Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

 
  

AMENDED AND RESTATED SENIOR SECURED 

REVOLVING CREDIT AGREEMENT 
 dated
as of 
 September 13, 2013 

between 
 APOLLO INVESTMENT
CORPORATION 
 The LENDERS Party Hereto 

JPMORGAN CHASE BANK, N.A. 
 as
Administrative Agent 
 SUNTRUST BANK 

BANK OF AMERICA, N.A. 
 as
Syndication Agents 
 $1,250,000,000 
  

 
 J.P. MORGAN
SECURITIES LLC 
 SUNTRUST ROBINSON HUMPHREY, INC. 

MERRILL LYNCH, PIERCE, FENNER & SMITH INC. 

as Joint Bookrunners and Joint Lead Arrangers 
  

 
  

 TABLE OF CONTENTS 
  

					
	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	  
		
	 SECTION 1.01. Defined Terms
	  	 	1	  
		
	 SECTION 1.02. Classification of Loans and Borrowings
	  	 	32	  
		
	 SECTION 1.03. Terms Generally
	  	 	33	  
		
	 SECTION 1.04. Accounting Terms; GAAP
	  	 	33	  
		
	 SECTION 1.05. Currencies; Currency Equivalents
	  	 	34	  
		
	 ARTICLE II THE CREDITS
	  	 	35	  
		
	 SECTION 2.01. The Commitments
	  	 	35	  
		
	 SECTION 2.02. Loans and Borrowings
	  	 	36	  
		
	 SECTION 2.03. Requests for Syndicated Borrowings
	  	 	37	  
		
	 SECTION 2.04. Swingline Loans
	  	 	38	  
		
	 SECTION 2.05. Letters of Credit
	  	 	40	  
		
	 SECTION 2.06. Funding of Borrowings
	  	 	45	  
		
	 SECTION 2.07. Interest Elections
	  	 	46	  
		
	 SECTION 2.08. Termination, Reduction or Increase of the Commitments
	  	 	48	  
		
	 SECTION 2.09. Repayment of Loans; Evidence of Debt
	  	 	51	  
		
	 SECTION 2.10. Prepayment of Loans
	  	 	52	  
		
	 SECTION 2.11. Fees
	  	 	55	  
		
	 SECTION 2.12. Interest
	  	 	56	  
		
	 SECTION 2.13. Alternate Rate of Interest
	  	 	57	  
		
	 SECTION 2.14. Increased Costs
	  	 	59	  
		
	 SECTION 2.15. Break Funding Payments
	  	 	60	  

  
 (i) 

					
	 SECTION 2.16. Taxes
	  	 	61	  
		
	 SECTION 2.17. Payments Generally; Pro Rata Treatment; Sharing of Set-offs
	  	 	64	  
		
	 SECTION 2.18. Defaulting Lenders
	  	 	67	  
		
	 SECTION 2.19. Mitigation Obligations; Replacement of Lenders
	  	 	69	  
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES
	  	 	70	  
		
	 SECTION 3.01. Organization; Powers
	  	 	70	  
		
	 SECTION 3.02. Authorization; Enforceability
	  	 	70	  
		
	 SECTION 3.03. Governmental Approvals; No Conflicts
	  	 	70	  
		
	 SECTION 3.04. Financial Condition; No Material Adverse Change
	  	 	71	  
		
	 SECTION 3.05. Litigation
	  	 	71	  
		
	 SECTION 3.06. Compliance with Laws and Agreements
	  	 	72	  
		
	 SECTION 3.07. Taxes
	  	 	72	  
		
	 SECTION 3.08. ERISA
	  	 	72	  
		
	 SECTION 3.09. Disclosure
	  	 	72	  
		
	 SECTION 3.10. Investment Company Act; Margin Regulations
	  	 	73	  
		
	 SECTION 3.11. Material Agreements and Liens
	  	 	73	  
		
	 SECTION 3.12. Subsidiaries and Investments
	  	 	74	  
		
	 SECTION 3.13. Properties
	  	 	74	  
		
	 SECTION 3.14. Affiliate Agreements
	  	 	74	  
		
	 SECTION 3.15. Sanctioned Persons
	  	 	75	  
		
	 SECTION 3.16. Security Documents
	  	 	75	  
		
	 ARTICLE IV CONDITIONS
	  	 	75	  
		
	 SECTION 4.01. Restatement Effective Date
	  	 	75	  
		
	 SECTION 4.02. Each Credit Event
	  	 	77	  

  
 (ii) 

					
	 ARTICLE V AFFIRMATIVE COVENANTS
	  	 	78	  
		
	 SECTION 5.01. Financial Statements and Other Information
	  	 	78	  
		
	 SECTION 5.02. Notices of Material Events
	  	 	80	  
		
	 SECTION 5.03. Existence; Conduct of Business
	  	 	81	  
		
	 SECTION 5.04. Payment of Obligations
	  	 	81	  
		
	 SECTION 5.05. Maintenance of Properties; Insurance
	  	 	81	  
		
	 SECTION 5.06. Books and Records; Inspection and Audit Rights
	  	 	81	  
		
	 SECTION 5.07. Compliance with Laws
	  	 	82	  
		
	 SECTION 5.08. Certain Obligations Respecting Subsidiaries; Further Assurances
	  	 	82	  
		
	 SECTION 5.09. Use of Proceeds
	  	 	84	  
		
	 SECTION 5.10. Status of BDC
	  	 	84	  
		
	 SECTION 5.11. Investment and Valuation Policies
	  	 	84	  
		
	 SECTION 5.12. Portfolio Valuation and Diversification, Etc.
	  	 	84	  
		
	 SECTION 5.13. Calculation of Borrowing Base
	  	 	90	  
		
	 ARTICLE VI NEGATIVE COVENANTS
	  	 	95	  
		
	 SECTION 6.01. Indebtedness
	  	 	95	  
		
	 SECTION 6.02. Liens
	  	 	96	  
		
	 SECTION 6.03. Fundamental Changes
	  	 	98	  
		
	 SECTION 6.04. Investments
	  	 	99	  
		
	 SECTION 6.05. Restricted Payments
	  	 	100	  
		
	 SECTION 6.06. Certain Restrictions on Subsidiary Guarantors
	  	 	102	  
		
	 SECTION 6.07. Certain Financial Covenants
	  	 	102	  
		
	 SECTION 6.08. Transactions with Affiliates
	  	 	102	  
		
	 SECTION 6.09. Lines of Business
	  	 	103	  

  
 (iii) 

					
	 SECTION 6.10. No Further Negative Pledge
	  	 	103	  
		
	 SECTION 6.11. Modifications of Longer-Term Documents
	  	 	103	  
		
	 SECTION 6.12. Payments of Longer-Term Indebtedness
	  	 	104	  
		
	 SECTION 6.13. Specified Debt
	  	 	104	  
		
	 ARTICLE VII EVENTS OF DEFAULT
	  	 	105	  
		
	 ARTICLE VIII THE ADMINISTRATIVE AGENT AND COLLATERAL AGENT
	  	 	109	  
		
	 ARTICLE IX MISCELLANEOUS
	  	 	112	  
		
	 SECTION 9.01. Notices; Electronic Communications
	  	 	112	  
		
	 SECTION 9.02. Waivers; Amendments
	  	 	114	  
		
	 SECTION 9.03. Expenses; Indemnity; Damage Waiver
	  	 	117	  
		
	 SECTION 9.04. Successors and Assigns
	  	 	119	  
		
	 SECTION 9.05. Survival
	  	 	124	  
		
	 SECTION 9.06. Counterparts; Integration; Effectiveness; Electronic Execution
	  	 	124	  
		
	 SECTION 9.07. Severability
	  	 	125	  
		
	 SECTION 9.08. Right of Setoff
	  	 	125	  
		
	 SECTION 9.09. Governing Law; Jurisdiction; Etc.
	  	 	125	  
		
	 SECTION 9.10. WAIVER OF JURY TRIAL
	  	 	126	  
		
	 SECTION 9.11. Judgment Currency
	  	 	126	  
		
	 SECTION 9.12. Headings
	  	 	127	  
		
	 SECTION 9.13. Treatment of Certain Information; Confidentiality
	  	 	127	  
		
	 SECTION 9.14. USA PATRIOT Act
	  	 	128	  
		
	 SECTION 9.15. No Fiduciary Duty
	  	 	128	  
		
	 SECTION 9.16. Consent to Certain Amendments
	  	 	129	  

  
 (iv) 

							
	 SCHEDULE I
	 	 	—  	  	  	Commitments
	 SCHEDULE II
	 	 	—  	  	  	Material Agreements and Liens
	 SCHEDULE III
	 	 	—  	  	  	Indebtedness
	 SCHEDULE IV
	 	 	—  	  	  	Investments
	 SCHEDULE V
	 	 	—  	  	  	Transactions with Affiliates
	 SCHEDULE VI
	 	 	—  	  	  	Moody’s Industry Classification Group List
	 SCHEDULE VII
	 	 	—  	  	  	Approved Dealers and Approved Pricing Services
			
	 EXHIBIT A
	 	 	—  	  	  	Form of Assignment and Assumption
	 EXHIBIT B
	 	 	—  	  	  	Copy of Guarantee and Security Agreement
	 EXHIBIT C
	 	 	—  	  	  	Form of Borrowing Base Certificate

  

  
 (v) 

 AMENDED AND RESTATED SENIOR SECURED REVOLVING CREDIT AGREEMENT dated as of September 13,
2013, between APOLLO INVESTMENT CORPORATION, the LENDERS party hereto, and JPMORGAN CHASE BANK, N.A., as Administrative Agent (this “Agreement”). 

Apollo Investment Corporation, a Maryland corporation (the “Borrower”), the lenders party thereto and JPMorgan Chase Bank,
N.A., as Administrative Agent, are parties to an Amended and Restated Senior Secured Revolving Credit Agreement dated as of May 23, 2012 (as heretofore modified and supplemented and in effect on the date hereof immediately before giving effect
to the amendment and restatement contemplated hereby, the “Existing Credit Agreement”). 
 The Borrower has requested that
the Lenders provide the credit facilities described herein in an initial aggregate principal or face amount not exceeding $1,250,000,000 and that this Agreement amend and restate the Existing Credit Agreement in its entirety on the terms specified
herein. The Lenders are prepared to amend and restate the Existing Credit Agreement in its entirety upon the terms and conditions hereof, and, accordingly, the parties hereto agree as follows: 

ARTICLE I  

DEFINITIONS 
 SECTION
1.01. Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 
 “ABR”, when
used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans constituting such Borrowing, are denominated in Dollars and bearing interest at a rate determined by reference to the Alternate Base Rate. 

“Additional Class Commitment” means any additional class of commitments created hereunder after the Restatement Effective
Date, subject to the approval of the Administrative Agent and the Required Lenders. 
 “Additional Class Lender” means each
Lender that provides an Additional Class Commitment. 
 “Additional Class Loans” means the Loans made by the Additional
Class Lenders to the Borrower under an Additional Class Commitment. 
 Revolving Credit Agreement 

 “Adjusted LIBO Rate” means, for the Interest Period for any Eurocurrency
Borrowing, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period (provided that, if the LIBO Rate for any seven or fourteen calendar day Interest Period is
less than the then current LIBO Rate for a one month Interest Period, the LIBO Rate for such seven or fourteen calendar day Interest Period shall be the then current LIBO Rate for a one month Interest Period) multiplied by (b) the
Statutory Reserve Rate for such Interest Period. 
 “Administrative Agent” means JPMCB, in its capacity as administrative
agent for the Lenders hereunder. 
 “Administrative Agent’s Account” means, for each Currency, an account in respect
of such Currency designated by the Administrative Agent in a notice to the Borrower and the Lenders. 
 “Administrative
Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent. 
 “Advance
Rate” has the meaning assigned to such term in Section 5.13. 
 “Affected Currency” has the meaning assigned
to such term in Section 2.13. 
 “Affiliate” means, with respect to a specified Person, another Person that directly,
or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. Anything herein to the contrary notwithstanding, the term “Affiliate” shall not include any Person that
constitutes an Investment held by any Obligor, Unrestricted Subsidiary or Non-Consolidated Subsidiary in the ordinary course of business. 

“Affiliate Agreements” means, collectively, (a) the Amended and Restated Administration Agreement, dated March 18,
2010, between the Borrower and Apollo Investment Administration, LLC, (b) the Amended and Restated Investment Advisory Management Agreement, dated March 18, 2010 between the Borrower and Apollo Investment Management, L.P., and (c) the
Amended and Restated Trademark License Agreement dated May 14, 2012, between the Borrower and Apollo Management Holdings, L.P. 

“Agreed Foreign Currency” means, at any time, any of Canadian Dollars, Pounds Sterling, Australian Dollars, Euros and, with
the agreement of each Multicurrency Lender, any other Foreign Currency, so long as, in respect of any such specified Foreign Currency or other Foreign Currency, at such time (a) such Foreign Currency is dealt with in the London interbank
deposit market or, in the case of CAD or AUD, the relevant local market for obtaining quotations, and (b) no central bank or other governmental authorization in the country of issue of such Foreign Currency (including, in the case of the Euro,
any authorization by the European Central Bank) is required to 

  
 Revolving Credit
Agreement 
 - 2 - 

 
permit use of such Foreign Currency by any Multicurrency Lender for making any Loan hereunder and/or to permit the Borrower to borrow and repay the principal thereof and to pay the interest
thereon, unless such authorization has been obtained and is in full force and effect. 
 “Alternate Base Rate” means, for
any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate for such day plus 1/2 of 1% and (c) the rate per annum equal to 1% plus the rate appearing on
Reuters Screen LIBOR01 Page (or on any successor or substitute page of such service, or any successor to or substitute for such service, providing rate quotations comparable to those currently provided on such page of such service, as determined by
the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to US Dollar deposits in the London interbank market) at approximately 11:00 A.M., London time, on such day (or if such day is not a
Business Day, the immediately preceding Business Day), for US Dollar deposits with a term of one month. 
 Any change in the Alternate Base
Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the rate appearing on Reuters Screen LIBOR01 Page (or successor or substitute therefor) as set forth above shall be effective from and including the effective date of such
change in the Prime Rate, the Federal Funds Effective Rate or such rate appearing on Reuters Screen LIBOR01 Page (or successor or substitute therefor), respectively. 

“Apollo Investment Management” means Apollo Investment Management, L.P., a Delaware limited partnership. 

“Applicable Financial Statements” means, as at any date, the most-recent audited financial statements of the Borrower
delivered to the Lenders, provided that if immediately prior to the delivery to the Lenders of new audited financial statements of the Borrower a Material Adverse Change (the “Pre-existing MAC”) shall exist (regardless of
when it occurred), then the “Applicable Financial Statements” as at said date means the Applicable Financial Statements in effect immediately prior to such delivery until such time as the Pre-existing MAC shall no longer exist. 

“Applicable Margin” means: (a) with respect to any ABR Loan, 1.00% per annum; and (b) with respect to any
Eurocurrency Loan, 2.00% per annum. 
 “Applicable Multicurrency Percentage” means, with respect to any Multicurrency
Lender, the percentage of the total Multicurrency Commitments represented by such Multicurrency Lender’s Multicurrency Commitment. If the Multicurrency Commitments have terminated or expired, the Applicable Multicurrency Percentages shall be
determined based upon the Multicurrency Commitments most recently in effect, giving effect to any assignments. 

  
 Revolving Credit
Agreement 
 - 3 - 

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

“Approved Dealer” means (a) in the case of any Portfolio Investment that is not a U.S. Government Security, a bank or a
broker-dealer registered under the Securities Exchange Act of 1934 of nationally recognized standing or an Affiliate thereof, (b) in the case of a U.S. Government Security, any primary dealer in U.S. Government Securities, and (c) in the
case of any foreign Portfolio Investment, any foreign broker-dealer of internationally recognized standing or an Affiliate thereof, in the case of each of clauses (a), (b) and (c) above, as set forth on Schedule VII or any other bank
or broker-dealer acceptable to the Administrative Agent in its reasonable determination. 
 “Approved Pricing Service”
means a pricing or quotation service as set forth in Schedule VII or any other pricing or quotation service approved by the Board of Directors of the Borrower and designated in writing to the Administrative Agent (which designation shall be
accompanied by a copy of a resolution of the Board of Directors of the Borrower that such pricing or quotation service has been approved by the Borrower). 

“Approved Third-Party Appraiser” means any Independent third-party appraisal firm designated by the Borrower in writing to
the Administrative Agent (which designation shall be accompanied by a copy of a resolution of the Board of Directors of the Borrower that such firm has been approved by the Borrower for purposes of assisting the Board of Directors of the Borrower in
making valuations of portfolio assets in accordance with the applicable provisions of the Investment Company Act). 
 “Asset
Coverage Ratio” means the ratio, determined on a consolidated basis, without duplication, in accordance with GAAP, of (a) the Value of total assets of the Borrower and its Subsidiaries, less all liabilities (other than Indebtedness,
including Indebtedness hereunder) of the Borrower and its Subsidiaries, to (b) the aggregate amount of Indebtedness of the Borrower and its Subsidiaries. 

“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 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent. 

“Assuming Lender” has the meaning assigned to such term in Section 2.08(e). 

  
 Revolving Credit
Agreement 
 - 4 - 

 “AUD” and “A$” denote the lawful currency of The Commonwealth
of Australia. 
 “AUD Bank Bill Reference Rate” means, with respect to any Interest Period, the average bid reference rate
as administered by the Australian Financial Markets Association (or any other Person that takes over the administration of that rate) for AUD bills of exchange with a tenor equal to such Interest Period, displayed on page BBSY of the Reuters screen
(or, in the event such rate does not appear on such Reuters page, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as
selected by the Administrative Agent in its reasonable discretion; the “AUD Screen Rate”) at or about 11:00 a.m. (Sydney, time) on the Quotation Day for such Interest Period. 

“AUD Screen Rate” has the meaning assigned to such term in the definition of “AUD Bank Bill Reference Rate”. 

“Availability Period” means the period from and including the Restatement Effective Date to but excluding, (a) in the
case of each Dollar Lender, the earlier of the Commitment Termination Date and the date of termination of the Dollar Commitments, (b) in the case of each Multicurrency Lender, the earlier of the Commitment Termination Date and the date of
termination of the Multicurrency Commitments and (c) in the case of each Additional Class Lender, if any, the termination date of the Additional Class Commitments. 

“Basel III” means the agreements on capital requirements, leverage ratio and liquidity standards contained in “Basel
III: A global regulatory framework for more resilient banks and banking systems”, “Basel III: International framework for liquidity risk measurement, standards and monitoring” and “Guidance for national authorities operating the
countercyclical capital buffer” published by the Basel Committee on Banking Supervision on 16 December 2010, each as amended, supplemented or restated. 

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

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

“Borrowing” means (a) all Syndicated ABR Loans of the same Class made, converted or continued on the same date,
(b) all Eurocurrency Loans of the same Class denominated in the same Currency that have the same Interest Period or (c) a Swingline Loan. 

“Borrowing Base” has the meaning assigned to such term in Section 5.13. 

  
 Revolving Credit
Agreement 
 - 5 - 

 “Borrowing Base Certificate” means a certificate of a Financial Officer of the
Borrower, substantially in the form of Exhibit C and appropriately completed. 
 “Borrowing Base Deficiency” means, at
any date on which the same is determined, the amount, if any, that (a) the aggregate Covered Debt Amount as of such date exceeds (b) the Borrowing Base as of such date. 

“Borrowing Request” means a request by the Borrower for a Syndicated Borrowing in accordance with Section 2.03. 

“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; and when used in connection with a Eurocurrency Loan for a LIBOR Quoted Currency, the term “Business Day” shall also exclude any day on which banks are not open for dealings in deposits in
Dollars in London; and in addition, (2) with respect to any date for the payment or purchase of, or the fixing of an interest rate in relation to, any Local Rate Currency, the term “Business Day” shall also exclude any day on which
banks are not open for international business in the principal financial center of the country of that currency and, if the Borrowing or LC Disbursements which are the subject of a borrowing, drawing, payment, reimbursement or rate selection are
denominated in Euro, the term “Business Day” shall also exclude any day on which the TARGET2 payment system is not open for the settlement of payments in Euro). 

“CAD” and “C$” denote the lawful currency of Canada. 

“CAD Screen Rate” has the meaning assigned to such term in the definition of “CDOR Rate”. 

“Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease
of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the
amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 
 “Cash” means any
immediately available funds in Dollars or in any currency other than Dollars which is a freely convertible currency. 

  
 Revolving Credit
Agreement 
 - 6 - 

 “Cash Equivalents” means investments (other than Cash) that are one or more of
the following obligations: 
 (a) U.S. Government Securities, in each case maturing within one year from the date of
acquisition thereof; 
 (b) investments in commercial paper maturing within 270 days from the date of acquisition thereof and
having, at such date of acquisition, a credit rating of at least A-1 from S&P and at least P-1 from Moody’s; 
 (c)
investments in certificates of deposit, banker’s acceptances and time deposits maturing within 180 days from the date of acquisition thereof (i) issued or guaranteed by or placed with, and money market deposit accounts issued or offered
by, any domestic office of any commercial bank organized under the laws of the United States of America or any State thereof or under the laws of the jurisdiction or any constituent jurisdiction thereof of any Agreed Foreign Currency,
provided that such certificates of deposit, banker’s acceptances and time deposits are held in a securities account (as defined in the Uniform Commercial Code) through which the Collateral Agent can perfect a security interest therein
and (ii) having, at such date of acquisition, a credit rating of at least A-1 from S&P and at least P-1 from Moody’s; 

(d) fully collateralized repurchase agreements with a term of not more than 30 days from the date of acquisition thereof for
U.S. Government Securities and entered into with (i) a financial institution satisfying the criteria described in clause (c) of this definition or (ii) an Approved Dealer having (or being a member of a consolidated group having) at
such date of acquisition, a credit rating of at least A-1 from S&P and at least P-1 from Moody’s; 
 (e) a
Reinvestment Agreement issued by any bank (if treated as a deposit by such bank), or a Reinvestment Agreement issued by any insurance company or other corporation or entity, in each case, at the date of such acquisition having a credit rating of at
least A-1 from S&P and at least P-1 from Moody’s; provided that such Reinvestment Agreement may be unwound at the option of the Borrower at any time without penalty; 

(f) money market funds that have, at all times, credit ratings of “Aaa” and “MR1+” by Moody’s and
“AAAm” or “AAAm-G” by S&P, respectively; and 
 (g) any of the following offered by JPMorgan Chase
Bank, N.A. (or any successor custodian or other entity acting in a similar capacity with respect to the Borrower) (I) money market deposit accounts, (II) eurodollar time deposits, (III) commercial eurodollar sweep services or (IV) open
commercial paper services, in each case having, at such date of acquisition, a credit rating of at least A-1 from S&P and at least P-1 from Moody’s and maturing not later than 270 days from the date of acquisition thereof, 

  
 Revolving Credit
Agreement 
 - 7 - 

 provided, that (i) in no event shall Cash Equivalents include any obligation that provides for the
payment of interest alone (for example, interest-only securities or “IOs”); (ii) if any of Moody’s or S&P changes its rating system, then any ratings included in this definition shall be deemed to be an equivalent rating in a
successor rating category of Moody’s or S&P, as the case may be; (iii) Cash Equivalents (other than U.S. Government Securities or repurchase agreements) shall not include any such investment of more than 10% of total assets of the
Obligors in any single issuer; and (iv) in no event shall Cash Equivalents include any obligation that is not denominated in Dollars or an Agreed Foreign Currency. 

“CDOR Rate” means, with respect to any Interest Period, the average rate for bankers acceptances as administered by the
Investment Industry Regulatory Organization of Canada (or any other Person that takes over the administration of that rate) with a tenor equal to such Interest Period, displayed on CDOR page of the Reuters screen (or, in the event such rate does not
appear on such Reuters page or screen, on any successor or substitute page on such screen or service that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as selected by the
Administrative Agent in its reasonable discretion; the “CAD Screen Rate”) at or about 11:00 a.m. (Toronto, Ontario time) on the Quotation Day for such Interest Period. 

“Change in Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any
Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof) other than Apollo Investment Management or any of its Affiliates that are
in the business of managing and advising clients, of shares representing more than 35% of the aggregate ordinary voting power represented by the issued and outstanding capital stock of the Borrower; (b) occupation of a majority of the seats
(other than vacant seats) on the board of directors of the Borrower by Persons who were neither (i) nominated by the requisite members of the board of directors of the Borrower nor (ii) appointed by a majority of the directors so
nominated; or (c) the acquisition of direct or indirect Control of the Borrower by any Person or group other than Apollo Investment Management or any of its Affiliates that are in the business of managing and advising clients. 

“Change in Law” means (a) the adoption of any law, rule or regulation after the date of this Agreement, (b) any
change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by any Lender or the Issuing Bank (or, for purposes of Section 2.14(b),
by any lending office of such Lender or by such Lender’s or the Issuing Bank’s holding company, if any) with any request, guideline or directive (whether or not 

  
 Revolving Credit
Agreement 
 - 8 - 

 
having the force of law) of any Governmental Authority made or issued after the Restatement Effective Date; provided that, notwithstanding anything herein to the contrary, (i) the
Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements or directives thereunder or issued in connection therewith or in implementation thereof and (ii) 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 the United States or foreign regulatory authorities, in each case pursuant to
Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued. 

“Class”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans constituting such
Borrowing, are Syndicated Dollar Loans, Syndicated Multicurrency Loans, Swingline Loans or Additional Class Loans, as applicable; when used in reference to any Lender, refers to whether such Lender is a Dollar Lender, a Multicurrency Lender, or an
Additional Class Lender, as applicable; and, when used in reference to any Commitment, refers to whether such Commitment is a Dollar Commitment, a Multicurrency Commitment or an Additional Class Commitment, as applicable. 

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

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

“Collateral Agent” means JPMCB in its capacity as Collateral Agent under the Guarantee and Security Agreement, and includes
any successor Collateral Agent thereunder. 
 “Commitment Increase” has the meaning assigned to such term in
Section 2.08(e). 
 “Commitment Increase Date” has the meaning assigned to such term in Section 2.08(e). 

“Commitment Termination Date” means August 31, 2017. 

“Commitments” means, collectively, the Dollar Commitments, the Multicurrency Commitments and the Additional Class
Commitments, if any. 
 “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. 

  
 Revolving Credit
Agreement 
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 “Controlled Foreign Corporation” means any Person which is (i) a
“controlled foreign corporation” (within the meaning of Section 957 of the Code) of the Borrower, (ii) a Person substantially all the assets of which consist of equity in Persons described in clause (i) of this definition,
or (iii) an entity treated as disregarded for U.S. federal income tax purposes that owns more than 65% of the voting Equity Interests of a Person described in clause (i) or (ii) of this definition. 

“Covered Debt Amount” means, on any date, the sum of (x) all of the Revolving Credit Exposures of all Lenders on such
date plus (y) the aggregate amount of Other Covered Indebtedness on such date minus (z) the LC Exposures fully cash collateralized on such date pursuant to Section 2.05(k); provided that the aggregate principal
amount of all Unsecured Longer Term Indebtedness shall be excluded from the calculation of the Covered Debt Amount until the date that is 9 months prior to the scheduled maturity date of such Unsecured Longer-Term Indebtedness; provided
further that to the extent, but only to the extent, any portion of Unsecured Longer-Term Indebtedness is subject to a contractually scheduled amortization payment, other principal payment or redemption (other than in common stock of the
Borrower) earlier than 6 months after the Maturity Date, such portion of such Indebtedness shall be included in the calculation of the Covered Debt Amount beginning upon the date that is the later of (i) 9 months prior to such scheduled
amortization payment, other principal payment or redemption and (ii) the date the Borrower becomes aware that such Indebtedness is required to be paid or redeemed. For the avoidance of doubt, for purposes of calculating the Covered Debt Amount,
any convertible securities included in the Covered Debt Amount will be included at the then outstanding principal balance thereof. 

“Currency” means Dollars or any Foreign Currency. 

“Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both
would, unless cured or waived, become an Event of Default. 
 “Defaulting Lender” means any Lender, as determined by the
Administrative Agent, that has (a) failed to fund any portion of its Loans or participations in Letters of Credit within three Business Days of the date required to be funded by it hereunder, unless, in the case of any Loans, such Lender’s
failure is based on such Lender’s reasonable determination that the conditions precedent to funding such Loan under this Agreement have not been met, such conditions have not otherwise been waived in accordance with the terms of this Agreement
and such Lender has advised the Administrative Agent in writing (with reasonable detail of those conditions that have not been satisfied) prior to the time at which such funding was to have been made,
(b)

  
 Revolving Credit
Agreement 
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notified the Borrower, the Administrative Agent, the Issuing Bank or any Lender in writing that it does not intend to comply with any of its funding obligations under this Agreement or has made a
public statement to the effect that it does not intend to comply with its funding obligations under this Agreement or generally under other agreements in which it commits to extend credit (unless such writing or public statement relates to such
Lenders’ 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 the applicable default, if any, shall be
specifically identified in such writing or public statement) cannot be satisfied), (c) failed, within three Business Days after written request by the Administrative Agent, to confirm that it will comply with the terms of this Agreement
relating to its obligations to fund prospective Loans and participations in then outstanding Letters of Credit (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), (d) otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within three Business Days of the date when due,
unless the subject of a good faith dispute, or (e) (i) become or is insolvent or has a parent company that has become or is insolvent or (ii) 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 or has a parent company that has 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; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so
long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such
Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. 
 “Designated
Indebtedness” has the meaning assigned to such term in the Guarantee and Security Agreement. 
 “Dollar
Commitment” means, with respect to each Dollar Lender, the commitment of such Dollar Lender to make Syndicated Loans denominated in Dollars hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s
Revolving Dollar Credit Exposure hereunder, as such commitment may be (a) reduced or increased from time to time pursuant to Section 2.08 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender
pursuant to 

  
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Section 9.04. The initial amount of each Lender’s Dollar Commitment is set forth on Schedule I. The initial amount of the Dollar Commitment of any Lender that assumes a Dollar
Commitment shall be set forth in the Assignment and Assumption pursuant to which such Lender shall have assumed its Dollar Commitment. The initial aggregate amount of the Lenders’ Dollar Commitments is $0. 

“Dollar Equivalent” means, on any date of determination, with respect to an amount denominated in any Foreign Currency, the
amount of Dollars that would be required to purchase such amount of such Foreign Currency on the date two Business Days prior to such date, based upon the spot selling rate at which the Administrative Agent offers to sell such Foreign Currency for
Dollars in the London foreign exchange market at approximately 11:00 a.m., London time, for delivery two Business Days later. 

“Dollar Lender” means the Persons listed on Schedule I as having Dollar Commitments and any other Person that shall have
become a party hereto pursuant to an Assignment and Assumption that provides for it to assume a Dollar Commitment or to acquire Revolving Dollar Credit Exposure, other than any such Person that ceases to be a party hereto pursuant to an Assignment
and Assumption. 
 “Dollar Loans” means the Loans made by the Dollar Lenders to the Borrower pursuant to this Agreement
denominated in Dollars. 
 “Dollars”, “$” and “USD” refers to lawful money of the United
States of America. 
 “Domestic Subsidiary” means any Subsidiary other than a Controlled Foreign Corporation. 

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

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

“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a
single employer under Section 414(b) or (c) of the Code, or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code. 

  
 Revolving Credit
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 “ERISA Event” means (a) any “reportable event”, as defined in
Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the existence with respect to any Plan of an
“accumulated funding deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an
application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan;
(e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the
Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any
Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of
Title IV of ERISA. 
 “EUR”, “€” and “Euro” denote the single currency of the Participating
Member States. 
 “Eurocurrency”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the
Loans constituting such Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate. 
 “Event of
Default” has the meaning assigned to such term in Article VII. 
 “Excluded Taxes” means, with respect to the
Administrative Agent, any Lender, the Issuing Bank or any other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, (a) income or franchise taxes imposed on (or measured by) its net income by the
United States of America, or by the jurisdiction (or any political subdivision thereof) under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending
office is located, (b) any branch profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction in which the Borrower is located, (c) in the case of a Foreign Lender (other than an assignee
pursuant to a request by the Borrower under Section 2.19(b)), any withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party to this Agreement (or designates a new lending office)
or is attributable to such Foreign Lender’s failure or inability (other than as a result of a Change in Law) to comply with Section 2.16(e), except to the extent, other than in a case of failure to comply with Section 2.16(e), that
such Foreign Lender’s (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from the Borrower with respect to such withholding tax pursuant to
Section 2.16(a) and (d) any United States federal withholding Taxes imposed under FATCA. 

  
 Revolving Credit
Agreement 
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 “Existing Credit Agreement” has the meaning assigned to such term in the
preamble to this Agreement. 
 “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or
any amended or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof. 

“Federal Funds Effective Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of
1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not
so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent from three Federal funds brokers of
recognized standing selected by it. 
 “Financial Officer” means the chief financial officer, principal accounting officer,
treasurer or controller of the Borrower. 
 “Foreign Currency” means at any time any Currency other than Dollars. 

“Foreign Currency Equivalent” means, with respect to any amount in Dollars, the amount of any Foreign Currency that could be
purchased with such amount of Dollars using the reciprocal of the foreign exchange rate(s) specified in the definition of the term “Dollar Equivalent”, as determined by the Administrative Agent. 

“Foreign Lender” means any Lender that is organized under the laws of a jurisdiction other than that in which the Borrower is
located. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 

“GAAP” means generally accepted accounting principles in the United States of America. 

“GBP”, “£” and “sterling” denote the lawful currency of the United Kingdom. 

“Governmental Authority” means the government of the United States of America, or of any other nation, or any political
subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government. 

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

“Guarantee and Security Agreement” means the Amended and Restated Guarantee and Security Agreement, initially in the form
attached hereto as Exhibit B, between the Borrower, the Subsidiary Guarantors, the Administrative Agent, each holder (or a representative or trustee therefor) from time to time of any Secured Longer-Term Indebtedness, and the Collateral Agent, as
the same shall be modified and supplemented and in effect from time to time. 
 “Guarantee Assumption Agreement” means a
Guarantee Assumption Agreement substantially in the form of Exhibit B to the Guarantee and Security Agreement between the Collateral Agent and an entity that, pursuant to Section 5.08, becomes a “Subsidiary Guarantor” under the
Guarantee and Security Agreement (with such changes as the Administrative Agent shall request, consistent with the requirements of Section 5.08). 

“Hedging Agreement” means any interest rate protection agreement, foreign currency exchange protection agreement, commodity
price protection agreement or other interest or currency exchange rate or commodity price hedging arrangement. 
 “Immaterial
Subsidiary” means any Subsidiary that does not own, legally or beneficially, or directly or indirectly, assets (including, without limitation, Portfolio Investments) which in aggregate have a value of more than $2,500,000 or have any
liabilities in excess of the value of the assets that it directly or indirectly owns. 
 “Impacted Interest Period” has the
meaning assigned to such term in the definition of “LIBO Rate”. 
 “Increasing Lender” has the meaning assigned
to such term in Section 2.08(e). 

  
 Revolving Credit
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 “Indebtedness” of any Person means, without duplication, (a) all
obligations of such Person for borrowed money or with respect to advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional
sale or other title retention agreements relating to property acquired by such Person, (d) all obligations of such Person in respect of the deferred purchase price of property or services (excluding accounts payable incurred in the ordinary
course of business), (e) all Indebtedness of others secured by any Lien (other than a Lien permitted by Section 6.02(c)) on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed,
(f) all Guarantees by such Person of Indebtedness of others, (g) all Capital Lease Obligations of such Person, (h) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and
letters of guaranty and (i) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which
such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such
Person is not liable therefor. 
 “Indemnified Taxes” means Taxes other than Excluded Taxes. 

“Independent” when used with respect to any specified Person means that such Person (a) does not have any direct
financial interest or any material indirect financial interest in the Borrower or any of its Subsidiaries or Affiliates (including its investment advisor or any Affiliate thereof) and (b) is not connected with the Borrower or any of its
Subsidiaries or Affiliates (including its investment advisor or any Affiliate thereof) as an officer, employee, promoter, underwriter, trustee, partner, director or Person performing similar functions. 

“Industry Classification Group” means (a) any of the classification groups set forth in Schedule VI hereto, together
with any such classification groups from time to time utilized by Moody’s after the date of the Existing Credit Agreement and provided by the Borrower to the Lenders, as modified by (b) up to three additional industry group classifications
established by the Borrower pursuant to Section 5.12. 
 “Interest Election Request” means a request by the Borrower
to convert or continue a Syndicated Borrowing in accordance with Section 2.07. 
 “Interest Payment Date” means
(a) with respect to any Syndicated ABR Loan, each Quarterly Date, (b) with respect to any Eurocurrency Loan, the last day of each Interest Period therefor and, in the case of any Interest Period of more than three months’
duration, each day prior to the last day of such Interest Period that occurs at three-month intervals after the first day of such Interest Period and (c) with respect to any Swingline Loan, the day that
such Loan is required to be repaid. 

  
 Revolving Credit
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 “Interest Period” means, for any Eurocurrency Borrowing (a) in a LIBOR
Quoted Currency, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, two, three or six months thereafter, as the Borrower may elect, (b) with respect to any
Eurocurrency Borrowing in AUD, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, two, three or six months thereafter, as the Borrower may elect; and (c) with
respect to any Eurocurrency Borrowing in CAD, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, two, three or six months thereafter, as the Borrower may elect;
provided, that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless 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 (other than an Interest Period pertaining to a Eurocurrency Borrowing denominated in a Foreign Currency that ends on the Maturity Date
that is permitted to be of less than one month’s duration as provided in this definition) that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of
such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Loan initially shall be the date on which such Loan is made and thereafter shall be the effective date of
the most recent conversion or continuation of such Loan, and the date of a Syndicated Borrowing comprising Loans that have been converted or continued shall be the effective date of the most recent conversion or continuation of such Loans. 

“Interpolated Rate” means, at any time, for any Interest Period, the rate per annum (rounded upward to four decimal places)
determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the applicable Screen Rate (for the
longest period for which the applicable Screen Rate is available for the applicable currency) that is shorter than the Impacted Interest Period and (b) the applicable Screen Rate for the shortest period (for which such Screen Rate is available
for the applicable currency) that exceeds the Impacted Interest Period, in each case, at such time. 
 “Investment” means,
for any Person: (a) Equity Interests, bonds, notes, debentures or other securities of any other Person or any agreement to acquire any Equity Interests, bonds, notes, debentures or other securities of any other Person (including any “short
sale” or any sale of any securities at a time when such securities are not owned by the Person entering into such sale); (b) deposits, advances, loans or other extensions of credit made to any other Person (including purchases of property
from another Person subject to an understanding or agreement, contingent or otherwise, to resell such property to such Person); or (c) Hedging Agreements. 

  
 Revolving Credit
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 “Investment Policies” means the investment objectives, policies, restrictions
and limitations of the Borrower as described in their Form 10-K filed for the fiscal year ending on March 31, 2013, as amended, as such investment objectives, policies, restrictions and limitations may be amended, amended and restated,
supplemented or otherwise modified from time to time in a manner that does not give rise to an Event of Default. 
 “Investment
Company Act” means the Investment Company Act of 1940, as amended from time to time. 
 “Issuing Bank” means
JPMCB, in its capacity as the issuer of Letters of Credit hereunder, and its successors in such capacity as provided in Section 2.05(j). In the case of any Letter of Credit to be issued in an Agreed Foreign Currency, JPMCB may designate any of
its affiliates as the “Issuing Bank” for purposes of such Letter of Credit. 
 “JPMCB” means JPMorgan Chase Bank,
N.A. 
 “LC Disbursement” means a payment made by the Issuing Bank pursuant to a Letter of Credit. 

“LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Multicurrency
Letters of Credit at such time (including any Letter of Credit for which a draft has been presented but not yet honored by the Issuing Bank) plus (b) the aggregate amount of all LC Disbursements in respect of such Letters of Credit that
have not yet been reimbursed by or on behalf of the Borrower at such time. The LC Exposure of any Multicurrency Lender at any time shall be its Applicable Multicurrency Percentage of the total LC Exposure at such time. 

“Lenders” means, collectively, the Dollar Lenders, the Multicurrency Lenders and the Additional Class Lenders, if any. Unless
the context otherwise requires, the term “Lenders” includes the Swingline Lender. 
 “Letter of Credit” means any
letter of credit issued pursuant to this Agreement. 
 “Letter of Credit Collateral Account” has the meaning assigned to
such term in Section 2.05(k). 
 “Letter of Credit Documents” means, with respect to any Letter of Credit,
collectively, any application therefor and any other agreements, instruments, guarantees or other documents (whether general in application or applicable only to such Letter of Credit) governing or providing for (a) the rights and obligations
of the parties concerned or at risk with respect to such Letter of Credit or (b) any collateral security for any of such obligations, each as the same may be modified and supplemented and in effect from time to time. 

  
 Revolving Credit
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 “LIBO Rate” means, with respect to (A) any Eurocurrency Borrowing in any
LIBOR Quoted Currency and for any applicable Interest Period, the London interbank offered rate administered by the British Bankers Association (or any other Person that takes over the administration of such rate) for such LIBOR Quoted Currency for
a period equal in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen or, in the event such rate does not appear on such Reuters page or screen, on any successor or substitute page on such screen that
displays such rate, or on the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion (the “LIBOR Screen Rate”) at
approximately 11:00 a.m., London time, on the Quotation Date for such Interest Period and (B) any Eurocurrency Borrowing denominated in any Local Rate Currency and for any applicable Interest Period, the applicable Local Screen Rate for such
Local Rate Currency; provided, that, if a LIBOR Screen Rate or a Local Screen Rate, as applicable, shall not be available at the applicable time for the applicable Interest Period (the “Impacted Interest Period”), then the LIBO Rate
shall be the Interpolated Rate at such time, subject to Section 2.13. 
 “LIBOR” means, for any Currency, the rate at
which deposits denominated in such Currency are offered to leading banks in the London interbank market (or, in the case of Pounds Sterling, in the eurocurrency market). 

“LIBOR Quoted Currency” means USD, EUR and GBP. 

“Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance,
charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect
as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities (so long as in the case of any Portfolio Investment, the Value used
in determining the Borrowing Base is not greater than the call price), except in favor of the issuer thereof. 
 “Lien Restricted
Investment” means a Portfolio Investment consisting of an Obligor’s equity investment in an entity that holds Investments subject to underlying agreements that restrict the granting of a direct Lien on such Investments under the Loan
Documents; provided that (A) there are no greater restrictions or limitations in any material respect on the ability of the Borrower to liquidate such entity or its Investments therein (including any material redemption restrictions or
penalties) and use the proceeds thereof than would be applicable if each Investment held by such entity was held directly as a Portfolio Investment by the Borrower, (B) there is no leverage employed by such entity and (C) at all times that
such Portfolio Investment is included in the Borrowing Base, the Borrower intends to qualify as a RIC. 

  
 Revolving Credit
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 “Loan Documents” means, collectively, this Agreement, the Letter of Credit
Documents and the Security Documents. 
 “Loans” means the loans made by the Lenders to the Borrower pursuant to this
Agreement. 
 “Local Rate” means (i) for Loans in AUD, the AUD Bank Bill Reference Rate and (ii) for Loans in
CAD, the CDOR Rate 
 “Local Rate Currency” means each of AUD and CAD. 

“Local Screen Rates” mean the AUD Screen Rate and the CAD Screen Rate. 

“Local Time” means, with respect to any Loan denominated in or any payment to be made in any Currency, the local time in the
Principal Financial Center for the Currency in which such Loan is denominated or such payment is to be made. 
 “Margin
Stock” means “margin stock” within the meaning of Regulations T, U and X. 
 “Material Adverse Change”
has the meaning assigned to such term in Section 3.04(b). 
 “Material Adverse Effect” means a material adverse effect
on (a) the business, Portfolio Investments and other assets, liabilities and financial condition of the Borrower and its Subsidiaries taken as a whole (excluding in any case a decline in the net asset value of the Borrower or a change in
general market conditions or values of the Borrower’s or any of its Subsidiaries’ Investments), or (b) the validity or enforceability of any of the Loan Documents or the rights or remedies of the Administrative Agent and the Lenders
thereunder. 
 “Material Indebtedness” means (a) Indebtedness (other than the Loans, Letters of Credit and Hedging
Agreements), of any one or more of the Borrower and its Subsidiaries in an aggregate principal amount exceeding $50,000,000 and (b) obligations in respect of one or more Hedging Agreements under which the maximum aggregate amount (giving effect
to any netting agreements) that the Borrower and the Subsidiaries would be required to pay if such Hedging Agreement(s) were terminated at such time would exceed $50,000,000. 

“Maturity Date” means August 31, 2018. 

  
 Revolving Credit
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 “Moody’s” means Moody’s Investors Service, Inc. or any successor
thereto. 
 “Multicurrency Commitment” means, with respect to each Multicurrency Lender, the commitment of such
Multicurrency Lender to make Syndicated Loans, and to acquire participations in Letters of Credit and Swingline Loans, denominated in Dollars and in Agreed Foreign Currencies hereunder, expressed as an amount representing the maximum aggregate
amount of such Lender’s Revolving Multicurrency Credit Exposure hereunder, as such commitment may be (a) reduced or increased from time to time pursuant to Section 2.08 and (b) reduced or increased from time to time pursuant to
assignments by or to such Lender pursuant to Section 9.04. The initial amount of each Lender’s Multicurrency Commitment is set forth on Schedule I. The initial amount of the Multicurrency Commitment of any Lender that assumes a
Multicurrency Commitment shall be set forth in the Assignment and Assumption pursuant to which such Lender shall have assumed its Multicurrency Commitment. The aggregate amount of the Lenders’ Multicurrency Commitments is $1,250,000,000. 

“Multicurrency Lender” means the Persons listed on Schedule I as having Multicurrency Commitments and any other Person
that shall have become a party hereto pursuant to an Assignment and Assumption that provides for it to assume a Multicurrency Commitment or to acquire Revolving Multicurrency Credit Exposure, other than any such Person that ceases to be a party
hereto pursuant to an Assignment and Assumption. 
 “Multicurrency Letters of Credit” means Letters of Credit that utilize
the Multicurrency Commitments 
 “Multicurrency Loans” means the Loans made by the Multicurrency Lenders to the Borrower
pursuant to this Agreement denominated in Dollars and in Agreed Foreign Currencies. 
 “Multiemployer Plan” means a
multiemployer plan as defined in Section 4001(a)(3) of ERISA. 
 “National Currency” means the currency, other than
the Euro, of a Participating Member State. 
 “Non-Consolidated Subsidiary” means any Person that: 

(i) would be a Subsidiary without giving effect to the penultimate sentence of the definition of such term; 

  
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 (ii) does not constitute an Investment held by any Obligor in the ordinary course of business;
and 
 (iii) is not required to be consolidated on the financial statements of the Borrower in accordance with GAAP; 

provided that a Person that constitutes a “Non-Consolidated Subsidiary” pursuant to the foregoing at any time shall continue
to be a Non-Consolidated Subsidiary even if such Person is subsequently required to be consolidated on the financial statements of the Borrower as a result of any change in GAAP. 

“Non-Recourse SBIC Guarantee” means a guarantee by any Obligor of Indebtedness of an SBIC Subsidiary on SBA’s then
applicable form, provided that the recourse to such Obligor thereunder is expressly limited only to periods after the occurrence of an event or condition that is an impermissible change in the control of such SBIC Subsidiary. 

“Obligor” means, collectively, the Borrower and the Subsidiary Guarantors. 

“Other Covered Indebtedness” means, collectively, the maximum aggregate liability (past, current and contingent) of any
Non-Recourse SBIC Guarantee that has become not contingent or any guarantee by any Obligor of Indebtedness of an SBIC Subsidiary and that is not limited in recourse to such Obligor, Secured Longer-Term Indebtedness, Secured Shorter-Term
Indebtedness, Unsecured Shorter-Term Indebtedness and, to the extent provided in the definition of Covered Debt Amount, Unsecured Longer-Term Indebtedness. 

“Other Permitted Indebtedness” means (a) Indebtedness in respect of accrued expenses and current trade accounts payable
incurred in the ordinary course of any Obligor’s business which are not overdue for a period of more than 90 days or which are being contested in good faith by appropriate proceedings, (b) Indebtedness (other than Indebtedness for borrowed
money) arising in connection with transactions in the ordinary course of any Obligor’s business in connection with its purchasing of securities, derivatives transactions, reverse repurchase agreements or dollar rolls to the extent such
transactions are permitted under the Investment Company Act and the Investment Policies, provided that such Indebtedness does not arise in connection with the purchase or making of Portfolio Investments other than Cash Equivalents and U.S.
Government Securities and (c) Indebtedness in respect of judgments or awards so long as such judgments or awards do not constitute an Event of Default under clause (l) of Article VII. 

“Other Secured Indebtedness” means any Indebtedness that would otherwise constitute Secured Longer-Term Indebtedness except
that such Indebtedness is secured by assets that do not constitute Collateral. 

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

“Participant” has the meaning assigned to such term in Section 9.04(f). 

“Participant Register” has the meaning assigned to such term in Section 9.04(f). 

“Participating Member State” means any member state of the European Community that adopts or has adopted the Euro as its
lawful currency in accordance with the legislation of the European Union relating to the European Monetary Union. 
 “PBGC”
means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions. 

“Permitted Liens” means (a) Liens imposed by any Governmental Authority for taxes, assessments or charges not yet due or
that are being contested in good faith and by appropriate proceedings if adequate reserves with respect thereto are maintained on the books of the Borrower in accordance with GAAP; (b) Liens of clearing agencies, broker-dealers and similar
Liens incurred in the ordinary course of business, provided that such Liens (i) attach only to the securities (or proceeds) being purchased or sold and (ii) secure only obligations incurred in connection with such purchase or sale,
and not any obligation in connection with margin financing; (c) Liens imposed by law, such as materialmen’s, mechanics’, carriers’, workmens’, storage and repairmen’s Liens and other similar Liens arising in the
ordinary course of business and securing obligations (other than Indebtedness for borrowed money); (d) Liens incurred or pledges or deposits made to secure obligations incurred in the ordinary course of business under workers’ compensation
laws, unemployment insurance or other similar social security legislation (other than in respect of employee benefit plans subject to ERISA) or to secure public or statutory obligations; (e) Liens securing the performance of, or payment in
respect of, bids, insurance premiums, deductibles or co-insured amounts, tenders, government or utility contracts (other than for the repayment of borrowed money), surety, stay, customs and appeal bonds and other obligations of a similar nature
incurred in the ordinary course of business, provided that all Liens on any Collateral included in the Borrowing Base that is permitted pursuant to this clause (e) shall have a priority that is junior to the Liens of the Security
Documents; (f) Liens arising out of judgments or awards so long as such judgments or awards do not constitute an Event of Default under clause (l) of Article VII; (g) customary rights of setoff and liens upon (i) deposits of
cash in favor of banks or other depository institutions in which such cash is maintained in the ordinary course of business, (ii) cash and financial assets held in securities accounts in favor of banks and other financial institutions with
which such accounts are maintained in the ordinary 

  
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course of business and (iii) assets held by a custodian in favor of such custodian in the ordinary course of business securing payment of fees, indemnities and other similar obligations;
(h) Liens arising solely from precautionary filings of financing statements under the Uniform Commercial Code of the applicable jurisdictions in respect of operating leases entered into by the Borrower or any of its Subsidiaries in the ordinary
course of business or in respect of assets sold or otherwise disposed of to a non-Obligor in a transaction permitted by this Agreement; (i) easements, rights of way, zoning restrictions and similar encumbrances on real property and minor
irregularities in the title thereto that do not (i) secure obligations for the payment of money or (ii) materially impair the value of such property or its use by any Obligor or any of its Subsidiaries in the normal conduct of such
Person’s business; and (j) Liens in favor of any escrow agent solely on and in respect of any cash earnest money deposits made by any Obligor in connection with any letter of intent or purchase agreement (to the extent that the acquisition
or disposition with respect thereto is otherwise permitted hereunder), provided that such Liens described in this clause (j) shall not apply to any Collateral. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Plan” means any employee pension benefit plan (other than a
Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under
Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 
 “Portfolio
Investment” means any Investment held by the Obligors in their asset portfolio (and solely for purposes of determining the Borrowing Base, and of Sections 6.02(d) and 6.04(d) and clause (p) of Article VII, Cash, excluding Cash held as
cash collateral for LC Exposure). 
 “Pounds Sterling” means the lawful currency of England. 

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

“Principal Financial Center” means, in the case of any Currency, the principal financial center where such Currency is
cleared and settled, as determined by the Administrative Agent. 
 “Quarterly Dates” means the last Business Day of March,
June, September and December in each year, commencing on September 30, 2013. 

  
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 “Quotation Day” means, with respect to any Eurocurrency Borrowing for any
Interest Period, (i) if the currency is GBP or CAD, the first day of such Interest Period, (ii) if the currency is Euro, two TARGET Days before the first day of such Interest Period, and (iii) for any other currency, two Business Days
prior to the commencement of such Interest period (unless, in each case under this clause (iii), market practice differs in the relevant market where the LIBO Rate for such currency is to be determined, in which case the Quotation Day will be
determined by the Administrative Agent in accordance with market practice in such market (and if quotations would normally be given on more than one day, then the Quotation Day will be the last of those days). 

“Reference Banks” means any banks as may be appointed by the Administrative Agent with the approval of the Borrower (such
approval not to be unreasonably withheld). 
 “Reference Bank Rate” means the arithmetic mean of the rates (rounded upwards
to four decimal places) as supplied to the Administrative Agent at its request by the Reference Banks (as the case may be): 
 (a) in
relation to the AUD Bank Bill Reference Rate as the bid rate observed by the relevant Reference Bank for AUD denominated bank accepted bills and negotiable certificates of deposit issued by banks which are for the time being designated “Prime
Banks” by the Australian Financial Markets Association that have a remaining maturity equal to the relevant Interest Period; 
 (b) in
relation to CDOR Rate, as the rate at which the relevant Reference Bank is willing to extend credit by the purchase of bankers acceptances which have been accepted by banks which are for the time being customarily regarded as being of appropriate
credit standing for such purpose with a term to maturity equal to the relevant period; and 
 (c) in relation to LIBOR (other than CDOR Rate
or AUD Bank Bill Reference Rate), as the rate at which the relevant Reference Bank could borrow funds in the London interbank market in the relevant currency and for the relevant period, were it to do so by asking for and then accepting interbank
offers in reasonable market size in that currency and for that period. 
 “Register” has the meaning set forth in
Section 9.04. 
 “Regulations T, U and X” means, respectively, Regulations T, U and X of the Board of Governors of the
Federal Reserve System (or any successor), as the same may be modified and supplemented and in effect from time to time. 

“Reinvestment Agreement” means a guaranteed reinvestment agreement from a bank, insurance company or other corporation or
entity having a credit rating of at least A-1 from S&P and at least P-1 from Moody’s; provided that such agreement provides that it is terminable by the purchaser, without penalty, if the rating assigned to such agreement by either S&P
or Moody’s is at any time lower than such ratings. 

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

“Required Lenders” means, at any time, Lenders having Revolving Credit Exposures and unused Commitments representing more
than 50% of the sum of the total Revolving Credit Exposures and unused Commitments at such time. The Required Lenders of a Class (which shall include the terms “Required Dollar Lenders” and “Required Multicurrency Lenders”) means
Lenders having Revolving Credit Exposures and unused Commitments of such Class representing more than 50% of the sum of the total Revolving Credit Exposures and unused Commitments of such Class at such time. 

“Restatement Effective Date” has the meaning assigned to such term in Section 4.01. 

“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to
any shares of any class of capital stock of the Borrower or other Obligor, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement,
acquisition, cancellation or termination of any such shares of capital stock of the Borrower or any option, warrant or other right to acquire any such shares of capital stock of the Borrower. 

“Revolving Additional Class Credit Exposure” means, with respect to any Additional Class Lender at any time, the sum of the
outstanding principal amount of such Lender’s Additional Class Loans at such time made under the Additional Class Commitments. 

“Revolving Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of
such Lender’s Revolving Dollar Credit Exposure, Revolving Multicurrency Credit Exposure and Revolving Additional Class Credit Exposure, if any. 

“Revolving Dollar Credit Exposure” means, with respect to any Dollar Lender at any time, the sum of the outstanding principal
amount of such Lender’s Syndicated Dollar Loans at such time made under the Dollar Commitments. 
 “Revolving Multicurrency
Credit Exposure” means, with respect to any Multicurrency Lender at any time, the sum of the outstanding principal amount of such Lender’s Syndicated Multicurrency Loans, and its LC Exposure and Swingline Exposure, at such time
made or incurred under the Multicurrency Commitments. 

  
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 “RIC” means a person qualifying for treatment as a “regulated investment
company” under the Code. 
 “S&P” means Standard & Poor’s Financial Services LLC, a subsidiary of
The McGraw Hill Companies, Inc., a New York corporation, or any successor thereto. 
 “SBA” means the United States Small
Business Administration. 
 “SBIC Equity Commitment” means a commitment by the Borrower to make one or more capital
contributions to an SBIC Subsidiary. 
 “SBIC Subsidiary” means any direct or indirect Subsidiary (including such
Subsidiary’s general partner or managing entity to the extent that the only material asset of such general partner or managing entity is its equity interest in the SBIC Subsidiary) of the Borrower licensed as a small business investment company
under the Small Business Investment Act of 1958, as amended, and which is designated by the Borrower (as provided below) as an SBIC Subsidiary, so long as (a) no portion of the Indebtedness or any other obligations (contingent or otherwise) of
such Subsidiary: (i) is Guaranteed by any Obligor (other than a Non-Recourse SBIC Guarantee), (ii) is recourse to or obligates any Obligor in any way (other than in respect of any SBIC Equity Commitment or Non-Recourse SBIC Guarantee), or
(iii) subjects any property of any Obligor, directly or indirectly, contingently or otherwise, to the satisfaction thereof, and (b) no Obligor has any obligation to maintain or preserve such Subsidiary’s financial condition or cause
such entity to achieve certain levels of operating results. Any such designation by the Borrower shall be effected pursuant to a certificate of a Financial Officer delivered to the Administrative Agent, which certificate shall include a statement to
the effect that, to the best of such officer’s knowledge, such designation complied with the foregoing conditions. 
 “Screen
Rate” means the LIBOR Screen Rate and the Local Screen Rates collectively and individually as the context may require. 

“Scheduled Payment Date” means the last day of each calendar month after the Commitment Termination Date through and
including the Maturity Date. 
 “Secured Longer-Term Indebtedness” means, as at any date, Indebtedness (other than
Indebtedness hereunder) of any Obligor (which may be Guaranteed by other Obligors) that (a) has no scheduled amortization prior to, and a final maturity date not earlier than, six months after the Maturity Date, (b) in the Borrower’s
reasonable judgment, is incurred pursuant to documentation containing (i) covenants and events of default that are not materially more burdensome on the Borrower than those set forth in the Loan Documents or (ii) terms (including interest,
amortization, covenants and events of default) that are otherwise substantially comparable to market terms for substantially 

  
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comparable debt of similarly situated borrowers and (c) is not secured by any assets of any Obligor other than pursuant to the Security Documents and the holders of which have agreed, in a
manner reasonably satisfactory to the Administrative Agent and the Collateral Agent, to be bound by the provisions of the Security Documents. “Secured Longer-Term Indebtedness” shall also include the Borrower’s 6.25% Senior Secured
Notes due October 4, 2015 and 5.875% Senior Secured Notes, Series A, due September 29, 2016. 
 “Secured Shorter-Term
Indebtedness” means, collectively, (a) any Indebtedness of the Borrower or any Obligor (other than Other Secured Indebtedness) that is secured by any assets of any Obligor and that does not constitute Secured Longer-Term Indebtedness
and (b) any Indebtedness that is designated as “Secured Shorter-Term Indebtedness” pursuant to Section 6.11(a). 

“Security Documents” means, collectively, the Guarantee and Security Agreement, all Uniform Commercial Code financing
statements filed with respect to the security interests in personal property created pursuant to the Guarantee and Security Agreement and all other assignments, pledge agreements, security agreements, control agreements and other instruments
executed and delivered on or after the date hereof by any of the Obligors pursuant to the Guarantee and Security Agreement or otherwise providing or relating to any collateral security for any of the Secured Obligations under and as defined in the
Guarantee and Security Agreement. Without limiting the generality of the foregoing, the term “Security Documents” includes the Guarantee and Security Agreement Confirmation. 

“Shareholders’ Equity” means, at any date, the amount determined on a consolidated basis, without duplication, in
accordance with GAAP, of shareholders equity for the Borrower and its Subsidiaries at such date. 
 “Significant
Subsidiary” means, at any time of determination, any (a) Obligor or (b) any other Subsidiary that, on a consolidated basis with its Subsidiaries, has aggregate assets or aggregate revenues greater than 10% of the aggregate assets
or aggregate revenues of the Borrower and its Subsidiaries, taken as a whole, at such time. 
 “Special Equity Interest”
means any Equity Interest that is subject to a Lien in favor of creditors of the issuer of such Equity Interest, provided that (a) such Lien was created to secure Indebtedness owing by such issuer or any of its Subsidiaries (as defined
without giving effect to the penultimate sentence of the definition of such term) to such creditors, (b) such Indebtedness was (i) in existence at the time the Obligors acquired such Equity Interest, (ii) incurred or assumed by such
issuer substantially contemporaneously with such acquisition or (iii) already subject to a Lien granted to such creditors and (c) unless such Equity Interest is not intended to be included in the Collateral, the documentation creating or
governing such Lien does not prohibit the inclusion of such Equity Interest in the Collateral. 

  
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 “Specified Debt” means any portion of unsecured Indebtedness of the Borrower
described in clause (a) or (b) of the definition of Indebtedness incurred or assumed from and after the Restatement Effective Date that (i) matures or comes due more than six months after the Maturity Date, (ii) is not required
to be prepaid, redeemed or purchased by the Borrower or any of its Subsidiaries at any time on or before the date six months after the Maturity Date (except for regularly scheduled payments, prepayments or redemptions of principal and interest in
respect thereof required pursuant to the instruments evidencing such Indebtedness), (iii) cannot be accelerated in circumstances that would not constitute an Event of Default, (iv) is accounted for by the Borrower on a fair value basis
pursuant to Financial Accounting Standard No. 159 or by application of Financial Accounting Standard No. 141(R), and (v) the Borrower elects to treat as Specified Debt, provided that the Borrower shall not be permitted to
revoke or rescind any such election. 
 “Specified Debt Payment” means (a) any purchase, redemption, retirement or
other acquisition for value of, (b) any setting apart of any money for a sinking, defeasance or other analogous fund for the purchase, redemption, retirement or other acquisition of, or (c) any voluntary payment or prepayment of, in each
case, the principal of or interest on, or any other amount owing in respect of, Specified Debt. 
 “Standard Securitization
Undertakings” means, collectively, (a) customary arms-length servicing obligations (together with any related performance guarantees), (b) obligations (together with any related performance guarantees) to refund the purchase price
or grant purchase price credits for dilutive events or misrepresentations (in each case unrelated to the collectibility of the assets sold or the creditworthiness of the associated account debtors ) and (c) representations, warranties,
covenants and indemnities (together with any related performance guarantees) of a type that are reasonably customary in accounts receivable securitizations or securitizations of financial assets. 

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

  
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 “Subsidiary” means, with respect to any Person (the “parent”)
at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial
statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than
50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or one
or more “Subsidiaries” of the parent or by the parent and one or more “Subsidiaries” of the parent. Anything herein to the contrary notwithstanding, the term “Subsidiary” shall not include (1) any Person that
constitutes an Investment held by any Obligor in the ordinary course of business and that is not, under GAAP, consolidated on the financial statements of the Borrower and its Subsidiaries or (2) any Non-Consolidated Subsidiary (notwithstanding
that such Non-Consolidated Subsidiary is subsequently required to be consolidated on the financial statements of the Borrower as a result of any change in GAAP after the date of the Borrower’s investment in such Non-Consolidated Subsidiary,
provided that any such investment that is required to be consolidated for purposes of measuring compliance with the Investment Company Act or any other applicable requirement of law will be consolidated for purposes of such measurement, but not for
purposes of measuring compliance with any provision of Article VI hereof) other than any Non-Consolidated Subsidiary which the Borrower has elected to treat as a Subsidiary Guarantor in accordance with 5.08(a). Unless otherwise specified,
“Subsidiary” means a Subsidiary of the Borrower. 
 “Subsidiary Guarantor” means any Subsidiary that is a
Guarantor under the Guarantee and Security Agreement. 
 “Swingline Exposure” means, at any time, the aggregate principal
amount of all Swingline Loans outstanding at such time. The Swingline Exposure of any Multicurrency Lender at any time shall be its Applicable Multicurrency Percentage of the total Swingline Exposure at such time. 

“Swingline Lender” means JPMCB, in its capacity as lender of Swingline Loans hereunder. 

“Swingline Loan” means a Loan made pursuant to Section 2.04. 

“Syndicated”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans constituting such
Borrowing, are made pursuant to Section 2.01. 

  
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 “Taxes” means any and all present or future taxes, levies, imposts, duties,
deductions, charges or withholdings imposed by any Governmental Authority. 
 “Transactions” means the execution, delivery
and performance by the Borrower of this Agreement and the other Loan Documents, the borrowing of Loans, the use of the proceeds thereof and the issuance of Letters of Credit hereunder. 

“Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans
constituting such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. 
 “Uniform Commercial
Code” means the Uniform Commercial Code as in effect from time to time in the State of New York. 
 “Unrestricted
Subsidiary” means a direct or indirect Subsidiary of the Borrower which is designated by the Borrower (as provided below) as an Unrestricted Subsidiary and which meets the following criteria, 

(a) no portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is Guaranteed by any
Obligor (other than Guarantees in respect of Standard Securitization Undertakings), (ii) is recourse to or obligates any Obligor in any way other than pursuant to Standard Securitization Undertakings or (iii) subjects any property of any
Obligor (other than Investments in such Subsidiary or any property transferred to such Subsidiary), directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings or any
Guarantee thereof, 
 (b) with which no Obligor has any material contract, agreement, arrangement or understanding other than
on terms no less favorable in any material respect to such Obligor than those that could reasonably be obtained at the time from Persons that are not Affiliates of any Obligor, other than fees payable in the ordinary course of business in connection
with servicing receivables or financial assets, and 
 (c) to which no Obligor has any obligation to maintain or preserve
such entity’s financial condition or cause such entity to achieve certain levels of operating results, other than pursuant to Standard Securitization Undertakings. 

Any such designation by the Borrower shall be effected pursuant to a certificate of a Financial Officer delivered to the Administrative Agent, which
certificate shall include a statement to the effect that, to the best of such officer’s knowledge, such designation complied with the foregoing conditions. Each Subsidiary of an Unrestricted Subsidiary shall be deemed to be an Unrestricted
Subsidiary and shall comply with the foregoing requirements of this definition. 

  
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 “Unsecured Longer-Term Indebtedness” means (x) any Indebtedness of any
Obligor (which may be Guaranteed by other Obligors) that (a) has no amortization prior to, and a final maturity date not earlier than, six months after the Maturity Date, (b) in the Borrower’s reasonable judgment, is incurred pursuant
to documentation containing (i) covenants and events of default that are not materially more burdensome on the Borrower than those set forth in the Loan Documents or (ii) terms (including interest, amortization, covenants and events of
default) that are otherwise substantially comparable to market terms for substantially comparable debt of similarly situated borrowers and (c) is not secured by any assets of any Obligor and (y) Borrower’s 5.75% convertible notes due
January 2016. 
 “Unsecured Shorter-Term Indebtedness” means, collectively, (a) any Indebtedness of any Obligor that
is not secured by any assets of any Obligor and that does not constitute Unsecured Longer-Term Indebtedness and (b) any Indebtedness that is designated as “Unsecured Shorter-Term Indebtedness” pursuant to Section 6.11(a);
provided that “Unsecured Shorter-Term Indebtedness” shall not include the Borrower’s 5.75% convertible notes due January 2016. 

“U.S. Government Securities” means securities that are direct obligations of, and obligations the timely payment of principal
and interest on which is fully guaranteed by, the United States or any agency or instrumentality of the United States the obligations of which are backed by the full faith and credit of the United States and in the form of conventional bills, bonds,
and notes. 
 “Valuation Policy” has the meaning assigned to such term in Section 5.12(b)(ii)(B). 

“Value” has the meaning assigned to such term in Section 5.13. 

“Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such
Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 SECTION 1.02. Classification of Loans and
Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Syndicated Dollar Loan” or “Syndicated Multicurrency Loan”), by Type (e.g., an “ABR Loan”) or by Class and Type
(e.g., a “Syndicated Multicurrency LIBOR Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Dollar Borrowing”, “Multicurrency Borrowing” or “Syndicated Borrowing”), by Type (e.g., an
“ABR Borrowing”) or by Class and Type (e.g., a “Syndicated ABR Borrowing” or “Syndicated Multicurrency LIBOR Borrowing”). Loans and Borrowings may also be identified by Currency. 

  
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 SECTION 1.03. Terms Generally. The definitions of terms herein shall apply equally to the
singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall
be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of
or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”, “hereof” and
“hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be
construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all
tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
 SECTION 1.04. Accounting
Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the
Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the
Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof,
then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. The
Borrower covenants and agrees with the Lenders that whether or not the Borrower may at any time adopt Financial Accounting Standard No. 159 or accounts for assets and liabilities acquired in an acquisition on a fair value basis pursuant to
Financial Accounting Standard No. 141(R), all determinations of compliance with the terms and conditions of this Agreement shall be made on the basis that the Borrower has not adopted Financial Accounting Standard No. 159 or Financial
Accounting Standard No. 141(R); provided that, if the Borrower shall at any time adopt Financial Accounting Standard No. 159, or if Financial Accounting Standard No. 141(R) shall apply with 

  
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respect to any acquired assets or liabilities, for purposes of calculating compliance with Section 6.07(a) and Section 6.07(b) after such adoption, or for any period ending after such
adoption, Specified Debt shall be valued as it is valued under Financial Accounting Standard No. 159 or Financial Accounting Standard No. 141(R), as applicable. 

SECTION 1.05. Currencies; Currency Equivalents. 

(a) Currencies Generally. At any time, any reference in the definition of the term “Agreed Foreign Currency” or in any other
provision of this Agreement to the Currency of any particular nation means the lawful currency of such nation at such time whether or not the name of such Currency is the same as it was on the date hereof. Except as provided in Section 2.10(b)
and the last sentence of Section 2.17(a), for purposes of determining (i) whether the amount of any Borrowing or Letter of Credit under the Multicurrency Commitments, together with all other Borrowings and Letters of Credit under the
Multicurrency Commitments then outstanding or to be borrowed at the same time as such Borrowing, would exceed the aggregate amount of the Multicurrency Commitments, (ii) the aggregate unutilized amount of the Multicurrency Commitments,
(iii) the Revolving Credit Exposure, (iv) the LC Exposure, (v) the Covered Debt Amount and (vi) the Borrowing Base or the Value or the fair market value of any Portfolio Investment, the outstanding principal amount of any
Borrowing or Letter of Credit that is denominated in any Foreign Currency or the Value or the fair market value of any Portfolio Investment that is denominated in any Foreign Currency shall be deemed to be the Dollar Equivalent of the amount of the
Foreign Currency of such Borrowing, Letter of Credit or Portfolio Investment, as the case may be, determined as of the date of such Borrowing or Letter of Credit (determined in accordance with the last sentence of the definition of the term
“Interest Period”) or the date of valuation of such Portfolio Investment, as the case may be. Wherever in this Agreement in connection with a Borrowing or Loan an amount, such as a required minimum or multiple amount, is expressed in
Dollars, but such Borrowing or Loan is denominated in a Foreign Currency, such amount shall be the relevant Foreign Currency Equivalent of such Dollar amount (rounded to the nearest 1,000 units of such Foreign Currency). 

(b) Special Provisions Relating to Euro. Each obligation hereunder of any party hereto that is denominated in the National Currency of
a state that is not a Participating Member State on the date hereof shall, effective from the date on which such state becomes a Participating Member State, be redenominated in Euro in accordance with the legislation of the European Union applicable
to the European Monetary Union; provided that, if and to the extent that any such legislation provides that any such obligation of any such party payable within such Participating Member State by crediting an account of the creditor can be
paid by the debtor either in Euros or such National Currency, such party shall be entitled to pay or repay such amount either in Euros or in such National Currency. If the basis of accrual of interest or fees expressed in this Agreement with respect
to an Agreed Foreign Currency of any country that becomes a Participating Member State after the date on which such currency becomes an Agreed 

  
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Foreign Currency shall be inconsistent with any convention or practice in the interbank market for the basis of accrual of interest or fees in respect of the Euro, such convention or practice
shall replace such expressed basis effective as of and from the date on which such state becomes a Participating Member State; provided that, with respect to any Borrowing denominated in such currency that is outstanding immediately prior to
such date, such replacement shall take effect at the end of the Interest Period therefor. 
 Without prejudice to the respective liabilities
of the Borrower to the Lenders and the Lenders to the Borrower under or pursuant to this Agreement, each provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time, in
consultation with the Borrower, reasonably specify to be necessary or appropriate to reflect the introduction or changeover to the Euro in any country that becomes a Participating Member State after the date hereof; provided that the
Administrative Agent shall provide the Borrower and the Lenders with prior notice of the proposed change with an explanation of such change in sufficient time to permit the Borrower and the Lenders an opportunity to respond to such proposed change.

 ARTICLE II 
 THE CREDITS

 SECTION 2.01. The Commitments. Subject to the terms and conditions set forth herein: 

(a) each Dollar Lender agrees to make Syndicated Loans in Dollars to the Borrower from time to time during the Availability
Period in an aggregate principal amount that will not result in (i) such Lender’s Revolving Dollar Credit Exposure exceeding such Lender’s Dollar Commitment, (ii) the aggregate Revolving Dollar Credit Exposure of all of the
Dollar Lenders exceeding the aggregate Dollar Commitments or (iii) the total Covered Debt Amount exceeding the Borrowing Base then in effect; and 

(b) each Multicurrency Lender agrees to make Syndicated Loans in Dollars and in Agreed Foreign Currencies to the Borrower from
time to time during the Availability Period in an aggregate principal amount that will not result in (i) such Lender’s Revolving Multicurrency Credit Exposure exceeding such Lender’s Multicurrency Commitment, (ii) the aggregate
Revolving Multicurrency Credit Exposure of all of the Multicurrency Lenders exceeding the aggregate Multicurrency Commitments or (iii) the total Covered Debt Amount exceeding the Borrowing Base then in effect. 

  
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 Within the foregoing limits and subject to the terms and conditions set forth herein, the
Borrower may borrow, prepay and reborrow Syndicated Loans. 
 Notwithstanding the foregoing, the Multicurrency Lenders shall not be required
to make Syndicated Loans to the Borrower in CAD if, after giving effect thereto, the Dollar Equivalent thereof shall exceed $200,000,000. 

SECTION 2.02. Loans and Borrowings. 

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

(b) Type of Loans. Subject to Section 2.13, each Syndicated Borrowing of a Class shall be constituted entirely of ABR Loans or
of Eurocurrency Loans of such Class denominated in a single Currency as the Borrower may request in accordance herewith. Each ABR Loan shall be denominated in Dollars. Each Lender at its option may make any Eurocurrency Loan by causing any
domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement. 

(c) Minimum Amounts. Each Borrowing (whether Eurocurrency, Syndicated ABR or Swingline) shall be in an aggregate amount of $1,000,000 or
a larger multiple of $1,000,000; provided that a Syndicated ABR Borrowing of a Class may be in an aggregate amount that is equal to the entire unused balance of the total Commitments of such Class or that is required to finance the
reimbursement of an LC Disbursement of such Class as contemplated by Section 2.05(f). Borrowings of more than one Class, Currency and Type may be outstanding at the same time. 

(d) Limitations on Interest Periods. Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to
request (or to elect to convert to or continue as a Eurocurrency Borrowing) any Borrowing if the Interest Period requested therefor would begin before and end after the Maturity Date. 

(e) Restatement Effective Date Adjustments. On the Restatement Effective Date the Borrower will borrow from each of the Lenders, and the
Lenders will make Loans to the Borrower (in the case of Eurocurrency Loans, with Interest Period(s) ending on the date(s) of any then outstanding Interest Period(s) under the Existing Credit Agreement), and (notwithstanding the provisions in this
Agreement requiring that 

  
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borrowings and prepayments be made ratably in accordance with the principal amounts of the Loans held by the Lenders) taking into consideration outstanding Revolving Dollar Credit Exposure and
Revolving Multicurrency Credit Exposure the Borrower shall prepay the Loans held by the Lenders in such amounts as may be necessary, together with any amounts payable under Section 2.15, so that after giving effect to such Loans and
prepayments, the Loans (and Interest Period(s) of Eurocurrency Loan(s)) shall be held by the Lenders pro rata in accordance with the respective amounts of their Commitments. Concurrently therewith, the Lenders with Multicurrency Commitments shall be
deemed to have adjusted their participation interests in any outstanding Letters of Credit so that such interests are held pro-rata in accordance with such Multicurrency Commitments. 

SECTION 2.03. Requests for Syndicated Borrowings. 

(a) Notice by the Borrower. To request a Syndicated Borrowing (other than a Borrowing pursuant to Section 2.02(e)), the Borrower
shall notify the Administrative Agent of such request by telephone (i) in the case of a Eurocurrency Borrowing denominated in Dollars, not later than 11:00 a.m., New York City time, three Business Days before the date of the proposed
Borrowing, (ii) in the case of a Eurocurrency Borrowing denominated in a Foreign Currency, not later than 11:00 a.m., London time, three Business Days before the date of the proposed Borrowing or (iii) in the case of a Syndicated
ABR Borrowing, not later than 11:00 a.m., New York City time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the
Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the Borrower. 
 (b)
Content of Borrowing Requests. Each telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02: 

(i) whether such Borrowing is to be made under the Dollar Commitments or the Multicurrency Commitments; 

(ii) the aggregate amount and Currency of the requested Borrowing; 

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

(iv) in the case of a Syndicated Borrowing denominated in Dollars, whether such Borrowing is to be an ABR Borrowing or a
Eurocurrency Borrowing; 
 (v) in the case of a Eurocurrency Borrowing, the Interest Period therefor, which shall be a period
contemplated by the definition of the term “Interest Period” and permitted under Section 2.02(d); and 

  
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 (vi) the location and number of the Borrower’s account to which funds are to
be disbursed, which shall comply with the requirements of Section 2.06. 
 (c) Notice by the Administrative Agent to the Lenders.
Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each applicable Lender of the details thereof and of the amounts of such Lender’s Loan to be made as part of the requested
Borrowing. 
 (d) Failure to Elect. If no election as to the Currency of a Syndicated Borrowing is specified, then the requested
Syndicated Borrowing shall be denominated in Dollars. If no election as to the Type of a Syndicated Borrowing is specified, then the requested Borrowing shall be a Eurocurrency Borrowing having an Interest Period of one month and, if an Agreed
Foreign Currency has been specified, the requested Syndicated Borrowing shall be a Eurocurrency Borrowing denominated in such Agreed Foreign Currency and having an Interest Period of one month. If a Eurocurrency Borrowing is requested but no
Interest Period is specified, (i) if the Currency specified for such Borrowing is Dollars (or if no Currency has been so specified), the requested Borrowing shall be a Eurocurrency Borrowing denominated in Dollars having an Interest Period of
one month’s duration, and (ii) if the Currency specified for such Borrowing is an Agreed Foreign Currency, the Borrower shall be deemed to have selected an Interest Period of one month’s duration. 

SECTION 2.04. Swingline Loans. 

(a) Agreement to Make Swingline Loans. Subject to the terms and conditions set forth herein, the Swingline Lender agrees to make
Swingline Loans under the Multicurrency Commitment to the Borrower from time to time during the Availability Period, in Dollars and in Agreed Foreign Currencies, in an aggregate principal amount at any time outstanding that will not result in
(i) the aggregate principal amount of outstanding Swingline Loans exceeding the Dollar Equivalent of $125,000,000, (ii) the total Revolving Multicurrency Credit Exposures exceeding the aggregate Multicurrency Commitments or (iii) the
total Covered Debt Amount exceeding the Borrowing Base then in effect; provided that the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing limits and subject to
the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Swingline Loans. 
 (b) Notice of Swingline Loans
by the Borrower. To request a Swingline Loan, the Borrower shall notify the Administrative Agent of such request by telephone (confirmed by telecopy), (i) in the case of a Swingline Loan denominated in Dollars, not later than
2:00 p.m., New York City time, on the day of such proposed Swingline Loan, (ii) in the case of a Swingline Loan denominated in a Foreign Currency other than AUD, not later than 1:00 p.m., London time, on the day of such proposed

  
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Swingline Loan, and (iii) in the case of a Swingline Loan denominated in AUD, not later than 1:00 p.m., London time, one Business Day prior to such proposed Swingline Loan. Each such notice
shall be irrevocable and shall specify the requested date (which shall be a Business Day) and the amount of the requested Swingline Loan. The Administrative Agent will promptly advise the Swingline Lender of any such notice received from the
Borrower. The Swingline Lender shall make each Swingline Loan available to the Borrower by means of a credit to the general deposit account of the Borrower with the Swingline Lender (or, in the case of a Swingline Loan made to finance the
reimbursement of an LC Disbursement as provided in Section 2.05(f), by remittance to the Issuing Bank) (x) in the case of a Swingline denominated in Dollars, by 3:00 p.m., New York City time, on the requested date of such
Swingline Loan and (y) in the case of a Swingline Loan denominated in a Foreign Currency, by 3:00 p.m., London time, on the requested date of such Swingline Loan. 

(c) Participations by Lenders in Swingline Loans. The Swingline Lender may by written notice given to the Administrative Agent
(i) not later than 10:00 a.m., New York City time on any Business Day, in the case of Swingline Loans denominated in Dollars, require the Multicurrency Lenders to acquire participations on such Business Day in all or a portion of the
Swingline Loans outstanding, (ii) not later than 1:00 p.m., London time on any Business Day, in the case of Swingline Loans denominated in any Foreign Currency, require the Multicurrency Lenders to acquire participations on the third Business
Day following the Business Day on which notice was received in all or a portion of the Swingline Loans outstanding. Such notice to the Administrative Agent shall specify the aggregate amount of Swingline Loans in which the Multicurrency Lenders will
participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Multicurrency Lender, specifying in such notice such Multicurrency Lender’s Applicable Multicurrency Percentage of such Swingline Loan
or Loans. Each Multicurrency Lender hereby absolutely and unconditionally agrees, upon receipt of notice as provided above in this paragraph, to pay to the Administrative Agent, for account of the Swingline Lender, such Multicurrency Lender’s
Applicable Multicurrency Percentage of such Swingline Loan or Loans, provided that no Multicurrency Lender shall be required to purchase a participation in a Swingline Loan pursuant to this Section 2.04(c) if (x) the conditions set
forth in Section 4.02 would not be satisfied in respect of a Borrowing at the time such Swingline Loan was made and (y) the Required Lenders of the applicable Class shall have so notified the Swingline Lender in writing and shall not have
subsequently determined that the circumstances giving rise to such conditions not being satisfied no longer exist. 
 Subject to the
foregoing, each Multicurrency Lender acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this paragraph (c) is absolute and unconditional and shall not be affected by any circumstance whatsoever,
including the occurrence and continuance of a Default or reduction or termination of the Multicurrency Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each

  
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Multicurrency Lender shall comply with its obligation under this paragraph by wire transfer of immediately available funds, in the same manner as provided in Section 2.06 with respect to
Loans made by such Lender (and Section 2.06 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from the
Multicurrency Lenders. The Administrative Agent shall notify the Borrower of any participations in any Swingline Loan acquired pursuant to this paragraph, and thereafter payments in respect of such Swingline Loan shall be made to the Administrative
Agent and not to the Swingline Lender. Any amounts received by the Swingline Lender from the Borrower (or other party on behalf of the Borrower) in respect of a Swingline Loan after receipt by the Swingline Lender of the proceeds of a sale of
participations therein shall be promptly remitted to the Administrative Agent; any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Multicurrency Lenders that shall have made their
payments pursuant to this paragraph and to the Swingline Lender, as their interests may appear. The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve the Borrower of any default in the payment thereof. 

SECTION 2.05. Letters of Credit. 

(a) General. Subject to the terms and conditions set forth herein, in addition to the Loans provided for in Section 2.01, the
Issuing Bank shall issue, at any time and from time to time during the Availability Period at the request of the Borrower, Letters of Credit denominated in Dollars or in any Agreed Foreign Currency for its own account in such form as is acceptable
to the Issuing Bank in its reasonable determination. Letters of Credit issued hereunder (or continued from the Existing Credit Agreement) shall constitute utilization of the Multicurrency Commitments up to the aggregate amount available to be drawn
thereunder. 
 (b) Notice of Issuance, Amendment, Renewal or Extension. To request the issuance of a Letter of Credit (or the
amendment, renewal or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the Issuing Bank) to the Issuing Bank and
the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and
specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (d) of this Section), the amount and Currency of such
Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by the Issuing Bank, the Borrower also shall submit a letter of
credit application on the Issuing Bank’s standard form in connection with any request for a Letter of Credit. In the event of any inconsistency between the terms and conditions of 

  
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this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the Borrower to, or entered into by the Borrower with, the Issuing Bank
relating to any Letter of Credit, the terms and conditions of this Agreement shall control. 
 (c) Limitations on Amounts. A Letter of
Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment,
renewal or extension (i) the aggregate LC Exposure of the Issuing Bank (determined for these purposes without giving effect to the participations therein of the Lenders pursuant to paragraph (e) of this Section) shall not exceed
$125,000,000, (ii) the total Revolving Multicurrency Credit Exposures shall not exceed the aggregate Multicurrency Commitments and (iii) the total Covered Debt Amount shall not exceed the Borrowing Base then in effect. 

(d) Expiration Date. Each Letter of Credit shall expire at or prior to the close of business on the date twelve months after the date of
the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, twelve months after the then-current expiration date of such Letter of Credit, so long as such renewal or extension occurs within three months of such
then-current expiration date); provided that any Letter of Credit with a one-year term may provide for the renewal thereof for additional one-year periods; provided that no Letter of Credit may be renewed after the Commitment Termination Date
or have an expiry date after the Maturity Date. 
 (e) Participations. By the issuance of a Letter of Credit (or an amendment to a
Letter of Credit increasing the amount thereof) by the Issuing Bank, and without any further action on the part of the Issuing Bank or the Lenders, the Issuing Bank hereby grants to each Multicurrency Lender, and each Multicurrency Lender hereby
acquires from the Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Applicable Multicurrency Percentage of the aggregate amount available to be drawn under such Letter of Credit. Each Multicurrency Lender
acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal
or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Multicurrency Commitments, provided that no Multicurrency Lender shall be required to purchase a participation in a Letter
of Credit pursuant to this Section 2.05(e) if (x) the conditions set forth in Section 4.02 would not be satisfied in respect of a Borrowing at the time such Letter of Credit was issued and (y) the Required Lenders of the
applicable Class shall have so notified the Issuing Bank in writing and shall not have subsequently determined that the circumstances giving rise to such conditions not being satisfied no longer exist. 

  
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 In consideration and in furtherance of the foregoing, each Multicurrency Lender hereby absolutely
and unconditionally agrees to pay to the Administrative Agent, for account of the Issuing Bank, such Multicurrency Lender’s Applicable Multicurrency Percentage of each LC Disbursement made by the Issuing Bank in respect of Letters of
Credit of promptly upon the request of the Issuing Bank at any time from the time of such LC Disbursement until such LC Disbursement is reimbursed by the Borrower or at any time after any reimbursement payment is required to be refunded to
the Borrower for any reason. Such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each such payment shall be made in the same manner as provided in Section 2.06 with respect to Loans made by such Lender
(and Section 2.06 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the Issuing Bank the amounts so received by it from the Multicurrency Lenders.
Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to the next following paragraph, the Administrative Agent shall distribute such payment to the Issuing Bank or, to the extent that the Multicurrency
Lenders have made payments pursuant to this paragraph to reimburse the Issuing Bank, then to such Multicurrency Lenders and the Issuing Bank as their interests may appear. Any payment made by a Multicurrency Lender pursuant to this paragraph to
reimburse the Issuing Bank for any LC Disbursement shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement. 

(f) Reimbursement. If the Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall
reimburse the Issuing Bank in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower
receives notice of such LC Disbursement, if such notice is received prior to 10:00 a.m., New York City time, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received
prior to such time, provided that, if such LC Disbursement is not less than $1,000,000, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.04 that such
payment be financed with a Syndicated ABR Borrowing or a Swingline Loan in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Syndicated
ABR Borrowing or Swingline Loan. 
 If the Borrower fails to make such payment when due, the Administrative Agent shall notify each
Multicurrency Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Multicurrency Lender’s Applicable Multicurrency Percentage thereof. 

(g) Obligations Absolute. The Borrower’s obligation to reimburse LC Disbursements as provided in paragraph (f) of this
Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of

  
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(i) any lack of validity or enforceability of any Letter of Credit, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be
forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply
strictly with the terms of such Letter of Credit, and (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge
of the Borrower’s obligations hereunder. 
 Neither the Administrative Agent, the Lenders nor the Issuing Bank, nor any of their
Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit by the Issuing Bank or any payment or failure to make any payment thereunder (irrespective of any of the
circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document
required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuing Bank; provided that the foregoing shall not be construed to excuse the Issuing
Bank from liability to the Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are
caused by the Issuing Bank’s gross negligence or willful misconduct when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that: 

(i) the Issuing Bank may accept documents that appear on their face to be in substantial compliance with the terms of a Letter
of Credit without responsibility for further investigation, regardless of any notice or information to the contrary, and may make payment upon presentation of documents that appear on their face to be in substantial compliance with the terms of such
Letter of Credit; 
 (ii) the Issuing Bank shall have the right, in its sole discretion, to decline to accept such documents
and to make such payment if such documents are not in strict compliance with the terms of such Letter of Credit; and 
 (iii)
this sentence shall establish the standard of care to be exercised by the Issuing Bank when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof (and the parties hereto hereby waive, to the
extent permitted by applicable law, any standard of care inconsistent with the foregoing). 

  
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 (h) Disbursement Procedures. The Issuing Bank shall, within a reasonable time following
its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. The Issuing Bank shall promptly after such examination notify the Administrative Agent and the Borrower by telephone (confirmed by
telecopy) of such demand for payment and whether the Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to
reimburse the Issuing Bank and the Multicurrency Lenders with respect to any such LC Disbursement. 
 (i) Interim Interest. If
the Issuing Bank shall make any LC Disbursement, then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and
including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Syndicated ABR Loans; provided that, if the Borrower fails to
reimburse such LC Disbursement within two Business Days following the date when due pursuant to paragraph (f) of this Section, then the provisions of Section 2.12(d) shall apply. Interest accrued pursuant to this paragraph shall be
for account of the Issuing Bank, except that interest accrued on and after the date of payment by any Lender pursuant to paragraph (f) of this Section to reimburse the Issuing Bank shall be for account of such Lender to the extent of such
payment. 
 (j) Replacement of the Issuing Bank. The Issuing Bank may be replaced at any time by written agreement between the
Borrower, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of the Issuing Bank. At the time any such replacement shall become effective, the
Borrower shall pay all unpaid fees accrued for account of the replaced Issuing Bank pursuant to Section 2.11(b). From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and
obligations of the replaced Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any
previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of the Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the
rights and obligations of the Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit. 

(k) Cash Collateralization. If the Borrower shall be required or permitted to provide cover for LC Exposure pursuant to
Section 2.09(a), Section 2.10(c), Section 2.10(d), Section 2.18 or the last paragraph of Article VII, the Borrower shall immediately (or within such other time period provided in such Section) deposit into a segregated
collateral account or accounts (herein, collectively, the “Letter of Credit  

  
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Collateral Account”) in the name and under the dominion and control of the Administrative Agent Cash denominated in the Currency of the Letter of Credit under which such LC Exposure
arises in an amount equal to the amount required under Section 2.09(a), Section 2.10(c), Section 2.10(d), Section 2.18 or the last paragraph of Article VII, as applicable. Such deposit shall be held by the Administrative
Agent as collateral in the first instance for the LC Exposure under this Agreement and thereafter for the payment of the “Secured Obligations” under and as defined in the Guarantee and Security Agreement, and for these purposes the
Borrower hereby grants a security interest to the Administrative Agent for the benefit of the Lenders in the Letter of Credit Collateral Account and in any financial assets (as defined in the Uniform Commercial Code) or other property held therein.

 (l) Restatement Effective Date. Notwithstanding anything to the contrary contained herein, it is acknowledged and agreed that, on
and after the Restatement Effective Date, (i) each “Letter of Credit” issued under the “Multicurrency Commitments” pursuant to the Existing Credit Agreement and outstanding immediately prior to the Restatement Effective Date
(each such Letter of Credit, a “Converting Letter of Credit”) shall be deemed to be issued under the Multicurrency Commitments and (ii) the interests and participations of the Multicurrency Lenders in the Converting Letters of
Credit shall automatically terminate and such interests and participations in the Converting Letters of Credit shall without further action be reallocated to the Multicurrency Lenders such that the interests and participations in the Converting
Letters of Credit shall be held ratably by the Multicurrency Lenders in accordance with their respective Multicurrency Commitments. 

SECTION 2.06. Funding of Borrowings. 

(a) Funding by Lenders. 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., Local Time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders; provided that Swingline Loans shall be made as provided in
Section 2.04. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to an account of the Borrower designated by the Borrower in the applicable Borrowing Request;
provided that Syndicated ABR Borrowings made to finance the reimbursement of an LC Disbursement as provided in Section 2.05(f) shall be remitted by the Administrative Agent to the Issuing Bank. 

(b) Presumption by the Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to the
proposed date (or, in the case of an ABR Borrowing, the time of such Borrowing) of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume
that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in 

  
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reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the
Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made
available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the Federal Funds Effective Rate or (ii) in the case of the Borrower, the interest rate applicable to
ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing. Nothing in this paragraph shall relieve any Lender of its obligation to fulfill its
commitments hereunder, and 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. 

SECTION 2.07. Interest Elections. 

(a) Elections by the Borrower for Syndicated Borrowings. Subject to Section 2.03(d), the Loans constituting each Syndicated
Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing, shall have the Interest Period specified in such Borrowing Request. Thereafter, the Borrower may elect to convert
such Borrowing to a Borrowing of a different Type or to continue such Borrowing as a Borrowing of the same Type and, in the case of a Eurocurrency Borrowing, may elect the Interest Period therefor, all as provided in this Section; provided,
however, that (i) a Syndicated Borrowing of a Class may only be continued or converted into a Syndicated Borrowing of the same Class, (ii) a Syndicated Borrowing denominated in one Currency may not be continued as, or converted to,
a Syndicated Borrowing in a different Currency, (iii) no Eurocurrency Borrowing denominated in a Foreign Currency may be continued if, after giving effect thereto, the aggregate Revolving Multicurrency Credit Exposures would exceed the
aggregate Multicurrency Commitments, and (iv) a Eurocurrency Borrowing denominated in a Foreign Currency may not be converted to a Borrowing of a different Type. The Borrower may elect different options with respect to different portions of the
affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders of the respective Class holding the Loans constituting such Borrowing, and the Loans constituting each such portion shall be considered a separate
Borrowing. This Section shall not apply to Swingline Borrowings, which may not be converted or continued. 
 (b) Notice of Elections.
To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by telephone by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a
Syndicated 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 (but no later than the close of
business on the date of such request) by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by the Borrower. 

  
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 (c) Content of Interest Election Requests. Each telephonic and written Interest Election
Request shall specify the following information in compliance with Section 2.02: 
 (i) the Borrowing (including the
Class) 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) of this paragraph 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, in the case of a Borrowing denominated in Dollars, the resulting Borrowing is to be an ABR Borrowing or a
Eurocurrency Borrowing; and 
 (iv) if the resulting Borrowing is a Eurocurrency Borrowing, the Interest Period therefor
after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period” and permitted under Section 2.02(d). 

(d) Notice by the Administrative Agent to the Lenders. 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)
Failure to Elect; Events of Default. If the Borrower fails to deliver a timely and complete Interest Election Request with respect to a Eurocurrency Borrowing prior to the end of the Interest Period therefor, then, unless such Borrowing is
repaid as provided herein, (i) if such Borrowing is denominated in Dollars, at the end of such Interest Period such Borrowing shall be converted to a Syndicated Eurocurrency Borrowing of the same Class having an Interest Period of one month,
and (ii) if such Borrowing is denominated in a Foreign Currency, the Borrower shall be deemed to have selected an Interest Period of one month’s duration. Notwithstanding any contrary provision hereof, if an Event of Default has occurred
and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing no outstanding Eurocurrency Borrowing may have an Interest Period of more than one
month’s duration. 

  
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 SECTION 2.08. Termination, Reduction or Increase of the Commitments. 

(a) Scheduled Termination. Unless previously terminated, the Commitments of each Class shall terminate on the applicable Commitment
Termination Date. 
 (b) Voluntary Termination or Reduction. The Borrower may at any time terminate, or from time to time reduce, the
Commitments of any Class; provided that (i) each reduction of the Commitments of a Class shall be in an amount that is $25,000,000 (or, if less, the entire remaining amount of the Commitments of such Class) or a larger multiple of
$5,000,000 in excess thereof and (ii) the Borrower shall not terminate or reduce the Commitments of any Class if, after giving effect to any concurrent prepayment of the Syndicated Loans of such Class in accordance with Section 2.10, the
total Revolving Credit Exposures of such Class would exceed the total Commitments of such Class. 
 (c) Notice of Voluntary Termination or
Reduction. The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or
reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to
this Section shall be irrevocable; provided that a notice of termination of the Commitments of a Class delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or events, in which
case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. 

(d) Effect of Termination or Reduction. Any termination or reduction of the Commitments of a Class shall be permanent. Each reduction of
the Commitments of a Class shall be made ratably among the Lenders of such Class in accordance with their respective Commitments. 

(e) Increase of the Commitments. 

(i) Requests for Increase by Borrower. The Borrower may, at any time after the Restatement Effective Date but prior to
the Commitment Termination Date, propose that the Dollar Commitments or Multicurrency Commitments be increased (each such proposed increase being a “Commitment Increase”) by notice to the Administrative Agent, specifying each
existing Lender (each an “Increasing Lender”) and/or each additional lender (each an “Assuming Lender”) that shall have agreed to an additional Commitment and the date on which such increase is to be effective
(the “Commitment Increase Date”), which shall be a Business Day at least three Business Days (or such lesser period as the Administrative Agent may reasonably agree) after delivery of such notice and 30 days prior to the Commitment
Termination Date; provided that: 

  
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 (A) the minimum amount of any Commitment Increase shall be $25,000,000 or a
larger multiple of $5,000,000 in excess thereof (or such lesser amount as the Administrative Agent shall determine); 
 (B)
immediately after giving effect to such Commitment Increase, the total Commitments of all of the Lenders hereunder shall not exceed $1,710,000,000; 

(C) each Assuming Lender shall be consented to by the Administrative Agent and the Issuing Bank (such consents not to be
unreasonably withheld); 
 (D) no Default shall have occurred and be continuing on such Commitment Increase Date or shall
result from the proposed Commitment Increase; and 
 (E) the representations and warranties contained in this Agreement shall
be true and correct in all material respects (or, in the case of any portion of the representations and warranties already subject to a materiality qualifier, true and correct in all respects) on and as of the Commitment Increase Date as if made on
and as of such date (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date). 

(ii) Effectiveness of Commitment Increase by Borrower. The Assuming Lender, if any, shall become a Lender hereunder as
of such Commitment Increase Date and the Commitment of the respective Class of any Increasing Lender and such Assuming Lender shall be increased as of such Commitment Increase Date; provided that: 

(x) the Administrative Agent shall have received on or prior to 11:00 a.m., New York City time, on such Commitment
Increase Date (or on or prior to a time on an earlier date specified by the Administrative Agent) a certificate of a duly authorized officer of the Borrower stating that each of the applicable conditions to such Commitment Increase set forth in the
foregoing paragraph (i) has been satisfied; and 

  
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 (y) each Assuming Lender or Increasing Lender shall have delivered to the
Administrative Agent, on or prior to 11:00 a.m., New York City time on such Commitment Increase Date (or on or prior to a time on an earlier date specified by the Administrative Agent), an agreement, in form and substance reasonably
satisfactory to the Borrower and the Administrative Agent, pursuant to which such Lender shall, effective as of such Commitment Increase Date, undertake a Commitment or an increase of Commitment in each case of the respective Class, duly executed by
such Assuming Lender or Increasing Lender, as applicable, and the Borrower and acknowledged by the Administrative Agent. No Lender shall be obligated to provide any increased Commitment. 

Promptly following satisfaction of such conditions, the Administrative Agent shall notify the Lenders of such Class (including any Assuming
Lenders) thereof and of the occurrence of the Commitment Increase Date by facsimile transmission or electronic messaging system. 

(iii) Recordation into Register. Upon its receipt of an agreement referred to in clause (ii)(y) above executed by
an Assuming Lender or any Increasing Lender, together with the certificate referred to in clause (ii)(x) above, the Administrative Agent shall, if such agreement has been completed, (x) accept such agreement, (y) record the
information contained therein in the Register and (z) give prompt notice thereof to the Borrower. 
 (iv) Adjustments
of Borrowings upon Effectiveness of Increase. On the Commitment Increase Date, the Borrower shall (A) prepay the outstanding Loans (if any) of the affected Class in full, (B) simultaneously borrow new Loans of such Class hereunder in
an amount equal to such prepayment (which may also include the amount of any fees, expenses or amounts due by the Borrower as contemplated by Section 4.01); provided that with respect to subclauses (A) and (B), (x) the
prepayment to, and borrowing from, any existing Lender shall be effected by book entry to the extent that any portion of the amount prepaid to such Lender will be subsequently borrowed from such Lender and (y) the existing Lenders, the
Increasing Lenders and the Assuming Lenders shall make and receive payments among themselves, in a manner acceptable to the Administrative Agent, so that, after giving effect thereto, the Loans of such Class are held ratably by the Lenders of such
Class in accordance with the respective Commitments of such Class of such Lenders (after giving effect to such Commitment Increase) and (C) pay to the Lenders of such Class the amounts, if any, payable under Section 2.15 as a result of any
such prepayment. Concurrently therewith, the Lenders with Multicurrency Commitments shall be deemed to have adjusted their participation interests in any outstanding Letters of Credit so that such interests are held ratably in accordance with the
Multicurrency Commitments. 

  
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 SECTION 2.09. Repayment of Loans; Evidence of Debt. 

(a) Repayment. The Borrower hereby unconditionally promises to pay the Loans of each Class as follows: 

(i) to the Administrative Agent for account of the applicable Lenders the outstanding principal amount of the Syndicated Loans
of each Class of the Loans on the Maturity Date; 
 (ii) to the Swingline Lender the then unpaid principal amount of each
Swingline Loan of such Class denominated in Dollars, on the earlier of the Maturity Date and the first date after such Swingline Loan is made that is the 15th or last day of a calendar month and is at least ten Business Days after such Swingline
Loan is made; provided that on each date that a Syndicated Borrowing of such Class is made, the Borrower shall repay all Swingline Loans of such Class then outstanding; and 

(iii) to the Swingline Lender the then unpaid principal amount of each Swingline Loan of such Class denominated in a Foreign
Currency, on the earlier of the Maturity Date and the fifth Business Day after such Swingline Loan is made. 
 In addition, on the Maturity
Date, the Borrower shall deposit into the Letter of Credit Collateral Account Cash in an amount equal to 102% of the undrawn face amount of all Letters of Credit outstanding on the close of business on the Maturity Date, such deposit to be held by
the Administrative Agent as collateral security for the LC Exposure under this Agreement in respect of the undrawn portion of such Letters of Credit. 

(b) Manner of Payment. Subject to Section 2.10(d), prior to any repayment or prepayment of any Borrowings of any Class hereunder,
the Borrower shall select the Borrowing or Borrowings of such Class to be paid and shall notify the Administrative Agent by telephone (confirmed by telecopy) of such selection not later than 11:00 a.m., New York City time, three Business Days
before the scheduled date of such repayment; provided that each repayment of Borrowings of a Class shall be applied to repay any outstanding ABR Borrowings of such Class before any other Borrowings of such Class. If the Borrower fails to
make a timely selection of the Borrowing or Borrowings to be repaid or prepaid, such payment shall be applied, first, to pay any outstanding ABR Borrowings of the applicable Class and, second, to other Borrowings of such Class in the order of
the remaining duration of their respective Interest Periods (the Borrowing with the shortest remaining Interest Period to be repaid first). Each payment of a Syndicated Borrowing shall be applied ratably to the Loans included in such Borrowing. 

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

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

(e) Effect of Entries. The entries made in the records maintained pursuant to paragraph (c) or (d) of this Section shall be
prima facie evidence, absent obvious error, of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such records or any error therein
shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. 
 (f)
Promissory Notes. Any Lender may request that Loans of any Class made by it be evidenced by a promissory note. In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if
requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent and reasonably satisfactory to the Borrower. Thereafter, the Loans evidenced by such promissory note and interest thereon shall
at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form payable to the payee named therein (or, if such promissory note is a registered note, to such payee and its
registered assigns). 
 SECTION 2.10. Prepayment of Loans. 

(a) Optional Prepayments. The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in
part, subject to the requirements of this Section. 
 (b) Mandatory Prepayments due to Changes in Exchange Rates. 

(i) Determination of Amount Outstanding. On each Quarterly Date and, in addition, promptly upon the receipt by the
Administrative Agent of a Currency Valuation Notice (as defined below), the Administrative Agent shall determine the aggregate Revolving Multicurrency Credit Exposure. For the purpose of this determination, the

  
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outstanding principal amount of any Loan that is denominated in any Foreign Currency shall be deemed to be the Dollar Equivalent of the amount in the Foreign Currency of such Loan, determined as
of such Quarterly Date or, in the case of a Currency Valuation Notice received by the Administrative Agent prior to 11:00 a.m., New York City time, on a Business Day, on such Business Day or, in the case of a Currency Valuation Notice otherwise
received, on the first Business Day after such Currency Valuation Notice is received. Upon making such determination, the Administrative Agent shall promptly notify the Multicurrency Lenders and the Borrower thereof. 

(ii) Prepayment of Multicurrency Loans. If, on the date of such determination the aggregate Revolving Multicurrency
Credit Exposure exceeds 105% of the aggregate amount of the Multicurrency Commitments as then in effect, the Borrower shall, if requested by the Required Lenders of the applicable Class (through the Administrative Agent), prepay the Syndicated
Multicurrency Loans and Swingline Multicurrency Loans (and/or provide cover for LC Exposure as specified in Section 2.05(k)) within 15 Business Days following the Borrower’s receipt of such request in such amounts as shall be
necessary so that after giving effect thereto the aggregate Revolving Multicurrency Credit Exposure does not exceed the Multicurrency Commitments. Any prepayment pursuant to this paragraph shall be applied, first, to Swingline Multicurrency
Loans outstanding, second, to Syndicated Multicurrency Loans outstanding and third, as cover for LC Exposure. 
 For
purposes hereof, “Currency Valuation Notice” means a notice given by the Required Multicurrency Lenders of the applicable Class to the Administrative Agent stating that such notice is a “Currency Valuation Notice” and
requesting that the Administrative Agent determine the Revolving Multicurrency Credit Exposure. The Administrative Agent shall not be required to make more than one valuation determination pursuant to Currency Valuation Notices within any rolling
three month period. 
 (c) Mandatory Prepayments due to Borrowing Base Deficiency. In the event that at any time any Borrowing Base
Deficiency shall exist, the Borrower shall prepay the Loans (or provide cover for Letters of Credit as contemplated by Section 2.05(k)) or reduce Other Covered Indebtedness in such amounts as shall be necessary so that such Borrowing Base
Deficiency is cured within five Business Days after delivery of a Borrowing Base Certificate demonstrating such Borrowing Base Deficiency (and/or at such other times as the Borrower has knowledge of such Borrowing Base Deficiency), provided
that (i) the aggregate amount of such prepayment of Loans (and cover for Letters of Credit) shall be at least equal to the Revolving Credit Exposure’s ratable share of the aggregate prepayment and reduction of Other Covered

  
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Indebtedness, (ii) such prepayment shall be applied ratably among the Classes of Loans based upon the outstanding principal amounts thereof and (iii) if, within five Business Days after
delivery of a Borrowing Base Certificate demonstrating such Borrowing Base Deficiency (and/or at such other times as the Borrower has knowledge of such Borrowing Base Deficiency), the Borrower shall present the Administrative Agent a reasonably
feasible plan to enable such Borrowing Base Deficiency to be cured within 30 Business Days (which 30-Business Day period shall include the five Business Days permitted for delivery of such plan), then such prepayment or reduction shall not be
required to be effected within such five Business Day period so long as the Borrower shall use all reasonable commercial efforts to effectuate such prepayment or reduction in accordance with such plan (with such modifications as the Borrower may
reasonably determine), so long as, in any event, such Borrowing Base Deficiency is cured within such 30-Business Day period. 
 (d)
Scheduled Payments. On each Scheduled Payment Date, the Borrower shall prepay the Loans (and/or provide cash collateral for Letters of Credit as contemplated by Section 2.05(k)) in an aggregate amount equal to 1/12 of the sum of
(i) the aggregate outstanding amount of Loans, and (ii) the aggregate face amount of Letters of Credit, for each Class and Currency of Loans and Letters of Credit outstanding, based on the outstanding Loans and Letters of Credit as of the
Commitment Termination Date. Following the Commitment Termination Date, any other optional or mandatory prepayment of Loans (or cash collateralization of outstanding Letters of Credit) will reduce in direct order the amount of any subsequent
repayment of Loans or cash collateralization of Letters of Credit required to be made pursuant to this clause (d). 
 (e) Payments
Following the Commitment Termination Date. Notwithstanding any provision to the contrary in Section 2.09 or this Section 2.10, following the Commitment Termination Date: 

(i) no optional prepayment of the Loans of any Class shall be permitted unless at such time, the Borrower also prepays the
Loans or cash collateralizes Letters of Credit (as contemplated by Section 2.05(k)) of the other Class (unless such prepayment or cash collateralization is waived by the Required Lenders of such Class), which prepayment (and/or cash collateral)
shall be made on a pro-rata basis between each outstanding Class of Revolving Credit Exposure; and 
 (ii) any prepayment of
Loans required to be made pursuant to clause (c) above shall be applied to prepay Loans and/or cash collateralize outstanding Letters of Credit on a pro-rata basis between each outstanding Class of Revolving Credit Exposure. 

(f) Notices, Etc. The Borrower shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline
Lender) by telephone (confirmed by telecopy) of any prepayment hereunder (i) in the case of prepayment of a 

  
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Eurocurrency Borrowing, not later than 11:00 a.m., New York City time (or, in the case of a Borrowing denominated in a Foreign Currency, 11:00 a.m., London time), three Business Days
before the date of prepayment, (ii) in the case of prepayment of a Syndicated ABR Borrowing, not later than 11:00 a.m., New York City time, on the date of prepayment, (iii) in the case of prepayment of a Swingline Loan
denominated in Dollars, not later than 12:00 noon, New York City time, on the date of prepayment or (iv) in the case of a prepayment of a Swingline Loan denominated in a Foreign Currency, not later than 1:00 p.m., London time, on the date
of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date, the principal amount of each Borrowing or portion thereof to be prepaid and, in the case of a mandatory prepayment, a reasonably detailed calculation of the
amount of such prepayment; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments of a Class as contemplated by Section 2.08, then such notice of prepayment may be
revoked if such notice of termination is revoked in accordance with Section 2.08. Promptly following receipt of any such notice relating to a Syndicated Borrowing, the Administrative Agent shall advise the affected Lenders of the contents
thereof. Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of a Borrowing of the same Type as provided in Section 2.02, except as necessary to apply fully the required amount of a mandatory
prepayment. Each prepayment of a Syndicated Borrowing of a Class shall be applied ratably to the Loans of such Class included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.12
and shall be made in the manner specified in Section 2.09(b). 
 SECTION 2.11. Fees. 

(a) Commitment Fee. The Borrower agrees to pay to the Administrative Agent for account of each Lender a commitment fee, which shall
accrue at a rate per annum equal to 0.375% on the average daily unused amount of the Dollar Commitment and the Multicurrency Commitment, as applicable, of such Lender during the period from and including the date hereof to but excluding the earlier
of the date such Commitment terminates and the Commitment Termination Date. Accrued commitment fees shall be payable within one Business Day after each Quarterly Date and on the earlier of the date the Commitments of the respective Class terminate
and the Commitment Termination Date, commencing on the first such date to occur after the date hereof. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the
first day but excluding the last day). For purposes of computing commitment fees, the Commitment of any Class of a Lender shall be deemed to be used to the extent of the outstanding Syndicated Loans and LC Exposure of such Class of such Lender
(and the Swingline Exposure of such Class of such Lender shall be disregarded for such purpose). 

  
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 (b) Letter of Credit Fees. The Borrower agrees to pay (i) to the Administrative Agent
for account of each Multicurrency Lender a participation fee with respect to its participations in Multicurrency Letters of Credit, which shall accrue at a rate per annum equal to the Applicable Margin applicable to interest on Eurocurrency Loans,
in each case, on the average daily amount of such Lender’s LC Exposure (excluding any portion attributable to unreimbursed LC Disbursements), during the period from and including the Restatement Effective Date to but excluding the later of the
date on which such Multicurrency Lender’s Commitment terminates and the date on which such Lender ceases to have any Multicurrency LC Exposure, and (ii) to the Issuing Bank a fronting fee, which shall accrue at the rate of
0.25% per annum on the average daily amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Restatement Effective Date to but excluding the
later of the date of termination of the Commitments and the date on which there ceases to be any LC Exposure, as well as the Issuing Bank’s standard fees with respect to the issuance, amendment, renewal or extension of any Letter of Credit
or processing of drawings thereunder. Participation fees and fronting fees accrued through and including each Quarterly Date shall be payable on the third Business Day following such Quarterly Date, commencing on the first such date to occur after
the Restatement Effective Date; provided that all such fees with respect to the Multicurrency Letters of Credit shall be payable on the date on which the Multicurrency Commitments terminate and any such fees accruing after the date on which
such Multicurrency Commitments terminate shall be payable on demand. Any other fees payable to the Issuing Bank pursuant to this paragraph shall be payable within 10 days after demand. All participation fees and fronting fees shall be computed on
the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 

(c) Administrative Agent Fees. The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts
and at the times separately agreed upon between the Borrower and the Administrative Agent. 
 (d) Payment of Fees. All fees payable
hereunder shall be paid on the dates due, in Dollars and immediately available funds, to the Administrative Agent (or to the Issuing Bank, in the case of fees payable to it) for distribution, in the case of commitment fees and participation fees, to
the Lenders entitled thereto. Fees paid shall not be refundable under any circumstances absent obvious error. 
 SECTION 2.12.
Interest. 
 (a) ABR Loans. The Loans constituting each ABR Borrowing (including each Swingline Loan denominated in
Dollars) shall bear interest at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin. 
 (b) Eurocurrency
Loans. The Loans constituting each Eurocurrency Borrowing shall bear interest at a rate per annum equal to the Adjusted LIBO Rate for the related Interest Period for such Borrowing plus the Applicable Margin. 

  
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 (c) Foreign Currency Swingline Loans. Swingline Loans denominated in Foreign Currencies
shall bear interest at a rate per annum agreed between the Borrower and the Swingline Lender at the time the respective Swingline Loans are made, provided that if any such Loan shall continue outstanding for more than five Business Days, such
Loan shall be deemed automatically converted into a Eurocurrency Loan held solely by the Swingline Lender with consecutive Interest Periods of one-month’s duration. 

(d) Default Interest. Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by
the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration, by mandatory prepayment or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the
case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided above or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Loans as provided in paragraph (a)
of this Section. 
 (e) Payment of Interest. Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date
for such Loan in the Currency in which such Loan is denominated and, in the case of Syndicated Loans, upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (d) of this Section shall be payable
on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a Syndicated ABR Loan prior to the Maturity Date), accrued interest on the principal amount repaid or prepaid shall be payable on the date
of such repayment or prepayment, and (iii) in the event of any conversion of any Eurocurrency Borrowing denominated in Dollars prior to the end of the Interest Period therefor, accrued interest on such Borrowing shall be payable on the
effective date of such conversion. 
 (f) Computation. All interest hereunder shall be computed on the basis of a year of 360 days,
except that (i) interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate, (ii) and interest computed by reference to the AUD Bank Bill Reference Rate or the CDOR Rate shall
be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted
LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 

SECTION 2.13. Market Disruption and Alternate Rate of Interest. 

(a) If at the time that the Administrative Agent shall seek to determine the relevant Screen Rate on the Quotation Day for any Interest Period
for a Eurocurrency Borrowing the applicable Screen Rate shall not be available for such Interest Period 

  
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and/or for the applicable Currency with respect to such Eurocurrency Borrowing for any reason and the Administrative Agent shall determine that it is not possible to determine the Interpolated
Rate (which conclusion shall be conclusive and binding absent manifest error), then the applicable Reference Bank Rate shall be the LIBO Rate for such Interest Period for such Eurocurrency Borrowing; provided, however, if less than two Reference
Banks shall supply a rate to the Administrative Agent for purposes of determining the LIBO Rate for such Eurocurrency Borrowing (i) if such Borrowing shall be requested in USD, then such Borrowing shall be made as an ABR Borrowing at the
Alternate Base Rate and (ii) if such Borrowing shall be requested in any Foreign Currency then either, at Borrower’s election, (A) any Borrowing Request that requests a Eurocurrency Borrowing denominated in the affected Currency shall
be ineffective or (B) the LIBO Rate for such Eurocurrency Borrowing shall be the cost to each Lender to fund its pro rata share of such Eurocurrency Borrowing (from whatever source and using whatever methodologies as such Lender may select in
its reasonable discretion). No Lender shall be obligated to act as a Reference Bank. 
 (b) If prior to the commencement of any Interest
Period for a Eurocurrency Borrowing of a Class (the Currency of such Borrowing herein called the “Affected Currency”): 
 (i) the
Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable, for a Loan in the
Affected Currency or for the applicable Interest Period; or 
 (ii) the Administrative Agent is advised by the Required Lenders of such Class
that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for a Loan in the applicable currency or for the applicable 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: 

  
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 then the Administrative Agent shall give notice thereof to the Borrower and the affected Lenders
by telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and such Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that
requests the conversion of any Syndicated Borrowing to, or the continuation of any Syndicated Borrowing as, a Eurocurrency Borrowing denominated in the Affected Currency shall be ineffective and, if the Affected Currency is Dollars, such Syndicated
Borrowing (unless prepaid) shall be continued as, or converted to, a Syndicated ABR Borrowing, (ii) if the Affected Currency is Dollars and any Borrowing Request requests a Eurocurrency Borrowing denominated in Dollars, such Borrowing shall be
made as a Syndicated ABR Borrowing and (iii) if the Affected Currency is a Foreign Currency, then either, at the Borrower’s election, (A), any Borrowing Request that requests a Eurocurrency Borrowing denominated in the Affected Currency
shall be ineffective, or (B)the LIBO Rate for such Eurocurrency Borrowing shall be the cost to each Lender to fund its pro rata share of such Eurocurrency Borrowing (from whatever source and using whatever methodologies as such Lender may select in
its reasonable discretion). 
 SECTION 2.14. Increased Costs. 

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

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

(ii) impose on any Lender or the Issuing Bank or the London interbank market any other condition, cost or expense, affecting
this Agreement or Eurocurrency Loans made by such Lender or any Letter of Credit or participation therein; 
 and the result of any of the foregoing shall
be to increase the cost (other than costs which are Indemnified Taxes or Excluded Taxes) to such Lenders of making, continuing, converting into, or maintaining any Eurocurrency Loan (or of maintaining its obligation to make any such Loan) or to
increase the cost (other than costs which are Indemnified Taxes or Excluded Taxes) to such Lender or the Issuing Bank of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such
Lender or the Issuing Bank hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender or the Issuing Bank, as the case may be, in Dollars, such additional amount or amounts as will compensate such Lender or
the Issuing Bank, as the case may be, for such additional costs incurred or reduction suffered. 

  
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 (b) Capital Requirements. If any Lender or the Issuing Bank determines that any Change in
Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or the Issuing Bank’s capital or liquidity or on the capital or liquidity of such Lender’s or the Issuing
Bank’s holding company, if any, as a consequence of this Agreement or the Loans made by, or participations in Swingline Loans and Letters of Credit held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a level below that
which such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the Issuing Bank’s policies and the policies
of such Lender’s or the Issuing Bank’s holding company with respect to capital adequacy), by an amount deemed to be material by such Lender or Issuing Bank, then from time to time the Borrower will pay to such Lender or the Issuing Bank,
as the case may be, in Dollars, such additional amount or amounts as will compensate such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company for any such reduction suffered. 

(c) Certificates from Lenders. A certificate of a Lender or the Issuing Bank setting forth the amount or amounts, in Dollars, necessary
to compensate such Lender or the Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be promptly delivered to the Borrower and shall be conclusive absent manifest error. The
Borrower shall pay such Lender or the Issuing Bank, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof. 

(d) Delay in Requests. Failure or delay on the part of any Lender or the Issuing Bank to demand compensation pursuant to this Section
shall not constitute a waiver of such Lender’s or the Issuing Bank’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender or the Issuing Bank pursuant to this Section for any
increased costs or reductions incurred more than six months prior to the date that such Lender or the Issuing Bank, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such
Lender’s or the Issuing Bank’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the
six-month period referred to above shall be extended to include the period of retroactive effect thereof. 

SECTION 2.15. Break Funding Payments. In the event of (a) the payment of any principal of any Eurocurrency Loan other than on the
last day of an Interest Period therefor (including as a result of an Event of Default), (b) the conversion of any Eurocurrency Loan other than on the last day of an Interest Period therefor, (c) the failure to borrow, convert, continue or
prepay any Syndicated Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice is permitted to be revocable under Section 2.10(e) and is revoked in accordance herewith), or (d) the assignment as
a result of a request by the Borrower pursuant to Section 2.19(b) of any Eurocurrency Loan other than on the last day of an 

  
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Interest Period therefor, then, in any such event, the Borrower shall compensate each Lender for the loss (other than lost profits), cost and expense attributable to such event. In the case of a
Eurocurrency Loan, the loss to any Lender attributable to any such event shall be deemed to include an amount determined by such Lender to be equal to the excess, if any, of 

(i) the amount of interest that such Lender would pay for a deposit equal to the principal amount of such Loan denominated in
the Currency of such Loan for the period from the date of such payment, conversion, failure or assignment to the last day of the then current Interest Period for such Loan (or, in the case of a failure to borrow, convert or continue, the duration of
the Interest Period that would have resulted from such borrowing, conversion or continuation) if the interest rate payable on such deposit were equal to the Adjusted LIBO Rate for such Currency for such Interest Period, over 

(ii) the amount of interest that such Lender would earn on such principal amount for such period if such Lender were to invest
such principal amount for such period at the interest rate that would be bid by such Lender (or an affiliate of such Lender) for deposits denominated in such Currency from other banks in the eurocurrency market at the commencement of such period.

 Payment under this Section shall be made upon request of a Lender delivered not later than five Business Days following the payment, conversion, or
failure to borrow, convert, continue or prepay that gives rise to a claim under this Section accompanied by a certificate of such Lender setting forth the amount or amounts that such Lender is entitled to receive pursuant to this Section, which
certificate shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 

SECTION 2.16. Taxes. 
 (a)
Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower hereunder or under any other Loan Document shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes;
provided that if the Borrower shall be required to deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including
deductions applicable to additional sums payable under this Section) the Administrative Agent, Lender or Issuing Bank (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) the
Borrower shall make such deductions and (iii) the Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 

  
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 (b) Payment of Other Taxes by the Borrower. In addition, the Borrower shall pay any Other
Taxes to the relevant Governmental Authority in accordance with applicable law. 
 (c) Indemnification by the Borrower. The Borrower
shall indemnify the Administrative Agent, each Lender and the Issuing Bank for, and within 10 Business Days after written demand therefor, pay the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes
imposed or asserted on or attributable to amounts payable under this Section) paid by the Administrative Agent, such Lender or the Issuing Bank, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with
respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a
Lender or the Issuing Bank, or by the Administrative Agent on its own behalf or on behalf of a Lender or the Issuing Bank, shall be conclusive absent manifest error. 

(d) Evidence of Payments. As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental
Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such
payment reasonably satisfactory to the Administrative Agent. 
 (e) Foreign Lenders. Any Foreign Lender that is entitled to an
exemption from or reduction of withholding tax under the law of the jurisdiction in which the Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Borrower (with
a copy to the Administrative Agent), at the time or times prescribed by applicable law or reasonably requested by the Borrower, such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made
without withholding or at a reduced rate. 
 In addition, any Foreign Lender, if 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 Foreign Lender is
subject to backup withholding or information reporting requirements. 
 Without limiting the generality of the foregoing, if the Borrower is
resident for tax purposes in the United States, any Foreign Lender shall deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender
becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent, but only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable:

  
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 (i) duly completed copies of Internal Revenue Service Form W-8BEN or any
successor form claiming eligibility for benefits of an income tax treaty to which the United States is a party, 
 (ii) duly
completed copies of Internal Revenue Service Form W-8ECI or any successor form certifying that the income receivable pursuant to this Agreement is effectively connected with the conduct of a trade or business in the United States, 

(iii) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section 881(c)
of the Code, (A) a certificate to the effect that such Foreign Lender is not (1) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (2) a “10 percent shareholder” of the Borrower within the
meaning of section 881(c)(3)(B) of the Code, or (3) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (B) duly completed copies of Internal Revenue Service Form W-8BEN (or any
successor form) certifying that the Foreign Lender is not a United States Person, or 
 (iv) any other form including
Internal Revenue Service Form W-8IMY as applicable prescribed by applicable law as a basis for claiming exemption from or a reduction in United States Federal withholding tax duly completed together with such supplementary documentation as may be
prescribed by applicable law to permit the Borrower to determine the withholding or deduction required to be made. 
 In addition, upon
reasonable request of the Borrower or the Administrative Agent, each Foreign Lender shall deliver such forms promptly upon the expiration or invalidity of any form previously delivered by such Foreign Lender, provided it is legally able to do
so at the time. Each Foreign Lender shall promptly notify the Borrower and the Administrative Agent at any time the chief tax officer of such Foreign Lender becomes aware that it no longer satisfies the legal requirements to provide any previously
delivered form or certificate to the Borrower (or any other form of certification adopted by the U.S. or other taxing authorities for such purpose). 

(f) Treatment of Certain Refunds. If the Administrative Agent, any Lender or an Issuing Bank determines, in its sole discretion, that it
has received a refund or credit (in lieu of such refund) of any Taxes or Other Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section, it shall pay to the
Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section with respect to the Taxes or Other Taxes giving rise

  
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to such refund), net of all reasonable out-of-pocket expenses of the Administrative Agent, any Lender or an Issuing Bank, as the case may be, and without interest (other than any interest paid by
the relevant Governmental Authority with respect to such refund), provided that the Borrower, upon the request of the Administrative Agent, any Lender or an Issuing Bank, agrees to repay the amount paid over to the Borrower (plus any
penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent, any Lender or an Issuing Bank in the event the Administrative Agent, any Lender or an Issuing Bank is required to repay such refund to
such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (f), in no event will the Administrative Agent, any Lender or any Issuing Bank be required to pay any amount to the Borrower pursuant to this paragraph
(f) the payment of which would place the Administrative Agent or such Lender in a less favorable net after-Tax position than the Administrative Agent, such Lender or such Issuing Bank 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 the Administrative Agent, any Lender or an Issuing Bank to make available its tax returns or its books or records (or any other
information relating to its taxes that it deems confidential) to the Borrower or any other Person. 
 SECTION 2.17. Payments Generally;
Pro Rata Treatment; Sharing of Set-offs. 
 (a) Payments by the Borrower. The Borrower
shall make each payment required to be made by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or under Section 2.14, 2.15 or 2.16, or otherwise) or under any other Loan Document (except to the
extent otherwise provided therein) prior to 2:00 p.m., Local Time, on the date when due, in immediately available funds, without set-off or counterclaim. Any amounts received after such time on any date
may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at the Administrative
Agent’s Account, except as otherwise expressly provided in the relevant Loan Document and except payments to be made directly to the Issuing Bank or the Swingline Lender as expressly provided herein and payments pursuant to Sections 2.14,
2.15, 2.16 and 9.03, which shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for account of any other Person to the appropriate recipient promptly following receipt
thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day and, in the case of any payment accruing interest, interest thereon shall be payable for
the period of such extension. 

  
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 All amounts owing under this Agreement (including commitment fees, payments required under
Section 2.14, and payments required under Section 2.15 relating to any Loan denominated in Dollars, but not including principal of, and interest on, any Loan denominated in any Foreign Currency or payments relating to any such Loan
required under Section 2.15 or any reimbursement or cash collateralization of any LC Exposure denominated in any Foreign Currency, which are payable in such Foreign Currency) or under any other Loan Document (except to the extent otherwise
provided therein) are payable in Dollars. Notwithstanding the foregoing, if the Borrower shall fail to pay any principal of any Loan when due (whether at stated maturity, by acceleration, by mandatory prepayment or otherwise), the unpaid portion of
such Loan shall, if such Loan is not denominated in Dollars, automatically be redenominated in Dollars on the due date thereof (or, if such due date is a day other than the last day of the Interest Period therefor, on the last day of such Interest
Period) in an amount equal to the Dollar Equivalent thereof on the date of such redenomination and such principal shall be payable on demand; and if the Borrower shall fail to pay any interest on any Loan that is not denominated in Dollars, such
interest shall automatically be redenominated in Dollars on the due date therefor (or, if such due date is a day other than the last day of the Interest Period therefor, on the last day of such Interest Period) in an amount equal to the Dollar
Equivalent thereof on the date of such redenomination and such interest shall be payable on demand. 
 (b) Application of Insufficient
Payments. If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees of a Class then due hereunder, such funds shall be
applied (i) first, to pay interest and fees of such Class then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees of such Class then due to such parties, and (ii) second, to pay
principal and unreimbursed LC Disbursements of such Class then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements of such Class then due to such parties.

 (c) Pro Rata Treatment. Except to the extent otherwise provided herein: (i) each Syndicated Borrowing of a Class shall be made
from the Lenders of such Class, each payment of commitment fee under Section 2.11 shall be made for account of the Lenders of the applicable Class, and each termination or reduction of the amount of the Commitments of a Class under
Section 2.08 shall be applied to the respective Commitments of the Lenders of such Class, pro rata according to the amounts of their respective Commitments of such Class; (ii) each Syndicated Borrowing of a Class shall be allocated pro
rata among the Lenders of such Class according to the amounts of their respective Commitments of such Class (in the case of the making of Syndicated Loans) or their respective Loans of such Class that are to be included in such Borrowing (in the
case of conversions and continuations of Loans); (iii) each payment or prepayment of principal of Syndicated Loans of a Class by the Borrower shall be made for account of the Lenders of such Class pro rata in accordance with the respective
unpaid principal amounts of the Syndicated Loans of such Class held by them; and (iv) each payment of interest on Syndicated Loans of a Class by the Borrower shall be made for account of the Lenders of such Class pro rata in accordance with the
amounts of interest on such Loans of such Class then due and payable to the respective Lenders. 

  
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 (d) Sharing of Payments by Lenders. If any Lender of any Class shall, by exercising any
right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Syndicated Loans, or participations in LC Disbursements or Swingline Loans, of such
Class resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Syndicated Loans, and participations in LC Disbursements and Swingline Loans, and accrued interest thereon of such Class then due than the
proportion received by any other Lender of such Class, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Syndicated Loans, and participations in LC Disbursements and Swingline Loans,
of other Lenders of such Class 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
Syndicated Loans, and participations in LC Disbursements and Swingline 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 be construed to apply to any payment made by the Borrower pursuant to and in
accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements to any assignee or participant,
other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any
Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a
direct creditor of the Borrower in the amount of such participation. 
 (e) Presumptions of Payment. 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 account of the Lenders or the Issuing Bank 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 or the Issuing Bank, as the case may be, the amount due. In such event, if the Borrower has
not in fact made such payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or the Issuing Bank 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 Federal Funds Effective Rate. 

  
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 (f) Certain Deductions by the Administrative Agent. If any Lender shall fail to make any
payment required to be made by it pursuant to Section 2.04(c), 2.05(e), 2.06(b) or 2.17(e), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the
Administrative Agent for account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid or, to the extent legally permitted to do so, apply such amounts to satisfy such
Defaulting Lender’s obligations to make Loans hereunder. 
 SECTION 2.18. 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) commitment fees pursuant to Section 2.11(a) shall cease to accrue on the
unfunded portion of the Commitment of such Defaulting Lender; 
 (b) the Commitment and Revolving Credit Exposure of such Defaulting Lender
shall not be included in determining whether all Lenders, all Lenders of a Class, the Required Lenders or the Required Lenders of a Class have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to
Section 9.02), provided that any waiver, amendment or modification requiring the consent of all Lenders (or all Lenders of a Class) or each affected Lender, including as set forth in Section 9.02(b)(i), (ii), (iii), (iv) or (v), shall
require the consent of such Defaulting Lender; 
 (c) if any LC Exposure exists at the time a Multicurrency Lender becomes a Defaulting
Lender then: 
 (i) all or any part of such LC Exposure shall be reallocated among the non-Defaulting Multicurrency Lenders
in accordance with their respective Applicable Multicurrency Percentages but only to the extent (x) the sum of all non-Defaulting Lenders’ Multicurrency Revolving Credit Exposures plus such Defaulting Lender’s LC Exposure does not
exceed the total of all non-Defaulting Lenders’ Multicurrency Commitments, (y) no non-Defaulting Lender’s Revolving Multicurrency Credit Exposure will exceed such Lender’s Multicurrency Commitment, and (z) the conditions set
forth in Section 4.02 are satisfied at such time; 
 (ii) if the reallocation described in clause (i) above cannot,
or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, within three Business Days following notice by the Administrative Agent cash collateralize such Defaulting
Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 2.04(k) for so long as such LC Exposure is outstanding; 

  
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 (iii) if the Borrower cash collateralizes any portion of such Defaulting
Lender’s LC Exposure pursuant to clause (ii) above, the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.11(b) with respect to such Defaulting Lender’s LC Exposure during the period
such Defaulting Lender’s LC Exposure is cash collateralized; 
 (iv) if the LC Exposure of the non-Defaulting
Multicurrency Lenders is reallocated pursuant to clause (i) above, then the fees payable to the Lenders pursuant to Section 2.11(a) and Section 2.11(b) shall be adjusted in accordance with such non-Defaulting Multicurrency
Lenders’ Applicable Multicurrency Percentages; and 
 (v) if any Defaulting Lender’s LC Exposure is neither cash
collateralized nor reallocated pursuant to this Section 2.18(c), then, without prejudice to any rights or remedies of the Issuing Bank or any Lender hereunder, all facility fees that otherwise would have been payable to such Defaulting Lender
(solely with respect to the portion of such Defaulting Lender’s Commitment that was utilized by such LC Exposure) and letter of credit fees payable under Section 2.11(b) with respect to such Defaulting Lender’s LC Exposure shall be
payable to the Issuing Bank until such LC Exposure is cash collateralized and/or reallocated; and 
 (d) so long as any Multicurrency Lender
is a Defaulting Lender, the Issuing Bank shall not be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure will be 100% covered by the Multicurrency Commitments of the non-Defaulting Lenders
and/or cash collateral will be provided by the Borrower in accordance with Section 2.18(c), and participating interests in any such newly issued or increased Letter of Credit shall be allocated among non-Defaulting Multicurrency Lenders in a
manner consistent with Section 2.18(c)(i) (and Defaulting Lenders shall not participate therein). 
 In the event that the
Administrative Agent, the Borrower and the Issuing Bank each agrees that a Defaulting Lender that is a Multicurrency Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Borrower shall no longer be
required to cash collateralize any portion of such Lender’s LC Exposure cash collateralized pursuant to Section 2.18(c)(ii) above and the LC Exposure of the Multicurrency Lenders shall be readjusted to reflect the inclusion of such
Lender’s Multicurrency Commitment and on such date such Lender shall purchase at par such of the Loans of the other Multicurrency Lenders as the Administrative shall determine may be necessary in order for such Lender to hold such Loans in
accordance with its Applicable Multicurrency Percentage. 

  
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 SECTION 2.19. Mitigation Obligations; Replacement of Lenders. 

(a) Designation of a Different Lending Office. If any Lender requests compensation under Section 2.14, or if the Borrower is
required to pay any additional amount to any Lender or any Governmental Authority for account of any Lender pursuant to Section 2.16, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking
its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant
to Section 2.14 or 2.16, as the case may be, in the future and (ii) would not subject such Lender to any cost or expense not required to be reimbursed by the Borrower and would not otherwise be disadvantageous to such Lender. The
Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

(b) Replacement of Lenders. If any Lender requests compensation under Section 2.14, or if the Borrower is required to pay any
additional amount to any Lender or any Governmental Authority for account of any Lender pursuant to Section 2.16, or if any Lender becomes a Defaulting Lender or is a non-consenting Lender (as provided in Section 9.02(d)), then the
Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04),
all its interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have
received the prior written consent of the Administrative Agent (and, if a Commitment is being assigned, the Issuing Bank and the Swingline Lender), which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment
of an amount equal to the outstanding principal of its Loans and participations in LC Disbursements and Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of
such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.14 or payments required to be
made pursuant to Section 2.16, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or
otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 

  
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 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

The Borrower represents and warrants to the Lenders that: 

SECTION 3.01. Organization; Powers. Each of the Borrower and its Subsidiaries is duly organized, validly existing and in good standing
under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to
result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required of the Borrower or such Subsidiary, as applicable. 

SECTION 3.02. Authorization; Enforceability. The Transactions are within the Borrower’s corporate powers and have been duly
authorized by all necessary corporate and, if required, by all necessary shareholder action. This Agreement has been duly executed and delivered by the Borrower and constitutes, and each of the other Loan Documents when executed and delivered by the
applicable parties thereto will constitute, a legal, valid and binding obligation of the Borrower and the other Obligors party thereto, enforceable in accordance with its terms, except as such enforceability may be limited by (a) bankruptcy,
insolvency, reorganization, moratorium or similar laws of general applicability affecting the enforcement of creditors’ rights and (b) the application of general principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or at law). 
 SECTION 3.03. Governmental Approvals; No Conflicts. The Transactions (a) do not require
any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except for (i) such as have been or will be obtained or made and are in full force and effect and (ii) filings and recordings in
respect of the Liens created pursuant to the Security Documents, (b) will not violate any applicable law or regulation or the charter, by-laws or other organizational documents of the Borrower or any of
its Subsidiaries or any order of any Governmental Authority, (c) will not violate or result in a default in any material respect under any indenture, agreement or other instrument binding upon the Borrower or any of its Subsidiaries or assets,
or give rise to a right thereunder to require any payment to be made by any such Person, and (d) except for the Liens created pursuant to the Security Documents, will not result in the creation or imposition of any Lien on any asset of the
Borrower or any of its Subsidiaries. 

  
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 SECTION 3.04. Financial Condition; No Material Adverse Change. 

(a) Financial Statements. The Borrower has heretofore delivered to the Lenders the following financial statements: 

(i) the audited consolidated balance sheet and statements of operations, stockholders’ equity and cash flows of the
Borrower and its consolidated Persons as of and for the fiscal year ended March 31, 2013 reported on by PricewaterhouseCoopers LLP, independent public accountants, as amended; and 

(ii) the unaudited interim consolidated balance sheet and statements of operations, changes in net assets and cash flows of the
Borrower and its consolidated Persons as of and for the three-month period ended June 30, 2013, certified by a Financial Officer of the Borrower. 

Such financial statements present fairly, in all material respects, the consolidated financial position and results of operations and cash flows of the
Borrower and its Subsidiaries as of such dates and for such periods in accordance with GAAP, subject, in the case of such interim statements, to year-end audit adjustments and the absence of footnotes. 

(b) No Material Adverse Change. Since the date of the most recent Applicable Financial Statements, there has not been any event,
development or circumstance (herein, a “Material Adverse Change”) that has had or could reasonably be expected to have a material adverse effect on (i) the business, Portfolio Investments and other assets, liabilities and
financial condition of the Borrower and its Subsidiaries taken as a whole (excluding in any case a decline in the net asset value of the Borrower or a change in general market conditions or values of the Borrower’s or its Subsidiaries’
Portfolio Investments), or (ii) the validity or enforceability of any of the Loan Documents or the rights or remedies of the Administrative Agent and the Lenders thereunder. 

SECTION 3.05. Litigation. There are no actions, suits, investigations or proceedings by or before any arbitrator or Governmental
Authority now pending against or, to the knowledge of the Borrower, threatened against or affecting the Borrower or any of its Subsidiaries (i) which could reasonably be expected, individually or in the aggregate, to result in a Material
Adverse Effect or (ii) that involve this Agreement (other than any action brought by the Borrower against a Defaulting Lender). 

  
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 SECTION 3.06. Compliance with Laws and Agreements. Each of the Borrower and its
Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property, except where the failure to do
so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. Neither the Borrower nor any of its Subsidiaries is subject to any contract or other arrangement, the performance of which by the Borrower
could reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.07. Taxes. Each of the Borrower and its
Subsidiaries has timely filed or caused to be filed all material Tax returns and reports required to have been filed and has paid or caused to be paid all material Taxes required to have been paid by it, except (a) Taxes that are being
contested in good faith by appropriate proceedings and for which such Person has set aside on its books adequate reserves or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect.

 SECTION 3.08. ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such
ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. 

SECTION 3.09. Disclosure. The Borrower has disclosed in its public filings or to the Lenders all agreements, instruments and corporate
or other restrictions to which it or any of its Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. None of the reports, financial
statements, certificates or other information furnished by or on behalf of the Borrower to the Lenders in connection with the negotiation of this Agreement and the other Loan Documents or delivered hereunder or thereunder (as modified or
supplemented by other information so furnished when taken together with the Borrower’s public filings) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided that, with respect to projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be
reasonable at the time. 

  
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 SECTION 3.10. Investment Company Act; Margin Regulations. 

(a) Status as Business Development Company. The Borrower is an “investment company” that has elected to be regulated as a
“business development company” within the meaning of the Investment Company Act. 
 (b) Compliance with Investment Company
Act. The business and other activities of the Borrower and its Subsidiaries, including the making of the Loans hereunder, the application of the proceeds and repayment thereof by the Borrower and the consummation of the Transactions contemplated
by the Loan Documents do not result in a violation or breach in any material respect of the applicable provisions of the Investment Company Act or any rules, regulations or orders issued by the Securities and Exchange Commission thereunder, in each
case that are applicable to the Borrower and its Subsidiaries. 
 (c) Investment Policies. The Borrower is in compliance with the
Investment Policies, except to the extent that the failure to so comply could not reasonably be expected to result in a Material Adverse Effect. 

(d) Use of Credit. Neither the Borrower nor any of its Subsidiaries is engaged principally, or as one of its important activities, in
the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock, and no part of the proceeds of any extension of credit hereunder will be used to buy or carry any Margin Stock. 

SECTION 3.11. Material Agreements and Liens. 

(a) Material Agreements. Part A of Schedule II is a complete and correct list of each credit agreement, loan agreement, indenture,
purchase agreement, guarantee, letter of credit or other arrangement providing for or otherwise relating to any Indebtedness or any extension of credit (or commitment for any extension of credit) to, or guarantee by, the Borrower or any Obligor
outstanding on the date hereof, and the aggregate principal or face amount outstanding or that is, or may become, outstanding under each such arrangement is correctly described in Part A of Schedule II. 

(b) Liens. Part B of Schedule II is a complete and correct list of each Lien securing Indebtedness of any Person outstanding on the
date hereof covering any property of any Obligor, and, except with respect to Liens under the Loan Documents, the aggregate Indebtedness secured (or that may be secured) by each such Lien and the property covered by each such Lien is correctly
described in Part B of Schedule II. 

  
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 SECTION 3.12. Subsidiaries and Investments. 

(a) Subsidiaries. Set forth in Schedule IV is a complete and correct list of all of the Subsidiaries and Non-Consolidated
Subsidiaries of the Borrower on the Restatement Effective Date together with, for each such Subsidiary and Non-Consolidated Subsidiary, (i) the jurisdiction of organization of such Subsidiary or Non-Consolidated Subsidiary, (ii) each
Person holding ownership interests in such Subsidiary or Non-Consolidated Subsidiary, (iii) the nature of the ownership interests held by each such Person and the percentage of ownership of such Subsidiary or Non-Consolidated Subsidiary
represented by such ownership interests and (iv) whether it is an Unrestricted Subsidiary or a Non-Consolidated Subsidiary. 
 (b)
Investments. Set forth in Part B of Schedule IV is a complete and correct list of all Investments (other than Investments of the types referred to in clauses (a), (b), (c) and (d) of Section 6.04) held by any Obligor
in any Person on the date hereof and, for each such Investment, (x) the identity of the Person or Persons holding such Investment and (y) the nature of such Investment. Except as disclosed in Part B of Schedule IV, each Obligor owns, free
and clear of all Liens (other than Liens created pursuant to the Security Documents and Permitted Liens), all such Investments. 
 SECTION
3.13. Properties. 
 (a) Title Generally. Each of the Borrower and its Subsidiaries has good title to, or valid leasehold
interests in, all its real and personal property material to its business, except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties for their intended
purposes. 
 (b) Intellectual Property. Each of the Borrower and its Subsidiaries owns, or is licensed to use, all trademarks,
tradenames, copyrights, patents and other intellectual property material to its business, and the use thereof by the Borrower and its Subsidiaries does not infringe upon the rights of any other Person, except for any such infringements that,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.14. Affiliate
Agreements.1 As of the date hereof, the Borrower has heretofore delivered (to the extent not otherwise publicly filed with the Securities and Exchange Commission) to the Administrative Agent
(which has been made available to the Lenders) true and complete copies of each of the Affiliate Agreements (including and schedules and exhibits thereto, and any amendments, supplements or waivers executed and delivered thereunder). As of the date
of hereof, each of the Affiliate Agreements is in full force and effect. 
  

 

	1 	JPM to provide additional information regarding reporting requirements. 

  
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 SECTION 3.15. Sanctioned Persons. None of the Borrower or any Subsidiary nor, to the
knowledge of the Borrower, any director or officer of the Borrower or any Subsidiary is currently the subject of any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”); and no
Obligor will to its actual knowledge directly or indirectly use the proceeds of the Loans or otherwise make available such proceeds to any Person for the purpose of financing the activities of any Person currently subject to any U.S. sanctions
administered by OFAC. 
 SECTION 3.16. Security Documents. The provisions of the Security Documents are effective to create in favor
of the Collateral Agent for the benefit of the Secured Parties a legal, valid and enforceable first priority Lien (subject to Liens permitted by Section 6.02) on all right, title and interest of the respective Obligors in the Collateral
described therein to secure the Secured Obligations (as defined in the Guarantee and Security Agreement), except for any failure that would not constitute an Event of Default under clause (p) of Article VII. Except for filings and other actions
completed prior to the Restatement Effective Date and for actions to be taken after the Restatement Effective Date as contemplated hereby or by the Security Documents, no filing or other action will be necessary to perfect such Liens to the extent
required thereunder, except for any failure that would not constitute an Event of Default under clause (p) of Article VII. 
 ARTICLE IV

 CONDITIONS 
 SECTION
4.01. Restatement Effective Date. The effectiveness of this Agreement (and the amendment and restatement of the Existing Credit Agreement to be effected hereby) and of the obligations of the Lenders to make Loans and of the Issuing Bank to
issue Letters of Credit hereunder shall not become effective until the date (the “Restatement Effective Date”) on which the Administrative Agent shall have received each of the following documents, each of which shall be
satisfactory to the Administrative Agent (and to the extent specified below, to each Lender) in form and substance (or such condition shall have been waived in accordance with Section 9.02): 

(a) Executed Counterparts. From each party hereto either (i) a counterpart of this Agreement signed on behalf of
such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page to this Agreement) that such party has signed a counterpart of this Agreement. 

  
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 (b) Opinion of Counsel to the Borrower and Obligors. A favorable written
opinion (addressed to the Administrative Agent and the Lenders and dated the Restatement Effective Date) of Skadden, Arps, Slate, Meagher & Flom LLP, New York counsel for the Obligors and of Venable LLP, Maryland counsel for the Borrower
each in form and substance reasonably acceptable to the Administrative Agent (and the Borrower hereby instructs such counsel to deliver such opinion to the Lenders and the Administrative Agent). 

(c) Opinion of Special New York Counsel to JPMCB. An opinion, dated the Restatement Effective Date, of Milbank, Tweed,
Hadley & McCloy LLP, special New York counsel to JPMCB(and JPMCB hereby instructs such counsel to deliver such opinion to the Lenders). 

(d) Corporate Documents. Such documents and certificates as the Administrative Agent or its counsel may reasonably
request relating to the organization, existence and good standing of the Obligors, the authorization of the Transactions and any other legal matters relating to the Borrower, this Agreement or the Transactions, all in form and substance satisfactory
to the Administrative Agent and its counsel. 
 (e) Officer’s Certificate. A certificate, dated the Restatement
Effective Date and signed by the President, a Vice President or a Financial Officer of the Borrower, confirming compliance with the conditions set forth in the lettered clauses of the first sentence of Section 4.02. 

(f) Liens. Results of a recent lien search in each relevant jurisdiction with respect to the Borrower that reveal no
liens on any of the assets of the Borrower or its Subsidiaries except for liens permitted under Section 6.02 or liens to be discharged on or prior to the Restatement Effective Date pursuant to documentation satisfactory to the Administrative
Agent. 
 (g) Security Documents. The Guarantee and Security Agreement, duly executed and delivered by each of the
parties thereto. 
 (h) Valuation Policy. A copy of the Valuation Policy. 

(i) Borrowing Base Certificate. A Borrowing Base Certificate as of August 31, 2013. 

(j) Restatement Effective Date Adjustments. Evidence that each Lender (including each Lender under the Existing Credit
Facility) received payment in full of all accrued and unpaid interest, facility fees and LC participation fees owing to such Lender under the Existing Credit Facility and the Borrowings and other adjustments to the Loans described in
Section 2.02(e) shall have occurred. 

  
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 (k) Other Documents. Such other documents as the Administrative Agent or
any Lender or special New York counsel to JPMCB may reasonably request. 
 The effectiveness of this Agreement (and the amendment and
restatement of the Existing Credit Agreement to be effected hereby) and of the obligation of each Lender to make its initial extension of credit hereunder is also subject to the payment by the Borrower of such fees as the Borrower shall have agreed
to pay to any Lender or the Administrative Agent in connection herewith, including the reasonable fees and expenses of Milbank, Tweed, Hadley & McCloy, LLP, special New York counsel to JPMCB, in connection with the negotiation, preparation,
execution and delivery of this Agreement and the other Loan Documents and the extensions of credit hereunder (to the extent that statements for such fees and expenses have been delivered to the Borrower at least one Business Day prior to the
Restatement Effective Date). 
 Notwithstanding the foregoing, the obligations of the Lenders to make Loans and of the Issuing Bank to issue
Letters of Credit hereunder shall not become effective unless, in addition to the satisfaction of the conditions set forth above in this Section, this Agreement shall have been entered into on or prior to 5:00 p.m. (or such later time as the
Administrative Agent may, in its sole discretion, agree), New York City time, on September 13, 2013. The Administrative Agent shall notify the Borrower and the Lenders of the Restatement Effective Date, and such notice shall be conclusive and
binding. 
 SECTION 4.02. Each Credit Event. The obligation of each Lender to make any Loan, and of the Issuing Bank to issue, amend,
renew or extend any Letter of Credit, is additionally subject to the satisfaction of the following conditions: 
 (a) the
representations and warranties of the Borrower and the other Obligors set forth in this Agreement and in the other Loan Documents shall be true and correct in all material respects (or, in the case of any portion of any representations and
warranties already subject to a materiality qualifier, true and correct in all respects) on and as of the date of such Loan or the date of issuance, amendment, renewal or extension of such Letter of Credit, as applicable, or, as to any such
representation or warranty that refers to a specific date, as of such specific date; 
 (b) at the time of and immediately
after giving effect to such Loan or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, no Default shall have occurred and be continuing; and 

  
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 (c) either (i) the aggregate Covered Debt Amount (after giving effect to
such extension of credit) shall not exceed the Borrowing Base reflected on the Borrowing Base Certificate most recently delivered to the Administrative Agent or (ii) the Borrower shall have delivered an updated Borrowing Base Certificate
demonstrating that the Covered Debt Amount (after giving effect to such extension of credit) shall not exceed the Borrowing Base after giving effect to such extension of credit as well as any concurrent acquisitions of Portfolio Investments or
payment of outstanding Loans or Other Covered Indebtedness. 
 Each Borrowing of Loans and each issuance, amendment, renewal or extension of a Letter of
Credit shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in the preceding sentence. 

ARTICLE V 
 AFFIRMATIVE
COVENANTS 
 Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable
hereunder shall have been paid in full and all Letters of Credit shall have expired or terminated and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that: 

SECTION 5.01. Financial Statements and Other Information. The Borrower will furnish to the Administrative Agent (for distribution to
each Lender): 
 (a) within 90 days after the end of each fiscal year of the Borrower, the audited consolidated balance sheet
and related statements of operations, stockholders’ equity and cash flows of the Borrower and its Subsidiaries as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all
reported on by PricewaterhouseCoopers LLP or other independent public accountants of recognized national standing to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results
of operations of the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP consistently applied; provided that the requirements set forth in this clause (a) may be fulfilled by providing to the Administrative
Agent the report of the Borrower to the SEC on Form 10-K for the applicable fiscal year; 

  
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 (b) within 45 days after the end of each of the first three fiscal quarters of
each fiscal year of the Borrower, the consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows of the Borrower and its Subsidiaries as of the end of and for such fiscal quarter and the then elapsed
portion of the fiscal year, setting forth in each case in comparative form the figures for (or, in the case of the balance sheet, as of the end of) the corresponding period or periods of the previous fiscal year, all certified by a Financial Officer
of the Borrower as presenting fairly in all material respects the financial condition and results of operations of the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes; provided that the requirements set forth in this clause (b) may be fulfilled by providing to the Administrative Agent the report of the Borrower
to the SEC on Form 10-Q for the applicable quarterly period; 
 (c) concurrently with any delivery of financial statements
under clause (a) or (b) of this Section, a certificate of a Financial Officer of the Borrower (i) certifying as to whether the Borrower has knowledge that a Default has occurred and, if a Default has occurred, specifying whether such
Default is continuing and specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance with Sections 6.01, 6.02, 6.04, 6.05 and
6.07, (iii) stating whether any change in GAAP as applied by (or in the application of GAAP by) the Borrower has occurred since the date of the audited financial statements referred to in Section 3.04 and, if any such change has occurred,
specifying the effect of such change on the financial statements accompanying such certificate and (iv) providing a reconciliation of any difference between the assets and liabilities of the Borrower and its consolidated Persons presented in
such financial statements and the assets and liabilities of the Borrower and its Subsidiaries for purposes of calculating the financial covenants set forth in Section 6.07 of this Agreement; 

(d) as soon as available and in any event not later than the last Business Day of the calendar month following each monthly
accounting period (ending on the last day of each calendar month) of the Borrower, a Borrowing Base Certificate as at the last day of such accounting period presenting the Borrower’s computation (and including the rationale for any industry
reclassification); 
 (e) promptly but no later than five Business Days after the Borrower shall at any time have knowledge
that there is a Borrowing Base Deficiency, a Borrowing Base Certificate as at the date the Borrower has knowledge of such Borrowing Base Deficiency indicating the amount of the Borrowing Base Deficiency as at the date the Borrower obtained knowledge
of such deficiency and the amount of the Borrowing Base Deficiency as of the date not earlier than one Business Day prior to the date the Borrowing Base Certificate is delivered pursuant to this paragraph; 

  
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 (f) promptly upon receipt thereof, copies of all significant reports submitted by
the Borrower’s independent public accountants in connection with each annual, interim or special audit or review of any type of the financial statements or related internal control systems of the Borrower or any of its Subsidiaries delivered by
such accountants to the management or board of directors of the Borrower; 
 (g) notice of the Borrower’s intent not to
qualify as a RIC and promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by any Obligor with the Securities and Exchange Commission, or any Governmental Authority
succeeding to any or all of the functions of said Commission, or with any national securities exchange, as the case may be; and 

(h) promptly following any request therefor, such other information regarding the operations, business affairs and financial
condition of the Borrower or any of its Subsidiaries, or compliance with the terms of this Agreement and the other Loan Documents, as the Administrative Agent or any Lender may reasonably request. 

Notwithstanding anything in this Section 5.01 to the contrary, the Borrower shall be deemed to have satisfied the requirements of this Section 5.01
(other than Sections 5.01(c), (d), and (e)) if the reports, documents and other information of the type otherwise so required are publicly available when required to be filed on EDGAR at the www.sec.gov website or any successor service provided by
the Securities and Exchange Commission, provided notice of such availability is provided to the Administrative Agent at or prior to the time period required by this Section 5.01. 

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

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

(c) the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably
be expected to result in liability of the Borrower and its Subsidiaries in an aggregate amount exceeding $25,000,000; and 

  
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 (d) any other development that results in, or could reasonably be expected to
result in, a Material Adverse Effect. 
 Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other
executive officer of the Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 

SECTION 5.03. Existence; Conduct of Business. The Borrower will, and will cause each of its Subsidiaries to, do or cause to be done all
things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business; provided that the foregoing shall not prohibit any
merger, consolidation, liquidation or dissolution permitted under Section 6.03. 
 SECTION 5.04. Payment of Obligations. The
Borrower will, and will cause each of its Subsidiaries to, pay its obligations, including tax liabilities and material contractual obligations, that, if not paid, could reasonably be expected to result in a Material Adverse Effect before the same
shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the Borrower or such Subsidiary has set aside on its books adequate reserves with
respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect. 

SECTION 5.05. Maintenance of Properties; Insurance. The Borrower will, and will cause each of its Subsidiaries to, (a) keep and
maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, and (b) maintain, with financially sound and reputable insurance companies, insurance in such amounts and
against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations. 

SECTION 5.06. Books and Records; Inspection and Audit Rights. 

(a) Books and Records; Inspection Rights. The Borrower will, and will cause each of its Subsidiaries to, keep books of record and
account in a manner sufficient to permit the preparation of financial statements in accordance with GAAP. The Borrower will, and will cause each other Obligor to, permit any representatives designated by the Administrative Agent or any Lender, upon
reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable times and
as often as reasonably requested, provided that the Borrower or such other Obligor shall be entitled to have its representatives and advisors present during any inspection of its books and records. 

  
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 (b) Audit Rights. The Borrower will, and will cause each other Obligor to, permit any
representatives designated by Administrative Agent (including any consultants, accountants, lawyers and appraisers retained by the Administrative Agent) to conduct evaluations and appraisals of the Borrower’s computation of the Borrowing Base
and the assets included in the Borrowing Base, all at such reasonable times and as often as reasonably requested. The Borrower shall pay the reasonable fees and expenses of any representatives retained by the Administrative Agent to conduct any such
evaluation or appraisal; provided that the Borrower shall not be required to pay such fees and expenses for more than one such evaluation or appraisal during any calendar year (and the Borrower’s reimbursement obligations with respect
thereto shall in any event be subject to the cap set forth in Section 9.03(a)) unless an Event of Default has occurred and is continuing at the time of any subsequent evaluation or appraisal during such calendar year. The Borrower also agrees
to modify or adjust the computation of the Borrowing Base to the extent reasonably required by the Administrative Agent or the Required Lenders as a result of any such evaluation of the Borrower’s computation of the Borrowing Base,
provided that if the Borrower demonstrates that such evaluation is incorrect, the Borrower shall be permitted to re-adjust its computation of the Borrowing Base. 

SECTION 5.07. Compliance with Laws. The Borrower will, and will cause each of its Subsidiaries to, comply with all laws, rules,
regulations, including the Investment Company Act, any applicable rules, regulations or orders issued by the Securities and Exchange Commision thereunder, and orders of any Governmental Authority applicable to it or its property, except where the
failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION
5.08. Certain Obligations Respecting Subsidiaries; Further Assurances. 
 (a) Subsidiary Guarantors. In the event that the
Borrower or any other Obligor shall form or acquire any new Domestic Subsidiary (other than any Unrestricted Subsidiary or Immaterial Subsidiary), the Borrower will cause such new Subsidiary to become a “Subsidiary Guarantor” (and,
thereby, an “Obligor”) under the Guarantee Assumption Agreement and to deliver such proof of corporate or other action, incumbency of officers, opinions of counsel and other documents as is consistent with those delivered by the Borrower
pursuant to Section 4.01 upon the Restatement Effective Date or as the Administrative Agent shall have requested. The Borrower may additionally elect upon three Business Days written notice to the Administrative Agent to designate any
Non-Consolidated Subsidiary or wholly-owned entity as a “Subsidiary 

  
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Guarantor”, whereupon following compliance with the first sentence of this Section 5.08(a), such Non-Consolidated Subsidiary or wholly-owned entity shall be a “Subsidiary” and
“Subsidiary Guarantor” (and, thereby, an “Obligor”) for all purposes of this Agreement and the other Loan Documents; provided that no Portfolio Investment of such Person shall be included in the Borrowing Base until the 95th day after such Person becomes a Subsidiary Guarantor. 
 (b) Ownership of
Subsidiaries. The Borrower will, and will cause each Subsidiary Guarantor to, take such action from time to time as shall be necessary to ensure that each Subsidiary Guarantor is a wholly owned Subsidiary. 

(c) Further Assurances. The Borrower will, and will cause each of the Subsidiary Guarantors to, take such action from time to time as
shall reasonably be requested by the Administrative Agent to effectuate the purposes and objectives of this Agreement. Without limiting the generality of the foregoing, the Borrower will, and will cause each of the Subsidiary Guarantors to, take
such action from time to time (including filing appropriate Uniform Commercial Code financing statements and executing and delivering such assignments, security agreements and other instruments) as shall be reasonably requested by the Administrative
Agent: 
 (i) to create, in favor of the Collateral Agent for the benefit of the Lenders (and any affiliate thereof that is a
party to any Hedging Agreement entered into with the Borrower) and the holders of any Secured Longer-Term Indebtedness, perfected security interests and Liens in the Collateral; provided that any such security interest or Lien shall be
subject to the relevant requirements of the Security Documents; provided further, that in the case of any Collateral consisting of voting stock of any Controlled Foreign Corporation, such security interest shall be limited to 65% of
the issued and outstanding voting stock of such Controlled Foreign Corporation; 
 (ii) in the case of any Portfolio
Investment consisting of a Bank Loan that does not constitute all of the credit extended to the underlying borrower under the relevant underlying loan documents and an Unrestricted Subsidiary holds any interest in the loans or other extensions of
credit under such loan documents, (x) cause such Unrestricted Subsidiary to be party to such underlying loan documents as a “lender” having a direct interest (or a participation not acquired from an Obligor) in such underlying loan
documents and the extensions of credit thereunder and (y) ensure that all amounts owing to such Obligor or Unrestricted Subsidiary by the underlying borrower or other obligated party are remitted by such borrower or obligated party directly to
separate accounts of such Obligor and such Unrestricted Subsidiary; and 

  
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 (iii) in the event that any Obligor is acting as an agent or administrative agent
under any loan documents with respect to any Bank Loan that does not constitute all of the credit extended to the underlying borrower under the relevant underlying loan documents, ensure that all funds held by such Obligor in such capacity as agent
or administrative agent is segregated from all other funds of such Obligor and clearly identified as being held in an agency capacity. 

SECTION 5.09. Use of Proceeds. The Borrower will use the proceeds of the Loans only for general corporate purposes of the Borrower and
its Subsidiaries, including the acquisition and funding (either directly or through one or more wholly-owned Subsidiaries) of leveraged loans, mezzanine loans, high-yield securities, convertible securities, preferred stock, common stock and other
Portfolio Investments; provided that neither the Administrative Agent nor any Lender shall have any responsibility as to the use of any of such proceeds. No part of the proceeds of any Loan will be used in violation of applicable law or,
directly or indirectly, for the purpose, whether immediate, incidental or ultimate, of buying or carrying any Margin Stock. Margin Stock shall be purchased by the Obligors only with the proceeds of Indebtedness not directly or indirectly secured by
Margin Stock, or with the proceeds of equity capital of the Borrower. 
 SECTION 5.10. Status of BDC. The Borrower shall at all times
maintain its status as a “business development company” under the Investment Company Act. 
 SECTION 5.11. Investment and
Valuation Policies. (a) Investment Policy. The Borrower shall at all times be in compliance with its Investment Policies, except to the extent that the failure to so comply could not reasonably be expected to result in a Material
Adverse Effect. 
 (b) Valuation Policy. The Borrower agrees that it shall not permit any material amendment, modification or waiver of its Valuation
Policy other than any such amendment, modification or waiver that is (i) consistent in all material respects with the valuation policies applied by Apollo Global Management, LLC (as in effect from time to time) or (ii) necessary or
desirable in order to comply with GAAP or any applicable law, rule or regulation or interpretation thereof; provided that it shall not be deemed a material amendment to modify the Valuation Policy to provide for less than all (but at least 35%) of
Unquoted Investments to be valued using the assistance of an Approved Third Party Appraiser. 
 SECTION 5.12. Portfolio Valuation and
Diversification, Etc. 
 (a) Industry Classification Groups. For purposes of this Agreement, the Borrower shall assign each
Portfolio Investment to an Industry Classification Group. To the extent the Borrower determines that any Portfolio Investment is not correlated 

  
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with the risks of other Portfolio Investments in an Industry Classification Group set forth on Schedule VI or established by Moody’s, such Portfolio Investment may be assigned by the
Borrower to an Industry Classification Group that is more closely correlated to such Portfolio Investment. In the absence of any correlation, the Borrower shall be permitted, upon notice to the Administrative Agent and each Lender to modify the
original list of Industry Classification Groups to have up to three additional industry classification groups for purposes of this Agreement. 

(b) Portfolio Valuation Etc. 

(i) Settlement Date Basis. For purposes of this Agreement, all determinations of whether an investment is to be included
as a Portfolio Investment shall be determined on a settlement-date basis (meaning that any investment that has been purchased will not be treated as a Portfolio Investment until such purchase has settled, and any Portfolio Investment which has been
sold will not be excluded as a Portfolio Investment until such sale has settled), provided that no such investment shall be included as a Portfolio Investment to the extent it has not been paid for in full. 

(ii) Determination of Values. The Borrower will determine and conduct reviews, as applicable, of the value to be
assigned to each of its Portfolio Investments as follows: 
 (A) Quoted Investments—Valuation Methodology. With
respect to Portfolio Investments (including Cash Equivalents) for which market quotations are readily available (“Quoted Investments”), the Borrower shall, not less frequently than once each calendar week, determine the market value
(i.e., the “Value”) of such Portfolio Investments which shall, in each case, be determined in accordance with one of the following methodologies (as selected by the Borrower): 

(w) in the case of public and 144A securities, the average of the mean prices as determined by two Approved Dealers or
Approved Pricing Services selected by the Borrower, 
 (x) in the case of bank loans, the mean price as determined by one
Approved Dealer or Approved Pricing Service selected by the Borrower, 
 (y) in the case of any Portfolio Investment traded
on an exchange, the closing price for such Portfolio Investment most recently posted on such exchange, and 

  
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 (z) in the case of any other Portfolio Investment, the fair value thereof as
determined by an Approved Pricing Service; and 
 (B) Unquoted Investments—Valuation Methodology. With respect to
Portfolio Investments for which market quotations are not readily available (“Unquoted Investments”), the Borrower shall determine the market value (i.e., the “Value”) of such Portfolio Investments quarterly in a manner
consistent with it’s valuation policy (as amended or otherwise modified from time to time in a manner not prohibited by this Agreement, the “Valuation Policy”), including valuation of at least 35% by value of all Unquoted
Investments using the assistance of an Approved Third Party Appraiser. The “Value” of any Unquoted Investment acquired during a fiscal quarter shall be deemed to be equal to the cost of such Unquoted Investment until such time as the value
of such Unquoted Investment is determined in accordance with the other provisions of this Section 5.12. 
 (C)
Internal Review. The Borrower shall conduct an internal review of the aggregate value of the Portfolio Investments included in the Borrowing Base, and of the Borrowing Base, at least once each calendar week which shall take into account any
events of which the Borrower has knowledge that materially affects the aggregate value of the Portfolio Investments included in the Borrowing Base or the Borrowing Base. If, based upon such weekly internal review, the Borrower determines that a
Borrowing Base Deficiency exists, then the Borrower shall, within five Business Days as provided in Section 5.01(e), deliver a Borrowing Base Certificate reflecting the new amount of the Borrowing Base and shall take the actions, and make the
payments and prepayments (and provide cover for Letters of Credit), all as more specifically set forth in Section 2.10(c). 

(D) Failure to Determine or Review Values. If the Borrower shall fail to determine or review, as applicable, the value
of any Portfolio Investment as at any date pursuant to the requirements of the foregoing sub-clauses (A) through (C), the “Value” of such Portfolio Investment as at such date shall be deemed to be zero until such time as the value of
such Portfolio Investment is otherwise determined or reviewed, as applicable, in accordance herewith. The Borrower shall use commercially reasonable efforts to determine the value of each Portfolio Investment pursuant to the foregoing requirements
no less frequently than annually. 

  
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 (iii) Scheduled Testing of Values. 

(A) Each March 31, June 30, September 30 and December 31 of each calendar year (or such other
quarterly dates as are reasonably agreed by the Borrower and the Administrative Agent, each a “Valuation Testing Date”) the Administrative Agent through an independent valuation provider selected by the Administrative Agent in
its reasonable discretion (the “Independent Valuation Provider”) will test the values as of such Valuation Testing Date determined pursuant to Section 5.12(b)(ii) above of those Portfolio Investments included in the Borrowing
Base selected by the Administrative Agent. The fair value of such Portfolio Investments tested as of any Valuation Testing Date shall be at least equal to the Tested Amount (as defined below); provided, however, in no event shall more than 25% of
the aggregate value of the Unquoted Investments in the Borrowing Base be tested by the Independent Valuation Provider in respect of any applicable Valuation Testing Date. 

(B) For purposes of this Agreement, the “Tested Amount” shall be equal to the greater of: (i) an amount equal to
(y) 125% of the Covered Debt Amount (as of the applicable Valuation Testing Date) minus (z) the sum of the values of all Quoted Investments included in the Borrowing Base (as of the applicable Valuation Testing Date) and (ii) 10% of
the aggregate value of all Unquoted Investments included in the Borrowing Base. 
 (C) With respect to any Portfolio
Investment, if the value of such Portfolio Investment determined pursuant to Section 5.12(b)(ii) is not more than the lesser of (1) five (5) points more than the midpoint of the valuation range (expressed as a percent of par) provided
by the Independent Valuation Provider (provided that the value of such Portfolio Investment is customarily quoted as a percentage of par, otherwise this clause (1) shall not be applicable) and (2) 110% of the midpoint of the valuation
range provided by the Independent Valuation Provider, then the value for such Portfolio Investment determined in accordance with Section 5.12(b)(ii) shall continue to be used as the “Value” for purposes of this Agreement. If the value
of any Portfolio Investment determined pursuant to Section 5.12(b)(ii) is greater than the lesser of the values set forth in clause (C)(1) and (2) (to the extent applicable), then for such Portfolio Investment, the “Value” for
purposes of this Agreement shall become the lesser of (x) the highest value of the valuation range provided by the Independent Valuation Provider, (y) five (5) points more than the midpoint of the valuation range (expressed as a
percent of par) provided by the Independent Valuation Provider (provided that the value of such Portfolio Investment is customarily quoted as a percentage of par, otherwise this clause (y) shall not be applicable) and (z) 110% of the
midpoint of the valuation range provided by the Independent Valuation Provider. 

  
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 (iv) Supplemental Testing of Values. 

(A) Notwithstanding the foregoing, the Administrative Agent, individually or at the request of the Required Lenders, shall at
any time have the right to request, in its reasonable discretion, any Portfolio Investment included in the Borrowing Base with a value determined pursuant to Section 5.12(b)(ii) to be independently tested by the Independent Valuation Provider.
There shall be no limit on the number of such tests that may be requested by the Administrative Agent in its reasonable discretion. If (x) the value determined pursuant to Section 5.12(b)(ii) is less than the value determined by the
Independent Valuation Provider, then the value determined pursuant to Section 5.12(b)(ii) shall continue to be used as the “Value” for purposes of this Agreement and (y) if the value determined pursuant to
Section 5.12(b)(ii) is greater than the value determined by the Independent Valuation Provider and the difference between such values is: (1) less than 5% of the value determined pursuant to Section 5.12(b)(ii), then the value
determined pursuant to Section 5.12(b)(ii) shall become the “Value” for purposes of this Agreement; (2) between 5% and 20% of the value determined pursuant to Section 5.12(b)(ii), then the “Value” of such Portfolio
Investment for purposes of this Agreement shall become the average of the value determined pursuant to Section 5.12(b)(ii) and the value determined by such Independent Valuation Provider; and (3) greater than 20% of the value determined
pursuant to Section 5.12(b)(ii), then the Borrower and the Administrative Agent shall retain an additional third-party appraiser and, upon the completion of such appraisal, the “Value” of such Portfolio Investment for purposes of this
Agreement shall become the average of the three valuations (with the average of the Independent Valuation Provider’s value and the Borrower’s value to be used as the “Value” until the third value is obtained). 

(B) The Value of any Portfolio Investment for which the Independent Valuation Provider’s value is used shall be the
midpoint of the range (if any) determined by the Independent Valuation Provider. 
 (v) Generally Applicable Valuation
Provisions. 
 (A) The Independent Valuation Provider shall apply a recognized valuation methodology that is commonly
accepted in the Borrower’s industry for valuing Portfolio Investments of the type being valued and held by the Obligors. Other procedures relating to the valuation will be reasonably agreed upon by the Administrative Agent and the Borrower.

  
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 (B) All valuations shall be on a settlement date basis. For the avoidance of
doubt, the value of any Portfolio Investment determined in accordance with any provision of this Section 5.12 shall be the Value of such Portfolio Investment for purposes of this Agreement until a new Value for such Portfolio Investment is
subsequently determined in good faith in accordance with this Section 5.12. 
 (C) Subject to the last sentence of
Section 9.03(a), the documented out-of-pocket costs of any valuation reasonably incurred by the Administrative Agent under this Section 5.12 shall be at the expense of the Borrower. 

(D) In addition, the values determined by the Independent Valuation Provider shall be deemed to be “Information”
hereunder and subject to Section 9.13 hereof. 
 (E) The Administrative Agent shall provide a copy of the final results
of any valuation performed by the Independent Valuation Provider to any Lender promptly upon such Lender’s request; provided, that without the consent of the Borrower, no final report may be provided by the Administrative Agent to the
Lenders prior to the earlier of the date that the Borrower delivers its financial statements for the related period and the date on which the Borrower is required to so deliver such financial statements pursuant to Section 5.01(a) or (b). 

(F) The foregoing valuation procedures shall only be required to be used for purposes of calculating the Borrowing Base and
shall not be required to be utilized by the Borrower for any other purpose, including, without limitation, the delivery of financial statements or valuations required under ASC820 or the Investment Company Act. 

(G) All tests by the Independent Valuation Provider shall be conducted in a manner not disruptive to the business of the
Borrower. The Administrative Agent shall notify the Borrower of its receipt of the final results of any such test promptly upon its receipt thereof and shall provide a copy of such results and the related report to the Borrower promptly upon the
Borrower’s request. 
 (c) Investment Company Diversification Requirements. The Borrower will, and will cause its Subsidiaries
(other than Unrestricted Subsidiaries that are exempt from the Investment Company Act) at all times to collectively comply in all 

  
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material respects with any portfolio diversification and similar requirements set forth in the Investment Company Act that are applicable to business development companies and (ii) subject
to applicable grace periods set forth in the Code so long as it intends to qualify as a RIC, comply with the portfolio diversification and similar requirements set forth in the Code applicable to RIC’s. 

SECTION 5.13. Calculation of Borrowing Base. For purposes of this Agreement, the “Borrowing Base” shall be determined,
as at any date of determination, as the sum of the Advance Rates of the Value of each Portfolio Investment (excluding any cash held by the Administrative Agent pursuant to Section 2.05(k)), provided that: 

(a) the Advance Rate applicable to that portion of the aggregate Value of the Portfolio Investments included in the Borrowing
Base in all issuers in a consolidated group of corporations or other entities, in accordance with GAAP, that exceeds 10% of Shareholders’ Equity of the Borrower (which, for purposes of this calculation shall exclude the aggregate amount of
investments in, and advances to, Unrestricted Subsidiaries and Non-Consolidated Subsidiaries) shall be 50% of the Advance Rate otherwise applicable; 

(b) the Advance Rate applicable to that portion of the aggregate Value of the Portfolio Investments included in the Borrowing
Base in all issuers in a consolidated group of corporations or other entities, exceeding 20% of Shareholders’ Equity of the Borrower (which, for purposes of this calculation shall exclude the aggregate amount of investments in, and advances to,
Unrestricted Subsidiaries and Non-Consolidated Subsidiaries) shall be 0%; 
 (c) the Advance Rate applicable to that portion
of the aggregate Value of the Obligors’ investments included in the Borrowing Base in (i) common equity and warrants, (ii) Non-Performing First Lien Bank Loans, (iii) Non-Performing High Yield Securities, (iv) Non-Performing
Mezzanine Investments, (v) Non-Performing Second Lien Bank Loans, (vi) Performing Non-Cash Pay High Yield Securities, and (vii) Performing Non-Cash Pay Mezzanine Investments shall be 0% to the extent necessary so that no more than 20%
of the Borrowing Base is attributable to such investments; 
 (d) the Advance Rate applicable to that portion of the
aggregate Value of the Portfolio Investments included in the Borrowing Base in any single Industry Classification Group that exceeds 20% of Shareholders’ Equity of the Borrower (which for purposes of this calculation shall exclude the aggregate
amount of investments in, and advances to, any Unrestricted Subsidiary and Non-Consolidated Subsidiary) shall be 0%, provided that, with respect to the Portfolio Investments in a single Industry Classification Group from time to time
designated by the Borrower to the Administrative Agent, such 20% figure shall be 

  
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increased to 30% and, accordingly, only to the extent that the Value for such single Industry Classification Group exceeds 30% of the Shareholders’ Equity (excluding the aggregate amount of
investments in, and advances to, any Unrestricted Subsidiary and Non-Consolidated Subsidiary) shall the Advance Rate applicable to such excess Value be 0%; 

(e) no Portfolio Investment may be included in the Borrowing Base until such time as such Portfolio Investment has been
Delivered (as defined in the Guarantee and Security Agreement) to the Collateral Agent, and then only for so long as such Portfolio Investment continues to be Delivered as contemplated therein; provided that in the case of any Portfolio Investment
in which the Collateral Agent has a first-priority perfected security interest pursuant to a valid Uniform Commercial Code filing, such Portfolio Investment may be included in the Borrowing Base so long as all remaining actions to complete Delivery
are satisfied within seven days of such inclusion (provided that voting stock of any Controlled Foreign Corporation in excess of 65% of the issued and outstanding voting stock of such Controlled Foreign Corporation shall not be included as a
Portfolio Investment for purposes of calculating the Borrowing Base); 
 (f) the Advance Rate applicable to the
Borrower’s investments (other than Lien Restricted Investments) in any Unrestricted Subsidiary and Non-Consolidated Subsidiary shall be 0%; and 

(g) the Advance Rate applicable to that portion of the aggregate Value of the Borrower’s investments in Lien Restricted
Investments shall be 0% to the extent necessary so that no more than 2% of the Borrowing Base is attributable to such investments. 
 As used herein, the
following terms have the following meanings: 
 “Advance Rate” means, as to any Portfolio Investment and
subject to adjustment as provided in Section 5.13(a), (b) and (c), the following percentages with respect to such Portfolio Investment: 

  
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	 Portfolio Investment
	  	Quoted	 	 	Unquoted	 
	 Cash, Cash Equivalents and
	  				 			
	 Short-Term U.S. Government Securities
	  	 	100	% 	 	 	n.a.	  
	 Long-Term U.S. Government Securities
	  	 	95	% 	 	 	n.a.	  
	 Performing First Lien Bank Loans
	  	 	85	% 	 	 	75	% 
	 Performing Second Lien Bank Loans
	  	 	75	% 	 	 	65	% 
	 Performing Cash Pay High Yield Securities
	  	 	70	% 	 	 	60	% 
	 Performing Cash Pay Mezzanine Investments
	  	 	65	% 	 	 	55	% 
	 Performing Non-Cash Pay High Yield Securities
	  	 	60	% 	 	 	50	% 
	 Performing Non-Cash Pay Mezzanine Investments
	  	 	55	% 	 	 	45	% 
	 Non-Performing First Lien Bank Loans
	  	 	45	% 	 	 	45	% 
	 Non-Performing Second Lien Bank Loans
	  	 	40	% 	 	 	35	% 
	 Non-Performing High Yield Securities
	  	 	30	% 	 	 	30	% 
	 Non-Performing Mezzanine Investments
	  	 	30	% 	 	 	25	% 
	 Performing Common Equity*
	  	 	30	% 	 	 	20	% 
	 Non-Performing Common Equity
	  	 	0	% 	 	 	0	% 
	 Structured Finance Obligations and Finance Leases
	  	 	0	% 	 	 	0	% 

 “Bank Loans” means debt obligations (including, without limitation, term loans, revolving
loans, debtor-in-possession financings, the funded and unfunded portion of revolving credit lines and letter of credit facilities and other similar loans and investments including interim loans and senior subordinated loans) which are generally
documented under a loan or credit facility. 
 “Capital Stock” of any Person means any and all shares of corporate stock
(however designated) of, and any and all other equity interests and participations representing ownership interests (including membership interests and limited liability company interests) in, such Person. 

“Cash” has the meaning assigned to such term in Section 1.01 of this Agreement. 

“Cash Equivalents” has the meaning assigned to such term in Section 1.01 of this Agreement. 

“First Lien Bank Loan” means a Bank Loan that is entitled to the benefit of a first lien and first priority perfected
security interest on a substantial portion of the assets of the respective borrower and guarantors obligated in respect thereof. 
  

	* 	To include the Borrower’s investment in any Lien Restricted Investment. 

  
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 “High Yield Securities” means debt Securities and Preferred Stock, in each case
(a) issued by public or private issuers, (b) issued pursuant to an effective registration statement or pursuant to Rule 144A under the Securities Act (or any successor provision thereunder) and (c) that are not Cash Equivalents,
Mezzanine Investments or Bank Loans. 
 “Long-Term U.S. Government Securities” means U.S. Government Securities maturing
more than one year from the applicable date of determination. 
 “Mezzanine Investments” means debt Securities (including
convertible debt Securities (other than the “in-the-money” equity component thereof)) and Preferred Stock in each case (a) issued by public or private issuers, (b) issued without registration under the Securities Act,
(c) not issued pursuant to Rule 144A under the Securities Act (or any successor provision thereunder), (d) that are not Cash Equivalents and (e) contractually subordinated in right of payment to other debt of the same issuer. 

“Non-Performing Common Equity” means Capital Stock (other than Preferred Stock) and warrants of an issuer having any debt
outstanding that is non-Performing. 
 “Non-Performing First Lien Bank Loans” means First Lien Bank Loans other than
Performing First Lien Bank Loans. 
 “Non-Performing High Yield Securities” means High Yield Securities other than
Performing High Yield Securities. 
 “Non-Performing Mezzanine Investments” means Mezzanine Investments other than
Performing Mezzanine Investments. 
 “Non-Performing Second Lien Bank Loans” means Second Lien Bank Loans other than
Performing Second Lien Bank Loans. 
 “Performing” means (a) with respect to any Portfolio Investment that is debt,
the issuer of such Portfolio Investment is not in default of any payment obligations in respect thereof, after the expiration of any applicable grace period and (b) with respect to any Portfolio Investment that is Preferred Stock, the issuer of
such Portfolio Investment has not failed to meet any scheduled redemption obligations or to pay its latest declared cash dividend, after the expiration of any applicable grace period. 

“Performing Cash Pay High Yield Securities” means High Yield Securities (a) as to which, at the time of determination,
not less than 2/3rds of the interest (including accretions and “pay-in-kind” interest) for the current monthly, quarterly, semi-annual or annual period (as applicable) is payable in cash and (b) which are Performing. 

  
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 “Performing Cash Pay Mezzanine Investments” means Mezzanine Investments
(a) as to which, at the time of determination, not less than 2/3rds of the interest (including accretions and “pay-in-kind” interest) for the current monthly, quarterly, semi-annual or annual period (as applicable) is payable in cash
and (b) which are Performing. 
 “Performing Common Equity” means Capital Stock (other than Preferred Stock) and
warrants of an issuer all of whose outstanding debt is Performing. 
 “Performing First Lien Bank Loans” means First Lien
Bank Loans which are Performing. 
 “Performing Non-Cash Pay High Yield Securities” means Performing High Yield Securities
other than Performing Cash Pay High Yield Securities. 
 “Performing Non-Cash Pay Mezzanine Investments” means Performing
Mezzanine Investments other than Performing Cash Pay Mezzanine Investments. 
 “Performing Second Lien Bank Loans” means
Second Lien Bank Loans which are Performing. 
 “Preferred Stock,” as applied to the Capital Stock of any Person, means
Capital Stock of such Person of any class or classes (however designated) that ranks prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up of such Person,
to any shares (or other interests) of other Capital Stock of such Person, and shall include, without limitation, cumulative preferred, non-cumulative preferred, participating preferred and convertible preferred Capital Stock. 

“Second Lien Bank Loan” means a Bank Loan that is entitled to the benefit of a second lien and second priority perfected
security interest on a substantial portion of the assets of the respective borrower and guarantors obligated in respect thereof. 

“Securities” means common and preferred stock, units and participations, member interests in limited liability companies,
partnership interests in partnerships, notes, bonds, debentures, trust receipts and other obligations, instruments or evidences of indebtedness, including debt instruments of public and private issuers and tax-exempt securities (including warrants,
rights, put and call options and other options relating thereto, representing rights, or any combination thereof) and other property or interests commonly regarded as securities or any form of interest or participation therein, but not including
Bank Loans. 

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

 “Short-Term U.S. Government Securities” means U.S. Government Securities maturing within one year of the applicable date
of determination. 
 “Structured Finance Obligations and Finance Leases” means any obligation issued by a special purpose
vehicle and secured directly by, referenced to, or representing ownership of, a pool of receivables or other financial assets of any obligor, including collateralized debt obligations and mortgaged-backed securities, or any finance lease. For the
avoidance of doubt, if an obligation satisfies this definition, such obligation shall not (a) qualify as any other category of Portfolio Investment or (b) be included in the Borrowing Base. 

“U.S. Government Securities” has the meaning assigned to such term in Section 1.01 of the Credit Agreement. 

“Value” means, with respect to any Portfolio Investment, the most recent value as determined pursuant to Section 5.12.

 ARTICLE VI  

NEGATIVE COVENANTS 
 Until
the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full and all Letters of Credit have expired or terminated and all LC Disbursements shall have been
reimbursed, the Borrower covenants and agrees with the Lenders that: 
 SECTION 6.01. Indebtedness. The Borrower will not, nor will
it permit any other Obligor to, create, incur, assume or permit to exist any Indebtedness, except: 
 (a) Indebtedness
created hereunder or under any other Loan Document; 
 (b) Secured Longer-Term Indebtedness, Other Secured Indebtedness and
Unsecured Longer-Term Indebtedness in an aggregate outstanding amount that (i) taken together with other then-outstanding Indebtedness, does not exceed the amount required to comply with the provisions of Section 6.07(b) and (ii) in
the case of Secured Longer-Term Indebtedness, taken together with applicable Indebtedness permitted under clauses (a), (g), (i) and (j) of this Section 6.01 does not result in the Covered Debt Amount exceeding the Borrowing Base;

  
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 (c) Other Permitted Indebtedness; 

(d) Indebtedness of one Obligor to another Obligor; 

(e) repurchase obligations arising in the ordinary course of business with respect to U.S. Government Securities; 

(f) obligations payable to clearing agencies, brokers or dealers in connection with the purchase or sale of securities in the
ordinary course of business; 
 (g) Secured Shorter-Term Indebtedness and Unsecured Shorter-Term Indebtedness in an aggregate
outstanding amount (determined at the time of the incurrence of such Indebtedness) not exceeding 5% of Shareholders’ Equity and that (i) taken together with other then-outstanding Indebtedness, does not exceed the amount required to comply
with the provisions of Section 6.07(b) and (ii) taken together with applicable Indebtedness permitted under clauses (a), (b), (i) and (j), does not result in the Covered Debt Amount exceeding the Borrowing Base; 

(h) obligations (including Guarantees) in respect of Standard Securitization Undertakings; 

(i) Indebtedness outstanding on the date hereof and listed on Schedule III; and 

(j) Indebtedness consisting of Non-Recourse SBIC Guarantees. 

SECTION 6.02. Liens. The Borrower will not, nor will it permit any other Obligor to, create, incur, assume or permit to exist any Lien
on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except: 

(a) any Lien on any property or asset of the Borrower existing on the date hereof and set forth in Part B of
Schedule II, provided that (i) no such Lien shall extend to any other property or asset of the Borrower or any other Obligor and (ii) any such Lien shall secure only those obligations which it secures on the date hereof and
extensions, renewals and replacements thereof that do not increase the principal amount thereof; 

  
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 (b) Liens created pursuant to the Security Documents; 

(c) Liens on Special Equity Interests included in the Portfolio Investments of the Borrower but only to the extent securing
obligations in the manner provided in the definition of “Special Equity Interests” in Section 1.01; 
 (d)
Liens securing Indebtedness or other obligations in an aggregate principal amount not exceeding $50,000,000 at any one time outstanding (which may cover Portfolio Investments, but only to the extent released from, or otherwise not covered by, the
Lien in favor of the Collateral Agent in accordance with the requirements of Section 10.03 of the Guarantee and Security Agreement), so long as at the time thereof the aggregate amount of applicable Indebtedness permitted under
clauses (a), (b), (g), (i) and (j) of Section 6.01, does not result in (i) the Covered Debt Amount exceeding the Borrowing Base or (ii) a failure to comply with the provisions of Section 6.07(b); 

(e) Permitted Liens; 

(f) Liens on investments and other interests of an Obligor in any Unrestricted Subsidiary or Non-Consolidated Subsidiary and
proceeds thereof (any such Lien pursuant to this clause (f), an “Excluded Entity Lien”) but only to the extent that at the time any such Lien is granted, investments in Unrestricted Subsidiaries and Non-Consolidated Subsidiaries
representing at least 75% of the aggregate value of the Borrower’s and all Subsidiaries’ investments in all Unrestricted Subsidiaries or Non-Consolidated Subsidiaries (calculated in accordance with the last sentence of this
Section 6.02) are held directly by Obligors and are not subject to an Excluded Entity Lien; and 
 (g) Liens on Cash or
Cash Equivalents securing obligations pursuant to a permitted Hedging Agreement not in excess of $25,000,000 in aggregate (it being understood that such Cash or Cash Equivalents shall not be required to be subject to any account control agreement
and shall not be included in the Borrowing Base). 
 For purposes of testing the value of the Borrower’s and its Subsidiaries’ investments in all
Unrestricted Subsidiaries and Non-Consolidated Subsidiaries in connection with any Excluded Entity Lien or Excluded Entity Transfer, such calculation shall be made without duplication of direct and indirect investments and determined as of the most
recently delivered financial statements (but shall include the amount of any such new investment made, and exclude the amount of any such investment sold, after the date of such financial statements) and shall disregard the amount of any direct
leverage in any such investment. 

  
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 SECTION 6.03. Fundamental Changes. The Borrower will not, nor will it permit any other
Obligor to, enter into any transaction of merger or consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution). The Borrower will not, nor will it permit any other Obligor to, acquire any
business or property from, or capital stock of, or be a party to any acquisition of, any Person, except for purchases or acquisitions of Portfolio Investments and other assets in the normal course of the day-to-day business activities of the
Borrower and its Subsidiaries and not in violation of the terms and conditions of this Agreement or any other Loan Document. The Borrower will not, nor will it permit any other Obligor to, convey, sell, lease, transfer or otherwise dispose of, in
one transaction or a series of transactions, any part of its assets, whether now owned or hereafter acquired, but excluding (x) assets sold or disposed of in the ordinary course of business (including to make expenditures of cash in the normal
course of the day-to-day business activities of the Borrower and its Subsidiaries) (other than the transfer not made in accordance with the following clause (y) or (z) of Portfolio Investments to Unrestricted Subsidiaries or
Non-Consolidated Subsidiaries), (y) subject to the provisions of clause (d) below, Portfolio Investments (to the extent not otherwise included in clause (x) of this Section) and (z) subject to the provisions of clause (e)
below, any Obligor’s ownership interest in any Unrestricted Subsidiary or Non-Consolidated Subsidiary. 
 Notwithstanding the foregoing
provisions of this Section: 
 (a) any Subsidiary Guarantor may be merged or consolidated with or into the Borrower or any
other Subsidiary Guarantor; provided that if any such transaction shall be between a Subsidiary Guarantor and a wholly owned Subsidiary Guarantor, the wholly owned Subsidiary Guarantor shall be the continuing or surviving corporation; 

(b) any Obligor may sell, lease, transfer or otherwise dispose of any or all of its assets (upon voluntary liquidation or
otherwise) to the Borrower or any wholly owned Subsidiary Guarantor of the Borrower; 
 (c) the capital stock of any
Subsidiary of the Borrower may be sold, transferred or otherwise disposed of to the Borrower or any wholly owned Subsidiary Guarantor of the Borrower; 

(d) the Obligors may sell, transfer or otherwise dispose of Portfolio Investments (other than direct ownership interests in
Unrestricted Subsidiaries or Non-Consolidated Subsidiaries) to an Unrestricted Subsidiary or Non-Consolidated Subsidiary so long as (i) immediately after giving effect to such sale, transfer or other disposition (and any concurrent acquisitions
of Portfolio Investments or payment of outstanding Loans or Other Covered Indebtedness) the Covered Debt Amount does not exceed the Borrowing Base and the Borrower delivers a certificate of a Financial Officer to such effect to the Administrative
Agent and (ii) either (x) the amount of any excess availability under the 

  
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Borrowing Base immediately prior to such sale, transfer or other disposition is not diminished as a result of such sale, transfer or other disposition or (y) the Borrowing Base immediately
after giving effect to such sale, transfer or other disposition is at least 110% of the Covered Debt Amount; 
 (e) the
Obligors may sell, transfer or otherwise dispose of investments and other interests in any Unrestricted Subsidiary or Non-Consolidated Subsidiary to any Person (any such sale, transfer or disposition pursuant to this clause (e), an “Excluded
Entity Transfer”); provided that no such sale, transfer or other disposition shall be made to any Subsidiary that is not an Obligor, unless immediately after giving effect to such sale, transfer or other disposition, the Borrower’s and
its Subsidiaries’ investments in Unrestricted Subsidiaries and Non-Consolidated Subsidiaries representing at least 75% of the aggregate value of investments in Unrestricted Subsidiaries and Non-Consolidated Subsidiaries (calculated as set forth
in the last sentence of Section 6.02) are held directly by Obligors and not subject to an Excluded Entity Lien; provided further, that, notwithstanding that a transfer may not satisfy such 75% requirement, such transfer shall nevertheless be
permitted if it is required by law, rule, regulation or interpretive position of the Securities and Exchange Commission; 

(f) the Borrower may merge or consolidate with any other Person so long as (i) the Borrower is the continuing or surviving
entity in such transaction and (ii) at the time thereof and after giving effect thereto, no Default shall have occurred or be continuing; and 

(g) the Obligors may sell, lease, transfer or otherwise dispose of equipment or other property or assets that do not consist of
Portfolio Investments so long as the aggregate amount of all such sales, leases, transfer and dispositions does not exceed $25,000,000 in any fiscal year. 

SECTION 6.04. Investments. The Borrower will not, nor will it permit any other Obligor to, acquire, make or enter into, or hold, any
Investments except: 
 (a) operating deposit accounts with banks; 

(b) Investments by the Borrower and the Subsidiary Guarantors in the Borrower and the Subsidiary Guarantors; 

(c) Hedging Agreements entered into in the ordinary course of any Obligor’s financial planning and not for speculative
purposes; 

  
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 (d) Investments by the Borrower and the other Obligors to the extent such
Investments are permitted under the Investment Company Act and the Borrower’s Investment Policies; provided that, if such Investment is in an Unrestricted Subsidiary or Non-Consolidated Subsidiary, then (i) immediately after giving effect
to such Investment (and any concurrent acquisitions of Portfolio Investments in the Borrowing Base or payment of outstanding Indebtedness), the Covered Debt Amount does not exceed the Borrowing Base and (ii) either (x) the amount of any
excess availability under the Borrowing Base immediately prior to such Investment is not diminished as a result of such Investment or (y) the Borrowing Base immediately after giving effect to such Portfolio Investment is at least 110% of the
Covered Debt Amount; and 
 (e) additional Investments up to but not exceeding $75,000,000 in the aggregate. 

For purposes of clause (e) of this Section 6.04, the aggregate amount of an Investment at any time shall be deemed to be equal to (A) the
aggregate amount of cash, together with the aggregate fair market value of property, loaned, advanced, contributed, transferred or otherwise invested that gives rise to such Investment minus (B) the aggregate amount of dividends,
distributions or other payments received in cash in respect of such Investment, provided that in no event shall the aggregate amount of such Investment be deemed to be less than zero; the amount of an Investment shall not in any event be
reduced by reason of any write-off of such Investment nor increased by any increase in the amount of earnings retained in the Person in which such Investment is made that have not been dividended, distributed
or otherwise paid out. 
 SECTION 6.05. Restricted Payments. The Borrower will not, nor will it permit any other Obligor to, declare
or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except that the Borrower may declare and pay: 

(a) dividends with respect to the capital stock of the Borrower to the extent payable in additional shares of the
Borrower’s stock, which may include a combination of cash and stock; provided that such cash dividend would otherwise be permitted pursuant to another clause of this Section; 

(b) so long as the Borrower intends to qualify as a RIC under the Code, dividends and distributions in either case in cash or
other property (excluding for this purpose the Borrower’s common stock) in any taxable year of the Borrower (or for such year under Section 855 of the Code) in amounts not to exceed the amount that is estimated in good faith by the
Borrower to be required to (i) reduce to zero for such taxable year or for the previous taxable year, its investment company taxable income (within the meaning of section 852(b)(2) of the Code, and reduce to zero the tax imposed by
section 852(b)(3) of the Code, and (ii) avoid federal excise taxes for such taxable year imposed by section 4982 of the Code; 

  
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 (c) so long as the Borrower intends to qualify as RIC under the Code, dividends
and distributions in each case in cash or other property (excluding for this purpose the Borrower’s common stock) in addition to the dividends and distributions permitted under the foregoing clauses (a) and (b), so long as on the date of
such Restricted Payment and after giving effect thereto: 
 (i) no Default shall have occurred and be continuing; and 

(ii) the aggregate amount of Restricted Payments made during any taxable year (or for such year under Section 855 of the
Code) of the Borrower after the date hereof under this clause (c) shall not exceed the sum of (x) an amount equal to 10% of the taxable income of the Borrower for such taxable year determined under section 852(b)(2) of the Code, but
without regard to subparagraphs (A), (B) or (D) thereof, minus (y) the amount, if any, by which dividends and distributions made during such taxable year (or for such year under Section 855 of the Code) pursuant to
the foregoing clause (b) (whether in respect of such taxable year or the previous taxable year) based upon the Borrower’s estimate of taxable income exceeded the actual amounts specified in subclauses (i) and (ii) of such
foregoing clause (b) for such taxable year; and 
 (d) other Restricted Payments so long as (i) on the date of such
other Restricted Payment and after giving effect thereto (x) the Covered Debt Amount does not exceed 90% of the Borrowing Base and (y) no Default shall have occurred and be continuing and (ii) on the date of such other Restricted
Payment the Borrower delivers to the Administrative Agent and each Lender a Borrowing Base Certificate as at such date demonstrating compliance with subclause (x) after giving effect to such Restricted Payment. For purposes of preparing such
Borrowing Base Certificate, (A) the Value of any Quoted Investment shall be the most recent quotation available for such Portfolio Investment and (B) the value of any Unquoted Investment shall be the Value set forth in the Borrowing Base
Certificate most recently delivered by the Borrower to the Administrative Agent and the Lenders pursuant to Section 5.01(d), provided that the Borrower shall reduce the Value of any Portfolio Investment referred to in this
sub-clause (B) to the extent necessary to take into account any events of which the Borrower has knowledge that adversely affect the value of such Portfolio Investment. 

Nothing herein shall be deemed to prohibit the payment of Restricted Payments by any Subsidiary Guarantor to (i) the Borrower or any
other Subsidiary Guarantor or (ii) on a pro rata basis, any class of its equity holders. 

  
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 SECTION 6.06. Certain Restrictions on Subsidiary Guarantors. The Borrower will not permit
any Subsidiary Guarantor to enter into or suffer to exist any indenture, agreement, instrument or other arrangement (other than the Loan Documents) that prohibits or restrains, in each case in any material respect, or imposes materially adverse
conditions upon, the incurrence or payment of Indebtedness, the declaration or payment of dividends, the making of loans, advances, guarantees or Investments or the sale, assignment, transfer or other disposition of property by any Obligor; provided
that the foregoing shall not apply to (i) indentures, agreements, instruments or other arrangements pertaining to other Indebtedness permitted hereby so long as it is not, in the Borrower’s good faith judgment, materially more restrictive
or burdensome in respect of the foregoing activities than the Loan Documents (provided that such restrictions would not adversely affect the exercise of rights or remedies of the Administrative Agent or the Lenders hereunder or under the Security
Documents or restrict any Obligor in any manner from performing its obligations under the Loan Documents) and (ii) indentures, agreements, instruments or other arrangements pertaining to any lease, sale or other disposition of any asset
permitted by this Agreement or any Lien permitted by this Agreement on such asset so long as the applicable restrictions only apply to the assets subject to such lease, sale, other disposition or Lien. 

SECTION 6.07. Certain Financial Covenants. 

(a) Minimum Shareholders’ Equity. The Borrower will not permit Shareholders’ Equity at the last day of any fiscal quarter of
the Borrower to be less than the greater of (i) 40% of the total assets of the Borrower and its Subsidiaries as at the last day of such fiscal quarter (determined on a consolidated basis, without duplication, in accordance with GAAP, but
excluding that portion of total assets attributable to any minority interests in the Borrower’s Subsidiaries) and (ii) $845,000,000 plus 25% of the net proceeds of the sale of Equity Interests by the Borrower after the Restatement
Effective Date. 
 (b) Asset Coverage Ratio. The Borrower will not permit the Asset Coverage Ratio to be less than 2.00 to 1 at any
time. 
 SECTION 6.08. Transactions with Affiliates. The Borrower will not, and will not permit any of its Subsidiaries to enter into
any transactions with any of its Affiliates, even if otherwise permitted under this Agreement, except (a) transactions in the ordinary course of business at prices and on terms and conditions not less favorable in any material respect to the
Borrower or such Subsidiary than could reasonably be obtained on an arm’s-length basis from unrelated third parties, (b) transactions between or among the Borrower and its Subsidiaries not involving any other Affiliate, (c) Restricted
Payments permitted by Section 6.05, (d) the transactions provided in the Affiliate Agreements, (e) transactions described on Schedule V, (f) transactions between an Unrestricted Subsidiary and an Affiliate thereof that is
not an Obligor or (g) any Investment that results in the creation of an Affiliate. 

  
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 SECTION 6.09. Lines of Business. The Borrower will not, nor will it permit any of its
Subsidiaries (other than Unrestricted Subsidiaries) to, engage to any material extent in any business other than in accordance with its Investment Policies. 

SECTION 6.10. No Further Negative Pledge. The Borrower will not, and will not permit any other Obligor to, enter into any agreement,
instrument, deed or lease which prohibits or limits the ability of any Obligor to create, incur, assume or suffer to exist any Lien upon any of its properties, assets or revenues, whether now owned or hereafter acquired, or which requires the grant
of any security for an obligation if security is granted for another obligation, except the following: (a) this Agreement and the other Loan Documents; (b) covenants in documents creating Liens permitted by Section 6.02 prohibiting
further Liens on the assets encumbered thereby; (c) customary restrictions contained in leases not subject to a waiver; (d) any such agreement that imposes such restrictions on investments or other interests in Unrestricted Subsidiaries or
Non-Consolidated Subsidiaries (but no other assets of any Obligor), and (e) any other agreement that does not restrict in any manner (directly or indirectly) Liens created pursuant to the Loan Documents on any Collateral securing the
“Secured Obligations” under and as defined in the Guarantee and Security Agreement and does not require the direct or indirect granting of any Lien securing any Indebtedness or other obligation by virtue of the granting of Liens on or
pledge of property of any Obligor secure the Loans or any Hedging Agreement. 
 SECTION 6.11. Modifications of Longer-Term Documents.
The Borrower will not consent to any modification, supplement or waiver of 
 (a) any of the provisions of any agreement,
instrument or other document evidencing or relating to any Secured Longer-Term Indebtedness, Other Secured Indebtedness or Unsecured Longer-Term Indebtedness that would result in such Indebtedness not meeting the requirements of the definition of
“Secured Longer-Term Indebtedness”, “Other Secured Indebtedness” and “Unsecured Longer-Term Indebtedness”, as applicable, set forth in Section 1.01 of this Agreement, unless (i) in the case of Secured
Longer-Term Indebtedness or Other Secured Indebtedness, such Indebtedness would have been permitted to be incurred as Secured Shorter-Term Indebtedness at the time of such modification, supplement or waiver and the Borrower so designates such
Indebtedness as “Secured Shorter-Term Indebtedness” (whereupon such Indebtedness shall be deemed to constitute “Secured Shorter-Term Indebtedness” for all purposes of this Agreement) and (ii) in the case of Unsecured
Longer-Term Indebtedness, such Indebtedness would have been permitted to be incurred as Unsecured Shorter-Term Indebtedness at the time of such modification, supplement or waiver and the Borrower so designates such Indebtedness as “Unsecured
Shorter-Term Indebtedness” (whereupon such Indebtedness shall be deemed to constitute “Unsecured Shorter-Term Indebtedness” for all purposes of this Agreement) or 

  
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 (b) any of the Affiliate Agreements, unless such modification, supplement or
waiver is not less favorable to the Borrower than could be obtained on an arm’s-length basis from unrelated third parties, in each case, without the prior consent of the Administrative Agent (with the
approval of the Required Lenders). 
 SECTION 6.12. Payments of Longer-Term Indebtedness. The Borrower will not, nor will it permit
any other Obligor to, purchase, redeem, retire or otherwise acquire for value, or set apart any money for a sinking, defeasance or other analogous fund for the purchase, redemption, retirement or other acquisition of, or make any voluntary payment
or prepayment of the principal of or interest on, or any other amount owing in respect of, any Secured Longer-Term Indebtedness, Other Secured Indebtedness, Unsecured Longer-Term Indebtedness or any other Indebtedness (other than the refinancing of
Secured Longer-Term Indebtedness, Other Secured Indebtedness or Unsecured Longer-Term Indebtedness with Indebtedness permitted under Section 6.01), except for (a) regularly scheduled payments, prepayments or redemptions of principal and
interest in respect thereof required pursuant to the instruments evidencing such Indebtedness, (b) payments and prepayments of Secured Longer-Term Indebtedness in order to comply with requirements of Section 2.10(c), (c) Specified
Debt Payments permitted to be made under Section 6.13, and (d) other payments and prepayments so long as (i) no Default or Event of Default has occurred and is continuing and (ii) if such payment or prepayment were treated as a
“Restricted Payment” for the purposes of determining compliance with Section 6.05(d), such payment or prepayment would be permitted to be made under Section 6.05(d); provided that, in the case of the foregoing clauses
(a) and (c), in no event shall any Obligor be permitted to so prepay or settle (whether as a result of a mandatory redemption, conversion or otherwise) any such Indebtedness, including any cash settlement of convertible debt, if after giving
effect thereto, the Covered Debt Amount would exceed the Borrowing Base. 
 SECTION 6.13. Specified Debt. The Borrower will not, nor
will it permit any of its Subsidiaries to: 
 (a) make any Specified Debt Payment at any time, provided that the Borrower may make a
Specified Debt Payment described in clause (a) of the definition of Specified Debt Payment if (i) such Specified Debt Payment does not exceed the then fair value (which fair value shall include reasonable fees and premiums payable in
connection therewith) as reasonably determined by the Borrower of the Specified Debt purchased, redeemed, retired or otherwise acquired thereby, (ii) at the time of and immediately after giving effect to such Specified Debt Payment, no Default
shall have occurred and be continuing and (iii) if such Specified Debt Payment were treated as a “Restricted Payment” for the purposes of determining compliance with Section 6.05, such Specified Debt Payment would be permitted to
be made under Section 6.05; and 
 (b) create, incur, assume or permit to exist any Lien securing any Specified Debt at any time. 

  
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 ARTICLE VII 

EVENTS OF DEFAULT 
 If any
of the following events (“Events of Default”) shall occur and be continuing: 
 (a) the Borrower shall
(i) fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or
otherwise or (ii) fail to deposit any amount into the Letter of Credit Collateral Account as contemplated by Section 2.05(k); 

(b) the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in
clause (a) of this Article) payable under this Agreement or under any other Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five or more Business Days; 

(c) any representation or warranty made or deemed made by or on behalf of the Borrower or any of its Subsidiaries in or in
connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any
other Loan Document or any amendment or modification hereof or thereof, shall prove to have been incorrect when made or deemed made in any material respect; 

(d) the Borrower shall fail to observe or perform any covenant, condition or agreement contained in (i) Section 5.03
(with respect to the Borrower’s existence) or Sections 5.08(a) and (b) or in Article VI or any Obligor shall default in the performance of any of its obligations contained in Section 7 of the Guarantee and Security Agreement or
(ii) Sections 5.01(d) and (e) or 5.02 and such failure shall continue unremedied for a period of five or more days after notice thereof by the Administrative Agent (given at the request of any Lender) to the Borrower; 

(e) a Borrowing Base Deficiency shall occur and continue unremedied for a period of five or more Business Days after delivery
of a Borrowing Base Certificate demonstrating such Borrowing Base Deficiency pursuant to Section 5.01(e), provided that it shall not be an Event of Default hereunder if the 

  
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Borrower shall present the Administrative Agent with a reasonably feasible plan to enable such Borrowing Base Deficiency to be cured within 30 Business Days (which 30-Business Day period shall
include the five Business Days permitted for delivery of such plan), so long as such Borrowing Base Deficiency is cured within such 30-Business Day period; 

(f) the Borrower or any Obligor, as applicable, shall fail to observe or perform any covenant, condition or agreement contained
in this Agreement (other than those specified in clause (a), (b), (d) or (e) of this Article) or any other Loan Document and such failure shall continue unremedied for a period of 30 or more days after notice thereof from the
Administrative Agent (given at the request of any Lender) to the Borrower; 
 (g) the Borrower or any of its Subsidiaries
shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable, taking into account (other than with respect to payments of
principal) any applicable grace periods; 
 (h) any event or condition occurs that results in any Material Indebtedness
becoming due prior to its scheduled maturity or shall continue unremedied for any applicable period of time sufficient to enable or permit the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any
Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (h) shall not apply to secured Indebtedness that becomes due as a
result of the voluntary sale or transfer of the property or assets securing such Indebtedness; 
 (i) an involuntary
proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of the Borrower or any of its Significant Subsidiaries (or group of Subsidiaries that if consolidated
would constitute a Significant Subsidiary) or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a
receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any of its Significant Subsidiaries (or group of Subsidiaries that if consolidated would constitute a Significant Subsidiary) or for a substantial part
of its assets, and, in any such case, such proceeding or petition shall continue undismissed and unstayed for a period of 60 or more days or an order or decree approving or ordering any of the foregoing shall be entered; 

  
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 (j) the Borrower or any of its Significant Subsidiaries (or group of Subsidiaries
that if consolidated would constitute a Significant Subsidiary) shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency,
receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (i) of this Article, (iii) apply for or
consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any of its Significant Subsidiaries (or group of Subsidiaries that if consolidated would constitute a Significant
Subsidiary) or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take
any action for the purpose of effecting any of the foregoing; 
 (k) the Borrower or any of its Significant Subsidiaries (or
group of Subsidiaries that if consolidated would constitute a Significant Subsidiary) shall become unable, admit in writing its inability or fail generally to pay its debts as they become due; 

(l) one or more judgments for the payment of money in an aggregate amount in excess of $50,000,000 shall be rendered against
the Borrower or any of its Subsidiaries or any combination thereof and (i) the same shall remain undischarged for a period of 30 consecutive days following the entry of such judgment during which 30-day period such judgment shall not have been
vacated, stayed, discharged or bonded pending appeal, or liability for such judgment amount shall not have been admitted by an insurer of reputable standing, or (ii) or any action shall be legally taken by a judgment creditor to attach or levy
upon any assets of the Borrower or any of its Subsidiaries to enforce any such judgment; 
 (m) an ERISA Event shall have
occurred that, when taken together with all other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect; 

(n) a Change in Control shall occur; 

(o) Apollo Investment Management or any Affiliate of Apollo Investment Management that is organized under the laws of a
jurisdiction located in the United States of America and in the business of managing or advising clients shall cease to be the investment advisor for the Borrower; 

(p) the Liens created by the Security Documents shall, at any time with respect to Portfolio Investments intended to be
included in the Borrowing Base, having an aggregate Value in excess of 5% of the aggregate Value of all Portfolio Investments, not be valid and perfected (to the extent perfection by filing, registration, recordation, possession or control is
required herein or therein) 

  
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in favor of the Administrative Agent, free and clear of all other Liens (other than Liens permitted under Section 6.02 or under the respective Security Documents); provided that if
such default is as a result of any action of the Administrative Agent or Collateral Agent or a failure of the Administrative Agent or Collateral Agent to take any action within its control, such default shall continue unremedied for a period of ten
(10) consecutive Business Days after the Borrower receives written notice thereof from the Administrative Agent; 
 (q)
except for expiration in accordance with its terms, any of the Security Documents shall for whatever reason be terminated or cease to be in full force and effect in any material respect, or the enforceability thereof shall be contested by the
Borrower; or 
 (r) the Obligors shall at any time, without the consent of the Required Lenders, modify, supplement or waive
in any material respect the Investment Policies (other than any modification, supplement or waiver required by any applicable law, rule or regulation), provided that it shall not be deemed a modification in any material respect of the
Investment Policies if the permitted investment size of the Portfolio Investments proportionately increases as the size of the Borrower’s capital base changes or if the Investment Policies are modified so as to permit up to 30% (or such lesser
percentage as may be allowed under the Investment Company Act) of the value of Portfolio Investments to be made in assets that would not be qualified assets under Section 55 of the Investment Company Act; 

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

  
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 In the event that the Loans shall be declared, or shall become, due and payable pursuant to the
immediately preceding paragraph then, upon notice from the Administrative Agent or Lenders with LC Exposure representing more than 50% of the total LC Exposure demanding the deposit of cash collateral pursuant to this paragraph, the
Borrower shall immediately deposit into the Letter of Credit Collateral Account cash in an amount equal to 102% of the LC Exposure as of such date plus any accrued and unpaid interest thereon; provided that the obligation to
deposit such cash shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower described in
clause (i) or (j) of this Article. 
 ARTICLE VIII 

THE ADMINISTRATIVE AGENT AND COLLATERAL AGENT 

Each of the Lenders and the Issuing Bank hereby irrevocably appoints the Administrative Agent as its agent hereunder and under the other Loan
Documents and appoints JPMCB as the Collateral Agent under the Guarantee and Security Agreement, and authorizes the Administrative Agent and Collateral Agent to take such actions on its behalf and to exercise such powers as are delegated to the
Administrative Agent and Collateral Agent, as applicable, by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. 

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 such Person and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate
thereof as if it were not the Administrative Agent hereunder. 
 The Administrative Agent shall not have any duties or obligations except
those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has
occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan
Documents that the Administrative Agent is required to exercise in writing by the Required Lenders, and (c) except as expressly set forth herein and in the other Loan Documents, the Administrative Agent shall not have any duty to disclose, and
shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity. The
Administrative Agent shall not be liable for any action taken or not taken 

  
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by it with the consent or at the request of the Required Lenders or in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have
knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any
statement, warranty or representation made in or in connection with 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, (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 or therein, other than to confirm receipt of items expressly required to be delivered to the
Administrative Agent. 
 The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any
notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed or sent by
the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may
consult with legal counsel (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. 
 The Administrative Agent may perform any and all its duties and exercise its rights and powers by or through any
one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights
and powers through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such
sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 

The Administrative Agent may resign at any time by notifying the Lenders, the Issuing Bank and the Borrower. Upon any such resignation, the
Required Lenders shall have the right, with the consent of the Borrower not to be unreasonably withheld (or, if an Event of Default has occurred and is continuing in consultation with the Borrower), to appoint a successor. If no successor shall have
been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent’s resignation shall nonetheless
become effective and (1) the 

  
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retiring Administrative Agent shall be discharged from its duties and obligations hereunder and (2) the Required Lenders shall perform the duties of the Administrative Agent (and all
payments and communications provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly) until such time as the Required Lenders appoint a successor agent as provided for above in this
paragraph. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring (or retired) Administrative
Agent and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder (if not already discharged therefrom as provided above in this paragraph). 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 Administrative Agent’s resignation hereunder, the provisions of this Article and Section 9.03 shall continue
in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as Administrative Agent. 
 Each
Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into
this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to
make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. 

Except as otherwise provided in Section 9.02(b) with respect to this Agreement, or Section 9.02(c) of this Agreement or
Section 10.03 of the Guarantee and Security Agreement with respect to the Security Documents, the Administrative Agent may, with the prior consent of the Required Lenders (but not otherwise), consent to any modification, supplement or waiver
under any of the Loan Documents, provided that, without the prior consent of each Lender, the Administrative Agent shall not (except as provided herein or in the Security Documents) release all or substantially all of the Collateral or
otherwise terminate all or substantially all of the Liens under any Security Document providing for collateral security, agree to additional obligations being secured by all or substantially all of such collateral security (except in connection with
securing additional obligations equally and ratably with the Loans and other obligations hereunder in accordance with the Guarantee and Security Agreement), alter the relative priorities of the obligations entitled to the benefits of the Liens
created under the Security Documents with respect to all or substantially all of the Collateral, except that no such consent shall be required, and the Administrative Agent is hereby authorized to (1) release any Lien covering property that is
the subject of either a disposition of property permitted hereunder or a disposition to which the Required Lenders have consented and (2) release from the Guarantee and Security Agreement any “Subsidiary Guarantor” (and any

  
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property of such Subsidiary Guarantor) that is designated as an “Unrestricted Subsidiary” in accordance with this Agreement or which ceases to be consolidated on the Borrower’s
financial statements and is no longer required to be a “Subsidiary Guarantor”, so long as in the case of this clause (2): (A) immediately after giving effect to any such release (and any concurrent acquisitions of Portfolio
Investments or payment of outstanding Indebtedness) the Covered Debt Amount does not exceed the Borrowing Base and the Borrower delivers a certificate of a Financial Officer to such effect to the Administrative Agent, (B) either (I) the
amount of any excess availability under the Borrowing Base immediately prior to such release is not diminished as a result of such release or (II) the Borrowing Base immediately after giving effect to such release is at least 110% of the
Covered Debt Amount and (C) no Event of Default has occurred and is continuing. 
 ARTICLE IX 

MISCELLANEOUS 
 SECTION
9.01. Notices; Electronic Communications. 
 (a) Notices Generally. Except in the case of notices and other communications
expressly permitted to be given by telephone, all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as
follows: 
 (i) if to the Borrower, to it at 9 West 57th Street, 37th Floor, New York, NY 10019, Attention of its Chief Financial Officer (Telecopy No. (212) 515-3441; Telephone No. (212) 515-3488); 

(ii) if to the Administrative Agent, to JPMorgan Chase Bank, N.A., 1111 Fannin Street, 10th Floor, Houston, Texas 77002-8069,
Attention of Missy Barbosa (Telecopy No. (713) 750-2223; Telephone No. (713) 750-3570); 

(iii) if to the Issuing Bank, to JPMorgan Chase Bank, N.A., Attention of Letter of Credit Department, 10420 Highland Manor
Drive, Floor 4, Tampa, FL 33610-9128, (Telecopy No. (813) 432-5162; Telephone No. (866) 632-5101); 
 (iv) if to
the Swingline Lender with respect to Swingline Loans denominated in Dollars, to JPMorgan Chase Bank, N.A., 1111 Fannin Street, 10th Floor, Houston, Texas 77002-8069, Attention of Missy Barbosa (Telecopy No.
(713) 750-2223; Telephone No. (713) 750-3570); 

  
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 (v) if to the Swingline Lender with respect to Swingline Loans denominated in
Foreign Currencies, to J.P. Morgan Europe Limited, 125 London Wall, London. EC2Y-5AJ, Attention: James Beard (Telecopy No. 011-44-207-777 2360/2085; Telephone No. 011-44-207 777 2355); and 

(vi) if to any other Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire. 

Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto. All notices
and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt. Notices delivered through electronic communications to the extent provided in
paragraph (b) below, shall be effective as provided in said paragraph (b). 
 (b) Electronic Communications. Notices and
other communications to the Lenders and the Issuing Bank 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 or the Issuing Bank pursuant to Article II if such Lender or the Issuing Bank, as applicable, has notified the Administrative Agent that it is
incapable of receiving notices under such Article by electronic communication. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to
procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications. Unless otherwise notified by the Administrative Agent to the Borrower, the Borrower may satisfy its obligation to
deliver documents or notices to the Administrative Agent or the Lenders under Sections 5.01 and 5.12(a) by delivering an electronic copy to: 12012443628@tls.ldsprod.com (or such other e-mail address as provided to the Borrower in a notice from the
Administrative Agent) (and the Administrative Agent shall promptly provide notice thereof to the Lenders) 
 Unless the Administrative Agent
otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested”
function, as available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have
been sent at the opening of business on the next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its
e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor. 

  
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 In no event shall the Administrative Agent or any Lender have any liability to the Borrower or
any other Person for damages of any kind (whether in tort contract or otherwise) arising out of any transmission of communications through the internet, except in the case of direct damages, to the extent such damages are determined by a court of
competent jurisdiction by final and nonappealable judgment to have resulted from the fraud, willful misconduct or gross negligence of such relevant Person. 

(c) Documents to be Delivered under Sections 5.01 and 5.12(a). For so long as an intralinks or equivalent website is available to
each of the Lenders hereunder, the Borrower may satisfy its obligation to deliver documents to the Administrative Agent or the Lenders under Sections 5.01 and 5.12(a) by delivering either an electronic copy to: 12012443628@tls.ldsprod.com (as
provided in clause (b) above) or a notice identifying the website where such information is located for posting by the Administrative Agent on IntralinksTM or such equivalent website, provided that the Administrative Agent shall have
no responsibility to maintain access to intralinks or an equivalent website. 
 SECTION 9.02. Waivers; Amendments. 

(a) No Deemed Waivers; Remedies Cumulative. No failure or delay by the Administrative Agent, the Issuing Bank or any Lender in
exercising any right or power hereunder 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, the Issuing Bank and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies that they would
otherwise have. No waiver of any provision of this Agreement or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or
consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default,
regardless of whether the Administrative Agent, any Lender or the Issuing Bank may have had notice or knowledge of such Default at the time. 

(b) Amendments to this Agreement. Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to
an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall 

(i) increase the Commitment of any Lender without the written consent of such Lender, 

  
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 (ii) reduce the principal amount of any Loan or LC Disbursement or reduce
the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender affected thereby, 

(iii) postpone the scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any interest
thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender affected thereby, 

(iv) change Section 2.17(b), (c) or (d) or Section 2.08(d) in a manner that would alter the pro rata
sharing of payments required thereby without the written consent of each Lender affected thereby, 
 (v) change any of the
provisions of this Section or in the definition of the term “Required Lenders” (except to add additional classes of Lenders thereto in connection with any additional class of Loans approved by the Required Lenders) or any other provision
hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender affected thereby; or 

(vi) extend the stated expiration date of any Letter of Credit beyond the Maturity Date without the written consent of each
Lender affected thereby. 
 provided further that (x) no such agreement shall amend, modify or otherwise affect the rights or duties of
the Administrative Agent, the Issuing Bank or the Swingline Lender hereunder without the prior written consent of the Administrative Agent, the Issuing Bank or the Swingline Lender, as the case may be and (y) the consent of Lenders holding not
less than two-thirds of the Revolving Credit Exposure and unused Commitments will be required (A) for any adverse change affecting the provisions of this Agreement relating to the determination of the Borrowing Base (excluding changes to the
provisions of Section 5.12(b)(iii), (iv) or (v), but including changes to the provisions of Section 5.12(c)(ii) and the definitions set forth in Section 5.13) unless otherwise expressly provided herein , and (B) for any
release of any material portion of the Collateral other than for fair value or as otherwise permitted hereunder or under the other Loan Documents. 

Anything in this Agreement to the contrary notwithstanding, no waiver or modification of any provision of this Agreement or any other Loan
Document that could reasonably be expected to adversely affect the Lenders of any Class in a manner that does not affect all Classes equally shall be effective against the Lenders of such Class unless the Required Lenders of such Class shall have
concurred with such waiver or modification. 

  
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 (c) Amendments to Security Documents. No Security Document nor any provision thereof may
be waived, amended or modified, nor may the Liens thereof be spread to secure any additional obligations (excluding (x) any such increase pursuant to a Commitment Increase under Section 2.08(e) and (y) the spreading of such Liens to
any Designated Indebtedness or Hedging Agreement Obligations (as such terms are defined in the Guarantee and Security Agreement)) except pursuant to an agreement or agreements in writing entered into by the Borrower, and by the Collateral Agent with
the consent of the Required Lenders; provided that, except as permitted by the Loan Documents, (i) without the written consent of each Lender, no such agreement shall release all or substantially all of the Obligors from their respective
obligations under the Security Documents and (ii) without the written consent of each Lender, no such agreement shall release all or substantially all of the collateral security or otherwise terminate all or substantially all of the Liens under
the Security Documents, alter the relative priorities of the obligations entitled to the Liens created under the Security Documents (except in connection with securing additional obligations equally and ratably with the Loans and other obligations
hereunder) with respect to all or substantially all of the collateral security provided thereby, or release all or substantially all of the guarantors under the Guarantee and Security Agreement from their guarantee obligations thereunder, except
that no such consent shall be required, and the Administrative Agent is hereby authorized (and so agrees with the Borrower) to direct the Collateral Agent under the Guarantee and Security Agreement, to (1) release any Lien covering property
(and to release any such guarantor) that is the subject of either a disposition of property permitted hereunder or a disposition to which the Required Lenders have consented and (2) release from the Guarantee and Security Agreement any
“Subsidiary Guarantor” (and any property of such Subsidiary Guarantor) that is designated an “Unrestricted Subsidiary” in accordance with this Agreement or which ceases to be consolidated on the Borrower’s financial
statements and is no longer required to be a “Subsidiary Guarantor,” so long as, in the case of this clause (2): (A) immediately after giving effect to any such release (and any concurrent acquisitions of Portfolio Investments or
payment of outstanding Indebtedness) the Covered Debt Amount does not exceed the Borrowing Base and the Borrower delivers a certificate of a Financial Officer to such effect to the Administrative Agent and Collateral Agent, (B) either
(I) the amount of any excess availability under the Borrowing Base immediately prior to such release is not diminished as a result of such release or (II) the Borrowing Base immediately after giving effect to such release is at least 110%
of the Covered Debt Amount and (C) no Event of Default has occurred and is continuing. 
 (d) Replacement of Non-Consenting
Lender. If, in connection with any proposed change, waiver, discharge or termination to any of the provisions of this Agreement as contemplated by this Section 9.02, the Borrower has obtained the consent of the Required Lenders but the
consent of one or more Lenders whose consent is required for such proposed change, waiver, discharge or termination is not obtained, then (so long as no Event of Default has occurred and is continuing) the Borrower shall have

  
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the right, at its sole cost and expense, to replace each such non-consenting Lender or Lenders with one or more replacement Lenders pursuant to Section 2.19(b) so long as at the time of such
replacement, each such replacement Lender consents to the proposed change, waiver, discharge or termination. 
 SECTION 9.03. Expenses;
Indemnity; Damage Waiver. 
 (a) Costs and Expenses. The Borrower shall pay (i) all reasonable
out-of-pocket expenses incurred by the Administrative Agent, the Collateral Agent and their Affiliates, including the reasonable fees, charges and disbursements of
counsel for the Administrative Agent and the Collateral Agent (but only one counsel for all such Persons together), in connection with the syndication of the credit facilities provided for herein, the preparation and administration of this Agreement
and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated) and, subject to the last sentence of this clause (a),
all costs and expenses of the Independent Valuation Provider, (ii) all reasonable out-of-pocket expenses incurred by the Issuing Bank in connection with the
issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder, (iii) all out-of-pocket expenses incurred by the
Administrative Agent, the Issuing Bank or any Lender, including the fees, charges and disbursements of (1) of one counsel to the Administrative Agent, (2) one counsel to the Issuing Bank, and (3) one counsel for all of the Lenders
together and, in the event of any actual or potential conflict of interest, any necessary additional counsel, in connection with the enforcement or protection of its rights in connection with this Agreement and the other Loan Documents, including
its rights under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect thereof, and (iv) and all
costs, expenses, taxes, assessments and other charges incurred in connection with any filing, registration, recording or perfection of any security interest contemplated by any Security Document or any other document referred to therein. Unless an
Event of Default has occurred and is continuing, the Borrower shall not be responsible for the reimbursement of any fees, costs and expenses of the Independent Valuation Provider incurred pursuant to Section 5.12(b)(iv), and the fees, costs and
expenses incurred in accordance with Section 5.06(b), in excess of $300,000.00 in the aggregate incurred for all such fees, costs and expenses in any 12-month period (the “IVP Supplemental Cap”). 

(b) Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent, the Collateral Agent, the Issuing Bank and
each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related
expenses (other than Taxes or Other Taxes which shall only be indemnified by the Borrower to the extent provided in Section 2.16), including the fees, charges and disbursements of any counsel for any Indemnitee (but

  
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only one counsel for all such Indemnitees that are similarly situated and, in the event of any actual or potential conflict of interest, any necessary additional counsel), incurred by or asserted
against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement or any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective
obligations hereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by the Issuing Bank to honor a demand for
payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit) or (iii) 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; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that
such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from (i) the willful misconduct or gross negligence of such Indemnitee or
(ii) a claim brought by the Borrower or any Obligor against such Indemnitee for breach in bad faith of such Indemnitee’s obligations under this Agreement or the other Loan Documents, if the Borrower or such Obligor has obtained a final and
nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction. 
 The Borrower shall not be liable to
any Indemnitee for any special, indirect, consequential or punitive damages arising out of, in connection with, or as a result of the Transactions asserted by an Indemnitee against the Borrower or any other Obligor, provided that the
foregoing limitation shall not be deemed to impair or affect the Obligations of the Borrower under the preceding provisions of this subsection. 

(c) Reimbursement by Lenders. To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative
Agent, the Issuing Bank or the Swingline Lender under paragraph (a) or (b) of this Section or to the extent that the fees, costs and expenses of the Independent Valuation Provider incurred pursuant to Section 5.12(b)(iv) exceed the
IVP Supplemental Cap for any 12-month period (provided that prior to incurring expenses in excess of the IVP Supplemental Cap, the Administrative Agent shall have afforded the Lenders an opportunity to consult with the Administrative Agent regarding
such expenses), (i) each Lender severally agrees to pay to the Administrative Agent such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid
amount and (ii) each Multicurrency Lender severally agrees to pay to the Issuing Bank or the Swingline Lender, as the case may be, such Lender’s Applicable Multicurrency 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, the Issuing Bank or the Swingline Lender in its capacity as such. 

  
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 (d) Waiver of Consequential Damages, Etc. To the extent permitted by applicable law, the
Borrower shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a
result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof. 

(e) Payments. All amounts due under this Section shall be payable promptly after written demand therefor. 

SECTION 9.04. Successors and Assigns. 

(a) Assignments 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 (including any Affiliate of the Issuing Bank that issues any Letter of Credit), except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations
hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations
hereunder except in accordance with this Section. 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 (including any
Affiliate of the Issuing Bank that issues any Letter of Credit) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Issuing Banks and the Lenders) any legal or equitable right, remedy or
claim under or by reason of this Agreement. 
 (b) Assignments by Lenders. 

(i) Assignments Generally. Subject to the conditions set forth in clause (ii) below, any Lender may assign to one or more assignees
all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans and LC Exposure at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld or
delayed) of: 
 (A) the Borrower, provided that no consent of the Borrower shall be required for an assignment to a
Lender, an Affiliate of a Lender, or, if an Event of Default has occurred and is continuing, any other assignee; and 
 (B)
the Administrative Agent and the Issuing Bank. 

  
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 (ii) Certain Conditions to Assignments. Assignments shall be subject to the following
additional conditions: 
 (A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of
the entire remaining amount of the assigning Lender’s Commitment or Loans and LC Exposure of a Class, the amount of the Commitment or Loans and LC Exposure of such Class of the assigning Lender subject to each such assignment (determined as of
the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than U.S. $5,000,000 unless each of the Borrower and the Administrative Agent otherwise consent (such consent not
to be unreasonably withheld, conditioned or delayed), provided that no such consent of the Borrower shall be required if an Event of Default has occurred and is continuing; 

(B) each partial assignment of any Class of Commitments or Loans and LC Exposure shall be made as an assignment of a
proportionate part of all the assigning Lender’s rights and obligations under this Agreement in respect of such Class of Commitments, Loans and LC Exposure; 

(C) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption in
substantially the form of Exhibit A hereto, together with a processing and recordation fee of U.S. $3,500 (which fee shall not be payable in connection with an assignment to a Lender or to an Affiliate of a Lender), for which the Borrower
and the Guarantors shall not be obligated; and 
 (D) the assignee, if it shall not already be a Lender of the applicable
Class, shall deliver to the Administrative Agent an Administrative Questionnaire. 
 (iii) Effectiveness of Assignments. Subject to
acceptance and recording thereof pursuant to paragraph (c) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest
assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its
obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be
entitled to the benefits of Sections 2.14, 2.15, 2.16 and 9.03 with respect to facts and circumstances occurring prior to the effective date of such assignment). Any assignment or transfer by a Lender of rights or obligations under this
Agreement that does not comply with this Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (f) of this Section (but only to
the extent such assignment or other transfer otherwise complies with the provisions of such paragraph). 

  
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 (c) Maintenance of Registers by Administrative Agent. The Administrative Agent, acting for
this purpose as an agent of the Borrower, shall maintain at one of its offices in New York City a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the
Commitments of, and principal amount of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Registers” and each individually, a “Register”). The entries in
the Registers shall be conclusive absent manifest error, and the Borrower, the Administrative Agent, the Issuing Bank and the Lenders may treat each Person whose name is recorded in the Registers pursuant to the terms hereof as a Lender hereunder
for all purposes of this Agreement, notwithstanding notice to the contrary. The Registers shall be available for inspection by the Borrower, the Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

 (d) Acceptance of Assignments by Administrative Agent. Upon its receipt of a duly completed Assignment and Assumption executed by
an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any
written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register. No assignment shall be effective
for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 
 (e) Special Purposes
Vehicles. Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”) may grant to a special purpose funding vehicle (an “SPC”) owned or administered by such Granting Lender,
identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower, the option to provide all or any part of any Loan that such Granting Lender would otherwise be obligated to make; provided
that (i) nothing herein shall constitute a commitment to make any Loan by any SPC, (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, subject to the
terms of this Agreement, make such Loan pursuant to the terms hereof, (iii) the rights of any such SPC shall be derivative of the rights of the Granting Lender, and such SPC shall be subject to all of the restrictions upon the Granting Lender
herein contained, and (iv) no SPC shall be entitled to the benefits of Sections 2.14 (or any other increased costs protection provision), 2.15 or 2.16. Each SPC shall be conclusively presumed to have made arrangements with its Granting
Lender for the exercise of voting and other rights hereunder in a manner which is acceptable to the SPC, the Administrative Agent, the Lenders and the Borrower, and each of the Administrative Agent, the Lenders and the Obligors shall be entitled to
rely upon and 

  
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deal solely with the Granting Lender with respect to Loans made by or through its SPC. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same
extent, and as if, such Loan were made by the Granting Lender. 
 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 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 or similar proceedings under the laws of the United States or any State thereof, in respect of claims arising out of this Agreement; provided that the
Granting Lender for each SPC hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage and expense arising out of their inability to institute any such proceeding against its SPC. In addition,
notwithstanding anything to the contrary contained in this Section, any SPC may (i) without the prior written consent of the Borrower and the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its
interests in any Loans to its Granting Lender or to any financial institutions providing liquidity and/or credit facilities to or for the account of such SPC to fund the Loans made by such SPC or to support the securities (if any) issued by such SPC
to fund such Loans (but nothing contained herein shall be construed in derogation of the obligation of the Granting Lender to make Loans hereunder); provided that neither the consent of the SPC or of any such assignee shall be required for
amendments or waivers hereunder except for those amendments or waivers for which the consent of participants is required under paragraph (f) below, and (ii) disclose on a confidential basis (in the same manner described in
Section 9.13(b)) any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of a surety, guarantee or credit or liquidity enhancement to such SPC. 

(f) Participations. Any Lender may, with the consent of the Borrower (such consent not to be unreasonably withheld or delayed), sell
participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement and the other Loan Documents (including all or a portion of its
Commitments and the Loans and LC Disbursements owing to it); provided that (i) the consent of the Borrower shall not be required if such Participant does not have the right to receive any non-public information that may be provided
pursuant to this Agreement (and the Lender selling such participation agrees with the Borrower at the time of the sale of such participation that it will not deliver such non-public information to the Participant), (ii) the consent of the
Borrower shall not be required for a participation to a Lender, an Affiliate of a Lender, or, if an Event of Default has occurred and is continuing, any other participant, (iii) such Lender’s obligations under this Agreement and the other
Loan Documents shall remain unchanged, (iv) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (v) the Borrower, the Administrative Agent, the Issuing Bank and the other
Lenders shall continue to deal solely and directly with such Lender in connection 

  
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with such Lender’s rights and obligations under this Agreement and the other Loan Documents. 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 the other Loan Documents and to approve any amendment, modification or waiver of any provision of this Agreement or any other Loan Document; provided that such
agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.02(b) that affects such Participant. Subject to
paragraph (g) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.14, 2.15 and 2.16 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant
to paragraph (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender, provided such Participant agrees to be subject to
Section 2.17(d) as though it were a Lender hereunder. 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 Commitments or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any
obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans 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 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. 
 (g) Limitations on Rights of Participants. A Participant shall not be entitled to receive any greater
payment under Section 2.14, 2.15 or 2.16 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the
Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.16 unless the Borrower is notified of the participation sold to such Participant and such
Participant agrees, for the benefit of the Borrower, to comply with paragraphs (e) and (f) of Section 2.16 as though it were a Lender and in the case of a Participant claiming exemption for portfolio interest under Section 871(h)
or 881(c) of the Code, the applicable Lender shall provide the Borrower with satisfactory evidence that the participation is in registered form and shall permit the Borrower to review such register as reasonably needed for the Borrower to comply
with its obligations under applicable laws and regulations. 

  
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 (h) Certain Pledges. Any Lender may at any time pledge or assign a security interest in
all or any portion of its rights under this Agreement to secure obligations of such Lender, including any such pledge or assignment to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest;
provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such assignee for such Lender as a party hereto. 

(i) No Assignments to Certain Persons. Anything in this Section to the contrary notwithstanding, no Lender may assign or participate any
interest in any Loan or LC Exposure held by it hereunder to the Borrower or any of its Affiliates or Subsidiaries or to any natural person, without the prior consent of each Lender. 

SECTION 9.05. Survival. All covenants, agreements, representations and warranties made by the Borrower herein and in the certificates
or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making of any Loans and
issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, the Issuing Bank or any Lender may have had notice or knowledge of any Default or
incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this
Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The provisions of Sections 2.14, 2.15, 2.16 and 9.03 and Article VIII shall survive and remain in
full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any
provision hereof. 
 SECTION 9.06. Counterparts; Integration; Effectiveness; Electronic Execution. 

(a) 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 and any separate letter agreements with respect to fees payable to the Administrative Agent
constitute the entire contract between and among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in
Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures

  
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of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed
counterpart of a signature page to this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. 

(b) Electronic Execution of Assignments. The words “execution,” “signed,” “signature,” and words of like
import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or
the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and
Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 
 SECTION 9.07. Severability. Any
provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and
enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

SECTION 9.08. Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is
hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time
owing by such Lender or Affiliate to or for the credit or the account of the Borrower against any of and all the obligations of the Borrower now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such
Lender shall have made any demand under this Agreement and although such obligations may be unmatured. The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may
have. 
 SECTION 9.09. Governing Law; Jurisdiction; Etc. 

(a) Governing Law. This Agreement shall be construed in accordance with and governed by the law of the State of New York. 

(b) Submission to Jurisdiction. The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the
exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York in Manhattan, and any appellate court from any thereof, in any action or
proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the 

  
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parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent
permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided
by law. Nothing in this Agreement shall affect any right that the Administrative Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against the Borrower or its properties in the
courts of any jurisdiction. 
 (c) Waiver of Venue. The Borrower hereby irrevocably and unconditionally waives, to the fullest extent
it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (b) of this
Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Service of Process. Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in
Section 9.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

SECTION 9.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT
IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

SECTION 9.11. Judgment Currency. This is an international loan transaction in which the specification of Dollars or any Foreign
Currency, as the case may be (the “Specified Currency”), and payment in New York City or the country of the Specified Currency, as the case may be (the “Specified Place”), is of the essence, and the Specified
Currency shall be the currency of account in all events relating to Loans denominated in the Specified Currency. The payment 

  
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obligations of the Borrower under this Agreement shall not be discharged or satisfied by an amount paid in another currency or in another place, whether pursuant to a judgment or otherwise, to
the extent that the amount so paid on conversion to the Specified Currency and transfer to the Specified Place under normal banking procedures does not yield the amount of the Specified Currency at the Specified Place due hereunder. If for the
purpose of obtaining judgment in any court it is necessary to convert a sum due hereunder in the Specified Currency into another currency (the “Second Currency”), the rate of exchange that shall be applied shall be the rate at which
in accordance with normal banking procedures the Administrative Agent could purchase the Specified Currency with the Second Currency on the Business Day next preceding the day on which such judgment is rendered. The obligation of the Borrower in
respect of any such sum due from it to the Administrative Agent or any Lender hereunder or under any other Loan Document (in this Section called an “Entitled Person”) shall, notwithstanding the rate of exchange actually applied in
rendering such judgment, be discharged only to the extent that on the Business Day following receipt by such Entitled Person of any sum adjudged to be due hereunder in the Second Currency such Entitled Person may in accordance with normal banking
procedures purchase and transfer to the Specified Place the Specified Currency with the amount of the Second Currency so adjudged to be due; and the Borrower hereby, as a separate obligation and notwithstanding any such judgment, agrees to indemnify
such Entitled Person against, and to pay such Entitled Person on demand, in the Specified Currency, the amount (if any) by which the sum originally due to such Entitled Person in the Specified Currency hereunder exceeds the amount of the Specified
Currency so purchased and transferred. 
 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. Treatment of Certain Information; Confidentiality. 

(a) Treatment of Certain Information. The Borrower acknowledges that from time to time financial advisory, investment banking and other
services may be offered or provided to the Borrower or one or more of its Subsidiaries (in connection with this Agreement or otherwise) by any Lender or by one or more subsidiaries or affiliates of such Lender and the Borrower hereby authorizes each
Lender to share any information delivered to such Lender by the Borrower and its Subsidiaries pursuant to this Agreement, or in connection with the decision of such Lender to enter into this Agreement, to any such subsidiary or affiliate, it being
understood that any such subsidiary or affiliate receiving such information shall be bound by the provisions of paragraph (b) of this Section as if it were a Lender hereunder. Such authorization shall survive the repayment of the Loans, the
expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any provision hereof. 

  
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 (b) Confidentiality. Each of the Administrative Agent, the Lenders and the Issuing Bank
agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents,
advisors and other representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent
requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any
other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or
thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations
under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) with the consent of the Borrower or (h) to the extent such
Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, any Lender, the Issuing Bank or any of their respective Affiliates on a nonconfidential
basis from a source other than the Borrower. 
 For purposes of this Section, “Information” means all information received
from the Borrower or any of its Subsidiaries relating to the Borrower or any of its Subsidiaries or any of their respective businesses or assets, other than any such information that is available to the Administrative Agent, any Lender or the
Issuing Bank on a nonconfidential basis prior to disclosure by the Borrower or any of its Subsidiaries. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its
obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

SECTION 9.14. USA PATRIOT Act. Each Lender hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act
(Title III of Pub. L. 107-56 (signed into law October 26, 2001)), it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information
that will allow such Lender to identify the Borrower in accordance with said Act. 
 SECTION 9.15. No Fiduciary Duty. Each Lender and
their Affiliates (collectively, solely for purposes of this paragraph, the “Lenders”), may have economic interests that conflict with those of the Obligors, their stockholders and/or their affiliates. Each Obligor agrees that nothing in
the Agreement or the Advance Documents or otherwise will be deemed to create an advisory, fiduciary or 

  
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agency relationship or fiduciary or other implied duty between any Lender, on the one hand, and such Obligor, its stockholders or its affiliates, on the other. The Obligors acknowledge and agree
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 Obligors, 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 Obligor, its stockholders or its affiliates with respect to the transactions
contemplated hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Lender has advised, is currently advising or will advise any Obligor, its stockholders or its Affiliates on
other matters) or any other obligation to any Obligor except the obligations expressly set forth in the Advance Documents and (y) each Lender is acting solely as principal and not as the agent or fiduciary of any Obligor, its management,
stockholders, creditors or any other Person. Each Obligor acknowledges and agrees that it has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with
respect to such transactions and the process leading thereto. Each Obligor agrees that it will not claim that any Lender has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to such Obligor, in connection with
such transaction or the process leading thereto. 
 SECTION 9.16. Consent to Certain Amendments and Amendment and Restatement. To the
extent required hereby (if at all), each Lender hereby consents to the Guarantee and Security Agreement and the making by the Borrower of any amendment or other modification to any term or provision of any Designated Indebtedness to the extent such
change mirrors a change made by this Agreement that is more favorable to the Borrower than to a parallel term or provision of the Existing Credit Agreement (provided that the foregoing shall not be deemed a consent by any Lender to any term of any
Designated Indebtedness that would not be permitted by the other provisions of this Agreement). It is the intention of each of the parties hereto that the Existing Credit Agreement be amended and restated in its entirety pursuant hereto so as to
preserve and continue the perfection and priority of all Liens securing the “Secured Obligations” under the Loan Documents and that all “Secured Obligations” of the Borrower and the Subsidiary Guarantors hereunder shall be
secured by the Liens evidenced under the Security Documents and that this Agreement does not constitute a novation or termination of the Indebtedness and obligations existing under the Existing Credit Agreement (or serve to terminate
Section 9.03 of the Existing Credit Agreement or any of the Borrower’s obligations thereunder with respect to the Lenders under the Existing Credit Agreement). In addition, unless specifically amended hereby, each of the Loan Documents
shall continue in full force and effect and that, from and after the Restatement Effective Date, all references to the “Credit Agreement” contained therein shall be deemed to refer to this Agreement. 

  
 Revolving Credit
Agreement 
 - 129 - 

 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. 
  

			
	 APOLLO INVESTMENT CORPORATION

		
	 By:
	 	
		 	  

		 	Name:
		 	Title:

  
 Revolving Credit
Agreement 
 - 130 - 

 LENDERS 

  
 Revolving Credit
Agreement 
 - 131 - 

 SCHEDULE I 

Schedule of Commitments 
 [On file
with the Administrative Agent] 
 Schedule I to Revolving Credit Agreement 

 SCHEDULE II 

Material Agreements and Liens 

[See Section 3.11 and Section 6.02(b)] 

Part A – Material Agreements 
 The
Loan Documents and any material agreements disclosed in the public filings made by the Borrower with the Securities and Exchange Agreement. 
 Part B
– Liens 
 Liens under the Loan Documents. 

Schedule II to Revolving Credit Agreement 

 SCHEDULE III 

Indebtedness 
 [See
Section 6.01(i)] 
 None. 

Schedule III to Revolving Credit Agreement 

 SCHEDULE IV 

Subsidiaries and Non-Consolidated Subsidiaries 

[See Section 3.12] 
 None.

 Schedule IV to Revolving Credit Agreement 

 SCHEDULE V 

Transactions with Affiliates 

[See Section 6.08] 
  

	1.	Amended and Restated Administration Agreement, dated March 18, 2010, between the Borrower and Apollo Investment Administration, LLC. 

 

	2.	Amended and Restated Investment Advisory Management Agreement, dated March 18, 2010 between the Borrower and Apollo Investment Management, L.P. 

 

	3.	Amended and Restated Trademark License Agreement dated May 14, 2012, between the Borrower and Apollo Management, L.P., as amended. 

Schedule V to Revolving Credit Agreement 

 SCHEDULE VI 

Moody’s Industry Classification Group List 

[See definition of “Industry Classification Group” in Section 1.01] 

 

	 	•	 	Aerospace and Defense 

  

	 	•	 	Auto sector 

  

	 	•	 	Aviation 

  

	 	•	 	Banking 

  

	 	•	 	Beverage, Food and Tobacco 

  

	 	•	 	Broadcasting and entertainment 

  

	 	•	 	Building materials 

  

	 	•	 	Buildings and real estate 

  

	 	•	 	Business services 

  

	 	•	 	Cable television 

  

	 	•	 	Cargo Transport 

  

	 	•	 	Chemicals, Plastics and Rubber 

  

	 	•	 	Communications 

  

	 	•	 	Containers, packaging and glass 

  

	 	•	 	Consumer products 

  

	 	•	 	Distribution 

  

	 	•	 	Diversified / Conglomerate Manufacturing 

  

	 	•	 	Diversified / Conglomerate Service 

  

	 	•	 	Diversified Investment Vehicles 

  

	 	•	 	Diversified Natural Resources, Precious Metals and Minerals 

  

	 	•	 	Ecological 

  

	 	•	 	Education 

  

	 	•	 	Electronics 

  

	 	•	 	Energy/Utilities 

  

	 	•	 	Environmental services 

  

	 	•	 	Farming and Agriculture 

  

	 	•	 	Finance 

	 	•	 	Financial services 

  

	 	•	 	Food 

  

	 	•	 	Grocery 

  

	 	•	 	Healthcare, Education and Childcare 

  

	 	•	 	Home and Office Furnishings, Housewares and Durable Consumer Products 

  

	 	•	 	Homebuilding 

  

	 	•	 	Hotels, Motels, Inns and Gaming 

  

	 	•	 	Insurance 

  

	 	•	 	Leisure, Amusement, Motion Pictures, Entertainment 

  

	 	•	 	Lodging/Leisure/ Resorts 

  

	 	•	 	Machinery (Non-Agriculture, Non-Construction and Non-Electronic) 

  

	 	•	 	Manufacturing/Basic industry 

  

	 	•	 	Media 

  

	 	•	 	Mining, Steel, Iron and Non-Precious Metals 

  

	 	•	 	Oil and Gas 

  

	 	•	 	Packaging 

  

	 	•	 	Personal and Non-Durable Consumer Products (Manufacturing Only) 

  

	 	•	 	Personal, Food and Miscellaneous Services 

  

	 	•	 	Personal Transportation 

  

	 	•	 	Printing and Publishing 

  

	 	•	 	Restaurants 

  

	 	•	 	Retail 

  

	 	•	 	Retail Store 

  

	 	•	 	Telecommunications 

  

	 	•	 	Textiles and Leather 

  

	 	•	 	Transportation 

  

	 	•	 	Utilities 

 

  
 Schedule VI to
Revolving Credit Agreement 

 EXHIBIT C 

SCHEDULE VII 
 Approved Dealers and
Pricing Services 
 [See definition of “Approved Dealers” and 

“Approved Pricing Services” in Section 1.01] 

Part A – Approved Dealers 
 Bank of
America / Merrill Lynch 
 Bank of Montreal 

Bank of New York 
 Barclays Bank,
Plc. 
 BNP Paribas 
 BTIG 

Cantor Fitzgerald 
 CIBC 

CapRok Capital LLC 
 Chapdelaine
Corp Securities 
 Citigroup 

Commerzbank / Dresdner 
 Credit
Agricole CIB 
 Credit Suisse First Boston 

CRT Capital Group LLC 
 Deutsche
Bank 
 FTN Financial 
 GE
Commercial Finance 
 GMP Securities 

Goldman Sachs & Co. 

Guggenheim 
 HSBC Bank, Plc. 

Imperial Capital 
 Janney
Montgomery Scott LLC 
 Jefferies & Co. 

JP Morgan 
 Key Bank 

Lazard 
 Macquarie Capital 

Mistubishi UFJ Securities, USA 

Mitsui Securities 
 Mizuho
Corporate Bank 
 Schedule VI to Revolving Credit Agreement 

 Morgan Stanley 

Natixis 
 Nomura 

Oppenheimer 
 Prince Ridge 

Raymond James 
 RBC 

RBS 
 Scotia 

Société Générale 

Standard Chartered Bank 
 Sterne
Agee 
 Stifel, Nicolaus & Co., Inc. 

Suntrust 
 SunTrust Robinson
Humphrey 
 TD Securities 
 UBS
Group 
 Wells / Wachovia Bank 
 Part B
– Approved Pricing Services 
 Bloomberg 
 FT
Interactive Data Corp. 
 Loan Pricing Corp. 
 Markit 

Schedule VI to Revolving Credit Agreement 

  
 - 2 -EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
  

 
 NATURAL RESOURCE PARTNERS L.P. 

NRP FINANCE CORPORATION 
  

 
 9.125% SENIOR
NOTES DUE 2018 
  
  

INDENTURE 
 Dated as of
September 18, 2013 
  
  

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

As Trustee 
  

 

 CROSS-REFERENCE TABLE* 

 

					
	 Trust Indenture

Act Section
	  	Indenture
Section	 
	 310(a)(1)
	  	 	7.10	  
	 (a)(2)
	  	 	7.10	  
	 (a)(3)
	  	 	N/A	  
	 (a)(4)
	  	 	N/A	  
	 (a)(5)
	  	 	7.10	  
	 (b)
	  	 	7.10	  
	 (c)
	  	 	N/A	  
	 311(a)
	  	 	7.11	  
	 (b)
	  	 	7.11	  
	 (c)
	  	 	N/A	  
	 312(a)
	  	 	2.05	  
	 (b)
	  	 	11.03	  
	 (c)
	  	 	11.03	  
	 313(a)
	  	 	7.06	  
	 (b)(1)
	  	 	7.06	  
	 (b)(2)
	  	 	7.06, 7.07	  
	 (c)
	  	 	7.06, 11.02	  
	 (d)
	  	 	7.06	  
	 314(a)
	  	 	4.03, 4.04, 11.02	  
	 (b)
	  	 	N/A	  
	 (c)(1)
	  	 	11.04	  
	 (c)(2)
	  	 	11.04	  
	 (c)(3)
	  	 	N/A	  
	 (d)
	  	 	N/A	  
	 (e)
	  	 	11.05	  
	 (f)
	  	 	N/A	  
	 315(a)
	  	 	7.01	  
	 (b)
	  	 	7.05, 11.02	  
	 (c)
	  	 	7.01	  
	 (d)
	  	 	7.01	  
	 (e)
	  	 	6.11	  
	 316(a)(last sentence)
	  	 	2.08	  
	 (a)(1)(A)
	  	 	6.05	  
	 (a)(1)(B)
	  	 	6.04	  
	 (a)(2)
	  	 	N/A	  
	 (b)
	  	 	6.07	  
	 (c)
	  	 	9.04	  
	 317(a)(1)
	  	 	6.08	  
	 (a)(2)
	  	 	6.09	  
	 (b)
	  	 	2.04	  
	 318(a)
	  	 	11.01	  
	 (b)
	  	 	N/A	  
	 (c)
	  	 	11.01	  

  

N/A means not applicable. 
 *This
Cross-Reference Table is not part of the Indenture. 

  
 i 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1
	 		  			
	 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	  
	 Section 1.01.
	 	Definitions.	  	 	1	  
	 Section 1.02.
	 	Other Definitions.	  	 	27	  
	 Section 1.03.
	 	Incorporation by Reference of Trust Indenture Act.	  	 	28	  
	 Section 1.04.
	 	Rules of Construction.	  	 	28	  
			
	 ARTICLE 2
	 		  			
	 THE NOTES
	  	 	29	  
	 Section 2.01.
	 	Form and Dating.	  	 	29	  
	 Section 2.02.
	 	Execution and Authentication.	  	 	29	  
	 Section 2.03.
	 	Registrar and Paying Agent.	  	 	30	  
	 Section 2.04.
	 	Paying Agent to Hold Money in Trust.	  	 	30	  
	 Section 2.05.
	 	Noteholder Lists.	  	 	30	  
	 Section 2.06.
	 	Transfer and Exchange.	  	 	31	  
	 Section 2.07.
	 	Replacement Notes.	  	 	31	  
	 Section 2.08.
	 	Outstanding Notes.	  	 	31	  
	 Section 2.09.
	 	Temporary Notes.	  	 	32	  
	 Section 2.10.
	 	Cancellation.	  	 	32	  
	 Section 2.11.
	 	Defaulted Interest.	  	 	32	  
	 Section 2.12.
	 	CUSIP Numbers.	  	 	32	  
	 Section 2.13.
	 	Issuance of Additional Notes.	  	 	32	  
			
	 ARTICLE 3
	 		  			
	 REDEMPTION AND PREPAYMENT
	  	 	33	  
	 Section 3.01.
	 	Notices to Trustee.	  	 	33	  
	 Section 3.02.
	 	Selection of Notes to Be Redeemed.	  	 	33	  
	 Section 3.03.
	 	Notice of Redemption.	  	 	34	  
	 Section 3.04.
	 	Effect of Notice of Redemption.	  	 	35	  
	 Section 3.05.
	 	Deposit of Redemption Price.	  	 	35	  
	 Section 3.06.
	 	Notes Redeemed in Part.	  	 	35	  
	 Section 3.07.
	 	Optional Redemption.	  	 	36	  
	 Section 3.08.
	 	Mandatory Redemption.	  	 	37	  
	 Section 3.09.
	 	Offer to Purchase by Application of Excess Proceeds.	  	 	37	  
			
	 ARTICLE 4
	 		  			
	 COVENANTS
	  	 	38	  
	 Section 4.01.
	 	Payment of Notes.	  	 	38	  
	 Section 4.02.
	 	Maintenance of Office or Agency.	  	 	39	  
	 Section 4.03.
	 	Reports.	  	 	39	  
	 Section 4.04.
	 	Compliance Certificate.	  	 	40	  
	 Section 4.05.
	 	Taxes.	  	 	41	  

  
 ii 

							
	 Section 4.06.
	 	Stay, Extension and Usury Laws.	  	 	41	  
	 Section 4.07.
	 	Limitation on Restricted Payments.	  	 	41	  
	 Section 4.08.
	 	Limitation on Dividend and Other Payment Restrictions Affecting Subsidiaries.	  	 	45	  
	 Section 4.09.
	 	Limitation on Incurrence of Indebtedness and Issuance of Disqualified Equity Interests.	  	 	47	  
	 Section 4.10.
	 	Limitation on Asset Sales.	  	 	50	  
	 Section 4.11.
	 	Limitation on Transactions with Affiliates.	  	 	52	  
	 Section 4.12.
	 	Limitation on Liens.	  	 	53	  
	 Section 4.13.
	 	Additional Subsidiary Guarantees.	  	 	53	  
	 Section 4.14.
	 	Corporate Existence.	  	 	54	  
	 Section 4.15.
	 	Offer to Repurchase Upon Change of Control.	  	 	54	  
	 Section 4.16.
	 	Designation of Restricted and Unrestricted Subsidiaries.	  	 	57	  
	 Section 4.17.
	 	Business Activities.	  	 	57	  
	 Section 4.18.
	 	Covenant Suspension.	  	 	57	  
			
	 ARTICLE 5
	 		  			
	 SUCCESSORS
	  	 	58	  
	 Section 5.01.
	 	Merger, Consolidation, or Sale of Assets.	  	 	58	  
	 Section 5.02.
	 	Successor Substituted.	  	 	60	  
			
	 ARTICLE 6
	 		  			
	 DEFAULTS AND REMEDIES
	  	 	60	  
	 Section 6.01.
	 	Events of Default.	  	 	60	  
	 Section 6.02.
	 	Acceleration.	  	 	63	  
	 Section 6.03.
	 	Other Remedies.	  	 	63	  
	 Section 6.04.
	 	Waiver of Past Defaults.	  	 	63	  
	 Section 6.05.
	 	Control by Majority.	  	 	63	  
	 Section 6.06.
	 	Limitation on Suits.	  	 	64	  
	 Section 6.07.
	 	Rights of Holders of Notes to Receive Payment.	  	 	64	  
	 Section 6.08.
	 	Collection Suit by Trustee.	  	 	64	  
	 Section 6.09.
	 	Trustee May File Proofs of Claim.	  	 	65	  
	 Section 6.10.
	 	Priorities.	  	 	65	  
	 Section 6.11.
	 	Undertaking for Costs.	  	 	66	  
			
	 ARTICLE 7
	 		  			
	 TRUSTEE
	  	 	66	  
	 Section 7.01.
	 	Duties of Trustee.	  	 	66	  
	 Section 7.02.
	 	Rights of Trustee.	  	 	67	  
	 Section 7.03.
	 	Individual Rights of Trustee.	  	 	68	  
	 Section 7.04.
	 	Trustee’s Disclaimer.	  	 	68	  
	 Section 7.05.
	 	Notice of Defaults.	  	 	69	  
	 Section 7.06.
	 	Reports by Trustee to Holders of the Notes.	  	 	69	  
	 Section 7.07.
	 	Compensation and Indemnity.	  	 	69	  
	 Section 7.08.
	 	Replacement of Trustee.	  	 	70	  
	 Section 7.09.
	 	Successor Trustee by Merger, etc.	  	 	71	  
	 Section 7.10.
	 	Eligibility; Disqualification.	  	 	71	  
	 Section 7.11.
	 	Preferential Collection of Claims Against Issuers.	  	 	72	  

  
 iii 

							
			
	 ARTICLE 8
	 		  			
	 LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  	 	72	  
	 Section 8.01.
	 	Option to Effect Legal Defeasance or Covenant Defeasance.	  	 	72	  
	 Section 8.02.
	 	Legal Defeasance and Discharge.	  	 	72	  
	 Section 8.03.
	 	Covenant Defeasance.	  	 	73	  
	 Section 8.04.
	 	Conditions to Legal or Covenant Defeasance.	  	 	73	  
	 Section 8.05.
	 	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.	  	 	74	  
	 Section 8.06.
	 	Repayment to Issuers.	  	 	75	  
	 Section 8.07.
	 	Reinstatement.	  	 	75	  
	 Section 8.08.
	 	Discharge.	  	 	76	  
			
	 ARTICLE 9
	 		  			
	 AMENDMENT, SUPPLEMENT AND WAIVER
	  	 	77	  
	 Section 9.01.
	 	Without Consent of Holders of Notes.	  	 	77	  
	 Section 9.02.
	 	With Consent of Holders of Notes.	  	 	78	  
	 Section 9.03.
	 	Compliance with Trust Indenture Act.	  	 	79	  
	 Section 9.04.
	 	Effect of Consents.	  	 	79	  
	 Section 9.05.
	 	Notation on or Exchange of Notes.	  	 	79	  
	 Section 9.06.
	 	Trustee to Sign Amendments, etc.	  	 	79	  
			
	 ARTICLE 10
	 		  			
	 GUARANTEES OF NOTES
	  	 	80	  
	 Section 10.01.
	 	Subsidiary Guarantees.	  	 	80	  
	 Section 10.02.
	 	Execution and Delivery of Subsidiary Guarantee	  	 	81	  
	 Section 10.03.
	 	Guarantors May Consolidate, etc., on Certain Terms.	  	 	81	  
	 Section 10.04.
	 	Releases of Subsidiary Guarantees.	  	 	81	  
	 Section 10.05.
	 	Limitation on Guarantor Liability.	  	 	82	  
	 Section 10.06.
	 	“Trustee” to Include Paying Agent.	  	 	82	  
			
	 ARTICLE 11
	 		  			
	 MISCELLANEOUS
	  	 	82	  
	 Section 11.01.
	 	Trust Indenture Act Controls.	  	 	82	  
	 Section 11.02.
	 	Notices.	  	 	83	  
	 Section 11.03.
	 	Communication by Holders of Notes with Other Holders of Notes.	  	 	84	  
	 Section 11.04.
	 	Certificate and Opinion as to Conditions Precedent.	  	 	84	  
	 Section 11.05.
	 	Statements Required in Certificate or Opinion.	  	 	84	  
	 Section 11.06.
	 	Rules by Trustee and Agents.	  	 	84	  
	 Section 11.07.
	 	No Personal Liability of Directors, Officers, Employees and Unitholders and No Recourse to General Partner.	  	 	85	  
	 Section 11.08.
	 	Governing Law.	  	 	85	  
	 Section 11.09.
	 	No Adverse Interpretation of Other Agreements.	  	 	85	  
	 Section 11.10.
	 	Successors.	  	 	85	  
	 Section 11.11.
	 	Severability.	  	 	85	  
	 Section 11.12.
	 	Table of Contents, Headings, etc.	  	 	85	  

  
 iv 

							
	 Section 11.13.
	 	Counterparts.	  	 	85	  
	 Section 11.14.
	 	Acts of Holders.	  	 	86	  
	 Section 11.15.
	 	Patriot Act.	  	 	87	  

  
 v 

 APPENDIX AND ANNEXES 

 

							
	 RULE 144A/REGULATION S APPENDIX
	  	 	App. - 1	  
			
		  	EXHIBIT 1    Form of Initial Note	  			
			
	 ANNEX A
	  	Form of Supplemental Indenture	  	 	A - 1	  

  
 vi 

 This Indenture, dated as of September 18, 2013, is among Natural Resource Partners
L.P., a Delaware limited partnership (the “Company”), NRP Finance Corporation., a Delaware corporation (“Finance Corp.” and, together with the Company, the “Issuers”) and Wells Fargo Bank, National
Association, a national banking association, as trustee (the “Trustee”). 
 The Issuers, the Guarantors (as defined
below), if any, and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders of the Issuers’ Initial Notes, Exchange Notes and Additional Notes: 

ARTICLE 1 
 DEFINITIONS
AND INCORPORATION 
 BY REFERENCE 

Section 1.01. Definitions. 

“Acquired Debt” means, with respect to any specified Person: 

(1) Indebtedness of any other Person existing at the time such other Person was merged with or into or became a Subsidiary of
such specified Person, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging with or into, or becoming a Subsidiary of, such specified Person, but excluding Indebtedness which is
extinguished, retired or repaid in connection with such Person merging with or into or becoming a Subsidiary of such specified Person; and 

(2) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person. 

“Additional Interest” means all additional interest then owing pursuant to Section 2(d) of the Registration Rights
Agreement referred to in clause (1) of the definition of “Registration Rights Agreement” in the Appendix. Unless the context indicates otherwise, all references to “interest” in this Indenture or the Notes shall be deemed to
include any Additional Interest to the extent then applicable. 
 “Additional Notes” means, subject to the Company’s
compliance with Section 4.09, 9.125% Senior Notes due 2018 issued from time to time after the Initial Issuance Date under the terms of this Indenture (other than pursuant to Section 2.06, 2.07, 2.09 or 3.06 of this Indenture and other than
Exchange Notes issued pursuant to a Registered Exchange Offer for other Notes outstanding under this Indenture). 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of
the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise; provided, however, that beneficial ownership of 10% or more of the Voting Stock of a Person will be deemed to be controlled by
the other Person; and provided, further, that any third Person which also beneficially owns 10% or more of the Voting Stock of a specified Person shall not be deemed to be an Affiliate of either the specified Person or the other Person merely

  
 1 

 
because of such common ownership in such specified Person. For purposes of this definition, the terms “controlling,” “controlled by” and “under common control with”
have correlative meanings. 
 “Agent” means any Registrar or Paying Agent. 

“Agent Members” has the meaning provided in the Appendix. 

“Applicable Law,” except as the context may otherwise require, means all applicable laws, rules, regulations, ordinances,
judgments, decrees, injunctions, writs and orders of any court or governmental or congressional agency or authority and rules, regulations, orders, licenses and permits of any United States federal, state, municipal, regional or other governmental
body, instrumentality, agency or authority. 
 “Applicable Procedures” means, with respect to any transfer or exchange of
beneficial interests in a Global Note, the rules and procedures of the Depository that apply to such transfer and exchange. 

“Asset Sale” means: 

(1) the sale, lease, conveyance or other disposition of any properties or assets (including by way of a Sale and Leaseback
Transaction); provided that the disposition of all or substantially all of the properties or assets of the Company and its Restricted Subsidiaries taken as a whole will be governed by the provisions of Section 4.15 and/or the provisions of
Section 5.01 and not by the provisions of Section 4.10; and 
 (2) the issuance of Equity Interests in any of the
Company’s Restricted Subsidiaries or the sale of Equity Interests in any of its Restricted Subsidiaries. 
 Notwithstanding the
preceding, the following items will not be deemed to be Asset Sales: 
 (1) any single transaction or series of related
transactions that involves properties or assets having a fair market value of less than $20.0 million; 
 (2) a transfer of
assets between or among any of the Company and its Restricted Subsidiaries; 
 (3) an issuance or sale of Equity Interests by
a Restricted Subsidiary to the Company or to another Restricted Subsidiary of the Company; 
 (4) the disposition of
equipment, inventory, accounts receivable, Hydrocarbons or other assets in the ordinary course of business; 
 (5) the
disposition of cash or Cash Equivalents, Hedging Obligations or other financial instruments in the ordinary course of business; 

(6) a Restricted Payment that is permitted by Section 4.07 or a Permitted Investment; 

  
 2 

 (7) any trade or exchange by the Company or any Restricted Subsidiary of
the Company of properties or assets for properties or assets owned or held by another Person, provided that the fair market value of the properties or assets traded or exchanged by the Company or such Restricted Subsidiary (together with any cash)
is reasonably equivalent to the fair market value of the properties or assets (together with any cash) to be received by the Company or such Restricted Subsidiary, and provided further that any cash received must be applied in accordance with
the provisions of Section 4.10; 
 (8) the creation or perfection of a Lien that is not prohibited by
Section 4.12; 
 (9) dispositions in connection with Permitted Liens; 

(10) surrender or waiver of contract rights or the settlement, release or surrender of contract, tort or other claims of any
kind; 
 (11) the abandonment, farmout, lease or sublease of developed or undeveloped coal or other Hydrocarbon or mineral
reserves or properties in the ordinary course of business; 
 (12) the sale or transfer (whether or not in the ordinary
course of business) of any coal, oil and gas or mineral property or interest to which no proven and probable reserves are attributable at the time of such sale or transfer; and 

(13) the grant in the ordinary course of business of any non-exclusive license or sublicense of patents, trademarks,
registrations therefor and other similar intellectual property. 
 “Attributable Debt” in respect of a Sale and Leaseback
Transaction means, at the time of determination, the present value of the obligation of the lessee for net rental payments during the remaining term of the lease included in such Sale and Leaseback Transaction including any period for which such
lease has been extended or may, at the option of the lessor, be extended. Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP; provided that if
such Sale and Leaseback Transaction constitutes a Capital Lease Obligation, the amount of Indebtedness represented thereby will be determined in accordance with the definition of “Capital Lease Obligation.” As used in the preceding
sentence, the “net rental payments” under any lease for any such period shall mean the sum of rental and other payments required to be paid with respect to such period by the lessee thereunder, excluding any amounts required to be paid by
such lessee on account of maintenance and repairs, insurance, taxes, assessments, water rates or similar charges. In the case of any lease that is terminable by the lessee upon payment of penalty, such net rental payment shall also include the
amount of such penalty, but no rent shall be considered as required to be paid under such lease subsequent to the first date upon which it may be so terminated. 

“Available Cash” has the meaning assigned to such term in the Partnership Agreement, as in effect on the date of this
Indenture. 

  
 3 

 “Bankruptcy Law” means Title 11, United States Code, as may be amended from time
to time, or any similar federal or state law for the relief of debtors. 
 “Beneficial Owner” has the meaning assigned to
such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will
be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only upon the occurrence of a
subsequent condition. The terms “Beneficially Owns” and “Beneficially Owned” have correlative meanings. For purposes of this definition, a Person shall be deemed not to Beneficially Own securities that are the subject of a stock
purchase agreement, merger agreement, amalgamation agreement, arrangement agreement or similar agreement until consummation of the transactions or, as applicable, series of related transactions contemplated thereby. 

“Board of Directors” means: 

(1) with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on
behalf of such board; 
 (2) with respect to a partnership, the board of directors or board of managers of the general
partner of the partnership or, if such general partner is itself a limited partnership, then the board of directors or board of managers of its general partner; 

(3) with respect to a limited liability company, the board of managers or directors, the managing member or members or any
controlling committee of managing members thereof; and 
 (4) with respect to any other Person, the board or committee of
such Person serving a similar function. 
 “Board Resolution” means a copy of a resolution certified by the Secretary or an
Assistant Secretary of the applicable Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

“Business Day” means each day that is not a Saturday, Sunday or other day on which commercial banks in New York, New York or
Houston, Texas are authorized or required by law to remain closed. 
 “Capital Lease Obligation” means, at the time any
determination is to be made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP. Notwithstanding the foregoing, any lease (whether entered into
before or after the date of this Indenture) that would have been classified as an operating lease pursuant to GAAP as in effect on the date of this Indenture will be deemed not to represent a Capital Lease Obligation. 

“Capital Stock” means: 

  
 4 

 (1) in the case of a corporation, corporate stock; 

(2) in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock; 
 (3) in the case of a partnership or limited liability company,
partnership interests (whether general or limited) or membership interests; and 
 (4) any other interest or participation
that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 

“Cash Equivalents” means: 

(1) United States dollars; 

(2) securities issued or directly and fully guaranteed or insured by the United States government or any agency or
instrumentality of the United States government (provided that the full faith and credit of the United States is pledged in support of those securities) having maturities of not more than six months from the date of acquisition; 

(3) certificates of deposit and eurodollar time deposits with maturities of one year or less from the date of acquisition,
bankers’ acceptances with maturities not exceeding one year and overnight bank deposits or with any domestic commercial bank having capital and surplus in excess of $250.0 million and a Thomson Bank Watch Rating of “B” or better; 

(4) repurchase obligations with a term of not more than seven days for underlying securities of the types described in clauses
(2) and (3) above entered into with any financial institution meeting the qualifications specified in clause (3) above; 

(5) commercial paper having the one of the two highest ratings obtainable from Moody’s or S&P and in each case
maturing within six months after the date of acquisition; and 
 (6) money market funds at least 95% of the assets of which
constitute Cash Equivalents of the kinds described in clauses (1) through (5) of this definition. 
 “Change of
Control” means the occurrence of any of the following: 
 (1) the direct or indirect sale, lease, transfer,
conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets (including Capital Stock of the Restricted Subsidiaries) of the
Company and its Restricted Subsidiaries taken as a whole, to any “person” other than a Qualifying Owner (as that term is used in Section 13(d)(3) of the Exchange Act), which occurrence is followed by a Rating Decline within 90 days of
the consummation of such transaction; 

  
 5 

 (2) the adoption of a plan relating to the liquidation or dissolution of the
Company or the removal of the General Partner by the limited partners of the Company; 
 (3) the consummation of any
transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than a Qualifying Owner, becomes the Beneficial
Owner, directly or indirectly, of more than 50% of the Voting Stock of the General Partner or the Company, measured by voting power rather than the number of shares, units or the like, which occurrence is followed by a Rating Decline within 90 days
thereof; or 
 (4) the consummation of any transaction (including, without limitation, any merger or consolidation) the
result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than a Qualifying Owner, becomes the Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock of Holdco,
measured by voting power rather than number or percentage of membership interests, at a time when Holdco Beneficially Owns more than 50% of the Voting Stock of the General Partner or the Company, measured by voting power rather than number or
percentage of membership interests, which occurrence is followed by a Rating Decline within 90 days thereof. 
 Notwithstanding the
preceding, a conversion of the Company or any of its Restricted Subsidiaries from a limited partnership, corporation, limited liability company or other form of entity to a limited partnership, corporation, limited liability company or other form of
entity or an exchange of all of the outstanding Equity Interests in one form of entity for Equity Interests for another form of entity shall not constitute a Change of Control, so long as following such conversion or exchange, the
“persons” (as that term is used in Section 13(d)(3) of the Exchange Act) who Beneficially Owned the Capital Stock of the Company immediately prior to such transactions continue to Beneficially Own, in the aggregate, more than 50% of
the Voting Stock of such entity, or continue to Beneficially Own sufficient Equity Interests in such entity, to elect a majority of its directors, managers, trustees or other persons serving in a similar capacity for such entity or its general
partner, as applicable, and, in either case no “person,” excluding any Qualifying Owner, Beneficially Owns more than 50% of the Voting Stock of such entity or its general partner, as applicable. 

“Clearstream” means Clearstream Banking, société anonyme, or any successor securities clearing agency. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor statute. 

“Commission” or “SEC” means the Securities and Exchange Commission. 

“Consolidated Cash Flow” means, with respect to any specified Person for any period, the Consolidated Net Income of such
Person for such period plus: 

  
 6 

 (1) an amount equal to any net loss realized by such Person or any of its
Restricted Subsidiaries in connection with an Asset Sale, to the extent such losses were deducted in computing such Consolidated Net Income; plus 

(2) provision for taxes based on income or profits of such Person and its Restricted Subsidiaries for such period, to the
extent that such provision for taxes was deducted in computing such Consolidated Net Income; plus 
 (3) consolidated
interest expense of such Person and its Restricted Subsidiaries for such period, whether paid or accrued and whether or not capitalized (including, without limitation, amortization of debt issuance costs and original issue discount, non-cash
interest payments, the interest component of any deferred payment obligations, the interest component of all payments associated with Capital Lease Obligations, imputed interest with respect to Attributable Debt, commissions, discounts and other
fees and charges incurred in respect of letter of credit or bankers’ acceptance financings), and net of the effect of all payments made or received pursuant to interest rate Hedging Obligations, to the extent that any such expense was deducted
in computing such Consolidated Net Income; plus 
 (4) depreciation and amortization (including amortization of intangibles
but excluding amortization of prepaid cash expenses that were paid in a prior period), impairment and other non-cash expenses (excluding any such non-cash expense to the extent that it represents an accrual of or reserve for cash expenses in any
future period or amortization of a prepaid cash expense that was paid in a prior period) of such Person and its Restricted Subsidiaries for such period to the extent that such depreciation and amortization, impairment and other non-cash expenses
were deducted in computing such Consolidated Net Income; plus 
 (5) unrealized non-cash losses resulting from foreign
currency balance sheet adjustments required by GAAP to the extent such losses were deducted in computing such Consolidated Net Income; plus 

(6) all extraordinary, unusual or non-recurring items of loss or expense to the extent such items were deducted in computing
such Consolidated Net Income; minus 
 (7) non-cash items increasing such Consolidated Net Income for such period, other than
items that were accrued in the ordinary course of business; 
 in each case, on a consolidated basis and determined in accordance with GAAP. 

“Consolidated Net Income” means, with respect to any specified Person for any period, the aggregate of the Net Income of such
Person and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP, provided that: 

(1) the Net Income (but not loss) of any Person that is not a Restricted Subsidiary of such specified Person or that is
accounted for by the equity method of accounting will be included, but only to the extent of the amount of dividends or distributions paid in cash to the specified Person or a Restricted Subsidiary of such specified Person; 

  
 7 

 (2) the Net Income of any Restricted Subsidiary of such specified Person that is
not a Guarantor will be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of that Net Income is not at the date of determination permitted without any prior governmental
approval (that has not been obtained) or, directly or indirectly, by operation of the terms of its charter or any judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders,
partners or members except to the extent of the amount of dividends or distributions paid in cash to the Issuers or any Restricted Subsidiary; 

(3) the cumulative effect of a change in accounting principles will be excluded; 

(4) unrealized losses and gains for such period under derivative instruments included in the determination of Consolidated Net
Income, including, without limitation those resulting from the application of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic No. 815; and 

(5) any nonrecurring charges relating to any premium or penalty paid, write off of deferred finance costs or other charges in
connection with redeeming or retiring any Indebtedness prior to its Stated Maturity (including premiums or penalties paid to counterparties in connection with the breakage, termination or unwinding of Hedging Obligations) will be excluded. 

“Consolidated Net Tangible Assets” means, with respect to any Person at any date of determination, the aggregate amount of
total assets included in such Person’s most recent quarterly or annual consolidated balance sheet prepared in accordance with GAAP minus the sum of: (a) all current liabilities reflected in such balance sheet (other than current maturities
of long term debt) and (b) all goodwill, trademarks, patents, unamortized debt discounts and expenses and other like intangibles reflected in such balance sheet. 

“Consolidated Total Indebtedness” means, as at any date of determination, an amount equal to the aggregate amount of all
outstanding Indebtedness of the Company and the Restricted Subsidiaries on a consolidated basis consisting of Indebtedness for borrowed money, Obligations in respect of Capital Lease Obligations and debt obligations evidenced by promissory notes and
similar instruments. 
 “Consolidated Total Leverage Ratio” means as of any date of determination means, the ratio of
(1) Consolidated Total Indebtedness of the Company and the Restricted Subsidiaries as of the end of the most recent fiscal quarter for which internal financial statements are available immediately preceding the date on which such event for
which such calculation is being made to (2) the Company’s Consolidated Cash Flow for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such event
for which such calculation is being made shall occur, in each case determined on a pro forma basis consistent with the pro forma adjustment provisions set forth in the definition of “Fixed Charge Coverage Ratio.” 

  
 8 

 “Credit Agreements” means, collectively, the Revolving Credit Agreement, the
Term Loan Agreement and the NRP Oil and Gas Credit Facility. 
 “Corporate Trust Office of the Trustee” means the office of
the Trustee in Dallas, Texas at which at any particular time its corporate trust business in relation to the Notes shall be administered, which office on the date hereof is located at 750 N. St. Paul Place, Suite 1750, MAC T9263-170, Dallas, Texas
75201, except with respect to payments on the Notes in which case such office of the Trustee shall be its corporate trust office in New York, New York, which office on the date hereof is located at 150 East 42nd Street, New York, New York 10017, or
in any case such other address as the Trustee may designate from time to time by notice to the Holders and the Issuers, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate
from time to time by notice to the Holders and the Issuers). 
 “Credit Facilities” means one or more debt facilities
(including, without limitation, the Credit Agreements), commercial paper facilities, loan agreements or indentures, in each case with banks or other institutional lenders or investors providing for revolving credit loans, term loans, receivables
financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables), letters of credit, or debt securities, in each case, as amended, restated, modified,
renewed, refunded, replaced or refinanced (including refinancing with any capital markets transaction) in whole or in part from time to time. 

“Custodian” means any receiver, trustee, assignee, liquidator, sequestrator or similar official under any Bankruptcy Law.

 “Customary Recourse Exceptions” means, with respect to any Non-Recourse Debt of an Unrestricted Subsidiary, exclusions
from the exculpation provisions with respect to such Non-Recourse Debt for the voluntary bankruptcy of such Unrestricted Subsidiary, fraud, misapplication of cash, environmental claims, waste, willful destruction and other circumstances customarily
excluded by lenders from exculpation provisions or included in separate indemnification agreements in non-recourse financings. 

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

 “Depository” has the meaning provided in the Appendix. 

“Disqualified Equity Interest” means any Equity Interest that, by its terms (or by the terms of any security into which it is
convertible, or for which it is exchangeable, in each case at the option of the holder of the Equity Interest), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or
redeemable at the option of the holder of the Equity Interest, in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature, in each case other than in exchange for Equity Interests (other than Disqualified
Equity Interests) of the Company. Notwithstanding the 

  
 9 

 
preceding sentence, any Equity Interest that would constitute a Disqualified Equity Interest solely because the holders of the Equity Interest have the right to require the Company to repurchase
or redeem such Equity Interest upon the occurrence of a change of control or an asset sale will not constitute a Disqualified Equity Interest if the terms of such Equity Interest provide that the Company may not repurchase or redeem any such Equity
Interest pursuant to such provisions unless such repurchase or redemption complies with Section 4.07. 
 “Equity
Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 

“Equity Offering” means any public or private sale of Capital Stock (other than a Disqualified Equity Interest) made for cash
on a primary basis by the Company after the date of this Indenture. 
 “Euroclear” means Euroclear Bank S.A./N.V. or any
successor securities clearing agency. 
 “Exchange Act” means the United States Securities Exchange Act of 1934, as
amended. 
 “Exchange Notes” has the meaning specified in the Appendix. 

“Existing Indebtedness” means the aggregate principal amount of Indebtedness of the Company and its Restricted Subsidiaries
(other than Indebtedness under the Revolving Credit Agreement which is considered incurred under clause (1) of the second paragraph of Section 4.09 and other than intercompany Indebtedness) in existence on the date of this Indenture, until
such amounts are repaid. 
 “fair market value” means the value that would be paid by a willing buyer to an unaffiliated
willing seller in a transaction not involving distress or necessity of either party, determined in good faith by the Board of Directors of the General Partner in the case of amounts of $50.0 million or more and otherwise by an Officer of the
General Partner. 
 “Fixed Charge Coverage Ratio” means with respect to any specified Person for any four-quarter reference
period, the ratio of the Consolidated Cash Flow of such Person for such period to the Fixed Charges of such Person for such period. In the event that the specified Person or any of its Restricted Subsidiaries incurs, assumes, guarantees, repays,
repurchases or redeems any Indebtedness (other than ordinary working capital borrowings) or issues, repurchases or redeems preferred stock subsequent to the commencement of the applicable four-quarter reference period and on or prior to the date on
which the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge Coverage Ratio will be calculated giving pro forma effect to such incurrence, assumption,
guarantee, repayment, repurchase or redemption of Indebtedness, or such issuance, repurchase or redemption of preferred stock, and the use of the proceeds therefrom as if the same had occurred at the beginning of such period. If any Indebtedness
bears a floating rate of interest and is being given pro forma effect, the interest expense on such Indebtedness will be calculated as if the average rate in effect from the beginning of such period to the Calculation Date had been the applicable
rate for the entire period (taking into account any interest Hedging Obligation 

  
 10 

 
applicable to such Indebtedness, but if the remaining term of such interest Hedging Obligation is less than 12 months, then such interest Hedging Obligation shall only be taken into account for
that portion of the period equal to the remaining term thereof). If any Indebtedness that is being given pro forma effect bears an interest rate at the option of such Person, the interest rate shall be calculated by applying such optional rate
chosen by such Person. Interest on 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 deemed to have been based upon the
rate actually chosen, or, if none, then based upon such optional rate chosen as such Person may designate. 
 In addition, for purposes of
calculating the Fixed Charge Coverage Ratio: 
 (1) acquisitions that have been made by the specified Person or any of its
Restricted Subsidiaries, including through mergers, consolidations or otherwise (including acquisitions of assets used in a Permitted Business), and including in each case any related financing transactions (including repayment of Indebtedness)
during the four-quarter reference period or subsequent to such reference period and on or prior to the Calculation Date, will be given pro forma effect as if they had occurred on the first day of the four-quarter reference period, including any
Consolidated Cash Flow and any pro forma expense and cost reductions that have occurred or are reasonably expected to occur within the next 12 months, in the reasonable judgment of the chief financial or accounting officer of the General Partner or
Holdco (regardless of whether those cost savings or operating improvements could then be reflected in pro forma financial statements in accordance with Regulation S-X promulgated under the Securities Act or any other regulation or policy of the
Commission related thereto); 
 (2) the Consolidated Cash Flow attributable to discontinued operations, as determined in
accordance with GAAP, and operations or businesses disposed of prior to the Calculation Date, will be excluded; 
 (3) the
Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses disposed of prior to the Calculation Date, will be excluded, but only to the extent that the obligations giving rise to such
Fixed Charges will not be obligations of the specified Person or any of its Restricted Subsidiaries following the Calculation Date; 

(4) any Person that is a Restricted Subsidiary of the specified Person on the Calculation Date will be deemed to have been a
Restricted Subsidiary of the specified Person at all times during such four-quarter period; 
 (5) any Person that is not a
Restricted Subsidiary of the specified Person on the Calculation Date will be deemed not to have been a Restricted Subsidiary of the specified Person at any time during such four-quarter period; and 

(6) interest income reasonably anticipated by such Person to be received during the applicable four-quarter period from cash or
Cash Equivalents held by such Person or any Restricted Subsidiary of such Person, which cash or Cash Equivalents exist on the Calculation Date or will exist as a result of the transaction giving rise to the need to calculate the Fixed Charge
Coverage Ratio, will be included. 

  
 11 

 “Fixed Charges” means, with respect to any specified Person for any period, the
sum, without duplication, of: 
 (1) the consolidated interest expense of such Person and its Restricted Subsidiaries for
such period, whether paid or accrued (including, without limitation, amortization of debt issuance costs and original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component of
all payments associated with Capital Lease Obligations, imputed interest with respect to Attributable Debt, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings), and net of
the effect of all payments made or received pursuant to interest rate Hedging Obligations; plus 
 (2) the consolidated
interest expense of such Person and its Restricted Subsidiaries that was capitalized during such period; plus 
 (3) any
interest expense on Indebtedness of another Person that is guaranteed by such Person or one of its Restricted Subsidiaries or secured by a Lien on assets of such Person or one of its Restricted Subsidiaries, whether or not such guarantee or Lien is
called upon; plus 
 (4) all dividends, whether paid or accrued and whether or not in cash, on any series of Disqualified
Equity Interests of such Person or any of its Restricted Subsidiaries, other than dividends on Equity Interests payable solely in Equity Interests of the Company (other than Disqualified Equity Interests) or to the Company or a Restricted Subsidiary
of the Company, 
 in each case, on a consolidated basis and in accordance with GAAP. 

“GAAP” means generally accepted accounting principles in the United States, applied in accordance with customary requirements
thereof, as in effect from time to time. 
 “General Partner” means NRP (GP) LP, a Delaware limited partnership, and its
successors as general partner of the Company. 
 “Global Note” has the meaning provided in the Appendix. 

“Government Securities” means direct obligations of, or obligations guaranteed by, the United States of America for the
payment of which guarantee or obligations the full faith and credit of the United States is pledged. 
 “guarantee” means a
guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or
reimbursement agreements in respect thereof, of all or any part of any Indebtedness. When used as a verb, “guarantee” has a correlative meaning. 

  
 12 

 “Guarantors” means any Restricted Subsidiary of the Company that executes a
supplement to this Indenture in accordance with Section 4.13 or 10.03 hereof, and the respective successors and assigns of such Restricted Subsidiaries, as required under Article 10 hereof, in each case, until such time as any such Restricted
Subsidiary shall be released and relieved of its obligations pursuant to Section 8.02, 8.03 or 10.04 hereof. 
 “Hedging
Obligations” means, with respect to any specified Person, the obligations of such Person incurred not for speculative purposes under: 

(1) interest rate swap agreements, interest rate cap agreements and interest rate collar agreements entered into with one or
more financial institutions and designed to protect the Person or any of its Restricted Subsidiaries entering into the agreement against fluctuations in, or to otherwise manage exposure to, interest rates with respect to Indebtedness incurred; 

(2) foreign exchange contracts and currency protection agreements entered into with one or more financial institutions and
designed to protect the Person or any of its Restricted Subsidiaries entering into the agreement against fluctuations in, or to otherwise manage exposure to, currency exchanges rates with respect to Indebtedness incurred; 

(3) any commodity futures contract, commodity option or other similar agreement or arrangement designed to protect against
fluctuations in, or to otherwise manage exposure to, the price of Hydrocarbons used, produced, processed or sold by that Person or any of its Restricted Subsidiaries at the time; and 

(4) other agreements or arrangements designed to protect such Person or any of its Restricted Subsidiaries against fluctuations
in interest rates, commodity prices or currency exchange rates. 
 “Holdco” means GP Natural Resource Partners LLC, a
Delaware limited liability company. 
 “Holder or Noteholder” means a Person in whose name a Note is registered.

 “Hydrocarbons” means coal, crude oil, natural gas, casinghead gas, drip gasoline, natural gasoline, condensate,
distillate, liquid hydrocarbons, gaseous hydrocarbons and all constituents, elements or compounds thereof and products refined or processed therefrom. 

“Indebtedness” means, with respect to any specified Person, any indebtedness of such Person, whether or not contingent: 

(1) in respect of borrowed money; 

  
 13 

 (2) evidenced by bonds, notes, debentures or similar instruments or letters of
credit (or reimbursement agreements in respect thereof); 
 (3) in respect of bankers’ acceptances; 

(4) representing Capital Lease Obligations and Attributable Debt in respect of Sale and Leaseback Transactions; 

(5) representing the balance deferred and unpaid of the purchase price of any property, except any such balance that
constitutes an accrued expense or trade payable; or 
 (6) representing any net Hedging Obligations, 

if and to the extent any of the preceding items (other than letters of credit and Hedging Obligations) would appear as a liability upon a balance sheet of the
specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of any other Person secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by
the specified Person) and, to the extent not otherwise included, the guarantee by the specified Person of any Indebtedness of any other Person. The term “Indebtedness,” however, excludes any repayment or reimbursement obligation of such
Person or any of its Restricted Subsidiaries with respect to Customary Recourse Exceptions, unless and until an event or circumstance occurs that triggers the Person’s or such Restricted Subsidiary’s direct repayment or reimbursement
obligation (as opposed to contingent or performance obligations) to the lender or other Person to whom such obligation is actually owed, in which case the amount of such direct payment or reimbursement obligation shall constitute Indebtedness. 

The amount of any Indebtedness outstanding as of any date will be: 

(1) the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount; 

(2) in the case of any Hedging Obligation, the termination value of the agreement or arrangement giving rise to such Hedging
Obligation that would be payable by such Person at such date; and 
 (3) the principal amount of the Indebtedness, together
with any interest on the Indebtedness that is more than 30 days past due, in the case of any other Indebtedness. 

“Indenture” means this Indenture, as amended or supplemented from time to time. 

“Independent Financial Advisor” means an accounting, appraisal, investment banking firm or consultant to Persons engaged in
similar businesses of nationally recognized standing that is, in the good faith judgment of the Company, qualified to perform the task for which it has been engaged. 

“Initial Issuance Date” means September 18, 2013. 

“Initial Notes” has the meaning provided in the Appendix. 

  
 14 

 “Initial Purchasers” has the meaning provided in the Appendix. 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s or BBB- (or the
equivalent) by S&P. 
 “Investments” means, with respect to any Person, all direct or indirect investments by such
Person in other Persons (including Affiliates) in the forms of loans (including guarantees or other obligations), advances or capital contributions (excluding (1) commission, travel and similar advances to officers and employees made in the
ordinary course of business and (2) advances to customers in the ordinary course of business that are recorded as accounts receivable on the balance sheet of the lender), purchases or other acquisitions for consideration of Indebtedness, Equity
Interests or other securities, together with all items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. 

“Joint Venture” means any Person that is not a direct or indirect Subsidiary of the Company in which the Company or any of
its Restricted Subsidiaries makes any Investment. 
 “Legal Holiday” means any calendar day other than a Business Day. If a
payment date is a Legal Holiday, payment may be made on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. 

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in
respect of such asset, whether or not filed, recorded or otherwise perfected under Applicable Law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a
security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction other than a precautionary financing statement respecting a lease not intended as a
security agreement. In no event will a right of first refusal or right of first offer be deemed to constitute a Lien. 
 “Make Whole
Premium” means, with respect to a Note at any time, the excess, if any, of (a) the present value at such time of (i) the redemption price of such Note at April 1, 2016 (as set forth in the table in Section 3.07(a),
excluding accrued and unpaid interest) plus (ii) any required interest payments due on such Note through April 1, 2016 (except for currently accrued and unpaid interest), computed using a discount rate equal to the Treasury Rate plus
50 basis points, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months), over (b) the principal amount of such Note. 

“Moody’s” means Moody’s Investors Service, Inc. or any successor to the rating agency business thereof. 

“Net Income” means, with respect to any specified Person, the net income (loss) of such Person, determined in accordance with
GAAP and before any reduction in respect of preferred stock dividends, excluding, however: 
 (1) any gain or loss, together
with any related provision for taxes on such gain or loss, realized in connection with: (a) any Asset Sale; or (b) the disposition of any securities by such Person or the extinguishment of any Indebtedness of such Person; and 

  
 15 

 (2) any extraordinary gain or loss, together with any related provision for taxes
on such extraordinary gain or loss. 
 “Net Proceeds” means the aggregate cash proceeds received by the Company or any of
its Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Sale), net of: 

(1) the direct costs relating to such Asset Sale, including, without limitation, legal, accounting and investment banking fees,
and sales commissions, and any relocation expenses incurred as a result of the Asset Sale; 
 (2) taxes paid or payable as a
result of the Asset Sale, in each case, after taking into account any available tax credits or deductions and any tax sharing arrangements; 

(3) amounts required to be applied to the repayment of Indebtedness secured by a Lien on the properties or assets that were the
subject of such Asset Sale; and 
 (4) any amounts to be set aside in any reserve established in accordance with GAAP or any
amount placed in escrow, in either case for adjustment in respect of the sale price of such properties or assets or for liabilities associated with such Asset Sale and retained by the Company or any of its Restricted Subsidiaries until such time as
such reserve is reversed or such escrow arrangement is terminated, in which case Net Proceeds shall include only the amount of the reserve so reversed or the amount returned to the Company or its Restricted Subsidiaries from such escrow arrangement,
as the case may be. 
 “Non-Recourse Debt” means Indebtedness: 

(1) as to which neither the Company nor any of its Restricted Subsidiaries (a) provides credit support of any kind
(including any undertaking, agreement or instrument that would constitute Indebtedness) or (b) is directly or indirectly liable as a guarantor or otherwise, except for Customary Recourse Exceptions; 

(2) no default with respect to which (including any rights that the holders of the Indebtedness may have to take enforcement
action against an Unrestricted Subsidiary) would permit, upon notice, lapse of time or both, any holder of any other Indebtedness (other than the Notes) of the Company or any of its Restricted Subsidiaries to declare a default on such other
Indebtedness or cause the payment of the Indebtedness to be accelerated or payable prior to its Stated Maturity; and 
 (3)
as to which the lenders have been notified in writing that they will not have any recourse to the stock or assets of the Company or any of its Restricted Subsidiaries, except for Customary Recourse Exceptions and as contemplated by clause (9)
of the definition of Permitted Liens. 

  
 16 

 For purposes of determining compliance with Section 4.09, in the event that any Non-Recourse
Debt of any of the Company’s Unrestricted Subsidiaries ceases to be Non-Recourse Debt of such Unrestricted Subsidiary, such event will be deemed to constitute an incurrence of Indebtedness by a Restricted Subsidiary of the Company. 

“Notes” has the meaning specified in the Appendix. 

“Notes Custodian” has the meaning specified in the Appendix. 

“NRP Oil and Gas Credit Facility” means that certain Credit Agreement, dated as of August 12, 2013, among NRP Oil and
Gas LLC, the lenders party thereto, Wells Fargo Bank, N.A., as administrative agent, and Wells Fargo Securities, LLC, as sole bookrunner and sole lead arranger, including any related notes, guarantees, collateral documents, instruments and
agreements executed in connection therewith, and in each case as amended, restated, modified, renewed, refunded, replaced or refinanced from time to time. 

“Obligations” means any principal, premium, if any, interest (including interest accruing on or after the filing of any
petition in bankruptcy or for reorganization, whether or not a claim for post-filing interest is allowed in such proceeding), penalties, fees, charges, expenses, indemnifications, reimbursement obligations, damages, guarantees, and other liabilities
or amounts payable under the documentation governing any Indebtedness or in respect thereto. 
 “Offering Memorandum” means
the offering memorandum of the Issuers dated September 13, 2013 relating to the offering of the Initial Notes. 

“Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief
Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary, any Assistant Secretary or any Vice President of such Person or, in the case of the Company, its General Partner or Holdco. 

“Officers’ Certificate” means a certificate signed on behalf of each of the Company and Finance Corp. by two Officers of
the Company that meets the requirements of Section 11.05 hereof. 
 “Opinion of Counsel” means an opinion from legal
counsel who is reasonably acceptable to the Trustee, that meets the requirements of Section 11.05 hereof. The counsel may be an employee of or counsel to the Company, any Subsidiary of the Company or the Trustee. 

“Pari Passu Indebtedness” means, with respect to any Excess Proceeds from Asset Sales, Indebtedness of an Issuer or any
Guarantor that ranks equally in right of payment with the Notes or the Subsidiary Guarantees, as the case may be, and the terms of which require the Company or any of its Restricted Subsidiaries to apply such Excess Proceeds to offer to repurchase
such Indebtedness. 
 “Partnership Agreement” means the Fourth Amended and Restated Agreement of Limited Partnership of the
Company, dated as of September 20, 2010, as in effect on the date of this Indenture and as such may be further amended, modified or supplemented from time to time. 

  
 17 

 “Permitted Business” means: 

(1) the business of acquiring, leasing, managing, exploring, exploiting, developing, producing, operating and disposing of
interests in coal, oil, natural gas, natural gas liquids, other Hydrocarbons, minerals, aggregates, sand, gravel, limestone or other products produced in association with any of the foregoing, or timberland or timber or forest products, or of
creating and/or restoring wetlands and wetland credits; 
 (2) the business of gathering, marketing, distributing, treating,
processing, fractionating, handling, storing, refining, selling and transporting of any production from such interests or properties and products produced in association therewith and the marketing of coal, oil, natural gas, natural gas liquids,
other Hydrocarbons, minerals, aggregates, sand, gravel, limestone or related products obtained from other Persons; and 
 (3)
any business or activity relating to, arising from, or necessary, appropriate or incidental to the activities described in the foregoing clauses (1) and (2) of this definition. 

“Permitted Business Investments” means Investments by the Company or any of its Restricted Subsidiaries in any Unrestricted
Subsidiary of the Company or in any Joint Venture, provided that: 
 (1) either (a) at the time of such Investment and
immediately thereafter, the Company could incur $1.00 of additional Indebtedness under the Fixed Charge Coverage Ratio test set forth in the first paragraph of Section 4.09 or (b) such Investment does not exceed the aggregate amount of
Incremental Funds (as defined in Section 4.07) not previously expended at the time of making such Investment; 
 (2) if
such Unrestricted Subsidiary or Joint Venture has outstanding Indebtedness at the time of such Investment, either (a) all such Indebtedness is Non-Recourse Debt or (b) any such Indebtedness of such Unrestricted Subsidiary or Joint Venture
that is recourse to the Company or any of its Restricted Subsidiaries (which shall include, without limitation, all Indebtedness of such Unrestricted Subsidiary or Joint Venture for which the Company or any of its Restricted Subsidiaries may be
directly or indirectly, contingently or otherwise, obligated to pay, whether pursuant to the terms of such Indebtedness, by law or pursuant to any guarantee, including, without limitation, any “claw-back,” “make-well” or
“keep-well” arrangement) could, at the time such Investment is made, be incurred at that time by the Company and its Restricted Subsidiaries under the Fixed Charge Coverage Ratio test set forth in the first paragraph of Section 4.09;
and 
 (3) such Unrestricted Subsidiary’s or Joint Venture’s activities are not outside the scope of the Permitted
Business. 
 “Permitted Investments” means: 

  
 18 

 (1) any Investment in the Company or in a Restricted Subsidiary of the Company
(including through purchases of Notes or other Indebtedness and otherwise permitted under this Indenture); 
 (2) any
Investment in Cash Equivalents; 
 (3) any Investment by the Company or any Restricted Subsidiary of the Company in a Person,
if as a result of such Investment: 
 (a) such Person becomes a Restricted Subsidiary of the Company; or 

(b) such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its
properties or assets to, or is liquidated into, the Company or a Restricted Subsidiary of the Company; 
 (4) any Investment
made as a result of the receipt of non-cash consideration from: 
 (a) an Asset Sale that was made pursuant to and in
compliance with Section 4.10; or 
 (b) pursuant to clause (7) of the items deemed not to be Asset Sales under the
definition of “Asset Sale”; 
 (5) any Investment in any Person solely in exchange for the issuance of Equity
Interests (other than Disqualified Equity Interests) of the Company; 
 (6) any Investments received in compromise of
obligations of trade creditors or customers that were incurred in the ordinary course of business, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer, or as a
result of a foreclosure by the Company or any of its Restricted Subsidiaries with respect to any secured Investment in default; 

(7) Hedging Obligations permitted to be incurred under Section 4.09; 

(8) Permitted Business Investments; 

(9) Investments owned by any Person at the time such Person merges with or into the Company or a Restricted Subsidiary or is
acquired by the Company or a Restricted Subsidiary, provided such Investments (a) are not incurred in contemplation of such merger or acquisition and (b) are, in the good faith determination of the Company, incidental to such merger or
acquisition, and in each case renewals or extensions thereof in amounts not greater than the amount of such Investment; and 

(10) other Investments in any Person having an aggregate fair market value (measured on the date each such Investment was made
and without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (10) that are at the time outstanding, not to exceed the greater of $90.0 million or 5.0% of the
Company’s Consolidated Net Tangible Asset determined at 

  
 19 

 
the time of such Investment; provided, however, that if any Investment pursuant to this clause (10) is made in any Person that is not a Restricted Subsidiary of the Company at
the date of the making of such Investment and such Person becomes a Restricted Subsidiary of the Company after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (1) above and shall cease to have been
made pursuant to this clause (10) for so long as such Person continues to be a Restricted Subsidiary of the Company. 

“Permitted Liens” means: 

(1) Liens securing any Indebtedness under any Credit Facility permitted to be incurred under this Indenture; 

(2) Liens in favor of the Company or any Restricted Subsidiary; 

(3) Liens on property of a Person existing at the time such Person is merged with or into or consolidated with the Company or
any Restricted Subsidiary of the Company, provided that such Liens were in existence prior to the contemplation of such merger or consolidation and do not extend to any assets (other than improvements thereon, accessions thereto and proceeds
thereof) other than those of the Person merged into or consolidated with the Company or the Restricted Subsidiary; 
 (4)
Liens on property existing at the time of acquisition of the property by the Company or any Restricted Subsidiary of the Company; provided that such Liens were in existence prior to the contemplation of such acquisition; 

(5) any interest or title of a lessor to the property subject to a Capital Lease Obligation or operating lease; 

(6) Liens on any property or asset acquired, constructed or improved by the Company or any of its Restricted Subsidiaries (a
“Purchase Money Lien”), which (a) are in favor of the seller of such property or assets, in favor of the Person developing, constructing, repairing or improving such asset or property, or in favor of the Person that provided
the funding for the acquisition, development, construction, repair or improvement cost, as the case may be, of such asset or property, (b) are created within 360 days after the acquisition, development, construction, repair or improvement,
(c) secure the purchase price or development, construction, repair or improvement cost, as the case may be, of such asset or property in an amount up to 100% of the fair market value of such acquisition, construction or improvement of such
asset or property, and (d) are limited to the asset or property so acquired, constructed or improved (including the proceeds thereof, accessions thereto and upgrades thereof); 

(7) Liens existing on the date of this Indenture; 

(8) Liens to secure the performance of tenders, bids, statutory obligations, surety or appeal bonds, government contracts,
performance bonds or other obligations of a like nature incurred in the ordinary course of business; 

  
 20 

 (9) Liens on and pledges of the Equity Interests of any Unrestricted Subsidiary
or any Joint Venture owned by the Company or any Restricted Subsidiary of the Company to the extent securing Non-Recourse Debt or other Indebtedness of such Unrestricted Subsidiary or Joint Venture; 

(10) Liens upon specific items of inventory, receivables or other goods or proceeds of the Company or any of its Restricted
Subsidiaries securing such Person’s obligations in respect of bankers’ acceptances or receivables securitizations issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory,
receivables or other goods or proceeds and permitted by Section 4.09; 
 (11) Liens securing Obligations of the Issuers
or any Guarantor under the Notes or the Subsidiary Guarantees, as the case may be; 
 (12) Liens securing any Indebtedness
equally and ratably with all Obligations due under the Notes or any Subsidiary Guarantee pursuant to a contractual covenant that limits Liens in a manner substantially similar to Section 4.12; 

(13) Liens to secure performance of Hedging Obligations of the Company or any of its Restricted Subsidiaries; 

(14) Liens arising under operating agreements, joint venture agreements, partnership agreements, construction agreements,
interconnection agreements, coal leases, mineral leases, oil and gas leases, farmout agreements, division orders, contracts for sale, transportation, wheelage, handling, cutting, purchase, gathering, treating, processing, natural gas storage or
exchange of coal, minerals, or oil and natural gas, unitization and pooling declarations and agreements, area of mutual interest agreements and other similar agreements arising in the ordinary course of the Company’s or any Restricted
Subsidiary’s business that are customary in the Permitted Business; provided that any such Liens only attach to the assets covered by the applicable agreement and, in the case of operating agreements, joint venture agreements,
partnership agreements and other similar agreements, the Equity Interests of the applicable joint venture, partnership or other Person that is the subject of such agreement; 

(15) Liens on pipelines or pipeline facilities or other facilities that arise by operation of law; 

(16) Liens securing Indebtedness of the Company or any Restricted Subsidiary of the Company, provided that, after giving effect
to any such incurrence, the aggregate principal amount of all Indebtedness then outstanding and secured by any Liens incurred pursuant to this clause (16) does not exceed the greater of $50.0 million or 3.0% of the Company’s
Consolidated Net Tangible Assets determined at the time of incurrence; and 
 (17) any Lien renewing, extending, refinancing
or refunding a Lien permitted by clauses (1) through (15) above; provided that (a) the principal amount of the Indebtedness secured by such Lien is not increased and (b) no assets encumbered by any such Lien other than the assets
permitted to be encumbered immediately prior to such renewal, extension, refinance or refund are encumbered thereby (other than improvements thereon, accessions thereto and proceeds thereof). 

  
 21 

 “Permitted Refinancing Indebtedness” means any Indebtedness of the Company or
any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund other Indebtedness of the Company or any of its Restricted Subsidiaries (other than intercompany
Indebtedness); provided that: 
 (1) the principal amount or accreted value of such Permitted Refinancing Indebtedness does
not exceed the principal amount of the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded (plus all accrued interest on the Indebtedness and the amount of all expenses and premiums incurred in connection therewith);

 (2) such Permitted Refinancing Indebtedness has a final maturity date no earlier than the final maturity date of, and has
a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded (or has a final maturity date and Weighted Average Life to
Maturity at least 91 days after the maturity date of the Notes); 
 (3) if the Indebtedness being extended, refinanced,
renewed, replaced, defeased or refunded is subordinated in right of payment to the Notes or the Subsidiary Guarantees, such Permitted Refinancing Indebtedness is subordinated in right of payment to the Notes or the Subsidiary Guarantees on terms at
least as favorable to the Noteholders as those contained in the documentation governing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; and 

(4) such Indebtedness is not incurred (other than by way of a guarantee) by a Restricted Subsidiary of the Company (other than
Finance Corp.) if the Company is the issuer or other primary obligor on the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded. 

“Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust,
unincorporated organization, limited liability company, government or other entity. 
 “Priority Indebtedness” means
indebtedness for borrowed money that is (i) Indebtedness of the Company or any Restricted Subsidiary that is secured by a Lien on property or assets of the Company or a Restricted Subsidiary (other than a Permitted Lien described in clauses
(2), (3), (4), (7), (11), (12), or (17) of the definition thereof), (ii) Indebtedness of the Company that is guaranteed by any Restricted Subsidiary (other than Finance Corp.) that is not a Guarantor or (iii) Indebtedness of any
Restricted Subsidiary (other than Finance Corp.) that is not a Guarantor (other than indebtedness owed to the Company or another Restricted Subsidiary). 

“Priority Indebtedness Ratio” as of any date of determination means the ratio of (x) the aggregate amount of Priority
Indebtedness of the Company and its Restricted Subsidiaries as of such date of determination to (y) Consolidated Cash Flow of the Company for the four most recent fiscal quarters for which internal financial statements are available immediately
preceding the date on which such event for which such calculation is being made shall occur, in each case determined on a pro forma basis consistent with the pro forma adjustment provisions set forth in the definition of “Fixed Charge Coverage
Ratio.” 

  
 22 

 “Purchase Agreement” has the meaning provided in the Appendix. 

“QIB” means a “qualified institutional buyer” as defined in Rule 144A under the Securities Act. 

“Qualifying Owners” means (1) Corbin J. Robertson, Jr., his spouse, children, lineal descendants, and the heirs, estate
or any trust for the benefit of any of the foregoing, or any entity controlled by any of the foregoing, and (2) any Beneficial Owners of Capital Stock of Holdco or the General Partner on the date of this Indenture or any entity controlled by
any of the foregoing. 
 “Rating Category” means: 

(1) with respect to S&P, any of the following categories: AAA, AA, A, BBB, BB, B, CCC, CC, C and D (or equivalent successor
categories); and 
 (2) with respect to Moody’s, any of the following categories: Aaa, Aa, A, Baa, Ba, B, Caa, Ca, C and
D (or equivalent successor categories). 
 “Rating Decline” means a decrease in the rating of the Notes by either
Moody’s or S&P by one or more gradations (including gradations within Rating Categories as well as between Rating Categories). In determining whether the rating of the Notes has decreased by one or more gradations, gradations within Rating
Categories, namely + or – for S&P, and 1, 2, and 3 for Moody’s, will be taken into account; for example, in the case of S&P, a rating decline either from BB+ to BB or BB- to B+ will constitute a decrease of one gradation. 

“Registered Exchange Offer” has the meaning provided in the Appendix. 

“Registration Rights Agreement” has the meaning provided in the Appendix. 

“Regulation S” has the meaning provided in the Appendix. 

“Reporting Default” means a Default described in Section 6.01(d). 

“Responsible Officer,” when used with respect to the Trustee, means any officer within the corporate trust department of the
Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time
shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this
Indenture. 
 “Restricted Global Note” has the meaning provided in the Appendix. 

“Restricted Investment” means an Investment other than a Permitted Investment. 

  
 23 

 “Restricted Subsidiary” of a Person means any Subsidiary of the referent Person
that is not an Unrestricted Subsidiary. Notwithstanding anything in this Indenture to the contrary, Finance Corp. shall be a Restricted Subsidiary of the Company. 

“Revolving Credit Agreement” means that certain Second Amended and Restated Credit Agreement, dated as of August 10,
2011, among the NRP (Operating) LLC, certain other Subsidiaries of the Company as guarantors, Citibank, N.A., as administrative agent, and the other lenders party thereto, including any related notes, guarantees, collateral documents, instruments
and agreements executed in connection therewith, and in each case as amended, restated, modified, renewed, refunded, replaced or refinanced from time to time. 

“Rule 144A” has the meaning provided in the Appendix. 

“S&P” refers to Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., or any
successor to the rating agency business thereof. 
 “Sale and Leaseback Transaction” means, with respect to the Company or
any of its Restricted Subsidiaries, any arrangement relating to property now owned or hereafter acquired whereby the Company or a Restricted Subsidiary sells or transfers such property to a Person (other than the Company or a Restricted Subsidiary)
in a transaction qualifying as an Asset Sale, and the Company or a Restricted Subsidiary leases it from such Person. 

“SEC” or “Commission” means the Securities and Exchange Commission. 

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

“Senior Debt” means: 

(1) all Indebtedness of the Company or any Restricted Subsidiary outstanding under Credit Facilities and all Hedging
Obligations with respect thereto; 
 (2) any other Indebtedness of the Company or any Restricted Subsidiary permitted to be
incurred under the terms of this Indenture, unless the instrument under which such Indebtedness is incurred expressly provides that it is subordinated in right of payment to the Notes or any Subsidiary Guarantee; and 

(3) all Obligations with respect to the items listed in the preceding clauses (1) and (2). 

Notwithstanding anything to the contrary in the preceding sentence, Senior Debt will not include: 

 

	 	(a)	any intercompany Indebtedness of the Company or any of its Restricted Subsidiaries to the Company or any of its Affiliates; or 

  

	 	(b)	any Indebtedness that is incurred in violation of this Indenture. 

 For the avoidance of doubt, “Senior
Debt” will not include any trade payables or taxes owed or owing by the Company or any Restricted Subsidiary. 

  
 24 

 “Shelf Registration Statement” has the meaning provided in the Appendix. 

“Significant Subsidiary” means any Subsidiary that would be a “significant subsidiary” as defined in Article 1,
Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the date of this Indenture. 

“Stated Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the date on
which the payment of interest or principal was scheduled to be paid in the original documentation governing such Indebtedness, and will not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the
date originally scheduled for the payment thereof. 
 “Subsidiary” means, with respect to any specified Person: 

(1) any corporation, association or other business entity (other than a partnership or limited liability company) of which more
than 50% of the total voting power of Voting Stock is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and 

(2) any partnership (whether general or limited) or limited liability company (a) the sole general partner or the managing
general partner or managing member of which is such Person or a Subsidiary of such Person, or (b) if there is more than a single general partner or member, either (x) the only general partners or managing members of which are such Person
or one or more Subsidiaries of such Person (or any combination thereof) or (y) such Person owns or controls, directly or indirectly, a majority of the outstanding general partner interests, member interests or other Voting Stock of such
partnership or limited liability company, respectively. 
 “Subsidiary Guarantee” means the guarantee issued by any
Guarantor pursuant to Article 10 hereof. 
 “Term Loan Agreement” means that certain Term Loan Agreement, dated as of
January 23, 2013, among the NRP (Operating) LLC, certain other Subsidiaries of the Issuers as guarantors, Citibank, N.A., as administrative agent, and the other lenders party thereto, including any related notes, guarantees, collateral
documents, instruments and agreements executed in connection therewith, and in each case as amended, restated, modified, renewed, refunded, replaced or refinanced from time to time. 

“TIA” means the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) and the rules and regulations thereunder,
as in effect on the date on which this Indenture is qualified under the TIA (except as provided in Section 9.01(h) and 9.03 hereof). 

“Treasury Rate” means the yield to maturity at the time of computation of United States Treasury securities with a constant
maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) which has become publicly available at least two Business Days prior to the date fixed for redemption (or, if such Statistical Release is no longer
published, any publicly available source of similar market data)) most nearly equal to the period 

  
 25 

 
from the redemption date to April 1, 2016; provided, however, that if such period is not equal to the constant maturity of a United States Treasury security for which a weekly average yield
is given, the Company shall obtain the Treasury Rate by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the
period from the redemption date to April 1, 2016 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used. The Company will (a) calculate
the Treasury Rate on the second Business Day preceding the applicable redemption date and (b) prior to such redemption date file with the Trustee an Officers’ Certificate setting forth the Make Whole Premium and the Treasury Rate and
showing the calculation of each in reasonable detail. 
 “Transfer Restricted Securities” has the meaning provided in the
Appendix. 
 “Trustee” means the party named as such above until a successor replaces it in accordance with the applicable
provisions of this Indenture and thereafter means the successor serving hereunder. 
 “Uniform Commercial Code” means the
New York Uniform Commercial Code as in effect from time to time. 
 “Unrestricted Subsidiary” means any Subsidiary of the
Company (other than Finance Corp.) that is designated by the Board of Directors of the General Partner or Holdco as an Unrestricted Subsidiary pursuant to a Board Resolution, but only to the extent that such Subsidiary: 

(1) except to the extent permitted by subclause (2)(b) of the definition of “Permitted Business Investments,”
has no Indebtedness other than Non-Recourse Debt owing to any Person other than the Company or any of its Restricted Subsidiaries; 

(2) is not party to any agreement, contract, arrangement or understanding with the Company or any Restricted Subsidiary of the
Company unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to the Company or such Restricted Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of the
Company; and 
 (3) is a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has any
direct or indirect obligation (a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating results, except in
each case to the extent such obligation is treated as a Restricted Payment or Permitted Investment otherwise permitted under this Indenture. 

In addition, as of the date of this Indenture, each of BRP LLC and CoVal Leasing Company, LLC shall be deemed to be Unrestricted Subsidiaries
without further action. All Subsidiaries of an Unrestricted Subsidiary shall also be Unrestricted Subsidiaries. 

  
 26 

 Any designation of a Subsidiary of the Company as an Unrestricted Subsidiary will be evidenced to
the Trustee by filing with the Trustee a Board Resolution giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the preceding conditions and was permitted by Section 4.07. If, at any
time, any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary will be
deemed to be incurred by a Restricted Subsidiary of the Company as of such date and, if such Indebtedness is not permitted to be incurred as of such date under Section 4.09, the Company will be in default of such covenant. 

“Voting Stock” of any Person as of any date means the Capital Stock of such Person, if any, that is at the time entitled
(without regard to the occurrence of any contingency) to vote in the election of the Board of Directors of such Person. 
 “Weighted
Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing: 

(1) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund,
serial maturity or other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making
of such payment; by 
 (2) the then outstanding principal amount of such Indebtedness. 

Section 1.02. Other Definitions. 
  

			
	 Term
	  	Defined in Section
	“Affiliate Transaction”	  	4.11
	“Appendix”	  	2.01
	“Asset Sale Offer”	  	4.10
	“Change of Control Offer”	  	4.15
	“Change of Control Payment”	  	4.15
	“Change of Control Settlement Date”	  	4.15
	“Covenant Defeasance”	  	8.03
	“Discharge”	  	8.08
	“Event of Default”	  	6.01
	“Excess Proceeds”	  	4.10
	“Incremental Funds”	  	4.07
	“incur”	  	4.09
	“Legal Defeasance”	  	8.02
	“Offer Amount”	  	3.09
	“Offer Period”	  	3.09
	“Paying Agent”	  	2.03
	“Payment Default”	  	6.01
	“Permitted Debt”	  	4.09

  
 27 

			
	 Term
	  	Defined in Section
	“Registrar”	  	2.03
	“Reinstatement Date”	  	4.18
	“Restricted Payments”	  	4.07
	“Settlement Date”	  	3.09
	“Suspension Period”	  	4.18
	“Termination Date”	  	3.09

 Section 1.03. Incorporation by Reference of Trust Indenture Act. 

Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. Any
terms incorporated in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA have the meanings so assigned to them. 

Section 1.04. Rules of Construction. 

Unless the context otherwise requires: 

(1) a term has the meaning assigned to it; 

(2) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(3) “or” is not exclusive; 

(4) words in the singular include the plural, and in the plural include the singular; 

(5) provisions apply to successive events and transactions; 

(6) references to sections of or rules under the Securities Act or the Exchange Act shall be deemed to include substitute,
replacement or successor sections or rules adopted by the SEC from time to time; 
 (7) when used to express an obligation,
the words “shall” and “will” have the same meaning; and 
 (8) “herein,” “hereof” and
other words of similar import refer to this Indenture as a whole (as amended or supplemented from time to time) and not to any particular Article, Section or other subdivision. 

  
 28 

 ARTICLE 2 

THE NOTES 

Section 2.01. Form and Dating. 

Provisions relating to the Initial Notes and the Exchange Notes are set forth in the Rule 144A/Regulation S Appendix attached
hereto (the “Appendix”) which is hereby incorporated in and expressly made part of this Indenture. The Notes and the Trustee’s certificate of authentication therefor shall be substantially in the form of Exhibit 1 to the
Appendix which is hereby incorporated in and expressly made a part of this Indenture. The Notes may have notations, legends or endorsements required by law, stock exchange rule, agreements to which an Issuer is subject, if any, or usage (provided
that any such notation, legend or endorsement is in a form acceptable to the Company). Each Note shall be dated the date of its authentication. The terms of the Notes set forth in the Appendix are part of the terms of this Indenture. 

Section 2.02. Execution and Authentication. 

An Officer shall sign the Notes on behalf of each Issuer by manual or facsimile signature. 

If an Officer whose signature is on a Note no longer holds that office at the time the Trustee authenticates the Note, the Note shall be valid
nevertheless. 
 A Note shall not be valid until an authorized signatory of the Trustee manually signs the certificate of authentication on
the Note. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 
 On the Initial Issuance
Date, the Trustee shall authenticate and deliver $300.0 million of Initial Notes and, at any time and from time to time thereafter, the Trustee shall authenticate and deliver Notes for original issue in an aggregate principal amount specified in
such order, in each case upon a written order of the Issuers. Such order shall specify the amount of the Notes to be authenticated, the date on which the original issue of Notes is to be authenticated and to whom the Notes shall be registered and
delivered and, in the case of an issuance of Additional Notes pursuant to Section 2.13 after the Initial Issuance Date, shall certify that such issuance is in compliance with Section 4.09. 

The Trustee may appoint an authenticating agent reasonably acceptable to the Issuers to authenticate the Notes. Unless limited by the terms of
such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as
any Registrar, Paying Agent or agent for service of notices and demands. 
 Section 2.03. Registrar and Paying Agent. 

The Issuers shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange (the
“Registrar”) and an office or agency where Notes may be presented for payment (the “Paying Agent”). The Registrar shall keep a register of the Notes and of their transfer and exchange. The Issuers may have one or
more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar, and the term “Paying Agent” includes any additional paying agent. 

  
 29 

 The Issuers shall enter into an appropriate agency agreement with any Registrar or Paying Agent
not a party to this Indenture, which shall incorporate the terms of the TIA. The agreement shall implement the provisions of this Indenture that relate to such agent. The Issuers shall notify the Trustee in writing of the name and address of any
such agent. If the Issuers fail to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07. The Company or any Subsidiary may act as Paying Agent or
Registrar. 
 If a Holder has given wire transfer instructions to the Issuers, the Issuers will pay all principal, interest and premium, if
any, on that Holder’s Notes in accordance with those instructions until given written notice to the contrary. All other payments on the Notes will be made at the Corporate Trust Office of the Trustee in the City of New York, unless the Issuers
elect to make interest payments by checks mailed to the Holders at their addresses set forth in the register of Holders. 
 The Issuers
initially appoint the Trustee as Registrar and Paying Agent in connection with the Notes at its offices indicated in the definition of Corporate Trust Office of the Trustee in Section 1.01. The Issuers may change the Paying Agent or Registrar
without prior notice to the Noteholders. 
 Section 2.04. Paying Agent to Hold Money in Trust. 

Prior to 11:00 a.m., New York City time, on each due date of the principal and interest on any Note, an Issuer shall deposit with the Paying
Agent a sum sufficient to pay such principal and interest when so becoming due. The Issuers shall require each Paying Agent (other than the Trustee) to agree in writing that the Paying Agent shall hold in trust for the benefit of Noteholders or the
Trustee all money held by the Paying Agent for the payment of principal of or interest on the Notes and shall notify the Trustee of any default by the Issuers in making any such payment. If the Company or a Subsidiary acts as Paying Agent, it shall
segregate the money held by it as Paying Agent and hold it as a separate trust fund. The Issuers at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed by the Paying Agent. Upon
complying with this Section 2.04, the Paying Agent shall have no further liability for the money delivered to the Trustee. 

Section 2.05. Noteholder Lists. 

The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses
of Noteholders. If the Trustee is not the Registrar, the Issuers shall furnish to the Trustee, in writing at least five Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such
form and as of such date as the Trustee may reasonably require of the names and addresses of Noteholders. 

  
 30 

 Section 2.06. Transfer and Exchange. 

The Notes shall be issued in registered form and shall be transferable only upon the surrender of a Note for registration of transfer. When a
Note is presented to the Registrar with a request to register a transfer, the Registrar shall register the transfer as requested if the requirements of this Indenture and Section 8-401(a) of the Uniform Commercial Code are met. When Notes are
presented to the Registrar with a request to exchange them for an equal principal amount of Notes of other denominations, the Registrar shall make the exchange as requested if the same requirements are met. The Issuers may require payment of a sum
sufficient to cover any taxes, assessments or other governmental charges in connection with any transfer or exchange pursuant to this Section 2.06 (other than any such transfer taxes, assessments or similar governmental charge payable upon
exchange or transfer pursuant to Section 3.06, 4.10, 4.15 or 9.05). 
 Section 2.07. Replacement Notes. 

If a mutilated Note is surrendered to the Registrar or if the Holder of a Note claims that the Note has been lost, destroyed or wrongfully
taken, the Issuers shall issue and the Trustee shall authenticate a replacement Note if the requirements of Section 8-405 of the Uniform Commercial Code are met and the Holder satisfies any other reasonable requirements of the Trustee. If
required by the Trustee or the Issuers, such Holder shall furnish an indemnity bond sufficient in the judgment of the Issuers and the Trustee to protect the Issuers, the Trustee, the Paying Agent and the Registrar from any loss which any of them may
suffer if a Note is replaced. The Issuers and the Trustee may charge the Holder for their expenses in replacing a Note. 
 Every replacement
Note is an additional obligation of the Issuers. 
 Section 2.08. Outstanding Notes. 

Notes outstanding at any time are all Notes authenticated by the Trustee except for those canceled by it, those delivered to it for
cancellation and those described in this Section 2.08 as not outstanding. Except as otherwise provided in TIA §316(a), a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note. 

If a Note is replaced pursuant to Section 2.07, it ceases to be outstanding unless the Trustee and the Issuers receive proof satisfactory
to them that the replaced Note is held by a protected purchaser. 
 If the Paying Agent segregates and holds in trust, in accordance with
this Indenture, by 11:00 a.m., New York City time, on a redemption date or other maturity date money sufficient to pay all principal, premium, if any, interest and Additional Interest, if any, payable on that date with respect to the Notes (or
portions thereof) to be redeemed or maturing, as the case may be, then on and after that date such Notes (or portions thereof) cease to be outstanding and interest and Additional Interest, if any, on them cease to accrue. 

  
 31 

 Section 2.09. Temporary Notes. 

Until definitive Notes are ready for delivery, the Issuers may prepare and the Trustee shall authenticate temporary Notes. Temporary Notes
shall be substantially in the form of definitive Notes but may have variations that the Issuers consider appropriate for temporary Notes. Without unreasonable delay, the Issuers shall prepare and the Trustee shall authenticate definitive Notes and
deliver them in exchange for temporary Notes. 
 Section 2.10. Cancellation. 

An Issuer at any time may deliver Notes to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any
Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel (subject to the record retention requirements of the Exchange Act) all Notes surrendered for registration of transfer, exchange,
payment or cancellation. Upon written request, the Trustee will deliver a certificate of such cancellation to the Issuers unless the Issuers direct the Trustee to deliver canceled Notes to the Issuers instead. The Issuers may not issue new Notes to
replace Notes they have redeemed, paid or delivered to the Trustee for cancellation. 
 Section 2.11. Defaulted Interest. 

If the Issuers default in a payment of interest on the Notes, the Issuers shall pay defaulted interest (plus interest on such defaulted
interest to the extent lawful) in any lawful manner. The Issuers may pay the defaulted interest to the Persons who are Noteholders on a subsequent special record date. The Issuers shall fix or cause to be fixed any such special record date and
payment date to the reasonable satisfaction of the Trustee and shall promptly give to each Noteholder a notice that states the special record date, the payment date and the amount of defaulted interest to be paid. 

Section 2.12. CUSIP Numbers. 

The Issuers in issuing the Notes may use “CUSIP” numbers and corresponding “ISINs” (if then generally in use) and,
if so, the Trustee shall use “CUSIP” numbers and corresponding “ISINs” in notices of redemption as a convenience to Holders; provided, however, that any such notice may state that no representation is made as to the
correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by
any defect in or omission of such numbers. The Issuers will promptly notify the Trustee in writing of any change in the “CUSIP” numbers and corresponding “ISINs”. 

Section 2.13. Issuance of Additional Notes. 

The Issuers shall be entitled, subject to their compliance with Section 4.09, to issue Additional Notes under this Indenture which shall
have identical terms as the Initial Notes issued on the Initial Issuance Date, other than with respect to the date of issuance, the issue price and the date from which interest begins to accrue. The Initial Notes issued on the Initial Issuance Date,
any Additional Notes and all Exchange Notes issued in exchange therefor shall be treated as a single class for all purposes under this Indenture, including, without limitation, waivers, consents, directions, declarations, amendments, redemptions and
offers to purchase. 

  
 32 

 With respect to any Additional Notes, the Issuers shall set forth in an Officers’
Certificate, which shall be delivered to the Trustee, the following information: 
 (1) the aggregate principal amount of
such Additional Notes to be authenticated and delivered pursuant to this Indenture; 
 (2) the issue price, the issue date
and the CUSIP number and any corresponding ISIN of such Additional Notes; and 
 (3) whether such Additional Notes shall be
Transfer Restricted Securities. 
 ARTICLE 3 

REDEMPTION AND PREPAYMENT 

Section 3.01. Notices to Trustee. 

If the Issuers elect to redeem Notes pursuant to the optional redemption provisions of Section 3.07 hereof, they shall furnish to the
Trustee, at least five Business Days (unless a shorter period shall be agreeable to the Trustee) before the date of giving notice of the redemption pursuant to Section 3.03, an Officers’ Certificate setting forth (i) the clause of
Section 3.07 pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the principal amount of Notes to be redeemed, (iv) the redemption price, and (v) whether it requests the Trustee to give notice of
such redemption. Any such notice may be cancelled at any time prior to giving notice of such redemption to any Holder and shall thereby be void and of no effect. 

Section 3.02. Selection of Notes to Be Redeemed. 

If less than all of the Notes are to be redeemed at any time, the Trustee shall select the Notes to be redeemed among the Holders of the Notes
as follows: (1) if the Notes are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange on which the Notes are listed; or (2) if the Notes are not listed on any
national securities exchange, on a pro rata basis (or, in the case of Global Notes, the Notes represented thereby will be selected in accordance with the Depository’s prescribed method). In the event of partial redemption other than on a pro
rata basis, the particular Notes to be redeemed shall be selected, not less than five (5) Business Days (unless a shorter period shall be agreeable to the Trustee) prior to the giving of notice of the redemption pursuant to Section 3.03,
by the Trustee from the outstanding Notes not previously called for redemption. 
 The Trustee shall promptly notify the Issuers in writing
of the Notes selected for redemption and, in the case of any Note selected for partial redemption, the principal amount thereof to be redeemed. No Notes of $2,000 or less can be redeemed in part. Notes and portions of Notes selected shall be in
minimum amounts of $2,000 or whole multiples of $1,000 in excess thereof; except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if such amount does not equal $2,000 or a
multiple of $1,000 in excess thereof, shall be redeemed. Provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption. 

  
 33 

 The provisions of the immediately preceding paragraph of this Section 3.02 shall not apply
with respect to any redemption affecting only a Global Note, whether such Global Note is to be redeemed in whole or in part. In case of any such redemption in part, the unredeemed portion of the principal amount of the Global Note shall be in an
authorized denomination. 
 Section 3.03. Notice of Redemption. 

At least 30 days but not more than 60 days before a redemption date, the Issuers shall mail by first class mail, a notice of redemption to
each Holder whose Notes are to be redeemed at its registered address, except that optional redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a Legal Defeasance, Covenant
Defeasance or Discharge. 
 The notice shall identify the Notes to be redeemed (including “CUSIP” numbers and corresponding
“ISINs”, if applicable) and shall state: 
 (a) the redemption date; 

(b) the redemption price or, if the redemption price is not then determinable, the manner in which it is to be determined; 

(c) if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the
redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion shall be issued in the name of the Holder upon cancellation of the original Note; 

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

(e) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 

(f) that, unless the Issuers default in making such redemption payment, interest and Additional Interest, if any, on Notes
called for redemption cease to accrue on and after the redemption date and the only remaining right of the Holders of such Notes is to receive payment of the redemption price upon surrender to the Paying Agent of the Notes redeemed; 

(g) the paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being
redeemed; 
 (h) that no representation is made as to the correctness or accuracy of the CUSIP or ISIN number, if any, listed
in such notice or printed on the Notes; and 
 (i) any conditions precedent to such redemption. 

  
 34 

 If any of the Notes to be redeemed is in the form of a Global Note, then the Issuers shall modify
such notice to the extent necessary to accord with the procedures of the Depository applicable to redemption. 
 At the Issuers’
request, the Trustee shall give the notice of redemption in the Issuers’ names and at their expense; provided, however, that the Issuers shall have delivered to the Trustee, as provided in Section 3.01, an Officers’
Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the second preceding paragraph. 

Section 3.04. Effect of Notice of Redemption. 

Once notice of redemption is given in accordance with Section 3.03 hereof, subject to satisfaction of any conditions precedent set forth
in the notice of redemption, Notes called for redemption shall become irrevocably due and payable on the redemption date at the redemption price. If given in the manner provided for in Section 3.03, the notice of redemption shall be
conclusively presumed to have been given whether or not a Holder receives such notice. Failure to give timely notice or any defect in the notice shall not affect the validity of the redemption. 

Section 3.05. Deposit of Redemption Price. 

Prior to 11:00 a.m., New York City time, on the redemption date, the Issuers shall deposit with the Paying Agent (or, if the Company or a
Subsidiary thereof is acting as its own Paying Agent, segregate and hold in trust as provided in Section 2.04 hereof) money sufficient in same day funds to pay the redemption price of and accrued interest and Additional Interest, if any, on all
Notes to be redeemed on that date. The Paying Agent shall promptly return to the Issuers any money deposited with the Paying Agent by an Issuer in excess of the amounts necessary to pay the redemption price of and accrued interest and Additional
Interest, if any, on all Notes to be redeemed. 
 If the Issuers comply with the provisions of the preceding paragraph, on and after the
redemption date, interest and Additional Interest, if any, shall cease to accrue on the Notes or the portions of Notes called for redemption whether or not such Notes are presented for payment, and the only remaining right of the Holders of such
Notes shall be to receive payment of the redemption price upon surrender to the Paying Agent of the Notes redeemed. If any Note called for redemption shall not be so paid upon surrender for redemption because of the failure of an Issuer to comply
with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption date until such principal is paid, and to the extent lawful, on any interest and Additional Interest, if any, not paid on such unpaid principal, in
each case at the rate provided in the Notes and in Section 4.01 hereof. 
 Section 3.06. Notes Redeemed in Part. 

Upon surrender of a Note that is redeemed in part, the Issuers shall issue in the name of the Holder and the Trustee shall authenticate for
the Holder at the expense of the Issuers a new Note equal in principal amount to the unredeemed portion of the Note surrendered. 

  
 35 

 Section 3.07. Optional Redemption. 

(a) Except as set forth in clauses (b), (c) and (d) of this Section 3.07, the Issuers shall not have the option to redeem the
Notes pursuant to this Section 3.07 prior to April 1, 2016. On or after April 1, 2016, the Issuers may redeem all or a part of the Notes, at the redemption prices (expressed as percentages of principal amount) set forth below, plus
accrued and unpaid interest on the Notes redeemed to the applicable redemption date (subject to the right of Holders on the relevant record date to receive interest due on an interest payment date that is on or prior to the redemption date), if
redeemed during the periods indicated below: 
  

			
	 PERIOD
	  	PERCENTAGE
	 April 1, 2016 through September 30, 2016
	  	106.844%
	 October 1, 2016 through September 30, 2017
	  	104.563%
	 October 1, 2017 and thereafter
	  	100.000%

 (b) Notwithstanding the provisions of clause (a) of this Section 3.07, at any time prior to
April 1, 2016, the Issuers may on any one or more occasions redeem up to 35% of the aggregate principal amount of Notes (including any Additional Notes) issued under this Indenture at a redemption price of 109.125% of the principal amount
thereof, plus accrued and unpaid interest to the redemption date (subject to the right of Holders on the relevant record date to receive interest due on an interest payment date that is on or prior to the redemption date), in an amount not greater
than the net cash proceeds of one or more Equity Offerings by the Company, provided that: 
 (1) at least 65% of the
aggregate principal amount of Notes (including any Additional Notes) issued on the date of this Indenture remains outstanding immediately after the occurrence of such redemption (excluding any Notes held by the Company and its Subsidiaries); and

 (2) the redemption occurs within 180 days of the date of the closing of each such Equity Offering. 

(c) Prior to April 1, 2016, the Issuers may on one or more occasions redeem all or part of the Notes at a redemption price equal to the
sum of: 
 (1) 100% of the principal amount thereof, plus 

(2) the Make Whole Premium at the redemption date, 

plus accrued and unpaid interest, if any, to the redemption date (subject to the right of Holders on the relevant record date to receive
interest due on an interest payment date that is on or prior to the redemption date). 
 (d) The Issuers shall have the right to redeem the
Notes in accordance with the terms, and subject to the conditions, set forth in Section 4.15(6) hereof. 
 (e) Any redemption pursuant
to this Section 3.07 shall be made pursuant to the provisions of Section 3.01 through Section 3.06 hereof. 

  
 36 

 Section 3.08. Mandatory Redemption. 

Except as set forth in Sections 4.10 and 4.15 hereof, neither of the Issuers is required to make mandatory redemption or sinking fund payments
with respect to the Notes or to repurchase the Notes at the option of the Holders. 
 Section 3.09. Offer to Purchase by Application
of Excess Proceeds. 
 In the event that, pursuant to Section 4.10 hereof, the Company shall be required to commence an Asset Sale
Offer, it shall follow the procedures specified below. 
 The Asset Sale Offer shall remain open for a period of 20 Business Days following
its commencement and no longer, except to the extent that a longer period is required by Applicable Law (the “Offer Period”). No later than five Business Days after the termination of the Offer Period (the “Settlement
Date”), the Company shall purchase and pay for the principal amount of Notes required to be purchased pursuant to Section 4.10 hereof (the “Offer Amount”) or if less than the Offer Amount has been tendered, all Notes
validly tendered in response to the Asset Sale Offer. 
 Payment for any Notes so purchased shall be made in the manner prescribed in the
Notes. 
 Upon the commencement of an Asset Sale Offer, the Company shall send a notice to each of the Holders, with a copy to the Trustee.
The notice shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The Asset Sale Offer shall be made to all Holders. The notice, which shall govern the terms of the Asset Sale
Offer, shall state: 
 (a) that the Asset Sale Offer is being made pursuant to this Section 3.09 and Section 4.10
hereof and the length of time the Asset Sale Offer shall remain open, including the time and date the Asset Sale Offer will terminate (the “Termination Date”); 

(b) the Offer Amount and the purchase price; 

(c) that any Note not tendered or accepted for payment shall continue to accrue interest and Additional Interest, if any; 

(d) that, unless the Company defaults in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer
shall cease to accrue interest and Additional Interest, if any, after the Settlement Date; 
 (e) that Holders electing to
have a Note purchased pursuant to an Asset Sale Offer may only elect to have all of such Note purchased and may not elect to have only a portion of such Note purchased; 

(f) that Holders electing to have a Note purchased pursuant to any Asset Sale Offer shall be required to surrender the Note,
with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, to the Company or a Paying Agent at the address specified in the notice, before the Termination Date; 

  
 37 

 (g) that Holders shall be entitled to withdraw their election if the Company or
the Paying Agent, as the case may be, receives, prior to the Termination Date, a telegram, electronic image scan, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note the Holder delivered for
purchase and a statement that such Holder is withdrawing his election to have such Note purchased; 
 (h) that, if the
aggregate principal amount of Notes surrendered by Holders and Pari Passu Indebtedness surrendered by holders or lenders, collectively, exceeds the amount the Company is required to repurchase, the Trustee shall select the Notes and the Company will
select such Pari Passu Indebtedness to be purchased or redeemed on a pro rata basis on the basis of the aggregate principal amount of tendered Notes and Pari Passu Indebtedness (with such adjustments as may be deemed appropriate by the Company so
that only Notes in denominations of $2,000, or an integral multiple of $1,000 in excess thereof, shall be purchased); and 

(i) that Holders whose Notes were purchased only in part shall be issued new Notes equal in principal amount to the unpurchased
portion of the Notes surrendered (or transferred by book-entry transfer). 
 If any of the Notes subject to an Asset Sale Offer is in the
form of a Global Note, then the Company shall modify such notice to the extent necessary to accord with the procedures of the Depository applicable to repurchases. 

Promptly after the Termination Date, the Company shall, to the extent lawful, accept for payment Notes or portions thereof tendered pursuant
to the Asset Sale Offer in the aggregate principal amount required by Section 4.10 hereof, and prior to the Settlement Date it shall deliver to the Trustee an Officers’ Certificate stating that such Notes or portions thereof were accepted
for payment by the Company in accordance with the terms of this Section 3.09 and Section 4.10. Prior to 11:00 a.m., New York City time, on the Settlement Date, the Company or the Paying Agent, as the case may be, shall mail or deliver to
each tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Company for purchase, and the Company shall issue a new Note, and the Trustee shall authenticate and mail or deliver such new Note
to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Company to the Holder thereof. The Company shall publicly announce the results of
the Asset Sale Offer on or before the Settlement Date. 
 ARTICLE 4 

COVENANTS 

Section 4.01. Payment of Notes. 

The Issuers shall pay or cause to be paid the principal of, premium, if any, interest and Additional Interest, if any, on the Notes on the
dates and in the manner provided in the Notes. Principal, premium, if any, interest and Additional Interest, if any, shall be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of
11:00 a.m., New York City time, on the due date money deposited by an Issuer or a Guarantor in immediately available funds and designated for and sufficient to pay all principal, premium, if any, interest and Additional Interest, if any, then
due. 

  
 38 

 The Issuers shall pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal and premium, if any, at the rate equal to the interest rate on the Notes to the extent lawful; and they shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
installments of interest and Additional Interest, if any (without regard to any applicable grace period), at the same rate to the extent lawful. 

The Company shall notify the Trustee of the amounts and payment dates of any Additional Interest that may become payable under any
Registration Rights Agreement no later than the proposed payment date for the Additional Interest. The Trustee shall not at any time be under any duty or responsibility to any Holder of Notes to determine the Additional Interest, or with respect to
the nature, extent, or calculation of the amount of Additional Interest owed, or with respect to the method employed in such calculation of the Additional Interest. 

Section 4.02. Maintenance of Office or Agency. 

The Issuers shall maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee) where Notes may be
presented or surrendered for payment (which shall be in the City of New York if Notes have been issued in certificated form), and they will maintain in the continental United States, an office or agency where Notes may be surrendered for
registration of transfer or for exchange and where notices and demands to or upon the Issuers in respect of the Notes and this Indenture may be served. The Issuers shall give prompt written notice to the Trustee of any change in the location of such
office or agency. If at any time the Issuers shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with notice of a change in the address thereof, such presentations, surrenders, notices and demands may be
made or served at the Corporate Trust Office of the Trustee. 
 The Issuers may also from time to time designate one or more other offices
or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations. Further, if at any time Notes have been issued in certificated form, there shall be no such office or
agency in the City of New York where the Notes may be presented or surrendered for payment, the Issuers shall forthwith designate and maintain such an office or agency in the City of New York, in order that the Notes shall at all times be payable in
the City of New York. The Issuers shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

Section 4.03. Reports. 

(a) Notwithstanding that the Company may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, so long
as any Notes are outstanding, the Company will make publicly available on its website or file with the SEC for public availability within the time periods specified in the SEC’s rules and regulations under the Exchange Act: 

  
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 (1) all quarterly and annual financial and other information with respect to the
Company and its Subsidiaries that would be required to be contained in a filing with the SEC on Forms 10-Q and 10-K if the Company were required to file such forms, including a “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” and, with respect to the annual information only, a report on the annual financial statements by the Company’s certified independent accountants; and 

(2) all current reports that would be required to be filed with the SEC on Form 8-K if the Company were required to file
such reports (except to the extent that the Company reasonably determines that such report would not be material to investors in debt securities). 
 Any
and all Defaults or Events of Default arising from a failure to furnish or file in a timely manner any information or report required by this Section 4.03 shall be deemed cured (and the Company shall be deemed to be in compliance with this
Section 4.03) upon furnishing or filing such information or report as contemplated by this Section 4.03 (but without regard to the date on which such information or report is so furnished or filed); provided that such cure shall not
otherwise affect the rights of the Holders under Article 6 if principal, premium, if any, and interest have been accelerated in accordance with the terms of this Indenture and such acceleration has not been rescinded or cancelled prior to such cure.
The Company shall at all times comply with TIA § 314(a). 
 (b) The Company and the Guarantors shall furnish to the Holders and
Beneficial Owners of the Notes, prospective purchasers of the Notes and securities analysts, upon their request, the information, if any, required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 

(c) If the Company has designated any of its Subsidiaries as Unrestricted Subsidiaries, and any such Unrestricted Subsidiary is or, taken
together with all other Unrestricted Subsidiaries as a whole, would be a Significant Subsidiary, then, to the extent material, the quarterly and annual financial information required by paragraph (a) of this Section 4.03 shall include a
reasonably detailed presentation, either on the face of the financial statements or in the footnotes to the financial statements and in Management’s Discussion and Analysis of Financial Condition and Results of Operations, of the financial
condition and results of operations of the Company and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries of the Company. 

(d) Delivery of reports, information and documents to the Trustee under this Section 4.03 is for informational purposes only and the
Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuers’ compliance with any of their covenants hereunder
(as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 
 Section 4.04. Compliance
Certificate. 
 (a) The Issuers shall deliver to the Trustee, within 90 days after the end of each fiscal year, beginning in fiscal year
2014, an Officers’ Certificate stating that a review of the activities of the Company and its Restricted Subsidiaries during the preceding fiscal year has been made 

  
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under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating,
as to each such Officer signing such certificate, that to the best of his or her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or
observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the
Company is taking or proposes to take with respect thereto). 
 (b) The Issuers shall, so long as any of the Notes are outstanding, deliver
to the Trustee, forthwith upon any of their respective Officers becoming aware of any Default or Event of Default, a statement specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect
thereto. 
 Section 4.05. Taxes. 

The Company shall pay, and shall cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and
governmental levies except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders of the Notes. 

Section 4.06. Stay, Extension and Usury Laws. 

Each of the Issuers and the Guarantors covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead,
or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and each of the
Issuers and the Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not, by resort to any such law, hinder, delay or impede the execution of any power
herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law has been enacted. 

Section 4.07. Limitation on Restricted Payments. 

The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly: 

(1) declare or pay any dividend or make any other payment or distribution on account of the Company’s or any of its
Restricted Subsidiaries’ Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving the Company or any of its Restricted Subsidiaries) or to the direct or indirect holders of the
Company’s or any of its Restricted Subsidiaries’ Equity Interests in their capacity as such (other than dividends, payments or distributions payable in Equity Interests (other than Disqualified Equity Interests) of the Company or payable
to the Company or a Restricted Subsidiary of the Company); 
 (2) purchase, redeem or otherwise acquire or retire for value
(including, without limitation, in connection with any merger or consolidation involving the Company) any Equity Interests of the Company or any direct or indirect parent of the Company (other than in exchange for Equity Interests (other than
Disqualified Equity Interests) of the Company); 

  
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 (3) make any payment on or with respect to, or purchase, redeem, defease or
otherwise acquire or retire for value any Indebtedness that is subordinated to the Notes or the Subsidiary Guarantees (other than intercompany indebtedness), except a payment of interest or principal within 180 days of the Stated Maturity thereof;
or 
 (4) make any Restricted Investment (all such payments and other actions set forth in these clauses (1) through
(4) above being collectively referred to as “Restricted Payments”), 
 unless, at the time of and after giving effect to such
Restricted Payment, no Default (except a Reporting Default) or Event of Default has occurred and is continuing or would occur as a consequence of such Restricted Payment and either: 

(1) if the Fixed Charge Coverage Ratio for the Company’s most recently ended four full fiscal quarters for which internal
financial statements are available at the time of such Restricted Payment is not less than 1.75 to 1.0, such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company and its Restricted Subsidiaries
(excluding Restricted Payments permitted by clauses (2), (3), (4), (5) and (6) of the next succeeding paragraph) with respect to the quarter for which such Restricted Payment is made, is less than the sum, without duplication, of:

 (a) Available Cash with respect to the Company’s preceding fiscal quarter, plus 

(b) 100% of the aggregate net proceeds received by the Company (including the fair market value of any Permitted Business or
long-term assets that are used or useful in a Permitted Business to the extent acquired in consideration of Equity Interests of the Company (other than Disqualified Equity Interests)) after the date of this Indenture as a contribution to its common
equity capital or from the issue or sale of Equity Interests of the Company (other than Disqualified Equity Interests) or from the issue or sale of convertible or exchangeable Disqualified Equity Interests or convertible or exchangeable debt
securities of the Company that have been converted into or exchanged for such Equity Interests (other than Equity Interests (or Disqualified Equity Interests or debt securities) sold to a Restricted Subsidiary of the Company), plus 

(c) to the extent that any Restricted Investment that was made after the date of this Indenture is sold for cash or otherwise
liquidated or repaid for cash, the lesser of (i) the cash return of capital with respect to such Restricted Investment (less the cost of disposition, if any) and (ii) the initial amount of such Restricted Investment, plus 

  
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 (d) the net reduction in Restricted Investments resulting from dividends,
repayments of loans or advances, or other transfers of assets in each case to the Company or any of its Restricted Subsidiaries from any Person (including, without limitation, Unrestricted Subsidiaries) or from redesignations of Unrestricted
Subsidiaries as Restricted Subsidiaries, to the extent such amounts have not been included in Available Cash for any period commencing on or after the date of this Indenture (items (b), (c) and (d) being referred to as “Incremental
Funds”), minus 
 (e) the aggregate amount of Incremental Funds previously expended pursuant to this clause
(1) and clause (2) below; or 
 (2) if the Fixed Charge Coverage Ratio for the Company’s most recently ended
four full fiscal quarters for which internal financial statements are available at the time of such Restricted Payment is less than 1.75 to 1.00, such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by
the Company and its Restricted Subsidiaries (excluding Restricted Payments permitted by clauses (2), (3), (4), (5) and (6) of the next succeeding paragraph) with respect to the quarter for which such Restricted Payment is made (such
Restricted Payments for purposes of this clause (2) meaning only distributions on partnership interests or units of the Company), is less than the sum, without duplication, of: 

(a) $125.0 million less the aggregate amount of all prior Restricted Payments made by the Company and its Restricted
Subsidiaries pursuant to this clause (2)(a) since the date of this Indenture, plus 
 (b) Incremental Funds to the
extent not previously expended pursuant to this clause (2) or clause (1) above. 
 The preceding provisions will not prohibit:

 (1) the payment of any dividend or distribution within 60 days after the date of its declaration, if at the date of
declaration the payment would have complied with the provisions of this Indenture; 
 (2) the purchase, redemption,
defeasance or other acquisition or retirement for value of any subordinated Indebtedness of the Company or any Guarantor or of any Equity Interests of the Company in exchange for, or out of the net cash proceeds of the substantially concurrent
(a) contribution (other than from a Restricted Subsidiary of the Company) to the equity capital of the Company or (b) sale (other than to a Restricted Subsidiary of the Company) of, Equity Interests of the Company (other than Disqualified
Equity Interests), with a sale being deemed substantially concurrent if such purchase, redemption, defeasance or other acquisition or retirement for value occurs not more than 120 days after such sale; provided, however, that the
amount of any such net cash proceeds that are utilized for any such purchase, redemption, defeasance or other acquisition or retirement for value will be excluded or deducted from the calculation of Available Cash and Incremental Funds; 

  
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 (3) the purchase, redemption, defeasance or other acquisition or retirement for
value of subordinated Indebtedness of the Company or any Guarantor with the net cash proceeds from an incurrence of, or in exchange for, Permitted Refinancing Indebtedness; 

(4) the payment of any dividend or distribution by a Restricted Subsidiary of the Company to the holders of its Equity
Interests on a pro rata basis; 
 (5) the purchase, redemption or other acquisition or retirement for value of any
Equity Interests of the Company or direct or indirect parent of the Company pursuant to any director or employee equity subscription agreement or equity option agreement or other employee benefit plan or to satisfy obligations under any Equity
Interests appreciation rights or option plan or similar arrangement; provided that the aggregate price paid for all such purchased, redeemed, acquired or retired Equity Interests may not exceed $5.0 million in any calendar year, with
unused amounts in any calendar year being carried over to succeeding calendar years subject to a maximum of $10.0 million in any calendar year; or 

(6) any purchase, redemption, retirement, defeasance or other acquisition for value of any subordinated Indebtedness pursuant
to the provisions of such subordinated Indebtedness upon a Change of Control or an Asset Sale after the Company shall have complied with the provisions of Section 4.10 or Section 4.15 hereof, as the case may be, and repurchased all Notes
validly tendered for payment in connection with the Change of Control Offer or Asset Sale Offer, as the case may be. 
 The amount of all
Restricted Payments (other than cash) will be the fair market value, on the date of the Restricted Payment, of the Restricted Investment proposed to be made or the asset(s) or securities proposed to be transferred or issued by the Company or such
Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment, except that the fair market value of any non-cash dividend or distribution paid within 60 days after the date of its declaration shall be determined as of such date. The
fair market value of any Restricted Investment, assets or securities that are required to be valued by this Section 4.07 shall be determined in accordance with the definition of that term. For purposes of determining compliance with this
Section 4.07, (x) in the event that a Restricted Payment meets the criteria of more than one of the categories of Restricted Payments described in the clauses (1) through (6) of the immediately preceding paragraph of this
Section 4.07, or is permitted pursuant to the first paragraph of this Section 4.07, the Company will be permitted to classify (or later classify or reclassify in whole or in part in its sole discretion) such Restricted Payment (or portion
thereof) on the date made or later reclassify such Restricted Payment (or portion thereof) in any manner that complies with this covenant; and (y) in the event a Restricted Payment is made pursuant to clause (1) or (2) of the first
paragraph of this Section 4.07, the Company will be permitted to classify whether all or any portion thereof is being (and in the absence of such classification shall be deemed to have classified the minimum amount possible as having been) made
with Incremental Funds. 
 Notwithstanding the foregoing, if the Consolidated Total Leverage Ratio for the Company is greater than 5.00 to
1.00 at the time of such Restricted Payment (after giving pro forma effect to any Restricted Payment), the Company shall not be permitted to increase the amount of distributions payable per unit on the Company’s publicly traded units or
partnership interests from the amounts paid for the immediately prior fiscal quarter for which distributions were paid. 

  
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 Section 4.08. Limitation on Dividend and Other Payment Restrictions Affecting
Subsidiaries. 
 The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create or
permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to: 

(1) pay dividends or make any other distributions on its Capital Stock to the Company or any of its Restricted Subsidiaries, or
pay any Indebtedness or other obligations owed to the Company or any of its Restricted Subsidiaries provided that the priority that any series of preferred securities of a Restricted Subsidiary has in receiving dividends or liquidating
distributions before dividends or liquidating distributions are paid in respect of common stock of such Restricted Subsidiary shall not constitute a restriction on its ability to make dividends or distributions on its Capital Stock for purposes of
this Section 4.08; 
 (2) make loans or advances to the Company or any of its Restricted Subsidiaries (it being
understood that the subordination of loans or advances made to the Company or any other Restricted Subsidiary to other Indebtedness incurred by the Company or any other Restricted Subsidiary will not be deemed a restriction on the ability to make
loans or advances); or 
 (3) transfer any of its properties or assets to the Company or any of its Restricted Subsidiaries.

 However, the preceding restrictions of this Section 4.08 will not apply to encumbrances or restrictions existing under or by reason
of: 
 (1) agreements as in effect on the date of this Indenture (including the Credit Agreements and instruments governing
Existing Indebtedness) and any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of those agreements or the Indebtedness to which they relate, provided that the amendments,
modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are not materially more restrictive, taken as a whole, with respect to such dividend, distribution and other payment restrictions than those
contained in those agreements on the date of this Indenture; 
 (2) this Indenture, the Notes and the Subsidiary Guarantees;

 (3) applicable law; 

(4) any instrument governing Indebtedness or Capital Stock of a Person acquired by the Company or any of its Restricted
Subsidiaries as in effect at the time of such acquisition (except to the extent such Indebtedness or Capital Stock was incurred in connection with or in contemplation of such acquisition), which encumbrance or

  
 45 

 
restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired, provided that, in the case of
Indebtedness, such Indebtedness was otherwise permitted by the terms of this Indenture to be incurred; 
 (5) Capital Lease
Obligations, mortgage financings or purchase money obligations, in each case for property acquired in the ordinary course of business that impose restrictions on that property of the nature described in clause (3) of the preceding paragraph;

 (6) any agreement for the sale or other disposition of a Restricted Subsidiary of the Company that restricts distributions
by that Restricted Subsidiary pending its sale or other disposition; 
 (7) Permitted Refinancing Indebtedness, provided that
the restrictions contained in the agreements governing such Permitted Refinancing Indebtedness are no more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being refinanced; 

(8) Liens securing Indebtedness otherwise permitted to be incurred under the provisions of Section 4.12 that limit the
right of the debtor to dispose of the assets subject to such Liens; 
 (9) provisions with respect to the disposition or
distribution of assets or property in joint venture agreements, asset sale agreements, stock sale agreements and other similar agreements entered into in the ordinary course of business, or customary non-assignment provisions in Hydrocarbon purchase
and sale or exchange agreements or similar operational agreements or licenses or leases entered into in the ordinary course of business; 

(10) any agreement or instrument relating to any property or assets acquired after the date of this Indenture, so long as such
encumbrance or restriction relates only to the property or assets so acquired and is not and was not created in anticipation of such acquisitions; 

(11) restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary
course of business; 
 (12) any encumbrance or restriction contained in the terms of any Indebtedness permitted to be
incurred under this Indenture or any agreement pursuant to which such Indebtedness was incurred if either (a) the encumbrance or restriction applies only in the event of a payment default or a default with respect to a financial covenant in
such Indebtedness or agreement or (b) the Company determines that any such encumbrance or restriction will not materially affect the Company’s ability to make principal or interest payments on the Notes, as determined in good faith by the
Board of Directors or an officer of the General Partner or Holdco, whose determination shall be conclusive; and 
 (13) any
other agreement governing Indebtedness of the Company or any Restricted Subsidiary that is permitted to be incurred under Section 4.09; provided, 

  
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however, that such encumbrances or restrictions are not materially more restrictive, taken as a whole, than those contained in this Indenture, the Credit Agreements or the instruments governing
the Existing Indebtedness as they exist on the date of this Indenture. 
 Section 4.09. Limitation on Incurrence of Indebtedness and
Issuance of Disqualified Equity Interests. 
 The Company will not, and will not permit any of its Restricted Subsidiaries to,
directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and
the Company will not, and will not permit any of its Restricted Subsidiaries to, issue any Disqualified Equity Interests; provided, however, that the Company and any of its Restricted Subsidiaries may incur Indebtedness (including
Acquired Debt) or issue Disqualified Equity Interests, if the Fixed Charge Coverage Ratio for the Company’s most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on
which such additional Indebtedness is incurred or such Disqualified Equity Interests are issued would have been at least 2.0 to 1.0, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the
additional Indebtedness had been incurred or Disqualified Equity Interests had been issued, as the case may be, at the beginning of such four-quarter period. 

The first paragraph of this Section 4.09 will not prohibit the incurrence of any of the following items of Indebtedness
(collectively, “Permitted Debt”) or the issuance of any Disqualified Equity Interests described in clause (11) below: 

(1) the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness (including letters of credit) under one
or more Credit Facilities in an aggregate principal amount at any one time outstanding under this clause (1) (with letters of credit being deemed to have a principal amount equal to the maximum potential liability of the Company and its
Subsidiaries thereunder) not to exceed the greater of $400.0 million and 20.0% of the Company’s Consolidated Net Tangible Assets determined at the time of incurrence; 

(2) the incurrence by the Company or its Restricted Subsidiaries of the Existing Indebtedness (other than Indebtedness under
clause (3)); 
 (3) the incurrence by the Issuers of Indebtedness represented by (a) the Notes issued and sold on the
Initial Issuance Date, (b) the Exchange Notes issued pursuant to any Registration Rights Agreement or (c) any Subsidiary Guarantee; 

(4) the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness represented by Capital Lease
Obligations, mortgage financings or purchase money obligations, in each case, incurred for the purpose of financing all or any part of the purchase price or cost of construction or improvement of property, plant or equipment used in the business of
the Company or such Restricted Subsidiary (or Capital Stock of an entity owning such property, plant or equipment), provided that after giving effect to any such incurrence, the principal amount of all Indebtedness incurred pursuant to this

  
 47 

 
clause (4) and then outstanding, including all Permitted Refinancing Indebtedness incurred to extend, refinance, renew, replace, defease or refund any Indebtedness incurred pursuant to this
clause (4), does not exceed the greater of (a) $90.0 million or (b) 5.0% of the Company’s Consolidated Net Tangible Assets at the time of incurrence; 

(5) the incurrence by the Company or any of its Restricted Subsidiaries of Permitted Refinancing Indebtedness in exchange for,
or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund Indebtedness that was permitted by this Indenture to be incurred under the first paragraph of this Section 4.09 or clause (2), (3) or
(4) of this paragraph or this clause (5); 
 (6) the incurrence by the Company or any of its Restricted
Subsidiaries of intercompany Indebtedness between or among the Company and any of its Restricted Subsidiaries; provided, however, that: 

(a) if the Company is the obligor on such Indebtedness and a Guarantor is not the obligee, such Indebtedness must be expressly
subordinated to the prior payment in full in cash of all Obligations with respect to the Notes, or if a Guarantor is the obligor on such Indebtedness and neither the Company nor another Guarantor is the obligee, such Indebtedness must be expressly
subordinated to the prior payment in full in cash of all Obligations with respect to the Subsidiary Guarantee of such Guarantor; and 

(b) (i) any subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a
Person other than the Company or a Restricted Subsidiary of the Company and (ii) any sale or other transfer of any such Indebtedness to a Person that is neither the Company nor a Restricted Subsidiary of the Company will be deemed, in each
case, to constitute an incurrence of such Indebtedness by the Company or such Restricted Subsidiary, as the case may be, that was not permitted by this clause (6); 

(7) the incurrence by the Company or any of its Restricted Subsidiaries of Hedging Obligations; 

(8) the incurrence by the Company or any of its Restricted Subsidiaries of Acquired Debt in connection with a merger or
consolidation meeting any one of the financial tests set forth in clause (d) of Section 5.01; 
 (9) the guarantee
by the Company or any of its Restricted Subsidiaries of Indebtedness of the Company or any of its Restricted Subsidiaries that was permitted to be incurred by another provision of this Section 4.09, provided that if the Indebtedness
being guaranteed is subordinated to or pari passu with the Notes, then the guarantee shall be subordinated or pari passu, as applicable, to the same extent as the Indebtedness guaranteed; 

(10) the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness in respect of bid, performance, surety
and similar bonds issued for the account of the Company and any of its Restricted Subsidiaries in the ordinary course of business, including guarantees and obligations of the Company or any of its Restricted Subsidiaries with respect to letters of
credit supporting such obligations (in each case other than an obligation for money borrowed); 

  
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 (11) the issuance by any of the Company’s Restricted Subsidiaries to the
Company or to any of its Restricted Subsidiaries of any Disqualified Equity Interests; provided, however, that: 
 (a) any
subsequent issuance or transfer of Equity Interests that results in any such Disqualified Equity Interests being held by a Person other than the Company or a Restricted Subsidiary of the Company; and 

(b) any sale or other transfer of any such Disqualified Equity Interests to a Person that is not either the Company or a
Restricted Subsidiary of the Company shall be deemed, in each case, to constitute an issuance of such Disqualified Equity Interests by such Restricted Subsidiary that was not permitted by this clause (11); and 

(12) the incurrence by the Company or any of its Restricted Subsidiaries of additional Indebtedness in an aggregate principal
amount then outstanding, not to exceed the greater of (a) $90.0 million or (b) 5.0% of the Company’s Consolidated Net Tangible Assets determined at the time of incurrence. 

The Company will not incur, and will not permit Finance Corp. or any Guarantor to incur, any Indebtedness (including Permitted Debt) that is
contractually subordinated in right of payment to any other Indebtedness of the Company, Finance Corp. or such Guarantor unless such Indebtedness is also contractually subordinated in right of payment to the Notes and the applicable Subsidiary
Guarantee on substantially identical terms; provided, however, that no Indebtedness of a Person will be deemed to be contractually subordinated in right of payment to any other Indebtedness of such Person solely by virtue of being
unsecured or by virtue of being secured on a first or junior Lien basis. 
 For purposes of determining compliance with this
Section 4.09, in the event that an item of Indebtedness (including Acquired Debt) meets the criteria of more than one of the categories of Permitted Debt described in clauses (1) through (12) above, or is entitled to be incurred
pursuant to the first paragraph of this Section 4.09, the Company will be permitted to classify (or later classify or reclassify in whole or in part in its sole discretion) such item of Indebtedness in any manner that complies with this
covenant. 
 The accrual of interest, the accretion or amortization of original issue discount, the payment of interest on any
Indebtedness in the form of additional Indebtedness with the same terms, and the payment of dividends on Disqualified Equity Interests in the form of additional shares of the same class of Disqualified Equity Interests will not be deemed to be an
incurrence of Indebtedness or an issuance of Disqualified Equity Interests for purposes of this Section 4.09; provided, in each such case, that the amount thereof is included in Fixed Charges of the Company as accrued. Notwithstanding
any other provision of this Section 4.09, the maximum amount of Indebtedness that the Company or any Restricted Subsidiary may incur pursuant to this Section 4.09 will not be deemed to be exceeded solely as a result of fluctuations in
exchange rates or currency values. Further, the accounting reclassification of any obligation of the Company or any of its Restricted Subsidiaries as Indebtedness will not be deemed an incurrence of Indebtedness for purposes of this covenant.

  
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 Notwithstanding the foregoing, the Company and its Restricted Subsidiaries shall not be permitted
to incur any Priority Indebtedness (including Acquired Indebtedness but excluding any Indebtedness incurred pursuant to clauses (2) or (5) of the definition of Permitted Debt above) in excess of the greater of (a) $300.0 million and
(b) 15.0% of the Company’s Consolidated Net Tangible Assets determined at the time of incurrence, if the Priority Indebtedness Ratio is greater than 4.00 to 1.00 at the time of such incurrence (and after giving pro forma effect to such
incurrence and the application of the proceeds therefrom). 
 Section 4.10. Limitation on Asset Sales. 

The Company will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless: 

(1) the Company (or a Restricted Subsidiary, as the case may be) receives consideration at the time of the Asset Sale at least
equal to the fair market value of the assets or Equity Interests issued or sold or otherwise disposed of; and 
 (2) at least
75% of the aggregate consideration received by the Company and its Restricted Subsidiaries in the Asset Sale is in the form of cash or Cash Equivalents. For purposes of this provision, each of the following will be deemed to be cash: 

(a) any liabilities, as shown on the Company’s or any Restricted Subsidiary’s most recent balance sheet, of the
Company or such Subsidiary (other than contingent liabilities and liabilities that are by their terms subordinated to the Notes or any Subsidiary Guarantee) that are assumed by the transferee of any such assets pursuant to an agreement that releases
the Company or such Subsidiary from further liability therefor; and 
 (b) any securities, notes or other obligations
received by the Company or any such Restricted Subsidiary from such transferee that are, within 90 days after the Asset Sale, converted by the Company or such Subsidiary into cash, to the extent of the cash received in that conversion. 

Within 365 days after the receipt of any Net Proceeds from an Asset Sale, the Company or any such Restricted Subsidiary may apply those Net
Proceeds at its option to any combination of the following: 
 (1) to repay, redeem or otherwise retire any Indebtedness of
Subsidiaries that are not Guarantors; 
 (2) repay, redeem or otherwise retire Senior Debt of the Issuers and the Guarantors,
including the Notes; 

  
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 (3) to acquire all or substantially all of the properties or assets of a Person
primarily engaged in a Permitted Business; 
 (4) to acquire a majority of the Voting Stock of a Person primarily engaged in
a Permitted Business; 
 (5) to make capital expenditures; or 

(6) to acquire other long-term assets that are used or useful in a Permitted Business. 

The provisions of clauses (3), (4), (5) or (6) of the preceding paragraph shall be deemed to be satisfied if a bona fide binding
contract committing to make the acquisition or expenditure referred to therein is entered into by the Company or any of its Restricted Subsidiaries within the time period specified in the preceding paragraph and such Net Proceeds are subsequently
applied in accordance with such contract within the later of 365 days from the receipt of Net Proceeds from the Asset Sale or six months following the date such agreement is entered into. 

Pending the final application of any Net Proceeds, the Company or any such Restricted Subsidiary may temporarily reduce revolving credit
borrowing or otherwise invest the Net Proceeds in any manner that is not prohibited by this Indenture. Any Net Proceeds from Asset Sales that are not applied or invested as provided in the preceding paragraph will constitute “Excess
Proceeds.” 
 When the aggregate amount of Excess Proceeds then exceeds $25.0 million, within 10 days the Company will make a
pro rata offer (an “Asset Sale Offer”) to all Holders of Notes, and to all holders of Pari Passu Indebtedness then outstanding, to purchase the maximum principal amount of Notes and such Pari Passu Indebtedness that may be purchased
out of the Excess Proceeds. The offer price in any Asset Sale Offer will be equal to 100% of the principal amount plus accrued and unpaid interest and Additional Interest, if any, to the Settlement Date, subject to the right of Holders on the
relevant record date to receive interest due on an interest payment date that is on or prior to the Settlement Date, and will be payable in cash. If any Excess Proceeds remain after consummation of an Asset Sale Offer, the Company or any Restricted
Subsidiary may use those Excess Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate principal amount of Notes tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds allocated to the purchase of
Notes, the Trustee will select the Notes to be purchased on a pro rata basis (with such adjustments as may be deemed appropriate by the Company so that only Notes in denominations of $2,000, or an integral multiple of $1,000 in excess thereof, will
be purchased). Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will be reset at zero. 
 The Company will
comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Asset Sale
Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 4.10, the Company will comply with the applicable securities laws and regulations

  
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and will not be deemed to have breached its obligations under such provisions by virtue of such conflict. 

Section 4.11. Limitation on Transactions with Affiliates. 

The Company will not, and will not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or
otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any
Affiliate (each, an “Affiliate Transaction”), unless: 
 (1) the Affiliate Transaction is on terms
that taken as a whole are either not materially less favorable to the Company or the relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated
Person or are otherwise fair to the Company or such Restricted Subsidiary from a financial point of view; 
 (2) the Company
delivers to the Trustee, with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $50.0 million, a resolution of the Board of Directors of the General Partner or Holdco set
forth in an Officers’ Certificate certifying that such Affiliate Transaction or series of related Affiliate Transactions complies with the preceding clause (1) of this Section 4.11 and has been approved by a majority of the
disinterested members of the Board of Directors of the General Partner or Holdco or otherwise approved in accordance with affiliate transaction procedures specified in the Partnership Agreement; and 

(3) with respect any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in
excess of $150.0 million, the Company uses commercially reasonable efforts (as determined in good faith by the Company) to deliver to the Trustee a favorable opinion as to the fairness of such transaction or series or related transactions to the
Company or the relevant Restricted Subsidiary, as the case may be, from a financial point of view, from an Independent Financial Advisor. 

The following items will not be deemed to be Affiliate Transactions and, therefore, will not be subject to the provisions of the prior
paragraph of this Section 4.11: 
 (1) any employment agreement or arrangement, equity award, equity option or equity
appreciation agreement or plan entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business and any payments or awards pursuant thereto; 

(2) transactions between or among any of the Company and its Restricted Subsidiaries; 

(3) transactions with a Person (other than an Unrestricted Subsidiary of the Company) that is an Affiliate of the Company
solely because the Company or any of its Restricted Subsidiaries owns an Equity Interest in such Person; 

  
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 (4) transactions permitted or contemplated by the terms of (a) the
Partnership Agreement with respect to accounting, treasury, information technology, insurance and other corporate services, general overhead and other administrative matters and expense reimbursements, including reimbursement of the General Partner
for expenses allocable to the Company or otherwise incurred by the General Partner in connection with the operation of the Company’s business, (b) any other agreements in effect on the date of this Indenture, in each case as such
agreements are in effect on the date of this Indenture, and any amendment or replacement of any of such agreements so long as such amendment or replacement agreement is not materially less favorable to the Company than the agreement so amended or
replaced; 
 (5) customary compensation, indemnification and other benefits made available to officers, directors or
employees of the Company, a Restricted Subsidiary of the Company, the General Partner or Holdco, including reimbursement or advancement of out-of-pocket expenses and provisions of officers’ and directors’ liability insurance; 

(6) sales of Equity Interests (other than Disqualified Equity Interest) to Affiliates of the Company; 

(7) Restricted Payments or Permitted Investments that are permitted by Section 4.07; and 

(8) transactions pursuant to sale, purchase, service or lease agreements or contracts that are entered into in the ordinary
course of business on terms substantially similar to those contained in similar contracts or agreements entered into by the Company or any of its Restricted Subsidiaries with unrelated third parties or otherwise on terms not materially less
favorable to the Company and its Restricted Subsidiaries than those that would be available in a transaction with an unrelated third party. 

Section 4.12. Limitation on Liens. 

The Company will not, and will not permit any of its Restricted Subsidiaries to, create, incur, assume or otherwise cause or suffer to exist
or become effective any Lien of any kind (other than Permitted Liens) securing Indebtedness upon any of their property or assets, now owned or hereafter acquired, unless the Notes or any Subsidiary Guarantee of such Restricted Subsidiary, as
applicable, is secured on an equal and ratable basis with (or on a senior basis to, in the case of obligations subordinated in right of payment to the Notes or such Subsidiary Guarantee, as the case may be) the obligations so secured until such time
as such obligations are no longer secured by a Lien (other than Permitted Liens). 
 Section 4.13. Additional Subsidiary
Guarantees. 
 If, after the date of this Indenture, any Restricted Subsidiary of the Company that is not already a Guarantor
guarantees any other Indebtedness with respect to which the Company is the primary obligor under a Credit Facility, then that Subsidiary will become a Guarantor by executing a supplemental indenture substantially in the form of Annex A hereto and
delivering it to the Trustee within 20 Business Days of the date on which it guaranteed such Indebtedness together with any Officers’ Certificate or Opinion of Counsel required by Section 9.06; provided, 

  
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however, that the preceding shall not apply to Subsidiaries of the Company that have properly been designated as Unrestricted Subsidiaries in accordance with this Indenture for so long as
they continue to constitute Unrestricted Subsidiaries. Notwithstanding the preceding, any Subsidiary Guarantee of a Restricted Subsidiary that was incurred pursuant to this Section 4.13 will be released in the circumstances described in
Section 10.04. 
 Section 4.14. Corporate Existence. 

Except as otherwise permitted pursuant to the terms hereof (including consolidation and merger permitted by Section 5.01), the
Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its partnership existence, and the corporate, partnership or other existence of each of its Restricted Subsidiaries, in accordance with the
respective organizational documents (as the same may be amended from time to time) of the Company or any such Restricted Subsidiary; provided, however, that the Company shall not be required to preserve the existence of any of its
Restricted Subsidiaries (except Finance Corp.) if the Company shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Restricted Subsidiaries taken as a whole and that the loss
thereof is not adverse in any material respect to the Holders of the Notes. 
 Section 4.15. Offer to Repurchase Upon
Change of Control. 
 (1) Except as provided herein, within 30 days following the occurrence of a Change of Control, the Company shall
make an offer (a “Change of Control Offer”) to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of each Holder’s Notes at a purchase price (the “Change of Control
Payment”) in cash equal to 101% (or at the Company’s option, a greater percentage) of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest and Additional Interest, if any, thereon to the date of
settlement (the “Change of Control Settlement Date”), subject to the right of Holders on the relevant record date to receive interest due on an interest payment date that is on or prior to the Change of Control Settlement Date. No
later than 30 days following any Change of Control, the Company will mail a notice of the Change of Control Offer to each Holder and the Trustee describing the transaction or transactions that constitute the Change of Control and stating: 

(a) that the Change of Control Offer is being made pursuant to this Section 4.15 and that all Notes validly tendered and
not withdrawn will be accepted for payment; 
 (b) the purchase price and the Change of Control Settlement Date, which date
will be no earlier than 30 days and no later than 60 days from the date such notice is mailed, pursuant to the procedures required by this Section 4.15 and described in such notice; 

(c) that the Change of Control Offer will expire as of the time specified in such notice and that the Company shall pay the
Change of Control Purchase Price for all Notes purchased as of the termination of the Change of Control Offer promptly thereafter on the Change of Control Settlement Date; 

  
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 (d) that any Note not tendered will continue to accrue interest and Additional
Interest, if any; 
 (e) that, unless the Company defaults in the payment of the Change of Control Payment, all Notes
accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest and Additional Interest, if any, after the Change of Control Settlement Date; 

(f) that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender the
Notes, properly endorsed for transfer, together with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes completed and such customary documents as the Company may reasonably request, to the Paying Agent at
the address specified in the notice prior to the termination of the Change of Control Offer on the Change of Control Settlement Date; 

(g) that Holders will be entitled to withdraw their election if the Paying Agent receives, prior to the termination of the
Change of Control Offer, a telegram, electronic image scanning, facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing its election
to have the Notes purchased; and 
 (h) that Holders whose Notes are being purchased only in part will be issued new Notes
equal in principal amount to the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess thereof. 

If any of the Notes subject to a Change of Control Offer is in the form of a Global Note, then the Company shall modify such notice to the
extent necessary to accord with the procedures of the Depository applicable to repurchases. Further, the Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the
extent such laws and regulations are applicable in connection with the repurchase of Notes as a result of a Change of Control. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this
Section 4.15, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under such provisions by virtue of such conflict. 

(2) On or before the Change of Control Settlement Date, the Company shall, to the extent lawful, accept for payment all Notes or portions
thereof (equal to $2,000 or an integral multiple of $1,000 in excess thereof) properly tendered pursuant to the Change of Control Offer. Promptly thereafter on the Change of Control Settlement Date, the Company will: 

(a) deposit with the Paying Agent by 11:00 a.m., New York City time, an amount equal to the Change of Control Payment in
respect of all Notes or portions thereof so tendered; and 

  
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 (b) deliver or cause to be delivered to the Trustee the Notes so accepted
together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company. 

On the Change of Control Settlement Date, the Paying Agent shall mail to each Holder of Notes properly tendered the Change of Control Payment
for such Notes (or, if all the Notes are then in global form, make such payment through the facilities of the Depository) and the Trustee shall authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in
principal amount to any unpurchased portion of the Notes surrendered, if any; provided, however, that each such new Note will be in a minimum principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. The Company shall
publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Settlement Date. 

(3) The Change of Control provisions described above shall be applicable whether or nor any other provisions of this Indenture
are applicable. 
 (4) The Company shall not be required to make a Change of Control Offer following a Change of Control if:

 (a) a third party makes the Change of Control Offer in the manner, at the time and otherwise in compliance with the
requirements set forth in this Indenture applicable to a Change of Control Offer made by the Company and purchases all Notes properly tendered and not withdrawn under the Change of Control Offer; or 

(b) a notice to redeem all outstanding Notes has been given pursuant to Section 3.03, unless and until there is a default
in payment of the applicable redemption price. 
 (5) A Change of Control Offer may be made in advance of a Change of
Control, and conditioned upon the occurrence of the Change of Control, if a definitive agreement is in place for the Change of Control at the time of making the Change of Control Offer. Notes repurchased by the Issuers pursuant to a Change of
Control Offer will have the status of Notes issued but not outstanding or will be retired and cancelled, at either of the Issuers’ option. Notes purchased by a third party pursuant to the preceding paragraph will have the status of Notes issued
and outstanding. 
 (6) In the event that Holders of not less than 90% of the aggregate principal amount of the outstanding
Notes accept a Change of Control Offer and the Company (or the third party making the Change of Control Offer in lieu of the Company) purchases all of the Notes held by such Holders, the Issuers will have the right, upon not less than 30 nor more
than 60 days’ prior notice, given not more than 30 days following the purchase pursuant to the Change of Control Offer described above, to redeem all of the Notes that remain outstanding following such purchase at a redemption price equal to
the Change of Control Payment plus, to the extent not included in the Change of Control Payment, accrued and unpaid interest and Additional Interest, if any, on the Notes that remain outstanding, to the date of redemption (subject to the right of
Holders on the relevant record date to receive interest due on an interest payment date that is on or prior to the redemption date). 

  
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 Section 4.16. Designation of Restricted and Unrestricted Subsidiaries. 

The Board of Directors of the General Partner or Holdco may designate any Restricted Subsidiary of the Company to be an Unrestricted
Subsidiary if that designation would not cause a Default or Event of Default. If, after the date of this Indenture, a Restricted Subsidiary of the Company is designated as an Unrestricted Subsidiary, the aggregate fair market value of all
outstanding Investments owned by the Company and its Restricted Subsidiaries in the Subsidiary properly designated as an Unrestricted Subsidiary will be deemed to be either (a) an Investment made as of the time of the designation that will
reduce the amount available for Restricted Payments under the first paragraph of Section 4.07 or (b) a Permitted Investment, as determined by the Company. That designation will only be permitted if the Investment would be permitted at that
time and if the Subsidiary so designated otherwise meets the definition of an Unrestricted Subsidiary. 
 The Board of Directors of the
General Partner or Holdco may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that such designation will be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of the Company of any
outstanding Indebtedness of such Unrestricted Subsidiary and such designation will only be permitted if (1) such Indebtedness is permitted under Section 4.09, calculated on a pro forma basis as if such designation had occurred at the
beginning of the four-quarter reference period, and (2) no Default or Event of Default would be in existence following such designation. 

Section 4.17. Business Activities. 

The Company will not, and will not permit any Restricted Subsidiary to, engage in any business other than a Permitted Business, except to such
an extent as would not be material to the Company and its Restricted Subsidiaries, taken as a whole. 
 Finance Corp. may not incur
Indebtedness unless (1) the Company is a co-obligor or guarantor of such Indebtedness or (2) the net proceeds of such Indebtedness are loaned to the Company or another of its Restricted Subsidiaries, used to acquire outstanding debt
securities issued by the Company or another of its Restricted Subsidiaries or used to repay Indebtedness of the Company or another of its Restricted Subsidiaries as permitted under Section 4.09. Finance Corp. may not engage in any business not
related directly or indirectly to obtaining money or arranging financing for the Company or its Restricted Subsidiaries. 

Section 4.18. Covenant Suspension. 

If at any time (a) the rating assigned to the Notes by both S&P and Moody’s is an Investment Grade Rating and (b) no
Default has occurred and is continuing under this Indenture, then upon notice to the Trustee, the Company and its Restricted Subsidiaries will no longer be subject to the provisions of Sections 3.09, 4.07, 4.08, 4.09, 4.10, 4.11 and clause
(d) of Section 5.01 of this Indenture (collectively, the “Suspended Covenants”). However, the Company and its Restricted Subsidiaries will remain subject to the other provisions of this Indenture. 

  
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 If at any time the Notes’ credit rating is downgraded from an Investment Grade Rating by
Moody’s or S&P, then the Suspended Covenants will thereafter be reinstated as if such covenants had never been suspended (the “Reinstatement Date”) and be applicable pursuant to the terms of this Indenture (including in
connection with performing any calculation or assessment to determine compliance with the terms of this Indenture), unless and until the Notes subsequently attain an Investment Grade Rating by both S&P and Moody’s and no Default or Event of
Default is in existence (in which event the Suspended Covenants shall no longer be in effect for such time that the Notes maintain an Investment Grade Rating by both S&P and Moody’s); provided, however, that no Default, Event
of Default or breach of any kind shall be deemed to exist under the Indenture, the Notes or the Guarantees with respect to the Suspended Covenants based on, and none of the Company or any of its Subsidiaries shall bear any liability for, any actions
taken or events occurring during the Suspension Period (as defined below), regardless of whether such actions or events would have been permitted if the applicable Suspended Covenants remained in effect during such period. The period of time between
the date of suspension of the covenants and the Reinstatement Date is referred to as the “Suspension Period.” 
 On the
Reinstatement Date, all Indebtedness incurred during the Suspension Period will be classified to have been incurred pursuant to the first paragraph of Section 4.09 or one of the clauses set forth in the second paragraph of Section 4.09 (to
the extent such Indebtedness would be permitted to be incurred thereunder as of the Reinstatement Date and after giving effect to Indebtedness incurred prior to the Suspension Period and outstanding on the Reinstatement Date). To the extent such
Indebtedness would not be so permitted to be incurred pursuant to the first or second paragraph of Section 4.09 such Indebtedness will be deemed to have been outstanding on the Issue Date, so that it is classified under clause (2) of the
second paragraph of Section 4.09. Calculations made after the Reinstatement Date of the amount available to be made as Restricted Payments under Section 4.07 will be made as though the covenant described under Section 4.07 had been in
effect since the Issue Date and throughout the Suspension Period. Accordingly, Restricted Payments made during the Suspension Period may reduce the amount available to be made as Restricted Payments under the first paragraph of Section 4.07.

 During any Suspension Period, the Board of Directors of the General Partner may not designate any of the Company’s Subsidiaries as
Unrestricted Subsidiaries under this Indenture. 
 The Company will provide the Trustee and the Holders with prompt written notice of any
suspension of the Suspended Covenants or the subsequent reinstatement of such Suspended Covenants. 
 ARTICLE 5 

SUCCESSORS 

Section 5.01. Merger, Consolidation, or Sale of Assets. 

Neither of the Issuers may, directly or indirectly, (1) consolidate or merge with or into another Person (whether or not such Issuer is
the survivor), or (2) sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions to another Person, unless: 

  
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 (a) either (1) such Issuer is the survivor, or (2) the Person formed by
or surviving any such consolidation or merger (if other than such Issuer ) or to which such sale, assignment, transfer, lease, conveyance or other disposition has been made is a Person organized or existing under the laws of the United States, any
state of the United States or the District of Columbia; provided, however, that Finance Corp. may not consolidate or merge with or into any Person other than a corporation satisfying such requirement so long as the Company is not a
corporation; 
 (b) the Person formed by or surviving any such consolidation or merger (if other than such Issuer) or the
Person to which such sale, assignment, transfer, lease, conveyance or other disposition has been made expressly assumes all the obligations of such Issuer under the Notes and this Indenture pursuant to a supplemental indenture or other agreement in
a form reasonably satisfactory to the Trustee; 
 (c) immediately after such transaction no Default or Event of Default
exists; 
 (d) in the case of a transaction involving the Company and not Finance Corp., either: 

(i) the Company or the Person formed by or surviving any such consolidation or merger (if other than the Company), or to which
such sale, assignment, transfer, lease, conveyance or other disposition has been made will, on the date of such transaction after giving pro forma effect thereto and any related financing transactions as if the same had occurred at the beginning of
the applicable four-quarter period, be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in the first paragraph of Section 4.09 hereof; or 

(ii) immediately after giving effect to such transaction on a pro forma basis and any related financing transactions as if the
same had occurred at the beginning of the applicable four-quarter period, the Fixed Charge Coverage Ratio of the Company or the Person formed by or surviving any such consolidation or merger (if other than the Company), or to which such sale,
assignment, transfer, lease, conveyance or other disposition has been made will be equal to or greater than the Fixed Charge Coverage Ratio of the Company immediately before such transaction; and 

(e) such Issuer has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such
consolidation, merger or disposition and such supplemental indenture (if any) comply with this Indenture and all conditions precedent therein relating to such transaction have been satisfied. 

Notwithstanding the preceding paragraph of this Section 5.01, the Company may reorganize as any other form of entity in accordance with
the following procedures provided that: 
 (1) the reorganization involves the conversion (by merger, sale, contribution or
exchange of assets or otherwise) of the Company into a form of entity other than a limited partnership formed under Delaware law; 

  
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 (2) the entity so formed by or resulting from such reorganization is an entity
organized or existing under the laws of the United States, any state thereof or the District of Columbia; 
 (3) the entity
so formed by or resulting from such reorganization assumes all the obligations of the Company under the Notes, this Indenture and the applicable Registration Rights Agreement pursuant to agreements reasonably satisfactory to the Trustee; 

(4) immediately after such reorganization no Default or Event of Default exists; and 

(5) such reorganization is not materially adverse to the Holders or Beneficial Owners of the Notes (for purposes of this clause
(5) a reorganization will not be considered materially adverse to the Holders or Beneficial Owners of the Notes solely because the successor or survivor of such reorganization (a) is subject to federal or state income taxation as an entity
or (b) is considered to be an “includible corporation” of an affiliated group of corporations within the meaning of Section 1504(b) of the Code or any similar state or local law). 

Section 5.02. Successor Substituted. 

Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the
properties or assets of an Issuer in accordance with Section 5.01 hereof, the successor formed by such consolidation or into or with which such Issuer is merged or to which such sale, assignment, transfer, lease, conveyance or other disposition
is made shall succeed to, and may exercise every right and power of, such Issuer under this Indenture with the same effect as if such successor had been named as such Issuer herein and shall be substituted for such Issuer (so that from and after the
date of such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition, the provisions of this Indenture referring to the “Company” or “Finance Corp.,” as the case may be, shall refer instead to
the successor and not to the Company or Finance Corp., as the case may be); and thereafter, except in the case of a lease of all or substantially all of its properties or assets in accordance with this Indenture, such Issuer shall be discharged and
released from all obligations and covenants under this Indenture and the Notes. The Trustee shall enter into a supplemental indenture to evidence the succession and substitution of such successor and such discharge and release of such Issuer. 

ARTICLE 6 
 DEFAULTS AND
REMEDIES 
 Section 6.01. Events of Default. 

An “Event of Default” occurs if one of the following shall have occurred and be continuing (whatever the reason for such Event of
Default and whether it shall be involuntary or be effected by operation of law): 

  
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 (a) an Issuer defaults in the payment when due of interest or Additional
Interest, if any, with respect to, the Notes, and such default continues for a period of 30 days; 
 (b) an Issuer defaults
in the payment of the principal of, or premium, if any, on the Notes when due at its Stated Maturity, upon optional redemption, upon required repurchase, upon declaration or otherwise; 

(c) the Issuers fail to comply with their obligations to offer to purchase or purchase Notes pursuant to Sections 3.09,
4.10, 4.15 or fail to comply with Section 5.01 hereof; 
 (d) the Company fails to comply with any other covenant or
other agreement in this Indenture or the Notes for 60 days (or 120 days with respect to the provisions of Section 4.03 hereof) after notice to the Company by the Trustee or the Holders of at least 25% in principal amount of the Notes then
outstanding of such failure; 
 (e) a default occurs under any mortgage, indenture or instrument under which there is issued
or by which there is secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such
Indebtedness or guarantee now exists, or is created after the Initial Issuance Date, if that default: 
 (1) is caused by a
failure to pay principal of, or interest or premium, if any, on such Indebtedness prior to the expiration of any grace period provided in such Indebtedness (a “Payment Default”); or 

(2) results in the acceleration of such Indebtedness prior to its Stated Maturity, 

and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which
there has been a Payment Default or the maturity of which has been so accelerated, aggregates $30.0 million or more; provided that if any such Payment Default is cured or waived or any such acceleration rescinded, or such Indebtedness is
repaid, within a period of 30 days from the continuation of such Payment Default beyond the applicable grace period or the occurrence of such acceleration, as the case may be, such Event of Default and any consequential acceleration of the Notes
shall be automatically rescinded, so long as such rescission does not conflict with any judgment or decree; 
 (f) the
Company or any of its Restricted Subsidiaries fails to pay final judgments aggregating in excess of $30.0 million (to the extent not covered by insurance by a reputable and creditworthy insurer as to which the insurer has not disclaimed coverage),
which judgments are not paid, discharged or stayed for a period of 60 days; 
 (g) except as permitted by this Indenture, any
Subsidiary Guarantee is held in any judicial proceeding to be unenforceable or invalid or ceases for any reason to be in full force and effect or any Guarantor, or any Person acting on behalf of any Guarantor, denies or disaffirms its obligations
under its Subsidiary Guarantee; and 

  
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 (h) the Company, Finance Corp., any of the Company’s Restricted Subsidiaries
that is a Significant Subsidiary of the Company or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary of the Company pursuant to or within the meaning of Bankruptcy Law: 

(1) commences a voluntary case, 

(2) consents in writing to the entry of an order for relief against it in an involuntary case, 

(3) consents in writing to the appointment of a Custodian of it or for all or substantially all of its property, 

(4) makes a general assignment for the benefit of its creditors, or 

(5) admits in writing it generally is not paying its debts as they become due; or 

(i) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(1) is for relief against the Company, Finance Corp., any of the Company’s Restricted Subsidiaries that is a Significant
Subsidiary of the Company or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary of the Company in an involuntary case; 

(2) appoints a Custodian of the Company, Finance Corp., any of the Company’s Restricted Subsidiaries that is a
Significant Subsidiary of the Company or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary of the Company or for all or substantially all of the property of the Company, Finance
Corp., any of the Company’s Restricted Subsidiaries that is a Significant Subsidiary of the Company or any group of Restricted Subsidiaries of the Company, that, taken together, would constitute a Significant Subsidiary of the Company; or 

(3) orders the liquidation of the Company, Finance Corp., any of the Company’s Restricted Subsidiaries that is a
Significant Subsidiary of the Company or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary of the Company; 

and the order or decree remains unstayed and in effect for 60 consecutive days. 

  
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 Section 6.02. Acceleration. 

If any Event of Default occurs and is continuing, the Trustee, by notice to the Issuers, or the Holders of at least 25% in principal amount of
the then outstanding Notes, by notice to the Issuers and the Trustee, may declare all the Notes to be due and payable immediately. Upon any such declaration, the Notes shall become due and payable immediately, together with all accrued and unpaid
interest, Additional Interest, if any, and premium, if any, thereon. Notwithstanding the preceding, if an Event of Default specified in clause (h) or (i) of Section 6.01 hereof occurs with respect to the Company, Finance Corp., any of
the Company’s Restricted Subsidiaries that is a Significant Subsidiary of the Company or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary of the Company, all outstanding Notes
shall become due and payable without further action or notice, together with all accrued and unpaid interest, Additional Interest, if any, and premium, if any, thereon. The Holders of a majority in principal amount of the then outstanding Notes by
notice to the Trustee may on behalf of all of the Holders rescind an acceleration and its consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default (except with respect to nonpayment of
principal, interest, premium or Additional Interest, if any, that have become due solely because of the acceleration) have been cured or waived. 

Section 6.03. Other Remedies. 

If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of, and
premium, interest and Additional Interest, if any, on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay
or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law. 
 Section 6.04. Waiver of Past Defaults. 

Holders of a majority in principal amount of the then outstanding Notes by notice to the Trustee may on behalf of the Holders of all of the
Notes waive any existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the payment of the principal of or premium, interest or Additional Interest, if any, on the Notes (except a
rescission of acceleration of the Notes by the Holders of a majority in principal amount of the Notes then outstanding and a waiver of the payment default that resulted from such acceleration) including in connection with an offer to purchase. Upon
any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any
right consequent thereon. 
 Section 6.05. Control by Majority. 

Holders of a majority in principal amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding for
exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or that the Trustee determines may be unduly
prejudicial to the rights of other Holders of Notes. 

  
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 Section 6.06. Limitation on Suits. 

A Holder of a Note may pursue a remedy with respect to this Indenture or the Notes only if: 

(a) the Holder of a Note gives to the Trustee written notice of a continuing Event of Default; 

(b) the Holders of at least 25% in principal amount of the then outstanding Notes make a written request to the Trustee to
pursue the remedy; 
 (c) such Holder of a Note or Holders of Notes offer and, if requested, provide to the Trustee indemnity
or security satisfactory to the Trustee against any loss, liability or expense; 
 (d) the Trustee does not comply with the
request within 60 days after receipt of the request and the offer and, if requested, the provision of indemnity; and 
 (e)
during such 60-day period the Holders of a majority in principal amount of the then outstanding Notes do not give the Trustee a direction inconsistent with the request. 

A Holder of a Note may not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority over another Holder of
a Note (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such use prejudices the rights of another Holder of a Note or obtains a preference or priority over another Holder of a Note). 

Section 6.07. Rights of Holders of Notes to Receive Payment. 

Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal of and premium,
interest and Additional Interest, if any, on the Note, on or after the respective due dates expressed in the Note (including in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after such
respective dates, shall not be impaired or affected without the consent of such Holder. 
 Section 6.08. Collection Suit by
Trustee. 
 If an Event of Default specified in Section 6.01(a) or (b) occurs and is continuing, the Trustee is authorized to
recover judgment in its own name and as trustee of an express trust against the Issuers and the Guarantors for the whole amount of principal of, premium, interest and Additional Interest, if any, remaining unpaid on the Notes and interest on overdue
principal and, to the extent lawful, interest and Additional Interest, if any, and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel. 

  
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 Section 6.09. Trustee May File Proofs of Claim. 

The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Issuers (or any
other obligor upon the Notes), their creditors or their property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by
a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or
arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes
or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

Section 6.10. Priorities. 

If the Trustee collects any money pursuant to this Article, it shall pay out the money in the following order: 

First: to the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof, including payment of all
compensation, expense and liabilities incurred, and all advances made, by the Trustee and the Trustee’s costs and expenses of collection; 

Second: to Holders of Notes for amounts due and unpaid on the Notes for principal, premium, interest and Additional Interest,
if any, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, interest and Additional Interest, if any, respectively; and 

Third: to the Issuers or to such party as a court of competent jurisdiction shall direct. 

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

  
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 Section 6.11. Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted
by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to
Section 6.07 hereof, or a suit by Holders of more than 10% in principal amount of the then outstanding Notes. 
 ARTICLE 7 

TRUSTEE 

Section 7.01. Duties of Trustee. 

(a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this
Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) Except during the continuance of an Event of Default: 

(i) the duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee need
perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee shall examine the certificates and opinions to determine whether or not
they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts, statements, opinions or conclusions stated therein). 

(c) The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that: 
 (i) this paragraph does not limit the effect of paragraph (b) of this Section 7.01;

 (ii) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is
proved that the Trustee was negligent in ascertaining the pertinent facts; 

  
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 (iii) the Trustee shall not be liable with respect to any action it takes or
omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05 hereof; and 
 (d) Whether or not
therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section 7.01. 

(e) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with an Issuer. Money
held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
 Section 7.02.
Rights of Trustee. 
 (a) The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or
presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts
or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion
of Counsel. The Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in
good faith and in reliance thereon. 
 (c) The Trustee may act through its attorneys and agents and shall not be responsible for the
misconduct or negligence of any agent appointed with due care. 
 (d) The Trustee shall not be liable for any action it takes or omits to
take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. 
 (e) Unless
otherwise specifically provided in this Indenture, any demand, request, direction or notice from an Issuer shall be sufficient if signed by an Officer of such Issuer. 

(f) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders unless such Holder shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities that might be incurred by it in compliance with such request or
direction. 
 (g) The Trustee shall have no duty to inquire as to the performance of the Company’s covenants in Article 4 hereof. In
addition, the Trustee shall not be deemed to have knowledge of any Default or Event of Default except: (1) any Event of Default occurring pursuant to Section 6.01(a) (with respect to payment of interest, but not the payment of Additional
Interest) or 6.01(b) hereof; or (2) any Default or Event of Default of which a Responsible Officer of the Trustee has actual knowledge thereof or of which written notice is received by the Trustee at the Corporate Trust Office of the Trustee,
and such notice references the Notes and this Indenture. 

  
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 (h) The permissive right of the Trustee to act hereunder shall not be construed as a duty. 

(i) The Trustee shall not be required to give any bond or surety or to expend or risk its own funds in respect of the performance of its
powers and duties hereunder. 
 (j) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without
limitation, its right to be indemnified, are extended to, and shall be enforceable by the Trustee in each of its capacities hereunder. 

(k) In no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever
(including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(l) The Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising
out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots;
interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; accidents; labor disputes; acts of civil or military authority and governmental action; it being understood that the Trustee shall use
commercially reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as reasonably practicable under the circumstances. 

Section 7.03. Individual Rights of Trustee. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuers, any
Guarantor or any Affiliate of the Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest (as defined in the TIA) after a Default has occurred and is continuing, it
must eliminate such conflict within 90 days, apply to the SEC for permission to continue as trustee or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 

Section 7.04. Trustee’s Disclaimer. 

The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall
not be accountable for either Issuer’s use of the proceeds from the Notes or any money paid to an Issuer or upon either Issuer’s direction under any provision of this Indenture, it shall not be responsible for the use or application of any
money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture
other than its certificate of authentication. 

  
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 Section 7.05. Notice of Defaults. 

If a Default or Event of Default occurs and is continuing and if it is known to the Trustee, the Trustee shall give to Holders of Notes a
notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default relating to the payment of principal of or premium, if any, interest or Additional Interest, if any, on any Note, the
Trustee may withhold the notice if and so long as the board of directors, the executive committee or a trust committee of directors or Responsible Officers of the Trustee in good faith determines that the withholding of such notice is in the
interest of the Holders of Notes. 
 Section 7.06. Reports by Trustee to Holders of the Notes. 

Within 60 days after each October 1 beginning with October 1, 2014, and for so long as Notes remain outstanding, the Trustee shall
give to the Holders of the Notes a brief report dated as of such reporting date that complies with TIA § 313(a) (but if no event described in TIA § 313(a) has occurred within the twelve months preceding the reporting date, no report need
be transmitted). The Trustee also shall comply with TIA § 313(b)(2) and § 313(b)(1). The Trustee shall also transmit all reports as required by TIA § 313(c). 

A copy of each report at the time of its sending to the Holders of Notes shall be given to the Issuers and filed with the SEC and each stock
exchange on which the Notes are listed in accordance with TIA § 313(d). The Company shall promptly notify the Trustee when the Notes are listed on any stock exchange. 

Section 7.07. Compensation and Indemnity. 

The Issuers shall pay to the Trustee from time to time such reasonable compensation as the Issuers and the Trustee may agree in writing for
the Trustee’s acceptance of this Indenture and services hereunder. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuers shall reimburse the Trustee promptly upon request
for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents and
counsel. 
 The Issuers and the Guarantors shall indemnify the Trustee, jointly and severally, against any and all losses, liabilities or
expenses incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Issuers and the Guarantors (including this
Section 7.07) and defending itself against any claim (whether asserted by an Issuer, any Guarantor or any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except
to the extent any such loss, liability or expense may be attributable to its gross negligence, bad faith or willful misconduct. The Trustee shall notify the Issuers and the Guarantors promptly of any claim for which it may seek indemnity. Failure by
the Trustee to so notify the Issuers and the Guarantors shall not relieve the Issuers or the Guarantors of their obligations hereunder. The Issuers and the Guarantors shall defend the claim and the Trustee shall cooperate in the defense. The Trustee
may have separate counsel and the Issuers and the Guarantors shall pay the reasonable fees and expenses of such counsel; provided 

  
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that the Issuers and the Guarantors will not be required to pay such fees and expenses if they assume the Trustee’s defense with counsel acceptable to and approved by the Trustee (such
approval not to be unreasonably withheld) and there is no conflict of interest between the Issuers and the Trustee in connection with such defense. The Issuers and the Guarantors need not pay for any settlement made without their consent, which
consent shall not be unreasonably withheld. Neither the Issuers nor the Guarantors need reimburse the Trustee for any expense or indemnity against any liability or loss of the Trustee to the extent such expense, liability or loss is attributable to
the negligence, bad faith or willful misconduct of the Trustee. 
 The obligations of the Issuers and the Guarantors under this
Section 7.07 shall survive the satisfaction and discharge of this Indenture and the resignation or removal of the Trustee. 
 To secure
the Issuers’ and the Guarantors’ payment obligations in this Section 7.07, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and
interest on particular Notes. Such Lien shall survive the satisfaction and discharge of this Indenture. 
 When the Trustee incurs expenses
or renders services after an Event of Default specified in Section 6.01(h) or (i) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute
expenses of administration under any Bankruptcy Law. 
 The Trustee shall comply with the provisions of TIA § 313(b)(2) to the extent
applicable. 
 The immunities, protections and exculpations available to the Trustee under this Indenture shall also be available to each
Agent, and the Company’s obligations under this Section 7.07 to compensate and indemnify the Trustee shall extend likewise to each Agent. 

Section 7.08. Replacement of Trustee. 

A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.08. 
 The Trustee may resign in writing upon 30 days’ notice at any time
and be discharged from the trust hereby created by so notifying the Issuers. The Holders of Notes of a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuers in writing and may
appoint a successor trustee with the consent of the Issuers. The Issuers may remove the Trustee if: 
 (a) the Trustee fails
to comply with Section 7.10 hereof; 
 (b) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is
entered with respect to the Trustee under any Bankruptcy Law; 
 (c) a receiver, Custodian or public officer takes charge of
the Trustee or its property; or 

  
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 (d) the Trustee becomes incapable of acting. 

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

If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuers
or the Holders of Notes of at least 10% in principal amount of the then outstanding Notes may petition, at the expense of the Issuers, any court of competent jurisdiction for the appointment of a successor Trustee. 

If the Trustee, after written request by any Holder of a Note who has been a Holder of a Note for at least six months, fails to comply with
Section 7.10 hereof, such Holder of a Note may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuers. Thereupon, the
resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall give a notice of its succession to Holders
of Notes. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof.
Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Issuers’ and the Guarantors’ obligations under Section 7.07 hereof shall continue for the benefit of the retiring Trustee. 

Section 7.09. Successor Trustee by Merger, etc. 

If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act shall be the successor Trustee. As soon as practicable, the successor Trustee shall give a notice of its succession to the Issuers and the Holders of the Notes. 

Section 7.10. Eligibility; Disqualification. 

There shall at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of
America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $50 million
as set forth in its most recent published annual report of condition. 
 This Indenture shall always have a Trustee who satisfies the
requirements of TIA § 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b). 

  
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 Section 7.11. Preferential Collection of Claims Against Issuers. 

The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned
or been removed shall be subject to TIA § 311(a) to the extent indicated therein. 
 ARTICLE 8 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Section 8.01. Option to Effect Legal Defeasance or Covenant Defeasance. 

The Issuers may, at the option of their respective Boards of Directors evidenced by a resolution set forth in an Officers’ Certificate,
at any time, exercise their rights under either Section 8.02 or 8.03 hereof with respect to all outstanding Notes upon compliance with the conditions set forth below in this Article 8. 

Section 8.02. Legal Defeasance and Discharge. 

Upon the Issuers’ exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Issuers shall, subject
to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have discharged their obligations with respect to all outstanding Notes, and each Guarantor shall be deemed to have discharged its obligations with respect to
its Subsidiary Guarantee, on the date the conditions set forth in Section 8.04 below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuers shall be deemed to have paid and
discharged the entire Indebtedness represented by the outstanding Notes, and each Guarantor shall be deemed to have paid and discharged its Subsidiary Guarantee (which in each case shall thereafter be deemed to be “outstanding” only for
the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in clauses (a) and (b) below) and to have satisfied all its other obligations under such Notes or Subsidiary Guarantee and this Indenture (and
the Trustee, on demand of and at the expense of the Issuers, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder: (a) the rights of
Holders of outstanding Notes to receive solely from the trust fund described in Section 8.04 hereof, and as more fully set forth in such Section, payments in respect of the principal of and premium, if any, interest and Additional Interest, if
any, on such Notes when such payments are due, (b) the Issuers’ obligations with respect to the Notes under Sections 2.03, 2.04, 2.07, 2.09 and 4.02 hereof and the Appendix, (c) the rights, powers, trusts, duties and immunities of the
Trustee hereunder and the Issuers’ and the Guarantors’ obligations in connection therewith and (d) the Legal Defeasance provisions of this Article 8. Subject to compliance with this Article 8, the Issuers may exercise their option
under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03 hereof. 
 If the Issuers exercise
their Legal Defeasance option, each Guarantor will be released and relieved of any obligations under its Subsidiary Guarantee, and any security for the Notes (other than the trust) will be released. 

  
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 Section 8.03. Covenant Defeasance. 

Upon the Issuers’ exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Issuers shall, subject
to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from their obligations under the covenants contained in Article 4 (other than those in Sections 4.01, 4.02, 4.06 and 4.14) and in clause (d) of
Section 5.01 hereof on and after the date the conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of any
direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that
such Notes shall not be deemed outstanding for accounting purposes to the extent permitted by GAAP). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Issuers and any Guarantor may omit to comply with and
shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such
covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and
such Notes shall be unaffected thereby. In addition, upon the Issuers’ exercise under Section 8.01 hereof of the option applicable to this Section 8.03 hereof, subject to the satisfaction of the conditions set forth in
Section 8.04 hereof, Sections 6.01(c) through 6.01(g) hereof shall not constitute Events of Default. 
 If the Issuers exercise their
Covenant Defeasance option, each Guarantor will be released and relieved of any obligations under its Subsidiary Guarantee and any security for the Notes (other than the trust) will be released. 

Section 8.04. Conditions to Legal or Covenant Defeasance. 

In order to exercise either Legal Defeasance or Covenant Defeasance: 

(a) the Issuers must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars,
non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of and premium, interest and Additional
Interest, if any, on the outstanding Notes on the date of fixed maturity or on the applicable redemption date, as the case may be, and the Issuers must specify whether the Notes are being defeased to the date of fixed maturity or to a particular
redemption date; 
 (b) in the case of an election under Section 8.02 hereof, the Issuers shall have delivered to the
Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that: 
 (1) the Issuers have received from,
or there has been published by, the Internal Revenue Service a ruling; or 

  
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 (2) since the Initial Issuance Date, there has been a change in the applicable
federal income tax law, 
 in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of
the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have
been the case if such Legal Defeasance had not occurred; 
 (c) in the case of an election under Section 8.03 hereof,
the Issuers shall have delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of
such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(d) no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default or
Event of Default resulting from the incurrence of Indebtedness or the grant of Liens securing such Indebtedness, all or a portion of the proceeds of which will be used to defease the Notes pursuant to this Article 8 concurrently with such incurrence
or within 30 days thereof); 
 (e) such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of,
or constitute a default under, any material agreement or instrument (other than this Indenture and the agreements governing any other Indebtedness being defeased, discharged or replaced) to which the Company or any of its Subsidiaries is a party or
by which the Company or any of its Subsidiaries is bound; 
 (f) the Issuers shall have delivered to the Trustee an
Officers’ Certificate stating that the deposit was not made by the Issuers with the intent of preferring the Holders over any other creditors of the Issuers or with the intent of defeating, hindering, delaying or defrauding creditors of the
Issuers or others; and 
 (g) the Issuers shall have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 

Section 8.05. Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions. 

Subject to Section 8.06 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the
Trustee pursuant to Section 8.04 or 8.08 hereof in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or
through any Paying Agent (including the Company or any of its Subsidiaries acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any,
interest and Additional Interest, if any, but such money need not be segregated from other funds except to the extent required by law. 

  
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 The Issuers shall pay and indemnify the Trustee against any tax, fee or other charge imposed on
or assessed against the cash or non-callable Government Securities deposited pursuant to Section 8.04 or 8.08 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the
account of the Holders of the outstanding Notes. 
 Anything in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or
pay to the Issuers from time to time upon the written request of the Issuers any money or non-callable Government Securities held by it as provided in Section 8.04 or 8.08 hereof which, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(a) hereof), are in excess of the amount thereof that would then be required to be
deposited to effect an equivalent Legal Defeasance, Covenant Defeasance or Discharge, as the case may be. 
 Section 8.06.
Repayment to Issuers. 
 Subject to applicable escheat and abandoned property laws, any money or non-callable Government Securities
deposited with the Trustee or any Paying Agent, or then held by an Issuer, in trust for the payment of the principal of or premium, interest or Additional Interest, if any, on any Note and remaining unclaimed for two years after such principal,
premium, interest or Additional Interest, if any, has become due and payable shall be paid to the Issuers on their written request or (if then held by an Issuer) shall be discharged from such trust; and the Holder of such Note shall thereafter, as
an unsecured creditor, look only to the Issuers for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money or non-callable Government Securities, and all liability of the Issuers as trustee thereof,
shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Issuers cause to be published once, in the New York Times and The Wall Street
Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then
remaining will be repaid to the Issuers. 
 Section 8.07. Reinstatement. 

If the Trustee or Paying Agent is unable to apply any money or non-callable Government Securities in accordance with Section 8.05 hereof,
by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Issuers’ obligations under this Indenture and the Notes shall be revived and reinstated as
though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.05 hereof; provided, however, that, if an Issuer makes
any payment of principal of or premium, interest, Additional Interest, if any, on any Note following the reinstatement of its obligations, such Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the
money held by the Trustee or Paying Agent. 

  
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 Section 8.08. Discharge. 

This Indenture shall be satisfied and discharged and shall cease to be of further effect as to all Notes issued hereunder (except for
(a) the rights of Holders of outstanding Notes to receive solely from the trust fund described in clause (1)(b) of this Section 8.08, and as more fully set forth in such clause (1)(b), payments in respect of the principal of and
premium, if any, interest and Additional Interest, if any, on such Notes when such payments are due, (b) the Issuers’ obligations with respect to such Notes under Sections 2.03, 2.04, 2.07, 2.09 and 4.02 hereof and the Appendix and
(c) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuers’ obligations in connection therewith), when: 

(1) either: 
 (a)
all Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has been deposited in trust and thereafter repaid to the Issuers, have been delivered to the Trustee for
cancellation; or 
 (b) all Notes that have not been delivered to the Trustee for cancellation have become due and payable or
will become due and payable within one year by reason of the mailing of a notice of redemption or otherwise, and the Issuers or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the
benefit of the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in amounts as will be sufficient without consideration of any reinvestment of interest, to pay and discharge the entire indebtedness on the
Notes not delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest and Additional Interest, if any, to the date of fixed maturity or redemption (provided that if such redemption is made as provided in
3.07(c) hereof, (x) the amount of cash in U.S. dollars, non-callable Government Securities, or a combination thereof, that must be irrevocably deposited will be determined using an assumed Make Whole Premium calculated as of the date of such
deposit and (y) the depositor must irrevocably deposit or cause to be deposited additional money in trust on the redemption date as necessary to pay the Make Whole Premium as determined by such date); 

(2) the Issuers or any Guarantor has paid or caused to be paid all sums payable by it under this Indenture; 

(3) the Issuers have delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Notes at fixed
maturity or on the redemption date, as the case may be; and 
 (4) the Issuers have delivered an Officers’ Certificate and an Opinion
of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge of this Indenture (“Discharge”) have been satisfied. 

  
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 ARTICLE 9 

AMENDMENT, SUPPLEMENT AND WAIVER 

Section 9.01. Without Consent of Holders of Notes. 

Notwithstanding Section 9.02 of this Indenture, the Issuers, the Guarantors and the Trustee may amend or supplement this Indenture or the
Notes without the consent of any Holder of a Note: 
 (a) to cure any ambiguity, defect or inconsistency; 

(b) to provide for uncertificated Notes in addition to or in place of Notes in registered, certificated form; 

(c) to provide for the assumption of an Issuer’s obligations to the Holders of Notes pursuant to Article 5 hereof; 

(d) to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not
adversely affect the legal rights hereunder of any Holder, provided that any change to conform this Indenture to the Offering Memorandum shall not be deemed to adversely affect the legal rights hereunder of any Holder; 

(e) to secure the Notes or the Subsidiary Guarantees pursuant to the requirements of Section 4.12 or otherwise; 

(f) to provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture; 

(g) to add any additional Guarantor with respect to the Notes or to evidence the release of any Guarantor from its Subsidiary
Guarantee in accordance with Article 10 hereof; 
 (h) to comply with requirements of the SEC in order to effect or maintain
the qualification of this Indenture under the TIA; 
 (i) to provide for the reorganization of the Company as any other form
of entity in accordance with the second paragraph of Section 5.01 hereof; or 
 (j) to evidence or provide for the
acceptance of appointment under this Indenture of a successor Trustee. 
 Upon the request of the Company, and upon receipt by the Trustee
of the documents described in Section 9.06 hereof, the Trustee shall join with the Issuers and the Guarantors in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any
further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such amended or supplemental indenture that affects its own rights, duties or immunities under this Indenture or
otherwise. 

  
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 Section 9.02. With Consent of Holders of Notes. 

Except as provided above in Section 9.01 and below in this Section 9.02, the Issuers, the Guarantors and the Trustee may amend or
supplement this Indenture and the Notes may be amended or supplemented with the consent of the Holders of a majority in principal amount of the then outstanding Notes (including consents obtained in connection with a purchase of, or tender offer or
exchange offer for, Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of Default or compliance with any provision of this Indenture or the Notes may be waived with the consent of the Holders of a majority in
principal amount of the then outstanding Notes (including, without limitation, consents obtained in connection with a purchase of, tender offer or exchange offer for, Notes). However, without the consent of each Holder affected, an amendment,
supplement or waiver may not (with respect to any Notes held by a non-consenting Holder): 
 (a) reduce the principal amount
of Notes whose Holders must consent to an amendment, supplement or waiver; 
 (b) reduce the principal of or change the fixed
maturity of any Note or alter any of the provisions with respect to the redemption or repurchase of the Notes (other than notice provisions and other than with respect to Sections 3.09, 4.10 and 4.15 hereof); 

(c) reduce the rate of or change the time for payment of interest, including default interest, on any Note; 

(d) waive a Default or Event of Default in the payment of principal of or premium, if any, interest or Additional Interest, if
any, on the Notes (except a rescission of acceleration of the Notes by the Holders of a majority in principal amount of the Notes then outstanding and a waiver of the payment default that resulted from such acceleration); 

(e) make any Note payable in currency other than that stated in the Notes; 

(f) make any change in the provisions of this Indenture relating to waivers of past Defaults or Events of Default or the rights
of Holders of Notes to receive payments of principal of or premium, interest or Additional Interest, if any, on the Notes (except as permitted in clause (g) below); 

(g) waive a redemption or repurchase payment with respect to any Note (other than a payment required by Sections 3.09, 4.10 or
4.15 hereof); 
 (h) release any Guarantor from any of its obligations under its Subsidiary Guarantee or this Indenture,
except in accordance with the terms of this Indenture; or 
 (i) make any change in the preceding amendment, supplement and
waiver provisions. 

  
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 It shall not be necessary for the consent of the Holders of Notes under this Section 9.02 to
approve the particular form of any proposed amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. 

After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Company shall send to the Holders of Notes
affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to send such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amended or supplemental
Indenture or waiver. 
 Section 9.03. Compliance with Trust Indenture Act. 

To the extent required, every amendment or supplement to this Indenture or the Notes shall be set forth in an amended or supplemental
indenture that complies with the TIA as then in effect. 
 A consent to any amendment, supplement or waiver under this Indenture by any
Holder given in connection with a purchase, tender or exchange of such Holder’s Notes shall not be rendered invalid by such purchase, tender or exchange. 

Section 9.04. Effect of Consents. 

After an amendment, supplement or waiver becomes effective, it shall bind every Holder, unless such amendment, supplement or waiver makes a
change described in any of clauses (a) through (i) of Section 9.02, in which case, the amendment, supplement or waiver shall bind only each Holder of a Note who has consented to it and every subsequent Holder of a Note or portion of a
Note that evidences the same Indebtedness as the consenting Holder’s Note. 
 Section 9.05. Notation on or Exchange of
Notes. 
 The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated.
The Issuers, in exchange for all Notes, may issue and the Trustee shall authenticate new Notes that reflect the amendment, supplement or waiver. 

Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver.

 Section 9.06. Trustee to Sign Amendments, etc. 

The Trustee shall sign any amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does
not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may, but need not, sign it. In signing such amendment or supplement, the Trustee shall be entitled to receive and, subject to
Section 7.01, shall be fully protected in relying upon an Officers’ Certificate and an Opinion of Counsel stating, in addition to the matters required by Section 11.05, that such amendment or supplement is authorized or permitted by
this Indenture, and all conditions precedent required hereunder to such amendment or supplement have been satisfied. 

  
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 ARTICLE 10 

GUARANTEES OF NOTES 

Section 10.01. Subsidiary Guarantees. 

The Notes issued on the Initial Issuance Date will not initially be guaranteed. Subject to this Article 10, each of the Guarantors that become
party to this Indenture as a Guarantor, by virtue of such, hereby, jointly and severally, unconditionally guarantees, on a senior unsecured basis, to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its
successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes held thereby and the Obligations of the Issuers hereunder and thereunder, that: (a) the principal of and premium, if any, interest and
Additional Interest, if any, on the Notes will be promptly paid in full when due, subject to any applicable grace period, whether at Stated Maturity, by acceleration, upon repurchase or redemption or otherwise, and interest (to the extent permitted
by law) on the overdue principal of, premium, if any, interest and Additional Interest, if any, on the Notes, and all other payment Obligations of the Issuers to the Holders or the Trustee hereunder or thereunder will be promptly paid in full and
performed, all in accordance with the terms hereof and thereof; and (b) in case of any extension of time of payment or renewal of any Notes or any of such other Obligations, the same will be promptly paid in full when due or performed in
accordance with the terms of the extension or renewal, subject to any applicable grace period, whether at Stated Maturity, by acceleration, upon repurchase or redemption or otherwise. Failing payment when so due of any amount so guaranteed for
whatever reason, the Guarantors will be jointly and severally obligated to pay the same immediately. An Event of Default under this Indenture or the Notes shall constitute an event of default under the Subsidiary Guarantees, and shall entitle the
Holders to accelerate the obligations of the Guarantors hereunder in the same manner and to the same extent as the Obligations of the Issuers. 

The Guarantors agree that their obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of
the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder with respect to any provisions hereof or thereof, the recovery of any judgment against an Issuer, any action to enforce the same or any
other circumstance (other than complete performance) which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. Each Guarantor further, to the extent permitted by law, waives diligence, presentment, demand of payment,
filing of claims with a court in the event of insolvency or bankruptcy of an Issuer, any right to require a proceeding first against an Issuer, protest, notice and all demands whatsoever and covenants that its Subsidiary Guarantee will not be
discharged except by complete performance of the Obligations contained in the Notes and this Indenture. 
 If any Holder or the Trustee is
required by any court or otherwise to return to an Issuer, the Guarantors, or any Custodian, Trustee or other similar official acting in relation to any of the Issuers or the Guarantors, any amount paid by an Issuer or any Guarantor to the Trustee
or such Holder, the Subsidiary Guarantees, to the extent theretofore discharged, shall be reinstated in full force and effect. Each Guarantor agrees that it shall not be entitled to, and hereby waives, any right of subrogation in relation to the
Holders in respect of any Obligations guaranteed hereby. 

  
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 Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders
and the Trustee, on the other hand, (a) the maturity of the Obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of its Subsidiary Guarantee, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the Obligations guaranteed thereby, and (b) in the event of any declaration of acceleration of such Obligations as provided in Article 6 hereof, such Obligations (whether or not due and payable) shall
forthwith become due and payable by the Guarantor for the purpose of its Subsidiary Guarantee. The Guarantors shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of
the Holders under the Subsidiary Guarantees. 
 Section 10.02. Execution and Delivery of Subsidiary Guarantee 

The Subsidiary Guarantee of a Guarantor shall be evidenced by its execution and delivery of a supplement to this Indenture. 

Each Guarantor hereby agrees that its Subsidiary Guarantee set forth in Section 10.01 hereof will remain in full force and effect
notwithstanding any failure to endorse on each Note a notation of such Subsidiary Guarantee. 
 The delivery of any Note by the Trustee,
after the authentication thereof hereunder, will constitute due delivery of the Subsidiary Guarantee set forth in this Indenture on behalf of the Guarantors. 

Section 10.03. Guarantors May Consolidate, etc., on Certain Terms. 

(a) No Guarantor shall consolidate with or merge with or into (whether or not such Guarantor is the surviving Person), another
Person (other than the Company or another Guarantor), unless, (i) either (1) the Person formed by or surviving any such consolidation or merger (if other than such Guarantor) unconditionally assumes all the obligations of such Guarantor,
pursuant to a supplemental indenture, substantially in the form of Annex A hereto, under the Notes, this Indenture and its Subsidiary Guarantee on terms set forth therein, or (2) such transaction does not violate the provisions of
Section 4.10, and (ii) immediately after giving effect to such transaction, no Default or Event of Default exists. 

(b) In the case of any such consolidation or merger and upon the assumption by the successor Person, by supplemental indenture,
executed and delivered to the Trustee and substantially in the form of Annex A hereto, of the Subsidiary Guarantee and the due and punctual performance of all of the covenants of this Indenture to be performed by the Guarantor, such successor
Person shall succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. 

Section 10.04. Releases of Subsidiary Guarantees. 

The Subsidiary Guarantee of a Guarantor shall be released: (1) in connection with any sale or other disposition of all or substantially
all of the properties or assets of that Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) a Restricted Subsidiary of the Company, if the sale or other

  
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disposition does not violate Section 4.10; (2) in connection with any sale or other disposition of the Capital Stock of that Guarantor to a Person that is not (either before or after
giving effect to such transaction) a Restricted Subsidiary of the Company, if the sale or other disposition does not violate Section 4.10 and the Guarantor ceases to be a Restricted Subsidiary of the Company as a result of such sale or other
disposition; (3) if the Company designates that Guarantor as an Unrestricted Subsidiary in accordance with Section 4.16 of this Indenture; (4) upon Legal Defeasance or Covenant Defeasance or Discharge in accordance with Article 8; or
(5) at such time as that Guarantor ceases to guarantee any other Indebtedness of the Company under a Credit Facility. 
 Upon delivery
by the Company to the Trustee of an Officers’ Certificate to the effect that any of the conditions described in the foregoing clauses (1) – (5) has occurred, the Trustee shall execute any documents reasonably requested by the
Company in order to evidence the release of any Guarantor from its obligations under its Subsidiary Guarantee. Any Guarantor not released from its obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and
premium, interest and Additional Interest, if any, on the Notes and for the other obligations of such Guarantor under this Indenture as provided in this Article 10. 

Section 10.05. Limitation on Guarantor Liability. 

The obligations of each Guarantor under its Subsidiary Guarantee will be limited to the maximum amount as will, after giving effect to all
other contingent and fixed liabilities of such Guarantor and after giving effect to any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under its Subsidiary Guarantee or
pursuant to its contribution obligations under this Indenture, result in the obligations of such Guarantor under its Subsidiary Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal or state law and not otherwise
being void or voidable under any similar laws affecting the rights of creditors generally. 
 Section 10.06.
“Trustee” to Include Paying Agent. 
 In case at any time any Paying Agent other than the Trustee shall have been appointed
and be then acting hereunder, the term “Trustee” as used in this Article 10 shall in each case (unless the context shall otherwise require) be construed as extending to and including such Paying Agent within its meaning as fully and for
all intents and purposes as if such Paying Agent were named in this Article 10 in place of the Trustee. 
 ARTICLE 11 

MISCELLANEOUS 

Section 11.01. Trust Indenture Act Controls. 

If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by TIA §318(c), such TIA-imposed duties shall
control. 

  
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 Section 11.02. Notices. 

Any notice or communication by an Issuer, any Guarantor or the Trustee to the others is duly given if in writing (in the English language) and
delivered in person or mailed by first class mail (registered or certified, return receipt requested), or sent by telecopier or overnight air courier guaranteeing next day delivery, to the others’ address: 

If to any of the Issuers or the Guarantors: 

Natural Resource Partners L.P. 

601 Jefferson Street, Suite 3600 

Houston, Texas 77002 

Attention: Chief Financial Officer 

Telecopier No.: (281) 657-8014 

If to the Trustee: 
 Wells Fargo
Bank, National Association 
 750 N. St. Paul Place, Suite 1750, MAC T9263-170 

Dallas, Texas 75201 
 Attention:
Corporate, Municipal and Escrow Services 
 Telecopier No.: (214) 756-7401 

An Issuer, any of the Guarantors or the Trustee, by notice to the others, may designate additional or different addresses for subsequent
notices or communications. 
 All notices and communications (other than those sent to Holders) shall be deemed to have been duly given: at
the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged, if telecopied; and the next Business Day after timely delivery to the courier, if
sent by overnight air courier guaranteeing next day delivery in each case to the address shown above. 
 Any notice or communication to a
Holder shall be (i) mailed by first class mail, certified or registered, to its address shown on the register kept by the Registrar, with return receipt requested, (ii) sent to such address by overnight air courier guaranteeing next day
delivery or (iii) if the Holder is the Depository, sent by such other means as the Depository may specify, notwithstanding any contrary indication elsewhere in this Indenture. Any notice or communication shall also be so mailed to any Person
described in TIA § 313(c), to the extent required by the TIA. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 

If a notice or communication is given in the manner provided above within the time prescribed, it is duly given, whether or not the addressee
receives it. 
 If either of the Issuers sends a notice or communication to Holders, it shall send a copy to the Trustee and each Agent at
the same time. 

  
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 Section 11.03. Communication by Holders of Notes with Other Holders of Notes.

 Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or the
Notes. The Issuers, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 
 Section 11.04.
Certificate and Opinion as to Conditions Precedent. 
 Upon any request or application by an Issuer to the Trustee to take any action
under this Indenture, such Issuer shall furnish to the Trustee: 
 (a) an Officers’ Certificate in form and substance
reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 11.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating
to the proposed action have been satisfied; and 
 (b) an Opinion of Counsel in form and substance reasonably satisfactory to
the Trustee (which shall include the statements set forth in Section 11.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 

Section 11.05. Statements Required in Certificate or Opinion. 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate
provided pursuant to TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include: 
 (a) a
statement that the person making such certificate or opinion has read such covenant or condition; 
 (b) a brief statement as
to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(c) a statement that, in the opinion of such person, he or she has made such examination or investigation as is necessary to
enable him to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 
 (d) a
statement as to whether or not, in the opinion of such person, such condition or covenant has been satisfied. 
 Section 11.06.
Rules by Trustee and Agents. 
 The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or
Paying Agent may make reasonable rules and set reasonable requirements for its functions. 

  
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 Section 11.07. No Personal Liability of Directors, Officers, Employees and
Unitholders and No Recourse to General Partner. 
 Neither the General Partner nor any past, present or future director, officer,
partner, employee, incorporator, manager or unitholder or other owner of Capital Stock of the Issuers, the General Partner, Holdco or any Guarantor, as such, shall have any liability for any obligations of the Issuers or any Guarantor under the
Notes, the Subsidiary Guarantees or this Indenture, or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and
release are part of the consideration for issuance of the Notes. 
 Section 11.08. Governing Law. 

THIS INDENTURE, THE NOTES AND THE SUBSIDIARY GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK. 
 Section 11.09. No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other
Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 11.10. Successors.

 All agreements of the Issuers and the Guarantors in this Indenture and the Notes shall bind their respective successors. All agreements
of the Trustee in this Indenture shall bind its successors. 
 Section 11.11. Severability. 

In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 11.12. Table of Contents,
Headings, etc. 
 The Table of Contents, Cross-Reference Table and headings of the Articles and Sections of this Indenture have been
inserted for convenience of reference only, are not to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 11.13. Counterparts. 

The parties may sign any number of copies of this Indenture, and each party hereto may sign any number of separate copies of this Indenture.
Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this
Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

  
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 Section 11.14. Acts of Holders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by
the Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agents duly appointed in writing, and may be given or obtained in connection with a purchase of, or tender
offer or exchange offer for, outstanding Notes; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to
the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Issuers if made in the manner provided in this Section 11.14. 

(b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to such witness, notary or officer the execution
thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of authority. The fact and date of the execution of any such instrument or
writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 

(c) Notwithstanding anything to the contrary contained in this Section 11.14, the principal amount and serial numbers of Notes held by
any Holder, and the date of holding the same, shall be proved by the register of the Notes maintained by the Registrar as provided in Section 2.03. 

(d) If the Issuers shall solicit from the Holders of the Notes any request, demand, authorization, direction, notice, consent, waiver or other
Act, the Issuers may, at their option, by or pursuant to a resolution of the Board of Directors of the Company, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction, notice,
consent, waiver or other Act, but the Issuers shall have no obligation to do so. Notwithstanding TIA Section 316(c), such record date shall be the record date specified in or pursuant to such Board Resolution, which shall be a date not earlier
than the date 30 days prior to the first solicitation of Holders generally in connection therewith or the date of the most recent list of Holders forwarded to the Trustee prior to such solicitation pursuant to Section 2.05, whichever is later,
and not later than the date such solicitation is completed. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders at
the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of the then outstanding Notes have authorized or agreed or consented to such request, demand,
authorization, direction, notice, consent, waiver or other Act, and for that 

  
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purpose the then outstanding Notes shall be computed as of such record date; provided that no such authorization, agreement or consent by the Holders on such record date shall be deemed effective
unless it shall become effective pursuant to the provisions of this Indenture not later than eleven months after the record date. 
 (e) Any
request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Note shall bind every future Holder of the same Note and the Holder of every Note issued upon the registration or transfer thereof or in exchange
therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or an Issuer in reliance thereon, whether or not notation of such action is made upon such Note. 

(f) Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Note may do so
itself with regard to all or any part of the principal amount of such Note or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. 

(g) For purposes of this Indenture, any action by the Holders that may be taken in writing may be taken by electronic means comporting with
the applicable procedures of the Depository or by any other means reasonably acceptable to the Trustee. 
 Section 11.15. Patriot
Act. 
 The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all
financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account
with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information within their possession or control as it may reasonably request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot
Act. 
 [Signatures on following page] 

  
 87 

 SIGNATURES 

 

			
	NATURAL RESOURCE PARTNERS L.P.
	
	BY: NRP (GP) LP, ITS GENERAL PARTNER
	
	BY: GP NATURAL RESOURCE PARTNERS LLC, ITS GENERAL PARTNER
		
	By:	 	/s/ Dwight L. Dunlap
		 	 Name: Dwight L. Dunlap

Title: Chief Financial Officer and Treasurer

	
	NRP FINANCE CORPORATION
		
	By:	 	/s/ Dwight L. Dunlap
		 	 Name: Dwight L. Dunlap

Title: Chief Financial Officer and Treasurer

  
 88 

 
			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

AS TRUSTEE

		
	By:	 	/s/ Patrick Giordano
		 	 Name: Patrick Giordano

Title: Vice President

  
 89 

 RULE 144A/REGULATION S APPENDIX 

PROVISIONS RELATING TO INITIAL NOTES 

AND EXCHANGE NOTES 
  

	1.	Definitions 

  

	 	1.1	Definitions. 

 For the purposes of this Appendix the following terms shall have the
meanings indicated below: 
 “Depository” means The Depository Trust Company, its nominees and their respective successors.

 “Exchange Notes” means (1) the 9.125% Senior Notes due 2018 issued pursuant to the Indenture in connection with a
Registered Exchange Offer pursuant to a Registration Rights Agreement and (2) Additional Notes, if any, issued pursuant to a registration statement filed with the SEC under the Securities Act. 

“Initial Notes” means (1) $300.0 million aggregate principal amount of 9.125% Senior Notes due 2018 issued on the
Initial Issuance Date and (2) Additional Notes, if any, issued in a transaction exempt from the registration requirements of the Securities Act. 

“Initial Purchasers” means (1) with respect to the Initial Notes issued on the Initial Issuance Date, Citigroup Global
Markets Inc., Wells Fargo Securities, LLC, BB&T Capital Markets, a division of BB&T Securities, LLC, The Huntington Investment Company, BBVA Securities Inc., Comerica Securities, Inc. and Mitsubishi IFJ Securities (USA), Inc. and
(2) with respect to each issuance of Additional Notes, the Persons purchasing such Additional Notes under the related Purchase Agreement. 

“Notes” means the Initial Notes, the Additional Notes and the Exchange Notes, treated as a single class. 

“Notes Custodian” means the custodian with respect to a Global Note (as appointed by the Depository), or any successor Person
thereto and shall initially be the Trustee. 
 “Purchase Agreement” means (1) with respect to the Initial Notes issued
on the Initial Issuance Date, the Purchase Agreement dated September 13, 2013 among the Issuers, the Guarantors and the Initial Purchasers, and (2) with respect to each issuance of Additional Notes, the purchase agreement or underwriting
agreement among the Issuers and the Persons purchasing such Additional Notes. 
 “Registered Exchange Offer” means the
offer by the Issuers, pursuant to a Registration Rights Agreement, to certain Holders of Initial Notes, to issue and deliver to such Holders, in exchange for the Initial Notes, a like aggregate principal amount of Exchange Notes registered under the
Securities Act. 

  
 App. - 1 

 “Registration Rights Agreement” means (1) with respect to the
Initial Notes issued on the Initial Issuance Date, the Registration Rights Agreement dated September 18, 2013 among the Issuers, the Guarantors and the Initial Purchasers and (2) with respect to each issuance of Additional Notes issued in
a transaction exempt from the registration requirements of the Securities Act, the registration rights agreement, if any, among the Issuers and the Persons purchasing such Additional Notes under the related Purchase Agreement. 

“Shelf Registration Statement” means the registration statement issued by the Company in connection with the offer and
sale of Initial Notes pursuant to a Registration Rights Agreement. 
 “Transfer Restricted Securities” means
Notes that bear or are required to bear the legend set forth in Section 2.3(b) hereof. 
  

	 	1.2	Other Definitions. 

  

			
	 Term
	  	Defined in Section:
	“Agent Members”	  	2.1(b)
	“Distribution Compliance Period”	  	2.1(b)
	“Global Notes”	  	2.1(a)
	“Regulation S”	  	2.1(a)
	“Regulation S Notes”	  	2.1(a)
	“Restricted Global Note”	  	2.1(a)
	“Rule 144A”	  	2.1(a)
	“Rule 144A Notes”	  	2.1(a)

  

	2.	The Notes. 

 2.1(a) Form and Dating. Initial Notes offered and sold to QIBs in
reliance on Rule 144A (“Rule 144A Notes”) under the Securities Act (“Rule 144A”) or in reliance on Regulation S (“Regulation S Notes”) under the Securities Act
(“Regulation S”), in each case as provided in a Purchase Agreement, shall be issued initially in the form of one or more permanent global Notes in definitive, fully registered form without interest coupons with the global Notes
legend and restricted Notes legend set forth in Exhibit 1 hereto (each, a “Restricted Global Note”), which shall be deposited on behalf of the purchasers of the Initial Notes represented thereby with the Trustee, as custodian for
the Depository (or with such other custodian as the Depository may direct), and registered in the name of the Depository or a nominee of the Depository, duly executed by the Issuers and authenticated by the Trustee as hereinafter provided.
Beneficial interests in a Restricted Global Note representing Initial Notes sold in reliance on either Rule 144A or Regulation S may be held through Euroclear or Clearstream, as indirect participants in the Depository. The aggregate
principal amount of the Global Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depository or its nominee as hereinafter provided. Exchange Notes shall be issued in global form (with the
global Notes legend set forth in Exhibit 1 hereto) or in certificated form as provided in Section 2.4 of this Appendix. Exchange Notes issued in global form and Restricted Global Notes are sometimes referred to in this Appendix as
“Global Notes.” 

  
 App. - 2 

 (b) Book-Entry Provisions. This Section 2.1(b) shall apply only to a
Global Note deposited with or on behalf of the Depository. 
 The Issuers shall execute and the Trustee shall, in accordance with this
Section 2.1(b), authenticate and deliver initially one or more Global Notes that (a) shall be registered in the name of the Depository for such Global Note or Global Notes or the nominee of such Depository and (b) shall be delivered
by the Trustee to such Depository or pursuant to such Depository’s instructions or held by the Trustee as custodian for the Depository. If such Global Notes are Restricted Global Notes, then separate Global Notes shall be issued to represent
Rule 144A Notes and Regulation S Notes so long as required by law or the Depository. 
 Members of, or participants in, the
Depository (“Agent Members”) shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Depository or by the Trustee as the custodian of the Depository or under such Global Note, and the Issuers,
the Trustee and any agent of the Issuers or the Trustee shall be entitled to treat the Depository as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuers, the
Trustee or any agent of the Issuers or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depository or impair, as between the Depository and its Agent Members, the operation of customary
practices of such Depository governing the exercise of the rights of a holder of a beneficial interest in any Global Note. 
 Until the 40th
day after the later of the commencement of the offering of any Initial Notes and the original issue date of such Initial Notes (such period, the “Distribution Compliance Period”), a beneficial interest in a Restricted Global Note
representing Regulation S Notes may be transferred to a Person who takes delivery in the form of an interest in a Restricted Global Note representing Rule 144A Notes only if the transferor first delivers to the Trustee a written
certificate (in the form provided in Exhibit 1 hereto) to the effect that such transfer is being made to a Person who the transferor reasonably believes is purchasing for its own account or accounts as to which it exercises sole investment
discretion and that such Person is a QIB, in each case in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws of any state of the United States or any other jurisdiction. After the expiration of
the Distribution Compliance Period, such certification requirements shall not apply to such transfers of beneficial interests in a Restricted Global Note representing Regulation S Notes. 

Beneficial interests in a Restricted Global Note representing Rule 144A Notes may be transferred to a Person who takes delivery in the
form of an interest in a Restricted Global Note representing Regulation S Notes, whether before or after the expiration of the Distribution Compliance Period, only if the transferor first delivers to the Trustee a written certificate (in the
form provided in Exhibit 1 hereto) to the effect that such transfer is being made in accordance with Rule 904 of Regulation S or Rule 144 (if available). 

  
 App. - 3 

 (c) Certificated Notes. Except as provided in Section 2.3 or 2.4, owners of
beneficial interests in Restricted Global Notes shall not be entitled to receive physical delivery of certificated Notes. Certificated Notes shall not be exchangeable for beneficial interests in Global Notes. 

2.2 Authentication. The Trustee shall authenticate and deliver: (1) on the Initial Issuance Date, an aggregate principal amount of
$300.0 million 9.125% Senior Notes due 2018, (2) any Additional Notes for an original issue in an aggregate principal amount specified in the written order of the Issuers pursuant to Section 2.02 of the Indenture and (3) Exchange
Notes for issue only in a Registered Exchange Offer, pursuant to a Registration Rights Agreement, for a like principal amount of Initial Notes, in each case upon a written order of the Issuers. Such order shall specify the amount of the Notes to be
authenticated, the date on which the original issue of Notes is to be authenticated and to whom the Notes shall be registered and delivered and, in the case of any issuance of Additional Notes pursuant to Section 2.13 of the Indenture, shall
certify that such issuance is in compliance with Section 4.09 of the Indenture. 
  

	 	2.3	Transfer and Exchange. 

 (a) Transfer and Exchange of Global Notes. (i) The
transfer and exchange of Global Notes or beneficial interests therein shall be effected through the Depository, in accordance with this Indenture (including applicable restrictions on transfer set forth herein, if any) and the procedures of the
Depository therefor. A transferor of a beneficial interest in a Global Note shall deliver to the Registrar a written order given in accordance with the Depository’s procedures containing information regarding the participant account of the
Depository to be credited with a beneficial interest in the Global Note. The Registrar shall, in accordance with such instructions instruct the Depository to credit to the account of the Person specified in such instructions a beneficial interest in
the Global Note and to debit the account of the Person making the transfer the beneficial interest in the Global Note being transferred. 

(ii) Notwithstanding any other provisions of this Appendix, a Global Note may not be transferred as a whole except by the
Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or any such nominee to a successor Depository or a nominee of such successor Depository. 

(iii) In the event that a Restricted Global Note is exchanged for Notes in certificated form pursuant to Section 2.4 of
this Appendix, prior to the consummation of a Registered Exchange Offer or the effectiveness of a Shelf Registration Statement with respect to such Notes, such Notes may be exchanged only in accordance with such procedures as are substantially
consistent with the provisions of this Section 2.3 (including the certification requirements set forth on the reverse of the Initial Notes intended to ensure that such transfers comply with Rule 144A or Regulation S, as the case may be)
and such other procedures as may from time to time be adopted by the Company. 

  
 App. - 4 

 (b) Restricted Notes Legend. 

(i) Except as permitted by the following paragraphs (ii), (iii) and (iv), each Note certificate evidencing the Restricted
Global Notes (and all Notes issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form: 

THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY
STATE SECURITIES LAWS. NEITHER SUCH NOTES NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT
FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF ANY NOTE EVIDENCED HEREBY BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE
144A UNDER THE SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING SUCH NOTE IN AN “OFFSHORE TRANSACTION” PURSUANT TO RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (2) AGREES THAT IT WILL NOT, PRIOR TO THE DATE
WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF (OR OF ANY PREDECESSOR OF SUCH NOTE) OR THE LAST DAY ON WHICH WE OR ANY OF OUR AFFILIATES WERE THE OWNERS OF SUCH NOTE (OR ANY PREDECESSOR OF SUCH NOTE) (THE “RESALE
RESTRICTION TERMINATION DATE”), OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE EXCEPT (A) TO AN ISSUER OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE
NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR
THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF
REGULATION S UNDER THE SECURITIES ACT, (E) PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH
PERSON TO WHOM SUCH NOTE IS TRANSFERRED PRIOR TO THE RESALE RESTRICTION TERMINATION DATE A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND, SUBJECT TO THE ISSUERS’ AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER
(i) THAT IS (A) PURSUANT TO CLAUSE (2)(D) PRIOR TO THE END OF THE 40 DAY DISTRIBUTION COMPLIANCE PERIOD WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT 

  
 App. - 5 

 
OR (B) PURSUANT TO CLAUSE (2)(F) PRIOR TO THE RESALE RESTRICTION TERMINATION DATE TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY
TO EACH OF THEM, AND (ii) IN EACH OF THE FOREGOING CASES IN CLAUSES (i)(A) OR (B), TO REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM SPECIFIED IN THE INDENTURE IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE. THIS LEGEND WILL BE
REMOVED AS TO ANY NOTE EVIDENCED HEREBY UPON DELIVERY TO THE TRUSTEE BY US OR THE HOLDER THEREOF OF A WRITTEN REQUEST FOR THE REMOVAL HEREOF, IN ANY CASE AT ANY TIME AFTER THE RESALE RESTRICTION TERMINATION DATE. AS USED HEREIN, THE TERMS
“OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT. 

(ii) Upon any sale or transfer of a Transfer Restricted Security (including any Transfer Restricted Security represented by a
Restricted Global Note) pursuant to Rule 144 under the Securities Act, the Registrar shall permit the transferee thereof to exchange such Transfer Restricted Security for a certificated Note that does not bear the legend set forth above and
rescind any restriction on the transfer of such Transfer Restricted Security, if the transferor thereof certifies in writing to the Registrar that such sale or transfer was made in reliance on Rule 144 (such certification to be in the form set forth
on the reverse of the Note). 
 (iii) After a transfer of any Initial Note pursuant to and during the period of the
effectiveness of a Shelf Registration Statement with respect to such Initial Note, all requirements pertaining to legends on such Initial Note will cease to apply, any requirement that any such Initial Note issued to certain Holders be issued in
global form will cease to apply, and a certificated Initial Note or an Initial Note in global form, in each case without restrictive transfer legends, will be available to the transferee of the Holder of such Initial Note upon exchange of such
transferring Holder’s certificated Initial Note or directions to transfer such Holder’s interest in the Global Note, as applicable. 

(iv) Upon the consummation of a Registered Exchange Offer with respect to the Initial Notes, all requirements pertaining to
such Initial Notes that Initial Notes issued to certain Holders be issued in global form will still apply with respect to Holders of such Initial Notes that do not exchange their Initial Notes, and Exchange Notes in certificated or global form will
be available to Holders that exchange such Initial Notes in such Registered Exchange Offer. 
 (c) Cancellation or Adjustment of Global
Note. At such time as all beneficial interests in a Global Note have either been exchanged for certificated Notes, redeemed, purchased or canceled, such Global Note shall be returned to the Trustee for cancellation or retained and canceled by
the Trustee. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for certificated Notes, redeemed, purchased or canceled, 

  
 App. - 6 

 
or if any certificated Note is exchanged for such a beneficial interest, the principal amount of Notes represented by such Global Note shall be reduced or increased, as appropriate, and an
adjustment shall be made on the books and records of the Trustee (if it is then the Notes Custodian for such Global Note) with respect to such Global Note, by the Trustee or the Notes Custodian, to reflect such reduction or increase, as the case may
be. 
 (d) Obligations with Respect to Transfers and Exchanges of Notes. 

(i) To permit registrations of transfers and exchanges, the Issuers shall execute and the Trustee shall authenticate
certificated Notes and Global Notes at the Registrar’s request. 
 (ii) No service charge shall be made for any
registration of transfer or exchange, but the Issuers may require payment of a sum sufficient to cover any transfer tax, assessments or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments or
similar governmental charge payable upon exchange or transfer pursuant to Sections 3.06, 4.10, 4.15 and 9.05 of the Indenture). 

(iii) The Registrar shall not be required to register the transfer of or exchange of any Note or portion of a Note selected for
redemption, except for the unredeemed portion of any Note being redeemed in part. Also, it need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed. 

(iv) Prior to the due presentation for registration of transfer of any Note, the Issuers, the Guarantors, the Trustee, the
Paying Agent or the Registrar may deem and treat the Person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of, premium, if any, interest and Additional Interest, if any, on
such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Issuers, the Guarantors, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary. 

(v) All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and
shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 
 (e) No Obligation
of the Trustee. 
 (i) The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a
member of, or a participant in the Depository or other Person with respect to the accuracy of the records of the Depository or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect
to the delivery to any participant, member, beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Notes. All notices and
communications to be given to the Holders and all payments to be made to Holders under the Notes shall be given or made only to or upon the order of the registered Holders (which shall be the Depository or its nominee in the case of a Global Note).
The rights of beneficial owners in any Global Note shall be exercised only through the Depository subject to the applicable rules and procedures of the Depository. The Trustee may rely and shall be fully protected in relying upon information
furnished by the Depository with respect to its members, participants and any beneficial owners. 

  
 App. - 7 

 (ii) The Trustee shall have no obligation or duty to monitor, determine or
inquire as to compliance with any restrictions on transfer imposed under this Indenture or under Applicable Law with respect to any transfer of any interest in any Note (including any transfers between or among Depository participants, members or
beneficial owners in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine
the same to determine substantial compliance as to form with the express requirements hereof. 
 (iii) Neither the Trustee
nor any Agent shall have any responsibility for any actions taken or not taken by the Depositary. 
  

	 	2.4	Certificated Notes. 

 (a) A Global Note deposited with the Depository or with the
Trustee as custodian for the Depository pursuant to Section 2.1 shall be transferred to the beneficial owners thereof in the form of certificated Notes in an aggregate principal amount equal to the principal amount of such Global Note, in
exchange for such Global Note, only if such transfer complies with Section 2.3 and (i) the Depository notifies the Issuers that it is unwilling or unable to continue as Depository for such Global Note or if at any time such Depository
ceases to be a “clearing agency” registered under the Exchange Act and in either event a successor depositary is not appointed by the Issuers within 90 days, or (ii) an Event of Default has occurred and is continuing and the
Depository notifies the Trustee of its decision to exchange the Global Note for a certificated Note. Except as provided in the preceding sentence, and notwithstanding any contrary indication in Section 2.3(b), beneficial interests in a Global
Note may be exchanged for certificated Notes only with the consent of the Company, including if an affiliate (as defined in Rule 144) of the Company acquires such interests. 

(b) Any Global Note that is transferable to the beneficial owners thereof pursuant to this Section 2.4 shall be surrendered by the
Depository or the Notes Custodian to the Trustee located at the Corporate Trust Office of the Trustee to be so transferred, in whole or from time to time in part, without charge, and the Trustee shall authenticate and deliver, upon such transfer of
each portion of such Global Note, an equal aggregate principal amount of certificated Notes of authorized denominations. Any portion of a Global Note transferred pursuant to this Section 2.4 shall be executed, authenticated and delivered only
in minimum denominations of $2,000 principal amount and any integral multiple of $1,000 in excess thereof and registered in such names as the Depository shall direct. Any certificated Note delivered in exchange for an interest in the Global Note
shall, except as otherwise provided by Section 2.3(b), bear the restricted Notes legend set forth in Exhibit 1 hereto. 
 (c)
Subject to the provisions of Section 2.4(b), the Holder of a Global Note shall be entitled to grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any
action which a Holder is entitled to take under this Indenture or the Notes. 

  
 App. - 8 

 (d) In the event of the occurrence of any of the events specified in Section 2.4(a), the
Issuers shall promptly make available to the Trustee a reasonable supply of certificated Notes in definitive, fully registered form without interest coupons. 

  
 App. - 9 

 EXHIBIT 1 TO RULE 144A/REGULATION S APPENDIX 

[FORM OF FACE OF NOTE] 
 [Global
Notes Legend] 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), NEW YORK, NEW YORK, TO AN ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET
FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 [Restricted Notes
Legend]1 
 THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER SUCH NOTES NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF ANY NOTE EVIDENCED HEREBY BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT (A) IT IS
A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING SUCH NOTE IN AN “OFFSHORE TRANSACTION” PURSUANT TO RULE 904 OF REGULATION S UNDER THE
SECURITIES ACT, (2) AGREES THAT IT WILL NOT, PRIOR TO THE DATE WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF (OR OF ANY PREDECESSOR OF SUCH NOTE) OR THE LAST DAY ON WHICH WE OR ANY OF OUR AFFILIATES WERE THE OWNERS OF SUCH
NOTE (OR ANY PREDECESSOR OF SUCH NOTE) (THE “RESALE RESTRICTION TERMINATION 
  

	1 	 Include for Initial Notes 

  
 Ex. 1 to App. - 1 

 
DATE”), OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE EXCEPT (A) TO AN ISSUER OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT,
(C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT
PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE
UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND
(3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM SUCH NOTE IS TRANSFERRED PRIOR TO THE RESALE RESTRICTION TERMINATION DATE A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND, SUBJECT TO THE ISSUERS’ AND THE TRUSTEE’S RIGHT PRIOR
TO ANY SUCH OFFER, SALE OR TRANSFER (i) THAT IS (A) PURSUANT TO CLAUSE (2)(D) PRIOR TO THE END OF THE 40 DAY DISTRIBUTION COMPLIANCE PERIOD WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR (B) PURSUANT TO CLAUSE
(2)(F) PRIOR TO THE RESALE RESTRICTION TERMINATION DATE TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND (ii) IN EACH OF THE FOREGOING CASES IN CLAUSES (i)(A) OR
(B), TO REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM SPECIFIED IN THE INDENTURE IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED AS TO ANY NOTE EVIDENCED HEREBY UPON DELIVERY TO THE TRUSTEE BY US OR THE
HOLDER THEREOF OF A WRITTEN REQUEST FOR THE REMOVAL HEREOF, IN ANY CASE AT ANY TIME AFTER THE RESALE RESTRICTION TERMINATION DATE. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE
THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT. 
 [Additional Restricted Notes Legend for Notes Offered in Reliance
on Regulation S] 
 BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE
ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT. 

  
 Ex. 1 to App. - 2 

 NATURAL RESOURCE PARTNERS L.P. 

NRP FINANCE CORPORATION 
  

					
	No.	  	 	$                            	 
		  	 	CUSIP No.	  
		  	 	ISIN No.	  

 9.125% Senior Note due 2018 

Natural Resource Partners L.P., a Delaware limited partnership, and NRP Finance Corporation, a Delaware corporation, jointly and severally
promise to pay to _________, or registered assigns, the principal sum of _________ Dollars on October 1, 2018 [or such greater or lesser amount as may be indicated on the Schedule attached hereto].2 
 Interest Payment Dates: April 1 and October 1. 

Record Dates: March 15 and September 15. 

Additional provisions of this Note are set forth on the other side of this Note. 

 

			
	NATURAL RESOURCE PARTNERS L.P.
	
	BY: NRP (GP) LP, ITS GENERAL PARTNER
	
	 By: GP Natural Resource Partners LLC, its general partner

		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	NRP FINANCE CORPORATION
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

	2 	If this Note is a Global Note, add this provision. 

  
 Ex. 1 to App. - 3 

			
	 TRUSTEE’S CERTIFICATE OF

AUTHENTICATION

	
	
WELLS FARGO BANK, NATIONAL 
ASSOCIATION,
 as Trustee, certifies that

this is one of the Notes

referred to in the Indenture.

		
	By	 	 
		 	Authorized Signatory

 Dated: 

  
 Ex. 1 to App. - 4 

 [FORM OF REVERSE SIDE OF NOTE] 

9.125% Senior Note due 2018 

Capitalized terms used herein but not defined shall have the meanings assigned to them in the Indenture referred to below unless otherwise
indicated. 
 1. Interest. Natural Resource Partners L.P., a Delaware limited partnership (the “Company”), and NRP
Finance Corporation, a Delaware corporation (the “Finance Corp.” and, together with the Company, the “Issuers”), jointly and severally promise to pay interest on the unpaid principal amount of this Note at 9.125% per
annum [and shall pay any Additional Interest payable pursuant to Section 2(d) of the Registration Rights Agreement referred to below. References herein to “interest” include such Additional Interest to the extent applicable.]3 The Issuers will pay interest semi-annually in arrears on April 1 and October 1 of each year, commencing April 1, 2014, or if any such day is not a Business Day, on the next succeeding
Business Day (each an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from
[            ] [the date of original issuance]; provided that if there is no existing Default or Event of Default in the payment of interest, and if this Note is authenticated between a
record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date, except in the case of the original issuance of Notes, in which case interest shall
accrue from the date of authentication. The Issuers shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is the rate
then in effect, to the extent lawful; and they shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods), from time to time
on demand at the same rate, to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
 2.
Method of Payment. The Issuers will pay interest on the Notes (except defaulted interest) to the Persons who are registered Holders of Notes at the close of business on the March 15 or September 15 next preceding the Interest
Payment Date, even if such Notes are cancelled after such record date and on or before such Interest Payment Date, except as provided in Section 2.11 of the Indenture with respect to defaulted interest. Holders must surrender Notes to the
Paying Agent to collect payments of principal and premium, if any, together with accrued and unpaid interest due at maturity. The Notes will be payable as to principal, premium, if any, and interest at the office or agency of the Issuers maintained
for such purpose within the City and State of New York, or, at the option of the Issuers, payment of interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders, and provided that payment by wire
transfer of immediately available funds to an account in the United States will be required with respect to any amounts due on all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Issuers or
the Paying Agent. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

 

	3 	Include for Initial Notes if applicable 

  
 Ex. 1 to App. - 5 

 3. Paying Agent and Registrar. Initially, Wells Fargo Bank, National Association, the
Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 

4. Indenture. The Issuers issued the Notes under an Indenture dated as of September 18, 2013 (“Indenture”) among
the Issuers, the Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb). The
Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. If the terms of this Note conflict with the Indenture, the Indenture shall govern. The Notes are unsecured senior obligations
of the Issuers limited to $300,000,000 aggregate principal amount in the case of Notes issued on the Initial Issuance Date (as defined in the Indenture). 

5. Optional Redemption. 

(a) Except as set forth in subparagraphs (b), (c) and (d) of this Paragraph 5, the Issuers shall not have the option to redeem the
Notes prior to April 1, 2016. On or after April 1, 2016, the Issuers may redeem all or a part of the Notes, upon prior notice as set forth in Paragraph 8, at the redemption prices (expressed as percentages of principal amount) set
forth below, plus accrued and unpaid interest on the Notes redeemed to the applicable redemption date (subject to the right of Holders on the relevant record date to receive interest due on an Interest Payment Date that is on or prior to the
redemption date), if redeemed during the periods indicated below: 
  

			
	 PERIOD
	  	PERCENTAGE
	 April 1, 2016 through September 30, 2016
	  	106.844%
	 October 1, 2016 through September 30, 2017
	  	104.563%
	 October 1, 2017 and thereafter
	  	100.000%

 (b) Notwithstanding the provisions of subparagraph (a) of this Paragraph 5, at any time prior to
April 1, 2016, the Issuers may on any one or more occasions redeem up to 35% of the aggregate principal amount of Notes (including any Additional Notes) issued under the Indenture at a redemption price of 109.125% of the principal amount
thereof, plus accrued and unpaid interest and thereon to the redemption date (subject to the right of Holders on the relevant record date to receive interest due on an Interest Payment Date that is on or prior to the redemption date), in an amount
not greater than the net cash proceeds of one or more Equity Offerings by the Company; provided that (i) at least 65% of the aggregate principal amount of Notes (including any Additional Notes) issued on the date of the Indenture remains
outstanding immediately after the occurrence of such redemption (excluding any Notes held by the Company and its Subsidiaries) and (ii) the redemption occurs within 180 days of the date of the closing of each such Equity Offering. 

(c) Prior to April 1, 2016, the Issuers may on one or more occasions redeem all or part of the Notes at a redemption price equal to the
sum of (1) 100% of the principal amount thereof, plus (2) the Make Whole Premium at the redemption date, plus (3) accrued and unpaid interest, if any, to the redemption date (subject to the right of Holders on the relevant record date
to receive interest due on an Interest Payment Date that is on or prior to the redemption date) 

  
 Ex. 1 to App. - 6 

 (d) The Notes may also be redeemed, as a whole, following certain Change of Control Offers, at
the redemption price and subject to the conditions set forth in Section 4.15(6) of the Indenture. 
 6. Mandatory Redemption.

 Except as set forth in Paragraph 7 below, neither of the Issuers is required to make mandatory redemption or sinking fund payments with
respect to the Notes or to repurchase the Notes at the option of the Holders. 
 7. Repurchase at Option of Holder. 

(a) Except as provided in the Indenture, within 30 days following the occurrence of a Change of Control, the Company shall make an offer (a
“Change of Control Offer”) to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of each Holder’s Notes at a purchase price in cash equal to 101% (or at the Company’s option, a
greater percentage) of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest and Additional Interest, if any, to the date of settlement (the “Change of Control Settlement Date”), subject to the right
of Holders on the relevant record date to receive interest due on an Interest Payment Date that is on or prior to the Change of Control Settlement Date. The Company will mail a notice of the Change of Control Offer to each Holder and the Trustee
describing the transaction or transactions that constitute the Change of Control and setting forth the procedures governing the Change of Control Offer as required by Section 4.15 of the Indenture. 

(b) When the aggregate amount of Excess Proceeds then exceeds $25.0 million, within 10 days the Company shall commence a pro rata offer to all
Holders of Notes (an “Asset Sale Offer”) pursuant to Section 3.09 of the Indenture, and to all holders of any Pari Passu Indebtedness then outstanding, to purchase the maximum principal amount of Notes and such Pari Passu
Indebtedness that may be purchased out of the Excess Proceeds, at an offer price in cash in an amount equal to 100% of the principal amount of the Notes plus accrued and unpaid interest and Additional Interest, if any, thereon to the date of
settlement, subject to the right of Holders on the relevant record date to receive interest due on an Interest Payment Date that is on or prior to the Change of Control Settlement Date, in accordance with the procedures set forth in the Indenture.
Holders of Notes that are the subject of an offer to purchase will receive an Asset Sale Offer from the Company prior to any related purchase date and may elect to have such Notes purchased by completing the form entitled “Option of Holder to
Elect Purchase” on the reverse of the Notes. 
 8. Notice of Redemption. Notice of redemption will be mailed at least 30 days
but not more than 60 days (except as otherwise provided in the Indenture if the notice is issued in connection with a Legal Defeasance, Covenant Defeasance or Discharge) before the redemption date to each Holder whose Notes are to be redeemed at its
registered address. If given in the manner provided for in Section 3.03 of the Indenture, the notice of redemption shall be 

  
 Ex. 1 to App. - 7 

 
conclusively presumed to have been given whether or not a Holder receives such notice. Failure to give timely notice or any defect in the notice shall not affect the validity of the redemption.
Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000 in excess thereof, unless all of the Notes held by a Holder are to be redeemed. On and after the redemption date interest and Additional
Interest, if any, will cease to accrue on Notes or portions thereof called for redemption. 
 9. Denominations, Transfer, Exchange.
The Notes are in registered form without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar
and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents, and the Company may require a Holder to pay any taxes due on transfer or exchange. The Issuers need not exchange or register the
transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, they need not exchange or register the transfer of any Notes for a period of 15 days before a selection of
Notes to be redeemed. 
 10. Persons Deemed Owners. The registered holder of a Note may be treated as its owner for all purposes.

 11. Amendment, Supplement and Waiver. Subject to certain exceptions, the Indenture or the Notes may be amended or supplemented
with the consent of the Holders of a majority in principal amount of the then outstanding Notes, and any existing default or compliance with any provision of the Indenture or the Notes may be waived with the consent of the Holders of a majority in
principal amount of the then outstanding Notes. Without the consent of any Holder of a Note, the Indenture or the Notes may be amended or supplemented (1) to cure any ambiguity, defect or inconsistency, (2) to provide for uncertificated
Notes in addition to or in place of certificated Notes, (3) to provide for the assumption of an Issuer’s obligations to Holders of Notes pursuant to Article 5 of the Indenture, (4) to make any change that would provide any
additional rights or benefits to the Holders of Notes or that does not adversely affect the legal rights under the Indenture of any such Holder, provided that any change to conform the Indenture to the Offering Memorandum shall not be deemed
to adversely affect such legal rights under the Indenture of any Holder, (5) to secure the Notes or the Subsidiary Guarantees pursuant to Section 4.12 of the Indenture, (6) to provide for the issuance of Additional Notes in accordance
with the limitations set forth in the Indenture, (7) to add any additional Guarantor with respect to the Notes or to evidence the release of any Guarantor from its Subsidiary Guarantee, in each case as provided in the Indenture, (8) to
comply with the requirements of the SEC in order to effect or maintain the qualification of the Indenture under the Trust Indenture Act, (9) to provide for the reorganization of the Company as any other form of entity in accordance with the
second paragraph of Section 5.01 of the Indenture or (10) to evidence or provide for the acceptance of appointment under the Indenture of a successor Trustee. 

12. Defaults and Remedies. The Events of Default relating to the Notes are defined in Section 6.01 of the Indenture. If any Event
of Default occurs and is continuing, the Trustee, by notice to the Issuers, or the Holders of at least 25% in principal amount of the then outstanding Notes, by notice to the Issuers and the Trustee, may declare all the Notes to be due and payable
immediately. Notwithstanding the preceding, in the case of an Event of Default 

  
 Ex. 1 to App. - 8 

 
arising from such events of bankruptcy, insolvency or reorganization described in Section 6.01(h) or 6.01(i) of the Indenture, all outstanding Notes will become due and payable without
further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its
exercise of any trust or power conferred on it. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal, interest or premium)
if it determines that withholding notice is in their interest. The Holders of a majority in principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event
of Default and its consequences under the Indenture except as provided in the Indenture. The Issuers are required to deliver to the Trustee annually an Officers’ Certificate regarding compliance with the Indenture, and, so long as any Notes are
outstanding, the Issuers are required upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 

13. Defeasance and Discharge. The Notes are subject to defeasance and discharge upon the terms and conditions specified in the
Indenture. 
 14. No Recourse Against Others. Neither the General Partner, nor any past, present or future director, officer,
partner, employee, incorporator, manager or unitholder or other owner of Capital Stock of the Issuers, the General Partner, Holdco or any Guarantor, as such, shall have any liability for any obligations of the Issuers or any Guarantor under the
Notes, the Subsidiary Guarantees or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part
of the consideration for the issuance of the Notes. 
 15. Authentication. This Note shall not be valid until authenticated by the
manual signature of an authorized signatory of the Trustee or an authenticating agent. 
 16. Abbreviations. Customary abbreviations
may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A
(= Uniform Gifts to Minors Act). 
 17. [Additional Rights of Holders of Transfer Restricted Securities. In addition to the rights
provided to Holders of Notes under the Indenture, Holders of Transfer Restricted Securities shall have all the rights set forth in the Registration Rights Agreement dated as of September 18, 2013, among the Issuers, the Guarantors and the
Initial Purchasers (the “Registration Rights Agreement”).]4 
 18.
CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuers have caused CUSIP numbers and corresponding ISIN numbers to be printed on the Notes and the Trustee may use
CUSIP numbers 
  

	4 	 Include for Initial Notes, if applicable 

  
 Ex. 1 to App. - 9 

 
and corresponding ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in
any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
 19. Governing Law.
THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 20.
Successors. In the event a successor assumes all the obligations of an Issuer under the Notes and the Indenture, pursuant to the terms thereof, such Issuer will be released from all such obligations. 

The Company will furnish to any Holder upon written request and without charge a copy of the Indenture or the Registration Rights Agreement.
Requests may be made to: 
 Natural Resource Partners L.P. 

601 Jefferson Street, Suite 3600 

Houston, Texas 77002 

Attention: Chief Financial Officer 

  
 Ex. 1 to App. - 10 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

I or we assign and transfer this Note to 
  

	
	 
	Print or type assignee’s name, address and zip code)
	
	 
	(Insert assignee’s Soc. Sec. or Tax I.D. No.)

 and irrevocably appoint __________________ agent to transfer this Note on the books of the Issuers. The agent may substitute
another to act for him. 
  

							
	 Date:
	 	  
	    	Your Signature:	 	  

	 	 	 	    	 	 	Sign exactly as your name appears on the other side of this Note.

 Signature Guarantee: 

	
	
	   

	(Signature must be guaranteed)

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar,
which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
  

 
 [In connection with any transfer of any of the Notes
evidenced by this certificate occurring prior to the expiration of one year after the later of the date of original issuance of such Notes (or the date of any subsequent reopening of the Notes) and the last date, if any, on which such Notes were
owned by the Company or any Affiliate of the Company (or, in the case of Regulation S Notes, prior to the expiration of the Distribution Compliance Period), the undersigned confirms that such Notes are being transferred in accordance with its terms:

 CHECK ONE BOX BELOW 
  

					
	(1)	  	 ̈	    	to an Issuer; or
			
	(2)	  	 ̈	    	pursuant to an effective registration statement under the Securities Act of 1933; or
			
	(3)	  	 ̈	    	inside the United States to a person who the undersigned reasonably believes is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933) that is purchasing for its own account or
for the account of a qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act of 1933;
or

  
 Ex. 1 to App. - 11 

					
	(4)	  	 ̈	    	outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act of 1933; or
			
	(5)	  	 ̈	    	pursuant to the exemption from registration provided by Rule 144 under the Securities Act of 1933.

 Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes evidenced by this certificate
in the name of any person other than the registered holder thereof; provided, however, that if box (4) or (5) is checked, the Trustee shall be entitled to require, prior to registering any such transfer of the Notes, such legal opinions,
certifications and other information as the Company has reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933,
such as the exemption provided by Rule 144 under such Act. 
  

	
	
	   

	Signature

 TO BE COMPLETED BY PURCHASER IF (3) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, and is aware that the sale to it is being made in reliance on Rule 144A and
acknowledges that it has received such information regarding the Issuers and any Guarantors as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is
relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

							
	Dated:	 	  
	  		 	  

	 	 	 	  	 	 	Notice: To be executed by an executive officer]5

  

	5 	Include for Initial Note 

  
 Ex. 1 to App. - 12 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or 4.15 of the Indenture, check the box below:

  

					
	 ̈  Section 4.10	  	 ̈  Section 4.15	  	

 If you want to elect to have only part of this Note purchased by the Company pursuant to Section 4.10 or
Section 4.15 of the Indenture, state the amount (in minimum denomination of $2,000 or integral multiples of $1,000 in excess thereof) you elect to have purchased: $____________ 

 

							
	 Date:
	 	  
	    	Your Signature:	 	  

	 	 	 	    	 	 	(Sign exactly as your name appears on the other side of this Note)

  

							
		 		  	Soc. Sec. or Tax Identification No.:	 	  

  

							
	Signature Guarantee:	 	  
	 		 	
	 	 	(signature must be guaranteed)	 	 	 	 

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 Ex. 1 to App. - 13 

 [TO BE ATTACHED TO GLOBAL NOTE] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The following increases or decreases in this Global Note have been made: 
  

									
	 Date
	 	 Amount of

decrease in
 Principal

Amount of this
 Global
Note
	 	 Amount of

increase in
 Principal

Amount of this
 Global
Note
	 	 Principal

Amount of this
 Global
Note
 following such
 decrease
or increase
	 	 Signature of

authorized officer
 of Trustee or

Notes Custodian

		 		 		 		 	

  
 Ex. 1 to App. - 14 

 ANNEX A 
  

 
 NATURAL RESOURCE PARTNERS L.P. 

NRP FINANCE CORPORATION 
 and 

the Guarantors named herein 
  

 
 9.125% Senior Notes
due 2018 
  
  

 
  

FORM OF SUPPLEMENTAL INDENTURE 

AND AMENDMENT — SUBSIDIARY GUARANTEE 

Dated as of                     
    ,          
  

 
 WELLS FARGO
BANK, NATIONAL ASSOCIATION, 
 as Trustee 
  

 
  

 

  
 A-1 

 This SUPPLEMENTAL INDENTURE, dated as of
                         ,          is among Natural Resource
Partners L.P., a Delaware limited partnership (the “Company”), NRP Finance Corporation, a Delaware corporation (“Finance Corp.” and, together with the Company, the “Issuers”), each of the
parties identified under the caption “Guarantors” on the signature page hereto (the “Guarantors”) and Wells Fargo Bank, National Association, a national banking association, as Trustee. 

RECITALS 
 WHEREAS, the Issuers,
the initial Guarantors and the Trustee entered into an Indenture, dated as of September 18, 2013 (the “Indenture”), pursuant to which the Issuers have issued
$                 in principal amount of 9.125% Senior Notes due 2018 (the “Notes”); 

WHEREAS, Section 9.01(g) of the Indenture provides that the Issuers, the Guarantors and the Trustee may amend or supplement the Indenture
in order to comply with Section 4.13 or 10.03 thereof, without the consent of the Holders of the Notes; and 
 WHEREAS, all acts and
things prescribed by the Indenture, by law and by the Certificate of Incorporation and the Bylaws (or comparable constituent documents) of the Issuers, of the Guarantors and of the Trustee necessary to make this Supplemental Indenture a valid
instrument legally binding on the Issuers, the Guarantors and the Trustee, in accordance with its terms, have been duly done and performed; 

NOW, THEREFORE, to comply with the provisions of the Indenture and in consideration of the above premises, the Issuers, the Guarantors and the
Trustee covenant and agree for the equal and proportionate benefit of the respective Holders of the Notes as follows: 
 ARTICLE 1 

Section 1.01 This Supplemental Indenture is supplemental to the Indenture and does and shall be deemed to form a part of, and shall be
construed in connection with and as part of, the Indenture for any and all purposes. 
 Section 1.02 This Supplemental Indenture shall
become effective immediately upon its execution and delivery by each of the Issuers, the Guarantors and the Trustee. 
 ARTICLE 2 

From this date, in accordance with Section 4.13 or 10.03 and by executing this Supplemental Indenture, the Guarantors whose signatures
appear below are subject to the provisions of the Indenture to the extent provided for in, and subject to the limitations of, Article 10 thereunder. 

ARTICLE 3 
 Section 3.01
Except as specifically modified herein, the Indenture and the Notes are in all respects ratified and confirmed (mutatis mutandis) and shall remain in full force and effect in accordance with their terms with all capitalized terms used herein without
definition having the same respective meanings ascribed to them as in the Indenture. 

  
 A-2 

 Section 3.02 Except as otherwise expressly provided herein, no duties, responsibilities or
liabilities are assumed, or shall be construed to be assumed, by the Trustee by reason of this Supplemental Indenture. This Supplemental Indenture is executed and accepted by the Trustee subject to all the terms and conditions set forth in the
Indenture with the same force and effect as if those terms and conditions were repeated at length herein and made applicable to the Trustee with respect hereto. 

Section 3.03 THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK. 
 Section 3.04 The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an
original, but all of such executed copies together shall represent the same agreement. 
 [NEXT PAGE IS SIGNATURE PAGE] 

  
 A-3 

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

			
	NATURAL RESOURCE PARTNERS L.P.
	
	BY: NRP (GP) LP, ITS GENERAL PARTNER
	
	

	By	 	  

	Name:	 	  

	Title:	 	  

  

			
	NRP FINANCE CORPORATION
		
		 	
	By	 	  

	Name:	 	  

	Title:	 	  

  

			
	GUARANTORS
	[                               
                                         
            ]

  

			
	By	 	  

	Name:	 	  

	Title:	 	  

  

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

AS TRUSTEE

		
	By	 	  

	Name:	 	  

	Title:	 	  

  
 A-4

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