations	Telephone:	
			Facsimile:	
			E-mail:	
		Attn:	Email   Cc:	
				
	It is very important that all of the requested information be completed accurately and that this questionnaire be returned promptly. If your institution is sub-allocating its allocation, please fill out an administrative questionnaire for each legal entity. 
			

Legal Name of Lender to appear in Documentation:       
Signature Block Information:           

                       Signing  
                       Term Loan Agreement:                Yes                No
                      Coming in via Assignment:                Yes                No

Type of Lender:      
(Bank, Asset Manager, Broker/Dealer, CLO/CDO, Finance Company, Hedge Fund, Insurance, Mutual Fund, Pension Fund, Other Regulated Investment Fund, Special Purpose Vehicle or Other, please specify)

Taxpayer ID Number:  _____________________
Foreign Entity: Yes                No ________ 
			
	
	Country of Origin          ________________

(If yes, please complete and return appropriate FOREIGN  IRS Form [usually Form W-8BEN or W-ECI])
D-2 - 2
Form of Administrative Questionnaire

												
	Contacts/Notification Methods: Borrowings, Paydowns, Interest, Fees, etc.			
		Primary Credit Contact		Secondary Credit Contact
	Name:			
	Title:			
	Address:			
				
	Telephone:			
	Facsimile:			
	E-Mail Address:			
	

Name:
			
	Title:			
	Address:			
				
	Telephone:			
	Facsimile:			
	E-Mail Address:			
		Primary Operations Contact		Secondary Operations Contact
	Name:			
	Title:			
	Address:			
				
	Telephone:			
	Facsimile:			
	E-Mail Address:			
	

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

PLEASE COMPLETE FOR ANY ELECTRONIC DISTRIBUTION CONTACTS (In addition to contacts listed above).
D-2 - 3
Form of Administrative Questionnaire

												
	Name:			
	Working Title:			
	Address:			
				
	Telephone:			
	E-Mail Address:			
	Access Level
Operational or Credit:
			

D-2 - 4
Form of Administrative Questionnaire

						
	Lender’s Domestic Wire Instructions	
	Bank Name:	
	City and State:	
	ABA/Routing No.:	
	Account Name:	
	Account No.:	
	FFC Account Name:	
	FFC Account No.:	
	Attention:	
	Reference:	

						
	Lender’s Foreign Wire Instructions (please include wiring instructions for EACH currency as applicable)	
	Bank Name:	
	ABA/Routing No.:	
	Account Name:	
	Account No.:	
	FFC Account Name:	
	FFC Account No.:	
	Attention:	
	Reference:	
	SWIFT:	
	Country of Origin:	

                                          , hereby authorizes Wells Fargo Bank to rely on the payment instructions contained in this Administrative Details Form.

By: _____________________________

Its: ______________________________

TAX REPORTING INFORMATION (PLEASE REVIEW THE INFORMATION BELOW AND SUBMIT THE APPROPRIATE IRS TAX FORM ALONG WITH THIS COMPLETED ADMINISTRATIVE DETAILS QUESTIONNAIRE).

Tax Documents

U.S. DOMESTIC INSTITUTIONS: 
If your institution is incorporated or organized within the United States, you must complete and return Form W-9 (Request for Taxpayer Identification Number and Certification). Please be advised that we request that you submit an original Form W-9. 

•Attach Form W-9 for current Tax Year
•Confirm Tax ID Number: 

FOREIGN INSTITUTIONS:
D-2 - 5
Form of Administrative Questionnaire

I. Corporations: 
If your institution is incorporated outside of the United States for U.S. federal income tax purposes, and is the beneficial owner of the interest and other income it receives, you must complete one of the following three tax forms, as applicable to your institution:
 
a.) Form W8BEN (Certificate of Foreign Status of Beneficial Owner), 
b.) Form W-8ECI (Income Effectively Connected to a U.S. Trade or Business),
c.) Form W-8EXP (Certificate of Foreign Government or Governmental Agency). 

A U.S. taxpayer identification number is required for any institution submitting Form W-8ECI. It is also required on Form W-8BEN for certain institutions claiming the benefits of a tax treaty with the U.S. Please be advised that U.S. tax regulations do not permit the acceptance of faxed forms. An original tax form must be submitted. 

•Attach Form W-8 for current Tax Year
•Confirm Tax ID Number: 

II. Flow-Through Entities: 
If your institution is organized outside the U.S., and is classified for U.S. federal income tax purposes as either a Partnership, Trust, Qualified or Non-Qualified Intermediary, or other non U.S. flow-through entity, an original Form W-8IMY (Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding) must be completed by the intermediary together with a withholding statement. Flow-through entities other than Qualified Intermediaries are required to include tax forms for each of the underlying beneficial owners. Please be advised that U.S. tax regulations do not permit the acceptance of faxed forms. Original tax form(s) must be submitted. 

•Attach Form W-8 for current Tax Year
•Confirm Tax ID Number: 

Pursuant to the language contained in the tax section of the Term Loan Agreement, the applicable tax form for your institution must be completed and returned prior to the first payment of income. Failure to provide the proper tax form when requested may subject your institution to U.S. tax withholding.

D-2 - 6
Form of Administrative Questionnaire

EXHIBIT E
Form of Disbursement Instruction Agreement
			
	

Borrower:  STAG Industrial Operating Partnership, L.P., a Delaware limited partnership

	

Administrative Agent:  Wells Fargo Bank, National Association 

	

Loan:  Loan number 1015070-1made pursuant to that certain Term Loan Agreement dated as of April 17, 2020 among the Borrower, STAG Industrial, Inc., a Maryland corporation and the sole general partner of the Borrower, the Administrative Agent, Wells Fargo Securities, LLC, and the Lenders from time to time party thereto, as amended from time to time

	

Effective Date:  April 17, 2020

	

Check applicable box:

•New – This is the first Disbursement Instruction Agreement submitted in connection with the Loan.
•Replace Previous Agreement – This is a replacement Disbursement Instruction Agreement.  All prior instructions submitted in connection with this Loan are cancelled as of the Effective Date set forth above.

This Agreement must be signed by the Borrower and is used for the following purposes:

(1)to designate an individual or individuals with authority to request disbursements of Loan proceeds, whether at the time of Loan closing/origination or thereafter;
(2)to designate an individual or individuals with authority to request disbursements of funds from Restricted Accounts (as defined in the Terms and Conditions attached to this Agreement), if applicable; and
(3)to provide Administrative Agent with specific instructions for wiring or transferring funds on Borrower’s behalf.

Any of the disbursements, wires or transfers described above are referred to herein as a “Disbursement.”

Specific dollar amounts for Disbursements must be provided to Administrative Agent at the time of the applicable Disbursement in the form of a signed closing statement or an email instruction or other written communication, or telephonic request pursuant to Section 2.2(a) of the Term Loan Agreement (each, a “Disbursement Request”) from an applicable Authorized Representative (as defined in the Terms and Conditions attached to this Agreement).

A new Disbursement Instruction Agreement must be completed and signed by the Borrower if (i) all or any portion of a Disbursement is to be transferred to an account or an entity not described in this Agreement or (ii) Borrower wishes to add or remove any Authorized Representatives.

 See the Additional Terms and Conditions attached hereto for additional information and for definitions of certain capitalized terms used in this Agreement.
									
	Disbursement of Loan Proceeds at Origination/Closing

		
	

Closing Disbursement Authorizers:  Administrative Agent is authorized to accept one or more Disbursement Requests from any of the individuals named below (each, a “Closing Disbursement Authorizer”) to disburse Loan proceeds on or about the date of the Loan origination/closing and to initiate Disbursements in connection therewith (each, a “Closing Disbursement”):

		
		Individual’s Name	Title
	1.		
	2.		
	3.		
	

Describe Restrictions, if any, on the authority of the Closing Disbursement Authorizers (dollar amount limits, wire/deposit destinations, etc.):
N/A
If there are no restrictions described here, any Closing Disbursement Authorizer may submit a Disbursement Request for all available Loan proceeds.
		

						
	

Permitted Wire Transfers:  Disbursement Requests for the Closing Disbursement(s) to be made by wire transfer must specify the amount and applicable Receiving Party.  Each Receiving Party included in any such Disbursement Request must be listed below.  Administrative Agent is authorized to use the wire instructions that have been provided directly to Administrative Agent by the Receiving Party or Borrower and attached as the Closing Exhibit.  All wire instructions must be in the format specified on the Closing Exhibit.

	
		Names of Receiving Parties for the Closing Disbursement(s) (may include as many parties as needed; wire instructions for each Receiving Party must be attached as the Closing Exhibit)
	1.	
	2.	
	3.	

E - 1
Form of Disbursement Instruction Agreement

			
	

Direct Deposit:  Disbursement Requests for the Closing Disbursement(s) to be deposited into an account at Wells Fargo Bank, N.A. must specify the amount and applicable account.  Each account included in any such Disbursement Request must be listed below.  

	Name on Deposit Account:
	Wells Fargo Bank, N.A. Deposit Account Number:
	Further Credit Information/Instructions:

									
	Disbursements of Loan Proceeds Subsequent to Loan Closing/Origination

		
	

Subsequent Disbursement Authorizers:  Administrative Agent is authorized to accept one or more Disbursement Requests from any of the individuals named below (each, a “Subsequent Disbursement Authorizer”) to disburse Loan proceeds after the date of the Loan origination/closing and to initiate Disbursements in connection therewith (each, a “Subsequent Disbursement”):

		
		Individual’s Name	Title
	1.		
	2.		
	3.		
	

Describe Restrictions, if any, on the authority of the Subsequent Disbursement Authorizers (dollar amount limits, wire/deposit destinations, etc.):  
N/A
If there are no restrictions described here, any Subsequent Disbursement Authorizer may submit a Disbursement Request for all available Loan proceeds.
		

						
	

Permitted Wire Transfers:  Disbursement Requests for Subsequent Disbursements to be made by wire transfer must specify the amount and applicable Receiving Party.  Each Receiving Party included in any such Disbursement Request must be listed below.  Administrative Agent is authorized to use the wire instructions that have been provided directly to Administrative Agent by the Receiving Party or Borrower and attached as the Subsequent Disbursement Exhibit. All wire instructions must be in the format specified on the Subsequent Disbursement Exhibit.

	
		Names of Receiving Parties for Subsequent Disbursements (may include as many parties as needed; wire instructions for each Receiving Party must be attached as the Subsequent Disbursement Exhibit)
	1.	
	2.	
	3.	

			
	

Direct Deposit:  Disbursement Requests for Subsequent Disbursements to be deposited into an account at Wells Fargo Bank, N.A. must specify the amount and applicable account.  Each account included in any such Disbursement Request must be listed below.  

	Name on Deposit Account:
	Wells Fargo Bank, N.A. Deposit Account Number:
	Further Credit Information/Instructions:

									
	Restricted Account Disbursements 

		
	

Restricted Account Disbursement Authorizers:  Administrative Agent is authorized to accept one or more Disbursement Requests from any of the individuals named below (each, a “Restricted Account Disbursement Authorizer”) to disburse funds from a Restricted Account and to initiate Disbursements in connection therewith (each, a “Restricted Account Disbursement”):

		
		Individual’s Name	Title
	1.		
	2.		
	3.		
	

Describe Restrictions, if any, on the authority of the Restricted Account Disbursement Authorizers (dollar amount limits, wire/deposit destinations, etc.):
N/A
If there are no restrictions described here, any Restricted Account Disbursement Authorizer may submit a Disbursement Request for all available funds.
		

						
	

Permitted Wire Transfers:  Disbursement Requests for Restricted Account Disbursements to be made by wire transfer must specify the amount and applicable Receiving Party.  Each Receiving Party included in any such Disbursement Request must be listed below.  Administrative Agent is authorized to use the wire instructions that have been provided directly to Administrative Agent by the Receiving Party or Borrower and attached as the Restricted Account Disbursement Exhibit. All wire instructions must be in the format specified on the Restricted Account Disbursement Exhibit.

	
		Names of Receiving Parties for Restricted Account Disbursements (may include as many parties as needed; wire instructions for each Receiving Party must be attached as the Restricted Account Disbursement Exhibit)
	1.	
	2.	
	3.	

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Form of Disbursement Instruction Agreement

			
	

Direct Deposit:  Disbursement Requests for Restricted Account Disbursements to be deposited into an account at Wells Fargo Bank, N.A. must specify the amount and applicable account.  Each account included in any such Disbursement Request must be listed below.  

	Name on Deposit Account:
	Wells Fargo Bank, N.A. Deposit Account Number:
	Further Credit Information/Instructions:

Borrower acknowledges that all of the information in this Agreement is correct and agrees to the terms and conditions set forth herein and in the Additional Terms and Conditions on the following page.

BORROWER:

STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P., a Delaware limited partnership

By: STAG Industrial GP, LLC, a Delaware limited liability company, its General Partner

By:_______________________
Name: Stephen C. Mecke
Title: Authorized Officer

Additional Terms and Conditions to the Disbursement Instruction Agreement

Definitions.  The following capitalized terms shall have the meanings set forth below:

“Authorized Representative” means any or all of the Closing Disbursement Authorizers, Subsequent Disbursement Authorizers and Restricted Account Disbursement Authorizers, as applicable.
“Receiving Bank” means the financial institution where a Receiving Party maintains its account.
“Receiving Party” means the ultimate recipient of funds pursuant to a Disbursement Request.
“Restricted Account” means an account at Wells Fargo Bank, N.A. associated with the Loan to which Borrower’s access is restricted.

Capitalized terms used in these Additional Terms and Conditions to Disbursement Instruction Agreement and not otherwise defined herein shall have the meanings given to such terms in the body of the Agreement.

Disbursement Requests. Except as expressly provided in the Term Loan Agreement, Administrative Agent must receive Disbursement Requests in writing.    Disbursement Requests will only be accepted from the applicable Authorized Representatives designated in the Disbursement Instruction Agreement. Disbursement Requests will be processed subject to satisfactory completion of Administrative Agent’s customer verification procedures. Administrative Agent is only responsible for making a good faith effort to execute each Disbursement Request and may use agents of its choice to execute Disbursement Requests.  Funds disbursed pursuant to a Disbursement Request may be transmitted directly to the Receiving Bank, or indirectly to the Receiving Bank through another bank, government agency, or other third party that Administrative Agent considers to be reasonable.  Administrative Agent will, in its sole discretion, determine the funds transfer system and the means by which each Disbursement will be made provided such funds transfer system complies with the requirements of the Term Loan Agreement.  Administrative Agent may delay or refuse to accept a Disbursement Request if the Disbursement would: (i) violate the terms of this Agreement; (ii) require use of a bank prohibited by government authority or Administrative Agent or any Lender’s policies or requirements; (iii) cause Administrative Agent or Lenders to violate any Federal Reserve or other regulatory risk control program or guideline; or (iv) otherwise cause Administrative Agent or Lenders to violate any applicable law or regulation.

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Form of Disbursement Instruction Agreement

Limitation of Liability. Administrative Agent  and Lenders shall not be liable to Borrower or any other parties for: (i) errors, acts or failures to act of others, including other entities, banks, communications carriers or clearinghouses, through which Borrower’s requested Disbursements may be made or information received or transmitted, and no such entity shall be deemed an agent of the Administrative Agent or any Lender; (ii) any loss, liability or delay caused by fires, earthquakes, wars, civil disturbances, power surges or failures, acts of government, labor disputes, failures in communications networks, legal constraints or other events beyond Administrative Agent or any Lender’s control; or (iii) any special, consequential, indirect or punitive damages, whether or not (A) any claim for these damages is based on tort or contract or (B) Administrative Agent, any Lender or Borrower knew or should have known the likelihood of these damages in any situation.  Neither Administrative Agent nor any Lender makes any representations or warranties other than those expressly made in this Agreement.  IN NO EVENT WILL ADMINISTRATIVE AGENT OR ANY LENDER BE LIABLE FOR DAMAGES ARISING DIRECTLY OR INDIRECTLY IF A DISBURSEMENT REQUEST IS EXECUTED BY ADMINISTRATIVE AGENT IN GOOD FAITH AND IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT and the Term Loan Agreement, except to the extent expressly set forth in Section 11.4(e) of the Term Loan Agreement.

Reliance on Information Provided. Administrative Agent is authorized to rely on the information provided by Borrower or any Authorized Representative in or in accordance with this Agreement when executing a Disbursement Request until Administrative Agent has received a new Agreement signed by Borrower.  Borrower agrees to be bound by any Disbursement Request: (i) authorized or transmitted by Borrower; or (ii) made in Borrower’s name and accepted by Administrative Agent in good faith and in compliance with this Agreement, even if not properly authorized by Borrower.  Administrative Agent may rely solely (i) on the account number of the Receiving Party, rather than the Receiving Party’s name, and (ii) on the bank routing number of the Receiving Bank, rather than the Receiving Bank’s name, in executing a Disbursement Request.  Administrative Agent is not obligated or required in any way to take any actions to detect errors in information provided by Borrower or an Authorized Representative.  If Administrative Agent takes any actions in an attempt to detect errors in the transmission or content of transfers or requests or takes any actions in an attempt to detect unauthorized Disbursement Requests, Borrower agrees that, no matter how many times Administrative Agent takes these actions, Administrative Agent will not in any situation be liable for failing to take or correctly perform these actions in the future, and such actions shall not become any part of the Disbursement procedures authorized herein, in the Loan Documents, or in any agreement between Administrative Agent and Borrower.

International Disbursements. A Disbursement Request expressed in US Dollars will be sent in US Dollars, even if the Receiving Party or Receiving Bank is located outside the United States. Administrative Agent will not execute Disbursement Requests expressed in foreign currency unless permitted by the Term Loan Agreement.

Errors. Borrower agrees to notify Administrative Agent of any errors in the Disbursement of any funds or of any unauthorized or improperly authorized Disbursement Requests within fourteen (14) days after Administrative Agent’s confirmation to Borrower of such Disbursement. 

Finality of Disbursement Requests. Disbursement Requests will be final and will not be subject to stop payment or recall; provided that Administrative Agent may, at Borrower’s request, make an effort to effect a stop payment or recall but will incur no liability whatsoever for its failure or inability to do so.

CLOSING EXHIBIT
WIRE INSTRUCTIONS

All wire instructions must contain the following information:

			
	Transfer/Deposit Funds to (Receiving Party Account Name)

	Receiving Party Deposit Account Number

	Receiving Bank Name, City and State 
 

	Receiving Bank Routing (ABA) Number
	Further identifying information, if applicable (title escrow number, borrower name, loan number, etc.)

SUBSEQUENT DISBURSEMENT EXHIBIT
WIRE INSTRUCTIONS

All wire instructions must contain the following information:

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Form of Disbursement Instruction Agreement

			
	Transfer/Deposit Funds to (Receiving Party Account Name)

	Receiving Party Deposit Account Number

	Receiving Bank Name, City and State 
 

	Receiving Bank Routing (ABA) Number
	Further identifying information, if applicable (title escrow number, borrower name, loan number, etc.)

RESTRICTED ACCOUNT DISBURSEMENT EXHIBIT
WIRE INSTRUCTIONS

All wire instructions must contain the following information:

			
	Transfer/Deposit Funds to (Receiving Party Account Name)

	Receiving Party Deposit Account Number

	Receiving Bank Name, City and State 
 

	Receiving Bank Routing (ABA) Number
	Further identifying information, if applicable (title escrow number, borrower name, loan number, etc.)

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Form of Disbursement Instruction Agreement

EXHIBIT F-1
FORM OF PARENT GUARANTY

THIS PARENT GUARANTY AGREEMENT (this “Guaranty”) is executed as of April 17, 2020, by STAG INDUSTRIAL, INC., a Maryland corporation, (“Guarantor”), for the benefit of the Credit Parties (defined below).

        RECITALS:

A.STAG Industrial Operating Partnership, L.P., a Delaware limited partnership (“Borrower”) may, from time to time, be indebted to the Credit Parties pursuant to (i) that certain Term Loan Agreement dated of even date herewith (as amended, modified, supplemented, or restated from time to time, the “Credit Agreement”), among the Borrower, the Guarantor, the Lenders now or hereafter party to the Credit Agreement (the “Lenders”), and Wells Fargo Bank, National Association, as Administrative Agent for the benefit of the Lenders (“Administrative Agent”) and (ii) any Swap Contract entered into by the Administrative Agent, any Lender or Affiliate of the Administrative Agent or a Lender (other than any Excluded Swap Obligation) that relates solely to the Obligations (any such Swap Contract, a “Designated Swap Contract”) (Administrative Agent, the Lenders and any Specified Derivatives Providers, together with their respective successors and assigns, are each a “Credit Party,” and collectively the “Credit Parties”).  Capitalized terms used herein shall, unless otherwise indicated, have the respective meanings set forth in the Credit Agreement. 

B.The Guarantor is a limited partner of, and holds Equity Interests in, the Borrower and will benefit from the Credit Parties’ extension of credit to the Borrower.

C.This Guaranty is integral to the transactions contemplated by the Loan Documents and Designated Swap Contracts, and the execution and delivery hereof is a condition precedent to the Credit Parties’ obligations to extend credit to the Borrower under the Loan Documents and Designated Swap Contracts.

        NOW, THEREFORE, as an inducement to the Credit Parties to enter into the Credit Agreement and to make Loans to the Borrower thereunder and enter into any Designated Swap Contracts, and to extend such credit to the Borrower as the Credit Parties may from time to time agree to extend, and for other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the Guarantor hereby guarantees payment of the Guaranteed Obligations (hereinafter defined) and hereby agrees as follows:

Section 1.Nature of Guaranty.  The Guarantor hereby absolutely and unconditionally guarantees, as a guarantee of payment and not merely as a guarantee of collection, prompt payment when due, whether at stated maturity, upon acceleration or otherwise, and at all times thereafter, of any and all existing and future Obligations including, without limitation, all indebtedness and liabilities of every kind, nature and character, direct or indirect, absolute or contingent, liquidated or unliquidated, voluntary or involuntary, of the Borrower to the Credit Parties arising under the Credit Agreement, the other Loan Documents and Designated Swap Contracts (including, without limitation, all renewals, extensions, modifications, amendments, and restatements thereof and all costs, attorneys’ fees and expenses incurred by any Credit Party in connection with the collection or enforcement thereof) including, without limitation, any and all environmental indemnifications contained in the Loan Documents or Designated 
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Swap Contracts (collectively, the “Guaranteed Obligations”).  The Administrative Agent’s books and records showing the amount of the Guaranteed Obligations shall be admissible in evidence in any action or proceeding, and shall be binding upon the Guarantor and conclusive for the purpose of establishing the amount of the Guaranteed Obligations.  This Guaranty shall not be affected by the genuineness, validity, regularity, or enforceability of the Guaranteed Obligations or any instrument or agreement evidencing any Guaranteed Obligations, or by any fact or circumstance relating to the Guaranteed Obligations which might otherwise constitute a defense to the obligations of the Guarantor under this Guaranty.

Section 2.No Setoff or Deductions; Taxes. The Guarantor represents and warrants that it is incorporated and resident in the United States of America. All payments by the Guarantor hereunder shall be paid in full, without setoff or counterclaim or any deduction or withholding whatsoever, including, without limitation, for any and all present and future taxes. If the Guarantor must make a payment under this Guaranty, then the Guarantor represents and warrants that it will make the payment from its offices located in the United States of America to the Administrative Agent, for the benefit of the Credit Parties, so that no withholding tax is imposed on such payment.  Notwithstanding the foregoing, if the Guarantor makes a payment under this Guaranty to which withholding tax applies, or any taxes (other than Excluded Taxes) are at any time imposed on any payments under or in respect of this Guaranty including, but not limited to, payments made pursuant to this Section 2, then the Guarantor shall pay all such taxes to the relevant authority in accordance with applicable law such that each Credit Party, as applicable, receives the sum it would have received had no such deduction or withholding been made and shall also pay to the Administrative Agent, for the benefit of the Credit Parties, on demand, all additional amounts which the Administrative Agent specifies as necessary to preserve the after-tax yield the Credit Parties would have received if such taxes had not been imposed.  The Guarantor shall promptly provide the Administrative Agent with an original receipt or certified copy issued by the relevant authority evidencing the payment of any such amount required to be deducted or withheld.

Section 3.No Termination.  This Guaranty is a continuing and irrevocable guaranty of all Guaranteed Obligations now or hereafter existing and shall remain in full force and effect until all Guaranteed Obligations and any other amounts payable under this Guaranty are indefeasibly paid and performed in full and any commitments of the Credit Parties or facilities provided by the Credit Parties with respect to the Guaranteed Obligations are terminated.  All payments under this Guaranty shall be made at the Administrative Agent’s Office in Dollars.

Section 4.Waiver of Notices.  The Guarantor waives notice of the acceptance of this Guaranty and of the extension or continuation of the Guaranteed Obligations or any part thereof. The Guarantor further waives presentment, protest, notice, dishonor or default, demand for payment, notice of intent to accelerate, notice of acceleration, and any other notices to which the Guarantor might otherwise be entitled.

Section 5.No Subrogation.  The Guarantor shall not exercise any right of subrogation, contribution, or similar rights with respect to any payments it makes under this Guaranty until all of the Guaranteed Obligations and any amounts payable under this Guaranty are indefeasibly paid and performed in full and any commitments of the Credit Parties or facilities provided by the Credit Parties with respect to the Guaranteed Obligations are terminated.  If any amounts are paid to the Guarantor in violation of the foregoing limitation, then such amounts shall be held in trust for the benefit of the Credit Parties and shall forthwith be paid to the Administrative Agent, for the benefit of the Credit Parties, to reduce the amount of the Guaranteed Obligations, whether matured or unmatured.

Section 6.Waiver of Suretyship Defenses.  The Guarantor agrees that the Credit Parties may, at any time and from time to time, and without notice to the Guarantor, make any agreement with the 
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Borrower or with any other person or entity liable on any of the Guaranteed Obligations, for the extension, renewal, payment, compromise, discharge, or release of the Guaranteed Obligations, or for any modification or amendment of the terms thereof or of any instrument or agreement evidencing the Guaranteed Obligations, all without in any way impairing, releasing, discharging, or otherwise affecting the obligations of the Guarantor under this Guaranty.  The Guarantor waives any defense arising by reason of any disability or other defense of the Borrower or any other guarantor, or the cessation from any cause whatsoever of the liability of the Borrower, or any claim that the Guarantor’s obligations exceed or are more burdensome than those of the Borrower and waives the benefit of any statute of limitations affecting the liability of the Guarantor hereunder.  The Guarantor waives any right to enforce any remedy which the Guarantor now has or may hereafter have against the Borrower and waives any benefit of and any right to participate in any security now or hereafter held by the Administrative Agent for the benefit of the Credit Parties.  Further, the Guarantor consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks of the Guarantor under this Guaranty or which, but for this provision, might operate as a discharge of the Guarantor. 

Section 7.Exhaustion of Other Remedies Not Required.  The obligations of the Guarantor hereunder are those of primary obligor, and not merely as surety, and are independent of the Guaranteed Obligations. The Guarantor waives diligence by any of the Credit Parties and action on delinquency in respect of the Guaranteed Obligations or any part thereof, including, without limitation any provisions of law requiring any Credit Party to exhaust any right or remedy or to take any action against the Borrower, any other guarantor, or any other person, entity, or property before enforcing this Guaranty against the Guarantor. 

Section 8.Reinstatement.  Notwithstanding anything in this Guaranty to the contrary, this Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any portion of the Guaranteed Obligations is revoked, terminated, rescinded, or reduced or must otherwise be restored or returned upon the insolvency, bankruptcy, or reorganization of the Borrower or any other person or entity or otherwise, as if such payment had not been made and whether or not the Administrative Agent is in possession of or has released this Guaranty and regardless of any prior revocation, rescission, termination or reduction.  

Section 9.Subordination.  The Guarantor hereby expressly subordinates the payment of all obligations and indebtedness of the Borrower owing to the Guarantor, whether now existing or hereafter arising and whether those obligations are (a) direct, indirect, fixed, contingent, liquidated, unliquidated, joint, several, or joint and several, (b) due or to become due to the Guarantor, (c) held by or are to be held by the Guarantor, (d) created directly or acquired by assignment or otherwise, or (e) evidenced in writing (the “Subordinated Debt”) to the indefeasible payment in full of all Guaranteed Obligations. The Guarantor agrees not to accept any payment of such Subordinated Debt from the Borrower if a Default exists.  If the Guarantor receives any payment of any Subordinated Debt in violation of the foregoing, then the Guarantor shall hold that payment in trust for the Credit Parties and promptly turn it over to the Administrative Agent, for the benefit of the Credit Parties, in the form received (with any necessary endorsements), to be applied in accordance with the Credit Agreement, but without reducing or affecting in any manner the liability of the Guarantor under this Guaranty.

Section 10.Stay of Acceleration.  In the event that acceleration of the time for payment of any of the Guaranteed Obligations is stayed, upon the insolvency, bankruptcy, or reorganization of the Borrower or any other person or entity, or otherwise, all such amounts shall nonetheless be payable by the Guarantor immediately upon demand by the Administrative Agent. 

Section 11.Indemnification and Expenses.  
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(a)The Guarantor shall indemnify each Credit Party and each Related Party of any of the Credit Parties (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, without limitation, the fees, charges, and disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from all fees and time charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any third party or any Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery or enforcement of this Guaranty or any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder, the consummation of the transactions contemplated hereby, or, in the case of the Administrative Agent and its Related Parties only, the administration of this Guaranty; or (ii) any actual or prospective claim, litigation, investigation, or proceeding relating to any of the foregoing, whether based on contract, tort, or any other theory, whether brought by a third party or by any Loan Party, and regardless of whether any Indemnitee is a party thereto, provided that such indemnity shall not, as to any Indemnitee and its Related Parties, be available to the extent that such losses, claims, damages, liabilities, or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or its Related Parties.

(b)The Guarantor shall pay to the Administrative Agent upon demand the amount of any and all reasonable out-of-pocket costs and expenses, including the reasonable fees and expenses of its counsel and of any experts and agents, that the Administrative Agent may incur in connection with the administration of this Guaranty, including, without limitation, any such costs and expenses incurred in the preservation, protection, or enforcement of any rights of any Credit Party in any case commenced by or against the Guarantor under the Bankruptcy Code (Title 11, United States Code) or any similar or successor statute.  The obligations of the Guarantor under the preceding sentence shall survive termination of this Guaranty.

Section 12.Amendments.  No amendment, modification, termination, or waiver of any provision of this Guaranty, and no consent to any departure by the Guarantor from the terms and conditions hereof, shall in any event be effective unless the same shall be in writing and signed by the Administrative Agent and the Guarantor.  Any such waiver or consent shall be effective only in the specific instance and for the specific purpose for which it was given.

Section 13.Notices.  Any notice or other communication herein required or permitted to be given shall be in writing and shall be in accordance with the provisions of Section 11.2 of the Credit Agreement.  All notices or other communications hereunder shall be made to the applicable address, as follows: (i) if addressed to the Borrower or Guarantor then to the address as follows: c/o STAG Industrial, Inc. One Federal Street, 23rd Floor, Boston, Massachusetts 02110 Attention: Jeffrey M. Sullivan, Esq. Telephone No: 617-936-1343, Telecopier No.: 617-574-0052, with a copy to DLA Piper LLP (US) 1251 Avenue of Americas, New York, NY, 10020, Attention: Jamie Knox, Telephone No: 212-335-4992 and  (ii) if addressed to the Administrative Agent then to the address as follows: Wells Fargo Bank, National Association, Commercial Real Estate Loans, 600 South 4th Street, 8th Floor, Minneapolis, MN 55415, MAC N9300-085, Attention: Anthony Gangelhoff, Telephone No: 612-316-0109. Any party to this Guaranty may change its address, telecopier or telephone number for notices and other communications in accordance with the terms and provisions set forth in Section 11.2(d) of the Credit Agreement.

Section 14.No Waiver; Enforceability.  No failure by any Credit Party to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy or power hereunder preclude any other or further exercise thereof or 
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the exercise of any other right.  The remedies herein provided are cumulative and not exclusive of any remedies provided by law or in equity.  The unenforceability or invalidity of any provision of this Guaranty shall not affect the enforceability or validity of any other provision herein.

Section 15.Assignment.  This Guaranty shall: (a) bind the Guarantor and its successors and assigns, provided that the Guarantor may not assign its rights or obligations under this Guaranty without the prior written consent of the Administrative Agent (and any attempted assignment without such consent shall be void); and (b) inure to the benefit of each of the Credit Parties and their respective successors and assigns and the Credit Parties may, without notice to the Guarantor and without affecting the Guarantor’s obligations hereunder, assign or sell participations in the Guaranteed Obligations and this Guaranty, in whole or in part. The Guarantor agrees that the Credit Parties may disclose to any prospective purchaser and any purchaser of all or part of the Guaranteed Obligations any and all information in the Credit Parties’ possession concerning the Guarantor, this Guaranty, and any security for this Guaranty to the extent permitted under, and in compliance with, the terms of the Credit Agreement.

Section 16.Condition of the Borrower.  The Guarantor acknowledges and agrees that it has the sole responsibility for, and has adequate means of, obtaining from the Borrower such information concerning the financial condition, business, and operations of the Borrower as the Guarantor requires, and that no Credit Party shall have any duty, and the Guarantor is not relying on any Credit Party at any time, to disclose to the Guarantor any information relating to the business, operations, or financial condition of the Borrower.

Section 17.Rights of Setoff.  If and to the extent any payment is not made when due hereunder, then the Administrative Agent and each other Credit Party (with the prior consent of the Administrative Agent) may setoff and charge from time to time any amount so due against any or all of the Guarantor’s accounts or deposits with the Administrative Agent or such other Credit Party.

Section 18.Other Guarantees.  Unless otherwise agreed by the Administrative Agent, the applicable Credit Party and the Guarantor in writing, this Guaranty is not intended to supersede or otherwise affect any other guaranty now or hereafter given by the Guarantor for the benefit of the Credit Parties or any term or provision thereof.

Section 19.GOVERNING LAW; JURISDICTION; ETC.  

(a)GOVERNING LAW. THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

(b)SUBMISSION TO JURISDICTION.  THE GUARANTOR IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY 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 
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THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.  NOTHING IN THIS GUARANTY OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT ANY CREDIT PARTY MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT AGAINST THE GUARANTOR OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

(c)WAIVER OF VENUE. THE GUARANTOR 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 GUARANTY OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN SECTION 19(b).  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

(d)SERVICE OF PROCESS.  EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 11.2 OF THE CREDIT AGREEMENT PROVIDED THAT, IN THE CASE OF SERVICE ON THE GUARANTOR A COPY IS ALSO DELIVERED TO JEFFREY M. SULLIVAN, SECRETARY FOR GUARANTOR (WHOSE CONTACT INFORMATION IS NOTED IN SECTION 13 ABOVE).  NOTHING IN THIS GUARANTY WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

(e)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 GUARANTY 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 GUARANTY AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 19.

Section 20.Counterparts.  This Guaranty 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.  

Section 21.FINAL AGREEMENT.  This Guaranty, the other Loan Documents AND DESIGNATED SWAP CONTRACTS 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.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

[Remainder of Page Intentionally Left Blank;
Signature Page Follows]
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IN WITNESS WHEREOF, the Guarantor has caused this Guaranty to be duly executed and delivered as of the date first written above.

PARENT:
STAG INDUSTRIAL, INC., 
a Maryland corporation

By:_______________________
Name:  
Title:    Authorized Officer

        F-7 
        Form of Parent Guaranty

EXHIBIT F-2
FORM OF SUBSIDIARY GUARANTY
THIS SUBSIDIARY GUARANTY AGREEMENT (this “Guaranty”) is executed as of April 17, 2020, by EACH OF THE SUBSIDIARIES OF STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (“Borrower”), LISTED ON SCHEDULE 1 ATTACHED HERETO or who become a party hereto pursuant to Section 21 below (each a “Guarantor” and collectively, “Guarantors”), for the benefit of the Credit Parties (defined below).

        RECITALS:

A.The Borrower may, from time to time, be indebted to the Credit Parties pursuant to (i) that certain Term Loan Agreement dated of even date herewith (as amended, modified, supplemented, or restated from time to time, the “Credit Agreement”), among the Borrower, STAG Industrial, Inc., a Maryland corporation, the sole member of the sole general partner of the Borrower (“Parent”), the Lenders now or hereafter party to the Credit Agreement (the “Lenders”), and Wells Fargo Bank, National Association, as the Administrative Agent for the benefit of the Lenders (“Administrative Agent”) and (ii) any Swap Contract entered into by the Administrative Agent, any Lender or Affiliate of the Administrative Agent or a Lender (other than any Excluded Swap Obligation) that relates solely to the Obligations (any such Swap Contract, a “Designated Swap Contract”) (Administrative Agent, the Lenders and any Specified Derivatives Providers, together with their respective successors and assigns, are each a “Credit Party,” and collectively the “Credit Parties”).  Capitalized terms used herein shall, unless otherwise indicated, have the respective meanings set forth in the Credit Agreement. 

B.Each Guarantor is a Subsidiary of the Borrower and will, directly or indirectly, benefit from the Credit Parties’ extension of credit to the Borrower.

C.This Guaranty is integral to the transactions contemplated by the Loan Documents and Designated Swap Contracts, and the execution and delivery hereof is a condition precedent to the Credit Parties’ obligations to extend credit to Borrower under the Loan Documents and Designated Swap Contracts.

        NOW, THEREFORE, as an inducement to the Credit Parties to enter into the Credit Agreement and to make Loans to the Borrower thereunder and enter into any Designated Swap Contracts, and to extend such credit to the Borrower as the Credit Parties may from time to time agree to extend, and for other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the Guarantors hereby jointly and severally guarantee payment of the Guaranteed Obligations (hereinafter defined) and hereby agree as follows:

1.Nature of Guaranty.  Each Guarantor hereby absolutely and unconditionally guarantees, jointly and severally, as a guarantee of payment and not merely as a guarantee of collection, prompt payment when due, whether at stated maturity, upon acceleration or otherwise, and at all times thereafter, of any and all existing and future Obligations including, without limitation, all indebtedness and liabilities of every kind, nature and character, direct or indirect, absolute or contingent, liquidated or unliquidated, voluntary or involuntary, of the Borrower to the Credit Parties arising under the Credit Agreement, the other Loan Documents and Designated Swap Contracts (including, without limitation, all renewals, extensions, modifications, amendments, and restatements thereof and all costs, attorneys’ fees and expenses incurred by any Credit Party in connection with the collection or enforcement thereof) including, without limitation, any and all environmental indemnifications contained in the Loan Documents or Designated Swap Contracts (collectively, the “Guaranteed Obligations”). The 

Administrative Agent’s books and records showing the amount of the Guaranteed Obligations shall be admissible in evidence in any action or proceeding, and shall be binding upon each Guarantor and conclusive for the purpose of establishing the amount of the Guaranteed Obligations.  This Guaranty shall not be affected by the genuineness, validity, regularity, or enforceability of the Guaranteed Obligations or any instrument or agreement evidencing any Guaranteed Obligations, or by any fact or circumstance relating to the Guaranteed Obligations which might otherwise constitute a defense to the obligations of any Guarantor under this Guaranty.  

2.No Setoff or Deductions; Taxes. Each Guarantor represents and warrants that it is formed and resident in the United States of America. All payments by any Guarantor hereunder shall be paid in full, without setoff or counterclaim or any deduction or withholding whatsoever, including, without limitation, for any and all present and future taxes. If any Guarantor must make a payment under this Guaranty, then such Guarantor represents and warrants that it will make the payment from its offices located in the United States of America to the Administrative Agent, for the benefit of the Credit Parties, so that no withholding tax is imposed on such payment.  Notwithstanding the foregoing, if any Guarantor makes a payment under this Guaranty to which withholding tax applies, or any taxes (other than Excluded Taxes) are at any time imposed on any payments under or in respect of this Guaranty including, but not limited to, payments made pursuant to this Section 2, then such Guarantor shall pay all such taxes to the relevant authority in accordance with applicable law such that each Credit Party receives the sum it would have received had no such deduction or withholding been made and shall also pay to the Administrative Agent, for the benefit of the Credit Parties, on demand, all additional amounts which the Administrative Agent specifies as necessary to preserve the after-tax yield the Credit Parties would have received if such taxes had not been imposed. The Guarantors shall promptly provide the Administrative Agent with an original receipt or certified copy issued by the relevant authority evidencing the payment of any such amount required to be deducted or withheld.

3.No Termination.  This Guaranty is a continuing and irrevocable guaranty of all Guaranteed Obligations now or hereafter existing and shall remain in full force and effect until all Guaranteed Obligations and any other amounts payable under this Guaranty are indefeasibly paid and performed in full and any commitments of the Credit Parties or facilities provided by the Credit Parties with respect to the Guaranteed Obligations are terminated.  All payments under this Guaranty shall be made at the Administrative Agent’s Office in Dollars.

4.Waiver of Notices.  Each Guarantor waives notice of the acceptance of this Guaranty and of the extension or continuation of the Guaranteed Obligations or any part thereof. Each Guarantor further waives presentment, protest, notice, dishonor or default, demand for payment, notice of intent to accelerate, notice of acceleration, and any other notices to which any Guarantor might otherwise be entitled.

5.No Subrogation.  No Guarantor shall exercise any right of subrogation, contribution, or similar rights with respect to any payments it makes under this Guaranty until all of the Guaranteed Obligations and any amounts payable under this Guaranty are indefeasibly paid and performed in full and any commitments of the Credit Parties or facilities provided by the Credit Parties with respect to the Guaranteed Obligations are terminated.  If any amounts are paid to any Guarantor in violation of the foregoing limitation, then such amounts shall be held in trust for the benefit of the Credit Parties and shall forthwith be paid to the Administrative Agent, for the benefit of the Credit Parties, to reduce the amount of the Guaranteed Obligations, whether matured or unmatured.

6.Waiver of Suretyship Defenses.  Each Guarantor agrees that the Credit Parties may, at any time and from time to time, and without notice to the Guarantors, make any agreement with the Borrower or 
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with any other person or entity liable on any of the Guaranteed Obligations, for the extension, renewal, payment, compromise, discharge, or release of the Guaranteed Obligations, or for any modification or amendment of the terms thereof or of any instrument or agreement evidencing the Guaranteed Obligations, all without in any way impairing, releasing, discharging, or otherwise affecting the obligations of any Guarantor under this Guaranty.  Each Guarantor waives any defense arising by reason of any disability or other defense of the Borrower or any other guarantor, or the cessation from any cause whatsoever of the liability of the Borrower, or any claim that any Guarantor’s obligations exceed or are more burdensome than those of the Borrower and waives the benefit of any statute of limitations affecting the liability of any Guarantor hereunder.  Each Guarantor waives any right to enforce any remedy which such Guarantor now has or may hereafter have against the Borrower and waives any benefit of and any right to participate in any security now or hereafter held by the Administrative Agent for the benefit of the Credit Parties.  Further, each Guarantor consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks of such Guarantor under this Guaranty or which, but for this provision, might operate as a discharge of such Guarantor. 

7.Exhaustion of Other Remedies Not Required.  The obligations of each Guarantor hereunder are those of primary obligor, and not merely as surety, and are independent of the Guaranteed Obligations.  Each Guarantor waives diligence by any of the Credit Parties and action on delinquency in respect of the Guaranteed Obligations or any part thereof, including, without limitation any provisions of law requiring any Credit Party to exhaust any right or remedy or to take any action against the Borrower, any other guarantor, or any other person, entity, or property before enforcing this Guaranty against any Guarantor. 

8.Reinstatement.  Notwithstanding anything in this Guaranty to the contrary, this Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any portion of the Guaranteed Obligations is revoked, terminated, rescinded, or reduced or must otherwise be restored or returned upon the insolvency, bankruptcy, or reorganization of the Borrower or any other person or entity or otherwise, as if such payment had not been made and whether or not the Administrative Agent is in possession of or has released this Guaranty and regardless of any prior revocation, rescission, termination or reduction.  

9.Subordination.  Each Guarantor hereby expressly subordinates the payment of all obligations and indebtedness of the Borrower owing to such Guarantor, whether now existing or hereafter arising and whether those obligations are (a) direct, indirect, fixed, contingent, liquidated, unliquidated, joint, several, or joint and several, (b) due or to become due to such Guarantor, (c) held by or are to be held by such Guarantor, (d) created directly or acquired by assignment or otherwise, or (e) evidenced in writing (the “Subordinated Debt”) to the indefeasible payment in full of all Guaranteed Obligations.  Each Guarantor agrees not to accept any payment of such Subordinated Debt from the Borrower if a Default exists.  If any Guarantor receives any payment of any Subordinated Debt in violation of the foregoing, then such Guarantor shall hold that payment in trust for the Credit Parties and promptly turn it over to the Administrative Agent, for the benefit of the Credit Parties, in the form received (with any necessary endorsements), to be applied in accordance with the Credit Agreement, but without reducing or affecting in any manner the liability of any Guarantor under this Guaranty.

10.Information.  Each Guarantor agrees to furnish promptly to the Administrative Agent any and all financial or other information regarding such Guarantor or its property as the Administrative Agent may reasonably request in writing.

11.Stay of Acceleration.  In the event that acceleration of the time for payment of any of the Guaranteed Obligations is stayed, upon the insolvency, bankruptcy, or reorganization of the Borrower or 
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any other person or entity, or otherwise, all such amounts shall nonetheless be payable by the Guarantors immediately upon demand by the Administrative Agent. 

12.Indemnification and  Expenses.  

(a) Each Guarantor shall indemnify each Credit Party and each Related Party of any of the Credit Parties (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, without limitation, the fees, charges, and disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from all fees and time charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any third party or any Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery or enforcement of this Guaranty or any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder, the consummation of the transactions contemplated hereby, or, in the case of the Administrative Agent and its Related Parties only, the administration of this Guaranty; or (ii) any actual or prospective claim, litigation, investigation, or proceeding relating to any of the foregoing, whether based on contract, tort, or any other theory, whether brought by a third party or by any Loan Party, and regardless of whether any Indemnitee is a party thereto, provided that such indemnity shall not, as to any Indemnitee and its Related Parties, be available to the extent that such losses, claims, damages, liabilities, or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or its Related Parties.

(b) Each Guarantor shall pay to the Administrative Agent upon demand the amount of any and all reasonable out-of-pocket costs and expenses, including the reasonable fees and expenses of its counsel and of any experts and agents, that the Administrative Agent may incur in connection with the administration of this Guaranty, including, without limitation, any such costs and expenses incurred in the preservation, protection, or enforcement of any rights of any Credit Party in any case commenced by or against any Guarantor under the Bankruptcy Code (Title 11, United States Code) or any similar or successor statute. The obligations of the Guarantors under the preceding sentence shall survive termination of this Guaranty.

13.Amendments.  No amendment, modification, termination, or waiver of any provision of this Guaranty, and no consent to any departure by any Guarantor from the terms and conditions hereof, shall in any event be effective unless the same shall be in writing and signed by the Administrative Agent and each Guarantor.  Any such waiver or consent shall be effective only in the specific instance and for the specific purpose for which it was given.

14.Notices.  Any notice or other communication herein required or permitted to be given shall be in writing and shall be in accordance with the provisions of Section 11.2 of the Credit Agreement.  All notices or other communications hereunder shall be made to the applicable address, as follows: (i) if addressed to the Borrower or any Guarantor then to the address as follows: c/o STAG Industrial, Inc. One Federal Street, 23rd Floor, Boston, Massachusetts 02110 Attention: Jeffrey M. Sullivan, Esq. Telephone No: 617-936-1343, Telecopier No.: 617-574-0052, with a copy to DLA Piper LLP (US) 1251 Avenue of Americas, New York, NY, 10020, Attention: Jamie Knox, Telephone No: 212-335-4992 and  (ii) if addressed to the Administrative Agent then to the address as follows: Wells Fargo Bank, National Association, Commercial Real Estate Loans, 600 South 4th Street, 8th Floor, Minneapolis, MN 55415, MAC N9300-085, Attention: Anthony Gangelhoff, Telephone No: 612-316-0109.  Any party to this Guaranty may change its address, telecopier or telephone number for notices and other communications in accordance with the terms and provisions set forth in Section 11.2(d) of the Credit Agreement.
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15.No Waiver; Enforceability.  No failure by any Credit Party to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy or power hereunder preclude any other or further exercise thereof or the exercise of any other right.  The remedies herein provided are cumulative and not exclusive of any remedies provided by law or in equity. The unenforceability or invalidity of any provision of this Guaranty shall not affect the enforceability or validity of any other provision herein.

16.Assignment.  This Guaranty shall: (a) bind each Guarantor and its successors and assigns, provided that no Guarantor may assign its rights or obligations under this Guaranty without the prior written consent of the Administrative Agent (and any attempted assignment without such consent shall be void); and (b) inure to the benefit of each of the Credit Parties and their respective successors and assigns and the Credit Parties may, without notice to any Guarantor and without affecting any Guarantor’s obligations hereunder, assign or sell participations in the Guaranteed Obligations and this Guaranty, in whole or in part.  Each Guarantor agrees that the Credit Parties may disclose to any prospective purchaser and any purchaser of all or part of the Guaranteed Obligations any and all information in the Credit Parties’ possession concerning any Guarantor, this Guaranty, and any security for this Guaranty to the extent permitted under, and in compliance with, the terms of the Credit Agreement.

17.Condition of the Borrower.  Each Guarantor acknowledges and agrees that it has the sole responsibility for, and has adequate means of, obtaining from the Borrower such information concerning the financial condition, business, and operations of the Borrower as Guarantors require, and that no Credit Party shall have any duty, and the Guarantors are not relying on any Credit Party at any time, to disclose to the Guarantors any information relating to the business, operations, or financial condition of the Borrower.

18.Rights of Setoff.  If and to the extent any payment is not made when due hereunder, then the Administrative Agent and each other Credit Party (with the prior consent of the Administrative Agent) may setoff and charge from time to time any amount so due against any or all of the Guarantors’ accounts or deposits with the Administrative Agent or such other Credit Party.

19.Other Guarantees.  Unless otherwise agreed by the Administrative Agent, the applicable Credit Party and the Guarantors in writing, this Guaranty is not intended to supersede or otherwise affect any other guaranty now or hereafter given by the Guarantors for the benefit of the Credit Parties or any term or provision thereof.

20.Representations and Warranties; Loan Documents.  By execution hereof, each Guarantor covenants and agrees that certain representations, warranties, terms, covenants, and conditions set forth in the Loan Documents and Designated Swap Contracts are applicable by their terms to such Guarantor and shall be imposed upon such Guarantor, and each Guarantor reaffirms that each such representation and warranty is true and correct and covenants and agrees to promptly and properly perform, observe, and comply with each such term, covenant, or condition.  Moreover, each Guarantor acknowledges and agrees that this Guaranty is subject to the setoff provisions as noted in Section 18 above in favor of the Credit Parties.  In the event the Credit Agreement, any other Loan Document or Designated Swap Contract shall cease to remain in effect for any reason whatsoever during any period when any part of the Guaranteed Obligations remains unpaid, such terms, covenants, and agreements of the Credit Agreement or such other Loan Document or Designated Swap Contract incorporated herein by this reference and which are, by their terms, made applicable to any Guarantors shall nevertheless continue in full force and effect as obligations of each Guarantor under this Guaranty.

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21.Additional Guarantors.  The initial Guarantors hereunder shall be each of the Subsidiary Guarantors of the Borrower that are signatories hereto and that are listed on Schedule 1 attached hereto.  From time to time subsequent to the time hereof, additional Subsidiary Guarantors of the Borrower may become parties hereto as additional Guarantors (each an “Additional Guarantor”) by executing a counterpart of this Guaranty in the form of Exhibit A attached hereto.  Upon delivery of any such counterpart to the Administrative Agent, notice of which is hereby waived by the Guarantors, each such Additional Guarantor shall be a Guarantor and shall be a party hereto as if such Additional Guarantor were an original signatory hereof.  Each Guarantor expressly agrees that its obligations arising hereunder shall not be affected or diminished by the addition or release of any other Guarantor hereunder, or by any election by the Administrative Agent not to cause any Subsidiary Guarantor of the Borrower to become an Additional Guarantor hereunder.  This Guaranty shall be fully effective as to any Guarantor that is or becomes a party hereto regardless of whether any such person becomes or fails to become or ceases to be a Guarantor hereunder.

22.Release of Guarantors.  Subject to the provisions of the Credit Agreement, a Guarantor may be released from its obligations under this Guaranty by the Administrative Agent’s execution of a Release of Guarantor in the form of Exhibit B attached hereto. Each Guarantor expressly agrees that its obligations arising hereunder shall not be affected or diminished by the release of any other Guarantor hereunder.

23.Governing Law; Jurisdiction; Etc.

(a) Governing Law. THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

(b) Submission to Jurisdiction.  EACH GUARANTOR IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY 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 GUARANTY OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT ANY CREDIT PARTY MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT AGAINST ANY GUARANTOR OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

(c) Waiver of Venue.  EACH GUARANTOR 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 GUARANTY OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN SECTION 23(b).  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST 
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EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

(d) Service of Process.  EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 11.2 OF THE CREDIT AGREEMENT PROVIDED THAT, IN THE CASE OF SERVICE ON ANY GUARANTOR A COPY IS ALSO DELIVERED TO JEFFREY M. SULLIVAN, SECRETARY FOR THE BORROWER AND PARENT (WHOSE CONTACT INFORMATION IS NOTED IN SECTION 14 ABOVE).  NOTHING IN THIS GUARANTY WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

(e)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 GUARANTY 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 GUARANTY AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 23.

24.Counterparts.  This Guaranty 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. 

25. Acknowledgment of Benefits; Contribution; Effect of Avoidance Provisions.  

(a) Each Guarantor acknowledges that it has received, or will receive, significant financial and other benefits, either directly or indirectly, from the proceeds of the Loans made by the Lenders to the Borrower pursuant to the Credit Agreement and the entry by the Borrower into Designated Swap Contracts; that the benefits received by such Guarantor are reasonably equivalent consideration for such Guarantor's execution of this Guaranty; and that such benefits include, without limitation, the access to capital afforded to the Borrower pursuant to the Credit Agreement from which the activities of such Guarantor will be supported, the refinancing of certain existing indebtedness of the Borrower and such Guarantor from the proceeds of the Loans, and the ability to refinance that indebtedness at a lower interest rate and otherwise on more favorable terms than would be available to it if the Properties owned by such Guarantor’s were  being financed on a stand-alone basis. Each Guarantor is executing this Agreement and the other Loan Documents in consideration of those benefits received by it.

(b) Each Guarantor hereby agrees as among themselves that, in connection with payments made hereunder, each Guarantor shall have a right of contribution from each other Guarantor in accordance with applicable Law.  Such contribution rights shall be subordinate and subject in right of payment to the Guaranteed Obligations until such time as the Guaranteed Obligations have been indefeasibly and irrevocably paid in full, and none of the Guarantors shall exercise any such contribution rights until the Guaranteed Obligations have been indefeasibly and irrevocably paid in full.

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(c) It is the intent of each Guarantor, the Administrative Agent and the Lenders that in any proceeding under any Debtor Relief Laws, such Guarantor's maximum obligation hereunder shall equal, but not exceed, the maximum amount which would not otherwise cause the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Administrative Agent and the other Lenders under the Loan Documents) to be avoidable or unenforceable against such Guarantor in such proceeding as a result of applicable Laws, including, without limitation, (i) Section 548 of the Bankruptcy Code of the United States and (ii) any state fraudulent transfer or fraudulent conveyance act or statute applied in such proceeding, whether by virtue of Section 544 of the Bankruptcy Code of the United States or otherwise. The Laws under which the possible avoidance or unenforceability of the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Administrative Agent and the other Credit Parties under the Loan Documents and Designated Contracts) shall be determined in any such proceeding are referred to herein as “Avoidance Provisions”. Accordingly, to the extent that the obligations of a Guarantor hereunder would otherwise be subject to avoidance under the Avoidance Provisions, the maximum Guaranteed Obligations for which such Guarantor shall be liable hereunder shall be reduced to the greater of (A) the amount which, as of the time any of the Guaranteed Obligations are deemed to have been incurred by such Guarantor under the Avoidance Provisions, would not cause the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Administrative Agent and the other Credit Parties under the Loan Documents or Designated Swap Contracts), to be subject to avoidance under the Avoidance Provisions or (B) the amount which, as of the time demand is made hereunder upon such Guarantor for payment on account of the Guaranteed Obligations, would not cause the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Administrative Agent and the Credit Parties under the Loan Documents and the Designated Swap Contracts), to be subject to avoidance under the Avoidance Provisions. The provisions under this Section are intended solely to preserve the rights of the Administrative Agent and the Lender hereunder to the maximum extent that would not cause the obligations of any Guarantor hereunder to be subject to avoidance under the Avoidance Provisions, and no Guarantor or any other Person shall have any right or claim under this Section as against the Administrative Agent and the Credit Parties that would not otherwise be available to such Person under the Avoidance Provisions.

26.Final Agreement.  This Guaranty, the other Loan Documents AND DESIGNATED SWAP CONTRACTS 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.  there are no unwritten oral agreements between the parties.

27. Keepwell. Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this Guaranty in respect of any Swap Obligation (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section, or otherwise under this Guaranty, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount).  The obligations of each Qualified ECP Guarantor under this Section shall remain in full force and effect until termination of this Guaranty in accordance with Section 3 hereof.  Each Qualified ECP Guarantor intends that this Section constitute, and this Section shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.  “Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Loan Party (including the Borrower) that has total assets exceeding $10,000,000 at the time the relevant Guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other person as constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract 
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participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.  “Swap Obligation” means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act.

[Remainder of Page Intentionally Left Blank;
Signature Pages Follow]

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IN WITNESS WHEREOF, each Guarantor has caused this Guaranty to be duly executed and delivered as of the date first written above.

STAG Investments Holdings III, LLC
STAG III Boardman, LLC
STAG III Malden, LLC
STAG Investments Holdings IV, LLC
STAG IV Seville, LLC
STIR Investments GP IV, LLC
STAG GI Investments Holdings, LLC
STAG GI New Jersey, LLC 
STAG GI Rogers, LLC
STAG GI Streetsboro, LLC
STAG Industrial Holdings, LLC
STAG TX GP 2, LLC
STAG Edgefield, LLC
STAG Pineville, LLC
STAG Portland 2, LLC
STAG Reading, LLC
STAG Spartanburg, LLC
STAG Portage, LLC
STAG Simpsonville, LLC
STAG De Pere, LLC
STAG Duncan, LLC
STAG Gurnee, LLC
STAG Montgomery, LLC
STAG Woodstock, LLC
STAG Columbia, LLC
STAG DeKalb, LLC
STAG Williamsport, LLC
STAG Belvidere I, LLC
STAG Belvidere III, LLC
STAG Belvidere IV, LLC
STAG Belvidere V, LLC
STAG Belvidere VI, LLC
STAG Belvidere VII, LLC
STAG Belvidere VIII, LLC
STAG Belvidere IX, LLC
STAG Hampstead, LLC
STAG New Hope, LLC
STAG Harvard, LLC
STAG Sauk Village, LLC
STAG Allentown, LLC
STAG Mechanicsburg 1, LLC
STAG Mechanicsburg 2, LLC
STAG Mechanicsburg 3, LLC
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Signature Page to
Subsidiary Guaranty Agreement

STAG Gurnee 2, LLC
STAG Germantown, LLC
STAG Elizabethtown, LLC
STAG CA GP, LLC
STAG Spartanburg 3, LLC
STAG Burlington, LLC
STAG North Haven, LLC
STAG Stoughton 1, LLC
STAG Stoughton 2, LLC
STAG Fairborn, LLC
STAG Machesney Park, LLC
STAG Libertyville 1, LLC
STAG Libertyville 2, LLC
STAG Greer, LLC
STAG Piedmont 1, LLC
STAG Piedmont 2, LLC
STAG Piedmont 3, LLC
STAG Belvidere 10, LLC
STAG Laurens, LLC
STAG Lancaster, LLC
STAG Burlington 2, LLC
STAG Norton, LLC
STAG NC GP, LLC
STAG Sparks 2, LLC
STAG York, LLC
STAG NC GP 2, LLC
STAG TX GP, LLC
STAG Louisville, LLC
STAG Lebanon, LLC
STAG West Columbia 3, LLC
STAG McHenry 2, LLC
STAG Romulus 2, LLC
STAG South Saint Paul, LLC
STAG Plymouth 3, LLC
STAG Burlington 3, LLC
STAG Livonia 1, LLC
STAG Livonia 2, LLC
STIR Investments GP III, LLC
STIR Investments GP, LLC

each a Delaware limited liability company

By: _______________________________
Name: 
Title:  
(Signatures continue on the next page)

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Signature Page to 
Subsidiary Guaranty Agreement

STAG III Arlington, L.P.
a Delaware limited partnership

By: STIR Investments GP III, LLC,
a Delaware limited liability company, 
its General Partner     

By: __________________________
Name: 
Title:  

STAG IV Waco, L.P.,        
a Delaware limited partnership

By: STIR Investments GP IV, LLC,
a Delaware limited liability company, 
its General Partner     

By: _______________________________
Name: 
Title:

(Signatures continue on the next page)

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Signature Page to 
Subsidiary Guaranty Agreement

STAG Arlington 2, L.P.
STAG Houston 2, L.P.
STAG Garland, LP
STAG El Paso 1, LP
STAG El Paso 2, LP
STAG El Paso 3, LP
STAG El Paso 4, LP
STAG Houston 4, LP
STAG El Paso 5, LP
STAG TX Holdings, LP
STAG Rockwall, L.P.
STAG IND Stafford, LP
STAG IND El Paso 6, LP
STAG IND Houston 9, LP
STAG IND Houston 11, LP
STAG IND Mission, LP
STAG Katy, LP
STAG Katy 2, LP
STAG West Houston, LP
STAG Houston 14, LP

each a Delaware limited partnership

By: STAG TX GP 2, LLC
a Delaware limited liability company, 
their General Partner     

By: ________________________________
Name: 
Title:  

(Signatures continue on the next page)

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Signature Page to 
Subsidiary Guaranty Agreement

STAG NC Holdings, LP
a Delaware limited partnership

By: STAG NC GP, LLC,
a Delaware limited liability company, 
their General Partner     

By: _______________________________
Name: 
Title:
        

STAG Mooresville 2, LP
a Delaware limited partnership

By: STAG NC GP 2, LLC,
a Delaware limited liability company, 
its General Partner     

By: _______________________________
Name: 
Title:

STAG El Paso, LP
a Delaware limited partnership

By: STIR Investments GP, LLC
a Delaware limited liability company, 
its General Partner     

By: _______________________________
Name: 
Title:

F-2-14
Signature Page to 
Subsidiary Guaranty Agreement

SCHEDULE 1
INITIAL GUARANTORS
1.STAG Investments Holdings III, LLC, a Delaware limited liability company
2.STAG III Arlington, L.P., a Delaware limited partnership
3.STAG III Boardman, LLC, a Delaware limited liability company
4.STAG III Malden, LLC, a Delaware limited liability company
5.STIR Investments GP III, LLC, a Delaware limited liability company
6.STAG Investments Holdings IV, LLC, a Delaware limited liability company
7.STAG IV Seville, LLC, a Delaware limited liability company
8.STAG IV Waco, L.P., a Delaware limited partnership
9.STIR Investments GP IV, LLC, a Delaware limited liability company
10.STAG GI Investments Holdings, LLC, a Delaware limited liability company
11.STAG GI New Jersey, LLC, a Delaware limited liability company
12.STAG Industrial Holdings, LLC, a Delaware limited liability company
13.STAG Arlington 2, L.P., a Delaware limited partnership
14.STAG TX GP 2, LLC, a Delaware limited liability company
15.STAG Edgefield, LLC, a Delaware limited liability company
16.STAG Pineville, LLC, a Delaware limited liability company
17.STAG Portland 2, LLC, a Delaware limited liability company
18.STAG Reading, LLC, a Delaware limited liability company
19.STAG Spartanburg, LLC, a Delaware limited liability company
20.STAG Portage, LLC, a Delaware limited liability company
21.STAG El Paso, LP, a Delaware limited partnership
22.STIR Investments GP, LLC, a Delaware limited liability company
23.STAG Simpsonville, LLC, a Delaware limited liability company
24.STAG De Pere, LLC, a Delaware limited liability company
25.STAG Duncan, LLC, a Delaware limited liability company
26.STAG Gurnee, LLC, a Delaware limited liability company
F-2-15
Schedule 1 to Form of Subsidiary Guaranty

27.STAG Montgomery, LLC, a Delaware limited liability company
28.STAG Woodstock, LLC, a Delaware limited liability company
29.STAG Columbia, LLC, a Delaware limited liability company
30.STAG DeKalb, LLC, a Delaware limited liability company
31.STAG Houston 2, L.P., a Delaware limited partnership
32.STAG Williamsport, LLC, a Delaware limited liability company
33.STAG Belvidere I, LLC, a Delaware limited liability company
34.STAG Belvidere III, LLC, a Delaware limited liability company
35.STAG Belvidere IV, LLC, a Delaware limited liability company
36.STAG Belvidere V, LLC, a Delaware limited liability company
37.STAG Belvidere VI, LLC, a Delaware limited liability company
38.STAG Belvidere VII, LLC, a Delaware limited liability company
39.STAG Belvidere VIII, LLC, a Delaware limited liability company
40.STAG Belvidere IX, LLC, a Delaware limited liability company
41.STAG Hampstead, LLC, a Delaware limited liability company
42.STAG New Hope, LLC, a Delaware limited liability company
43.STAG Harvard, LLC, a Delaware limited liability company
44.STAG Sauk Village, LLC, a Delaware limited liability company
45.STAG Allentown, LLC, a Delaware limited liability company
46.STAG Garland, LP, a Delaware limited partnership
47.STAG El Paso 1, LP, a Delaware limited partnership
48.STAG El Paso 2, LP, a Delaware limited partnership
49.STAG El Paso 3, LP, a Delaware limited partnership
50.STAG El Paso 4, LP, a Delaware limited partnership
51.STAG Mechanicsburg 1, LLC, a Delaware limited liability company
52.STAG Mechanicsburg 2, LLC, a Delaware limited liability company
53.STAG Mechanicsburg 3, LLC, a Delaware limited liability company
54.STAG Gurnee 2, LLC, a Delaware limited liability company
F-2-16
Schedule 1 to Form of Subsidiary Guaranty

55.STAG Germantown, LLC, a Delaware limited liability company
56.STAG Elizabethtown, LLC, a Delaware limited liability company
57.STAG CA GP, LLC, a Delaware limited liability company
58.STAG Spartanburg 3, LLC, a Delaware limited liability company
59.STAG Houston 4, LP, a Delaware limited partnership
60.STAG Burlington, LLC, a Delaware limited liability company
61.STAG North Haven, LLC, a Delaware limited liability company
62.STAG Stoughton 1, LLC, a Delaware limited liability company
63.STAG Stoughton 2, LLC, a Delaware limited liability company
64.STAG Fairborn, LLC, a Delaware limited liability company
65.STAG El Paso 5, LP, a Delaware limited partnership
66.STAG Machesney Park, LLC, a Delaware limited liability company
67.STAG Libertyville 1, LLC, a Delaware limited liability company
68.STAG Libertyville 2, LLC, a Delaware limited liability company
69.STAG Greer, LLC, a Delaware limited liability company
70.STAG Piedmont 1, LLC, a Delaware limited liability company
71.STAG Piedmont 2, LLC, a Delaware limited liability company
72.STAG Piedmont 3, LLC, a Delaware limited liability company
73.STAG Belvidere 10, LLC, a Delaware limited liability company
74.STAG Laurens, LLC, a Delaware limited liability company
75.STAG Lancaster, LLC, a Delaware limited liability company
76.STAG Burlington 2, LLC, a Delaware limited liability company
77.STAG Norton, LLC, a Delaware limited liability company
78.STAG TX Holdings, LP, a Delaware limited partnership
79.STAG NC GP, LLC, a Delaware limited liability company
80.STAG NC Holdings, LP, a Delaware limited partnership
81.STAG Sparks 2, LLC, a Delaware limited liability company
82.STAG Rockwall, L.P., a Delaware limited partnership
F-2-17
Schedule 1 to Form of Subsidiary Guaranty

83.STAG Lebanon, LLC, a Delaware limited liability company
84.STAG York, LLC, a Delaware limited liability company
85.STAG Mooresville 2, LP, a Delaware limited partnership
86.STAG GI Streetsboro, LLC, a Delaware limited liability company
87.STAG Louisville, LLC, a Delaware limited liability company
88.STAG TX GP, LLC, a Delaware limited liability company
89.STAG NC GP 2, LLC, a Delaware limited liability company
90.STAG GI Rogers, LLC, a Delaware limited liability company
91.STAG West Columbia 3, LLC, a Delaware limited liability company
92.STAG IND Stafford, LP, a Delaware limited partnership
93.STAG IND El Paso 6, LP, a Delaware limited partnership
94.STAG IND Houston 9, LP, a Delaware limited partnership
95.STAG McHenry 2, LLC, a Delaware limited liability company
96.STAG Romulus 2, LLC, a Delaware limited liability company
97.STAG South Saint Paul, LLC, a Delaware limited liability company
98.STAG IND Houston 11, LP, a Delaware limited partnership
99.STAG IND Mission, LP, a Delaware limited partnership
100.STAG Plymouth 3, LLC, a Delaware limited liability company
101.STAG Burlington 3, LLC, a Delaware limited liability company
102.STAG Livonia 1, LLC, a Delaware limited liability company
103.STAG Livonia 2, LLC, a Delaware limited liability company
104.STAG Katy, LP, a Delaware limited partnership
105.STAG Katy 2, LP, a Delaware limited partnership
106.STAG West Houston, LP, a Delaware limited partnership
107.STAG Houston 14, LP, a Delaware limited partnership
F-2-18
Schedule 1 to Form of Subsidiary Guaranty

EXHIBIT A

COUNTERPART TO SUBSIDIARY GUARANTY AGREEMENT

Reference is hereby made to that certain Subsidiary Guaranty Agreement (hereinafter the “Subsidiary Guaranty”) dated as of April 17, 2020, executed and delivered by the parties listed on SCHEDULE 1 ATTACHED HERETO pursuant to that certain Term Loan Agreement dated as of April 17, 2020 (as from time to time may be amended, modified, or restated, the “Credit Agreement”), by and among Stag Industrial Operating Partnership, L.P. as Borrower, STAG Industrial, Inc., a Maryland corporation, as Parent of Borrower, Wells Fargo Bank, National Association, as the Administrative Agent and each lender, including the Administrative Agent, from time to time party to the Credit Agreement.  Capitalized terms used herein and not otherwise defined herein shall have the meanings set forth in the Subsidiary Guaranty.

        In witness whereof, the undersigned Additional Guarantor has caused this Subsidiary Guaranty Agreement to be executed and delivered by its officer thereunto duly authorized as of __________ ___, 20___.

                                                                           
[NAME OF ADDITIONAL GUARANTOR]

By:_______________________
Name:  
Title:  

F-2-19
Exhibit A to Form of Subsidiary Guaranty

SCHEDULE 1
EXISTING SUBSIDIARY GUARANTORS
1.STAG Investments Holdings III, LLC, a Delaware limited liability company
2.STAG III Arlington, L.P., a Delaware limited partnership
3.STAG III Boardman, LLC, a Delaware limited liability company
4.STAG III Malden, LLC, a Delaware limited liability company
5.STIR Investments GP III, LLC, a Delaware limited liability company
6.STAG Investments Holdings IV, LLC, a Delaware limited liability company
7.STAG IV Seville, LLC, a Delaware limited liability company
8.STAG IV Waco, L.P., a Delaware limited partnership
9.STIR Investments GP IV, LLC, a Delaware limited liability company
10.STAG GI Investments Holdings, LLC, a Delaware limited liability company
11.STAG GI New Jersey, LLC, a Delaware limited liability company
12.STAG Industrial Holdings, LLC, a Delaware limited liability company
13.STAG Arlington 2, L.P., a Delaware limited partnership
14.STAG TX GP 2, LLC, a Delaware limited liability company
15.STAG Edgefield, LLC, a Delaware limited liability company
16.STAG Pineville, LLC, a Delaware limited liability company
17.STAG Portland 2, LLC, a Delaware limited liability company
18.STAG Reading, LLC, a Delaware limited liability company
19.STAG Spartanburg, LLC, a Delaware limited liability company
20.STAG Portage, LLC, a Delaware limited liability company
21.STAG El Paso, LP, a Delaware limited partnership
22.STIR Investments GP, LLC, a Delaware limited liability company
23.STAG Simpsonville, LLC, a Delaware limited liability company
24.STAG De Pere, LLC, a Delaware limited liability company
25.STAG Duncan, LLC, a Delaware limited liability company
26.STAG Gurnee, LLC, a Delaware limited liability company
F-2-20
Schedule 1 to Form of Subsidiary Guaranty

27.STAG Montgomery, LLC, a Delaware limited liability company
28.STAG Woodstock, LLC, a Delaware limited liability company
29.STAG Columbia, LLC, a Delaware limited liability company
30.STAG DeKalb, LLC, a Delaware limited liability company
31.STAG Houston 2, L.P., a Delaware limited partnership
32.STAG Williamsport, LLC, a Delaware limited liability company
33.STAG Belvidere I, LLC, a Delaware limited liability company
34.STAG Belvidere III, LLC, a Delaware limited liability company
35.STAG Belvidere IV, LLC, a Delaware limited liability company
36.STAG Belvidere V, LLC, a Delaware limited liability company
37.STAG Belvidere VI, LLC, a Delaware limited liability company
38.STAG Belvidere VII, LLC, a Delaware limited liability company
39.STAG Belvidere VIII, LLC, a Delaware limited liability company
40.STAG Belvidere IX, LLC, a Delaware limited liability company
41.STAG Hampstead, LLC, a Delaware limited liability company
42.STAG New Hope, LLC, a Delaware limited liability company
43.STAG Harvard, LLC, a Delaware limited liability company
44.STAG Sauk Village, LLC, a Delaware limited liability company
45.STAG Allentown, LLC, a Delaware limited liability company
46.STAG Garland, LP, a Delaware limited partnership
47.STAG El Paso 1, LP, a Delaware limited partnership
48.STAG El Paso 2, LP, a Delaware limited partnership
49.STAG El Paso 3, LP, a Delaware limited partnership
50.STAG El Paso 4, LP, a Delaware limited partnership
51.STAG Mechanicsburg 1, LLC, a Delaware limited liability company
52.STAG Mechanicsburg 2, LLC, a Delaware limited liability company
53.STAG Mechanicsburg 3, LLC, a Delaware limited liability company
54.STAG Gurnee 2, LLC, a Delaware limited liability company
F-2-21
Schedule 1 to Form of Subsidiary Guaranty

55.STAG Germantown, LLC, a Delaware limited liability company
56.STAG Elizabethtown, LLC, a Delaware limited liability company
57.STAG CA GP, LLC, a Delaware limited liability company
58.STAG Spartanburg 3, LLC, a Delaware limited liability company
59.STAG Houston 4, LP, a Delaware limited partnership
60.STAG Burlington, LLC, a Delaware limited liability company
61.STAG North Haven, LLC, a Delaware limited liability company
62.STAG Stoughton 1, LLC, a Delaware limited liability company
63.STAG Stoughton 2, LLC, a Delaware limited liability company
64.STAG Fairborn, LLC, a Delaware limited liability company
65.STAG El Paso 5, LP, a Delaware limited partnership
66.STAG Machesney Park, LLC, a Delaware limited liability company
67.STAG Libertyville 1, LLC, a Delaware limited liability company
68.STAG Libertyville 2, LLC, a Delaware limited liability company
69.STAG Greer, LLC, a Delaware limited liability company
70.STAG Piedmont 1, LLC, a Delaware limited liability company
71.STAG Piedmont 2, LLC, a Delaware limited liability company
72.STAG Piedmont 3, LLC, a Delaware limited liability company
73.STAG Belvidere 10, LLC, a Delaware limited liability company
74.STAG Laurens, LLC, a Delaware limited liability company
75.STAG Lancaster, LLC, a Delaware limited liability company
76.STAG Burlington 2, LLC, a Delaware limited liability company
77.STAG Norton, LLC, a Delaware limited liability company
78.STAG TX Holdings, LP, a Delaware limited partnership
79.STAG NC GP, LLC, a Delaware limited liability company
80.STAG NC Holdings, LP, a Delaware limited partnership
81.STAG Sparks 2, LLC, a Delaware limited liability company
82.STAG Rockwall, L.P., a Delaware limited partnership
F-2-22
Schedule 1 to Form of Subsidiary Guaranty

83.STAG Lebanon, LLC, a Delaware limited liability company
84.STAG York, LLC, a Delaware limited liability company
85.STAG Mooresville 2, LP, a Delaware limited partnership
86.STAG GI Streetsboro, LLC, a Delaware limited liability company
87.STAG Louisville, LLC, a Delaware limited liability company
88.STAG TX GP, LLC, a Delaware limited liability company
89.STAG NC GP 2, LLC, a Delaware limited liability company
90.STAG GI Rogers, LLC, a Delaware limited liability company
91.STAG West Columbia 3, LLC, a Delaware limited liability company
92.STAG IND Stafford, LP, a Delaware limited partnership
93.STAG IND El Paso 6, LP, a Delaware limited partnership
94.STAG IND Houston 9, LP, a Delaware limited partnership
95.STAG McHenry 2, LLC, a Delaware limited liability company
96.STAG Romulus 2, LLC, a Delaware limited liability company
97.STAG South Saint Paul, LLC, a Delaware limited liability company
98.STAG IND Houston 11, LP, a Delaware limited partnership
99.STAG IND Mission, LP, a Delaware limited partnership
100.STAG Plymouth 3, LLC, a Delaware limited liability company
101.STAG Burlington 3, LLC, a Delaware limited liability company
102.STAG Livonia 1, LLC, a Delaware limited liability company
103.STAG Livonia 2, LLC, a Delaware limited liability company
104.STAG Katy, LP, a Delaware limited partnership
105.STAG Katy 2, LP, a Delaware limited partnership
106.STAG West Houston, LP, a Delaware limited partnership
107.STAG Houston 14, LP, a Delaware limited partnership

F-2-23
Schedule 1 to Form of Subsidiary Guaranty

EXHIBIT B

FORM OF RELEASE OF GUARANTOR

In witness whereof, the undersigned Administrative Agent, on behalf of the Credit Parties, hereby releases and discharges ____________________ from any and all obligations and liabilities of ____________________ to the Credit Parties under that certain Subsidiary Guaranty Agreement dated as of April 17, 2020 executed by the Subsidiary Guarantors of STAG Industrial Operating Partnership, L.P., a Delaware limited partnership, described therein in favor of the Administrative Agent for the benefit of the Credit Parties.

WELLS FARGO BANK, NATIONAL ASSOCIATION,
 as Administrative Agent

By: _______________________
        Name:  
        Title:  

         F-2-24
        Form of Subsidiary Guaranty

EXHIBIT H-1

FORM OF U.S. TAX COMPLIANCE CERTIFICATE
(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
Reference is hereby made to the Term Loan Agreement dated as of April 17, 2020 (as amended, supplemented or otherwise modified from time to time, the “Term Loan Agreement”), among  STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P. as the Borrower (the “Borrower”), STAG Industrial, Inc., a Maryland corporation and the sole member of the sole general partner of the Borrower, the Lenders from time to time party thereto, and Wells Fargo Bank, National Association, as the Administrative Agent.  
Pursuant to the provisions of Section 3.1(e) of the Term Loan Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.
The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 
Unless otherwise defined herein, terms defined in the Term Loan Agreement and used herein shall have the meanings given to them in the Term Loan Agreement.
[NAME OF LENDER]
By:  _______________________ 
        Name:  ________________________
        Title:  ________________________
Date: ________ __, 20[  ]

        H-1
Form of U.S. Tax Compliance Certificate

EXHIBIT H-2

FORM OF U.S. TAX COMPLIANCE CERTIFICATE
(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
Reference is hereby made to the Term Loan Agreement dated as of April 17, 2020 (as amended, supplemented or otherwise modified from time to time, the “Term Loan Agreement”), among  STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P. as the Borrower (the “Borrower”), STAG Industrial, Inc., a Maryland corporation and the sole member of the sole general partner of the Borrower, the Lenders from time to time party thereto, and Wells Fargo Bank, National Association, as the Administrative Agent.  
Pursuant to the provisions of Section 3.1(e) of the Term Loan Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.
The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.
Unless otherwise defined herein, terms defined in the Term Loan Agreement and used herein shall have the meanings given to them in the Term Loan Agreement.
[NAME OF PARTICIPANT]
By:  _______________________ 
        Name:  ________________________
        Title:  ________________________
Date: ________ __, 20[  ] 

        H-2
Form of U.S. Tax Compliance Certificate

EXHIBIT H-3

FORM OF U.S. TAX COMPLIANCE CERTIFICATE
(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
Reference is hereby made to the Term Loan Agreement dated as of April 17, 2020 (as amended, supplemented or otherwise modified from time to time, the “Term Loan Agreement”), among  STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P. as the Borrower (the “Borrower”), STAG Industrial, Inc., a Maryland corporation and the sole member of the sole general partner of the Borrower, the Lenders from time to time party thereto, and Wells Fargo Bank, National Association, as the Administrative Agent.  
Pursuant to the provisions of Section 3.1(e) of the Term Loan Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 
The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.
Unless otherwise defined herein, terms defined in the Term Loan Agreement and used herein shall have the meanings given to them in the Term Loan Agreement.
[NAME OF PARTICIPANT]
By:  _______________________ 
        Name:  ________________________
        Title:  ________________________
Date: ________ __, 20[  ]

        H-3
Form of U.S. Tax Compliance Certificate

EXHIBIT H-4

FORM OF U.S. TAX COMPLIANCE CERTIFICATE
(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
Reference is hereby made to the Term Loan Agreement dated as of April 17, 2020 (as amended, supplemented or otherwise modified from time to time, the “Term Loan Agreement”) among  STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P. as the Borrower (the “Borrower”), STAG Industrial, Inc., a Maryland corporation and the sole member of the sole general partner of the Borrower, the Lenders from time to time party thereto, and Wells Fargo Bank, National Association, as the Administrative Agent.  
Pursuant to the provisions of Section 3.1(e) of the Term Loan Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Term Loan Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.
The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.
Unless otherwise defined herein, terms defined in the Term Loan Agreement and used herein shall have the meanings given to them in the Term Loan Agreement.
[NAME OF LENDER]
By:  _______________________ 
        Name:  ________________________
        Title:  ________________________
Date: ________ __, 20[  ]

        H-4
Form of U.S. Tax Compliance Certificate

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