Document:

Replacement Capital Covenant

 Exhibit 4.3 
 REPLACEMENT CAPITAL COVENANT, dated as of May 18, 2007 (this “Replacement Capital Covenant”), by Nationwide Financial Services, Inc., a Delaware corporation (together with
its successors and assigns, the “Corporation”), in favor of and for the benefit of each Covered Debtholder (as defined below). 
 RECITALS 
 A. On the date hereof, the Corporation is issuing $400,000,000 aggregate principal amount of its
6.75% Fixed-to-Floating Rate Junior Subordinated Notes (the “Notes”). 
 B. This Replacement Capital
Covenant is the “Replacement Capital Covenant” referred to in the Prospectus Supplement, dated May 14, 2007, relating to the Notes (the “Prospectus Supplement”). 
 C. The Corporation is entering into and disclosing the content of this Replacement Capital Covenant in the manner provided below with the
intent that the covenants provided for in this Replacement Capital Covenant be enforceable by each Covered Debtholder and that the Corporation be estopped from disregarding the covenants in this Replacement Capital Covenant, in each case to the
fullest extent permitted by applicable law. 
 D. The Corporation acknowledges that reliance by each Covered Debtholder upon
the covenants in this Replacement Capital Covenant is reasonable and foreseeable by the Corporation and that, were the Corporation to disregard its covenants in this Replacement Capital Covenant, each Covered Debtholder would have sustained an
injury as a result of its reliance on such covenants. 
 NOW, THEREFORE, the Corporation hereby covenants and agrees as
follows in favor of and for the benefit of each Covered Debtholder. 
 Section 1 Definitions. Capitalized terms
used in this Replacement Capital Covenant (including the Recitals) have the meanings set forth in Schedule I hereto. 
 Section 2. Limitations on Payment, Redemption and Purchase Of Notes. The Corporation hereby promises and covenants to and for the benefit of each Covered Debtholder that the Corporation shall not pay, redeem or purchase (which
shall be deemed to include for purposes of this Replacement Capital Covenant defeasance of the Notes pursuant to the terms of the Indenture and the satisfaction and discharge of the Corporation’s obligations under the Indenture), and will not
permit its Subsidiaries to pay or purchase, as applicable, all or any part of the Notes on or before the date that is 20 years prior to the Final Maturity Date except to the extent that the principal amount paid or the applicable 

 
redemption or purchase price does not exceed the sum of the following amounts raised during the applicable Measurement Period: 
 (i) the Applicable Percentage of (A) the aggregate amount of net cash proceeds the Corporation and its Subsidiaries
have received from the sale of Common Stock and rights to purchase Common Stock (including Common Stock and rights to purchase Common Stock sold pursuant to the Corporation’s dividend reinvestment plan, direct stock purchase plan or employee
benefit plans) to Persons other than the Corporation and its Subsidiaries and (B) the Current Price of any Common Stock that the Corporation has issued to Persons other than the Corporation and its Subsidiaries in connection with the conversion
of any convertible or exchangeable securities, other than securities for which the Corporation or any of its Subsidiaries has received equity credit from any NRSRO, in each case since the most recent Measurement Date, without double counting
proceeds received in any prior Measurement Period; plus 
 (ii) 100% of the aggregate amount of net
cash proceeds the Corporation and its Subsidiaries have received since the most recent Measurement Date (without double counting proceeds received in any prior Measurement Period) from the sale of Mandatorily Convertible Preferred Stock, Debt
Exchangeable for Common Equity and Debt Exchangeable for Preferred Equity to Persons other than the Corporation and its Subsidiaries; plus 
 (iii) 100% of the aggregate amount of net cash proceeds the Corporation and its Subsidiaries have received since the most recent Measurement Date (without double counting proceeds received in any
prior Measurement Period) from the sale of Qualifying Capital Securities to Persons other than the Corporation and its Subsidiaries. 
 Section 3. Covered Debt. (a) The Corporation represents and warrants that the Initial Covered Debt is Eligible Debt. 
 (b) During the 30-day period immediately preceding any Redesignation Date with respect to the Covered Debt then in effect, the Corporation shall identify the series of Eligible Debt that will
become the Covered Debt on and after such Redesignation Date in accordance with the following procedures: 
 (i) the Corporation shall identify each series of its then outstanding long-term indebtedness for money borrowed that is Eligible Debt; 
 (ii) if only one series of the Corporation’s then outstanding long-term indebtedness for money borrowed is Eligible Debt, such series 

  

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shall become the Covered Debt commencing on the related Redesignation Date; 
 (iii) if the Corporation has more than one outstanding series of long-term indebtedness for money borrowed that is
Eligible Debt, then the Corporation shall identify the series that has the latest occurring final maturity date as of the date the Corporation is applying the procedures in this Section 3(b) and such series shall become the Covered Debt on the
next Redesignation Date; 
 (iv) the series of outstanding long-term indebtedness for money borrowed that is
determined to be Covered Debt pursuant to this Section 3(b) shall be the Covered Debt for purposes of this Replacement Capital Covenant for the period commencing on the related Redesignation Date and continuing to but not including the
Redesignation Date as of which a new series of outstanding long-term indebtedness is next determined to be the Covered Debt pursuant to the procedures set forth in this Section 3(b); and 
 (v) in connection with such identification of a new series of Covered Debt, the Corporation shall give the notice provided
for in Section 3(e) below within the time frame provided for in such section. 
 (c) Notwithstanding any other
provisions of this Replacement Capital Covenant, if on any Redesignation Date the Corporation has then outstanding one or more series of Eligible Subordinated Debt, a series of Eligible Subordinated Debt shall be identified as Covered Debt in
accordance with Section 3(b) and no Eligible Senior Debt shall then be Covered Debt. 
 (d) If at any time the Covered
Debt is held by a Trust, a holder of the capital securities of such Trust may institute a legal proceeding directly against the Corporation for the enforcement of this Replacement Capital Covenant, and such capital securities shall be deemed to be
“Covered Debt” so long as the Covered Debt held by the Trust remains Covered Debt. 
 (e) Notice. In
order to give effect to the intent of the Corporation described in Recital C, the Corporation covenants that 
 (i) simultaneously with the execution of this Replacement Capital Covenant or as soon as practicable after the date hereof, it shall (A) give notice to the Holders of the Initial Covered Debt, in the manner provided in the indenture
relating to the Initial Covered Debt, of this Replacement Capital Covenant and the rights granted to such Holders hereunder and (B) file a copy of this Replacement Capital Covenant with 

  

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the Commission as an exhibit to a Current Report on Form 8-K under the Exchange Act; 
 (ii) so long as the Corporation is a reporting company under the Exchange Act, the Corporation will include in each annual
report filed with the Commission on an Annual Report on Form 10-K under the Exchange Act a description of the covenant set forth in Section 2 and identify the series of long-term indebtedness for borrowed money that is Covered Debt as of the
date such Annual Report on Form 10-K is filed with the Commission; 
 (iii) if a series of the
Corporation’s long-term indebtedness for money borrowed (A) becomes Covered Debt or (B) ceases to be Covered Debt pursuant to the procedures set forth in Section 3(b), the Corporation shall give notice of such occurrence within
30 days to the holders of such long-term indebtedness for money borrowed in the manner provided for in the indenture, fiscal agency agreement or other instrument under which such long-term indebtedness for money borrowed was issued and promptly
report such change in the Corporation’s next quarterly report, annual report or in a Current Report on Form 8-K under the Exchange Act; 
 (iv) if, and only if, the Corporation ceases to be a reporting company under the Exchange Act, the Corporation shall (x) post on its website the information otherwise required to be included
in Exchange Act filings pursuant to clauses (ii) and (iii) of this Section 3(e) and (y) cause a notice of the execution of this Replacement Capital Covenant to be posted on the Bloomberg screen for the Covered Debt or any
successor Bloomberg screen and each similar third-party vendor’s screen the Corporation reasonably believes is appropriate (each an “Investor Screen”) and cause a hyperlink to a definitive copy of this Replacement Capital
Covenant to be included on the Investor Screen for each series of Covered Debt, in each case to the extent permitted by Bloomberg or such similar third-party vendor, as the case may be; and 
 (v) promptly upon request by any Holder of Covered Debt, the Corporation shall provide such Holder with a conformed copy
of this Replacement Capital Covenant. 
 Section 4. Termination, Amendment and Waiver. (a) The obligations
of the Corporation pursuant to this Replacement Capital Covenant shall remain in full force and effect until the earliest (the “Termination Date”) to occur of (i) the date that is 20 years prior to the Final Maturity Date;
provided that if such date is less than ten years after the Scheduled Redemption Date, the obligations of the Corporation pursuant to this Replacement Capital Covenant shall extend until the 

  

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date that is ten years after the Scheduled Redemption Date, (ii) the date on which all the Notes have been paid, redeemed or purchased in full (in
compliance with the terms of this Replacement Capital Covenant), (iii) the date, if any, on which the Holders of a majority of the principal amount of the then effective series of Covered Debt agree in writing to the termination of this
Replacement Capital Covenant and the obligations of the Corporation hereunder and (iv) the date on which the Corporation no longer has outstanding any Eligible Senior Debt or Eligible Subordinated Debt (in each case without giving effect to the
rating requirement in clause (b) of the definition of each such term). Moreover, if an event of default under the Indenture resulting in an acceleration of the Notes occurs, the Corporation does not have to comply with this Replacement Capital
Covenant. From and after the Termination Date, the obligations of the Corporation pursuant to this Replacement Capital Covenant shall be of no further force and effect. 
 (b) This Replacement Capital Covenant may be amended or supplemented from time to time by a written instrument signed by the Corporation with the consent of the Holders of at least a majority by
principal amount then outstanding of the then effective series of Covered Debt, provided that this Replacement Capital Covenant may be amended or supplemented from time to time by a written instrument signed only by the Corporation (and without the
consent of any Holder of the then effective series of Covered Debt) (i) where such amendment is not adverse to the Covered Debtholders and an officer of the Corporation has delivered to the Holders of the then effective series of Covered Debt
in the manner provided for the delivery of notices in the indenture, fiscal agency agreement or other instrument with respect to such Covered Debt a written certification stating that in his or her determination, such amendment is not adverse to
such Holders, (ii) to impose additional restrictions on the types of securities qualifying as Replacement Capital Securities and an officer of the Corporation has delivered to the Holders of the then effective series of Covered Debt in the
manner provided for in the indenture, fiscal agency agreement or other instrument with respect to such Covered Debt a written certification to that effect or (iii) to eliminate Common Stock, rights to purchase Common Stock, Debt Exchangeable
for Common Equity and/or Mandatorily Convertible Preferred Stock as Replacement Capital Securities if, in the case of this clause (iii), the Corporation has been advised in writing by a nationally recognized independent accounting firm that there is
more than an insubstantial risk that the failure to do so would result in a reduction in the Corporation’s earnings per share as calculated for financial reporting purposes. 
 (c) For purposes of Sections 4(a) and 4(b), the Holders whose consent or agreement is required to terminate, amend or supplement the
obligations of the Corporation under this Replacement Capital Covenant shall be the Holders of the then effective Covered Debt as of a record date established by the Corporation 

  

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that is not more than 60 days prior to the date on which the Corporation proposes that such termination, amendment or supplement becomes effective.

 Section 5. Miscellaneous. (a) This Replacement Capital Covenant shall be governed by and construed in
accordance with the laws of the State of New York. 
 (b) This Replacement Capital Covenant shall be binding upon the
Corporation and its successors and assigns and shall inure to the benefit of the Covered Debtholders as they exist from time to time (it being understood and agreed by the Corporation that any Person who is a Covered Debtholder at the time such
Person acquires, holds or sells Covered Debt shall retain its status as a Covered Debtholder for so long as the series of long-term indebtedness for borrowed money owned by such Person is Covered Debt and, if such Person initiates a claim or
proceeding to enforce its rights under this Replacement Capital Covenant after the Corporation has violated its covenants in Section 2 and before the series of long-term indebtedness for money borrowed held by such Person is no longer Covered
Debt, such Person’s rights under this Replacement Capital Covenant shall not terminate prior to a Termination Date solely by reason of such series of long-term indebtedness for money borrowed no longer being Covered Debt). 
 (c) All demands, notices, requests and other communications to the Corporation under this Replacement Capital Covenant shall be deemed to
have been duly given and made if in writing and (i) if served by personal delivery upon the Corporation, on the day so delivered (or, if such day is not a Business Day, the next succeeding Business Day), (ii) if delivered by registered
post or certified mail, return receipt requested, or sent to the Corporation by a national or international courier service, on the date of receipt by the Corporation (or, if such date of receipt is not a Business Day, the next succeeding Business
Day) or (iii) if sent by telecopier, on the day telecopied, or if not a Business Day, the next succeeding Business Day; provided that the telecopy is promptly confirmed by telephone confirmation thereof, and in each case to the
Corporation at the address set forth below, or at such other address as the Corporation may thereafter notify to Covered Debtholders or post on its website as the address for notices under this Replacement Capital Covenant: 
 Nationwide Financial Services, Inc. 
 One Nationwide Plaza 
 Columbus, OH 43215 
 Attention: Division General
Counsel 
 Any demand, notice, request or other communication to Covered Debtholders under this Replacement Capital Covenant
may be given by the Corporation in any manner contemplated by the indenture, fiscal agency 

  

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agreement or other instrument governing the Covered Debt. For all purposes of this Replacement Capital Covenant, the Corporation may deem and treat the
registered Holder of any Covered Debt as the absolute owner of such Covered Debt, and the Corporation shall not be affected by any notice to the contrary. The rights of beneficial owners in any Covered Debt shall be exercised only through the
registered Holder of such Covered Debt, and the Corporation may rely and shall be fully protected in relying upon information furnished by such registered Holder. Any demand, notice, request, consent, waiver or other action of a Holder shall bind
every future Holder of the same Covered Debt and the Holder of every instrument evidencing Covered Debt issued upon the registration of transfer thereof or in exchange therefor. 
 (d) In the event of an assumption of the Corporation’s obligations under the indenture, fiscal agency agreement or other instrument
governing the Covered Debt by a successor, provided such assumption does not constitute an event of default under such indenture, fiscal agency agreement or other instrument, the Corporation may assign its rights and obligations under this
Replacement Capital Covenant to such successor, and upon such assignment to and the assumption of this Replacement Capital Covenant by such successor, such successor shall succeed to and be substituted for the Corporation hereunder with the same
effect as if it had been named herein and the Corporation shall be relieved of any further obligation hereunder. 
 (e) No
Covered Debtholder shall have any right to institute any proceeding, judicial or otherwise, with respect to this Replacement Capital Covenant, or for any other remedy with respect to this Replacement Capital Covenant, unless the Corporation shall
have failed to comply with its obligations under this Replacement Capital Covenant; it being understood and intended that no one or more of such Covered Debtholders shall have any right in any manner whatever by virtue of, or by availing of, any
provision of this Replacement Capital Covenant to affect, disturb or prejudice the rights of any other of such Covered Debtholders, or to obtain or to seek to obtain priority or preference over any other of such Covered Debtholders or to enforce any
right under this Replacement Capital Covenant, except in the manner herein provided and for the equal and ratable benefit of all such Covered Debtholders. 
  

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 IN WITNESS WHEREOF, the Corporation has caused this Replacement Capital Covenant to be
executed by its duly authorized officer, as of the day and year first above written. 
  

			
	 NATIONWIDE FINANCIAL SERVICES, INC.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

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 Schedule I 
 DEFINITIONS 
 “Alternative Payment Mechanism” means, with respect to
any securities or combination of securities (together in this definition, “such securities”), provisions in the related transaction documents requiring the Corporation (i) to issue (or use commercially reasonable efforts to
issue) one or more types of APM Qualifying Securities raising eligible proceeds at least equal to the deferred Distributions on such securities and (ii) to apply the proceeds to pay unpaid Distributions on such securities, commencing on the
earlier of (x) the first Distribution Date after commencement of a deferral period on which the Corporation pays current Distributions on such securities and (y) the fifth anniversary of the commencement of such deferral period, and that:

 (a) define “eligible proceeds” to mean, for purposes of such Alternative Payment Mechanism, the net
proceeds (after underwriters’ or placement agents’ fees, commissions or discounts and other expenses relating to the issuance or sale of the relevant securities, where applicable, and including the fair market value of property received by
the Corporation or any of its Subsidiaries as consideration for such securities) that the Corporation has received during the 180-day period prior to the related Distribution Date from the issuance of APM Qualifying Securities, up to the Preferred
Cap (as defined below) in the case of APM Qualifying Securities that are Qualifying Non-Cumulative Preferred Stock or Mandatorily Convertible Preferred Stock; 
 (b) permit the Corporation to pay current Distributions on any Distribution Date out of any source of funds but (x) require the Corporation to pay deferred Distributions only out of eligible
proceeds and (y) prohibit the Corporation from paying deferred Distributions out of any source of funds other than eligible proceeds (other than following an acceleration of such securities or the occurrence of the final maturity thereof),
unless (if the Corporation elects to so provide in the terms of such securities) an Applicable Governmental Authority directs otherwise; 
 (c) if deferral of Distributions continues for more than one year (or such shorter period as is provided for in the terms of such securities), require the Corporation not to, and to cause its subsidiaries not to,
redeem, purchase or pay any of the Corporation’s capital stock or the Corporation’s securities that rank pari passu with or junior to the most senior issuable APM Qualifying Securities until at least one year after all deferred
Distributions have been paid (a “share repurchase provision”); 
 (d) notwithstanding the foregoing
provisions, if an Applicable Governmental Authority disapproves the sale of APM Qualifying Securities, may 

 
(if the Corporation elects to so provide in the terms of such securities) permit the Corporation to pay deferred Distributions from any source without a
breach of its obligations under the transaction documents; 
 (e) if an Applicable Governmental Authority does not disapprove
the issuance and sale of APM Qualifying Securities but disapproves the use of the proceeds thereof to pay deferred Distributions, may (if the Corporation elects to so provide in the terms of such securities) permit the Corporation to use such
proceeds for other purposes and to continue to defer Distributions without a breach of its obligations under the transaction documents; and 
 (f) permit the Corporation, at its option, to provide that if the Corporation is involved in a merger, consolidation, amalgamation or conveyance, transfer or lease of assets substantially as an entirety to any other
person (a “business combination”) where immediately after the consummation of the business combination more than 50% of the voting stock of the surviving entity of the business combination, or the person to whom all or substantially
all of the Corporation’s assets are conveyed, transferred or leased, is owned by the shareholders of the other party to the business combination, then clauses (a), (b) and (c) above will not apply to any deferral period that is
terminated on the next interest payment date following the date of consummation of the business combination; and 
 (g) limit
the obligation of the Corporation to issue (or use commercially reasonable efforts to issue) APM Qualifying Securities up to: 
 (i) in the case of APM Qualifying Securities that are Common Stock or rights to purchase Common Stock, an amount from the issuance thereof pursuant to the Alternative Payment Mechanism (including at any point in time
from all prior issuances thereof pursuant to the Alternative Payment Mechanism) (A) with respect to deferred Distributions attributable to the first five years of any deferral period equal to 2% of the total number of issued and outstanding
shares of Common Stock as of the date of the then most recent publicly available consolidated financial statements of the Corporation (the “Common Cap”); provided (and it being understood) that the Common Cap shall cease to
apply to such deferral period by a date (as specified in the related transaction documents) which shall be not later than the ninth anniversary of the commencement of such deferral period and (B) a maximum issuance cap on the issuance of APM
Qualifying Securities consisting of Common Stock and rights to purchase Common Stock, in each case to be set at the Corporation’s discretion (the “Share Cap”); provided that such Share Cap will be subject to the
Corporation’s agreement to use commercially reasonable efforts to increase the Share Cap when reached to a number of shares of Common Stock that would allow the Corporation to satisfy its 

  

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obligations with respect to the Alternative Payment Mechanism (i) only to the extent that it can do so and simultaneously satisfy its future fixed or
contingent obligations under other securities and derivative instruments that provide for settlement or payment in shares of Common Stock or (ii) if the Corporation cannot increase the Share Cap amount as contemplated in the preceding clause,
by requesting its board of directors, subject to its fiduciary duties, to adopt, subject to its fiduciary duties, a resolution for shareholder vote at the next occurring annual shareholders’ meeting to increase the number of shares of the
Corporation’s authorized Common Stock for purposes of satisfying the Corporation’s obligations with respect to the Alternative Payment Mechanism, provided that such Share Cap shall not represent a lower proportion of the
Corporation’s outstanding shares of Common Stock as of the date of issuance of such APM Qualifying Securities than the Share Cap Amount applicable to the Notes represents as a proportion of the Corporation’s outstanding shares of Common
Stock as of the date of the Prospectus Supplement; and 
 (ii) in the case of APM Qualifying Securities that
are Qualifying Non-Cumulative Preferred Stock or Mandatorily Convertible Preferred Stock, an amount from the issuance thereof pursuant to the related Alternative Payment Mechanism (including at any point in time from all prior issuances of
Qualifying Non-Cumulative Preferred Stock and unconverted Mandatorily Convertible Preferred Stock pursuant to such Alternative Payment Mechanism) equal to 25% of the principal or stated amount of the securities that are the subject of the related
Alternative Payment Mechanism (the “Preferred Cap”); and 
 (h) in the case of securities other than
Qualifying Non-Cumulative Preferred Stock, include a Bankruptcy Claim Limitation Provision; 
 provided (and it being understood) that:

 (A) the Corporation shall not be obligated to issue (or use commercially reasonable efforts to issue)
APM Qualifying Securities for so long as a Market Disruption Event has occurred and is continuing; 
 (B) if,
due to a Market Disruption Event or otherwise, the Corporation is able to raise and apply some, but not all, of the eligible proceeds necessary to pay all deferred Distributions on any Distribution Date, the Corporation will apply any available
eligible proceeds to pay accrued and unpaid Distributions on the applicable Distribution Date in chronological order based on the date each payment was first deferred, subject to the Common Cap, Preferred Cap and Share Cap, as applicable; and

  

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 (C) if the Corporation has outstanding more than one class or series of
securities under which it is obligated to sell a type of APM Qualifying Securities and apply some part of the proceeds to the payment of deferred Distributions, then on any date and for any period the amount of net proceeds received by the
Corporation from those sales and available for payment of deferred Distributions on such securities shall be applied to such securities on a pro rata basis in proportion to the total amounts that are due on such securities, or on such other
basis as an Applicable Governmental Authority may approve. 
 “APM Qualifying Securities” means, with
respect to an Alternative Payment Mechanism, one or more of the following (as designated in the transaction documents for the Qualifying Capital Securities that include an Alternative Payment Mechanism, a Mandatory Trigger Provision or Debt
Exchangeable for Preferred Equity): 
  

	 	 (a)
	 Common Stock; 

  

	 	 (b)
	 rights to purchase Common Stock; 

  

	 	 (c)
	 Mandatorily Convertible Preferred Stock; or 

  

	 	 (d)
	 Qualifying Non-Cumulative Preferred Stock, 

 in each case, issued by the Corporation; 
 provided that if the APM Qualifying Securities for any
Alternative Payment Mechanism, Mandatory Trigger Provision or Debt Exchangeable for Preferred Equity include both Common Stock and rights to purchase Common Stock, such Alternative Payment Mechanism, Mandatory Trigger Provision or Debt Exchangeable
for Preferred Equity may permit, but need not require, the Corporation to issue rights to purchase Common Stock, or Qualifying Non-Cumulative Preferred Stock; provided, further, that if such Alternative Payment Mechanism, Mandatory Trigger
Provision or Debt Exchangeable for Preferred Equity includes all of the securities included in (a) through (d) above, it may allow for an amendment of the terms of such security to eliminate Common Stock, rights to purchase Common Stock
and Mandatorily Convertible Preferred Stock as APM Qualifying Securities if the Corporation has been advised in writing by a nationally recognized independent accounting firm that there is more than an insubstantial risk that the failure to do so
would result in a reduction in the Corporation’s earnings per share as calculated for financial reporting purposes. 
 “Applicable Governmental Authority” means the Federal Reserve Board, the Office of the Comptroller of the Currency, the Office of Thrift 

  

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Supervision or any state or other federal authority with regulatory oversight over the Corporation’s capitalization. 
 “Applicable Percentage” means the result, expressed as a percentage, of one divided by (a) 0.75 with respect to any
redemption, purchase or payment on or prior to the date that is 50 years prior to the Final Maturity Date and (b) 0.50 with respect to any redemption, purchase or payment after the date that is 50 years prior to the Final Maturity Date and on
or prior to the date that is 30 years prior to the Final Maturity Date and (c) 0.25 with respect to any redemption, purchase or payment after the date that is 30 years prior to the Final Maturity Date. 
 “Bankruptcy Claim Limitation Provision” means, with respect to any securities or combination of securities that have an
Alternative Payment Mechanism or a Mandatory Trigger Provision (together in this definition, “such securities”), provisions that, upon any liquidation, dissolution, winding up or reorganization or in connection with any insolvency,
receivership or proceeding under any bankruptcy law with respect to the issuer, limit the claim of the holders of such securities to Distributions that accumulate during (A) any deferral period, in the case of securities that have an
Alternative Payment Mechanism or (B) any period in which the issuer fails to satisfy one or more financial tests set forth in the terms of such securities or related transaction agreements, in the case of securities having a Mandatory Trigger
Provision, to: 
 (i) in the case of securities having an Alternative Payment Mechanism or Mandatory Trigger
Provision with respect to which the APM Qualifying Securities do not include Qualifying Non-Cumulative Preferred Stock or Mandatorily Convertible Preferred Stock, 25% of the stated or principal amount of such securities then outstanding; and

 (ii) in the case of any other securities, an amount not in excess of: (A) the amount of accumulated
and unpaid Distributions (including compounded amounts) that relate to the earliest two years of the portion of the deferral period for which Distributions have not been paid or (B) the sum of (1) the amount of accumulated and unpaid
Distributions (including compounded amounts) that relate to the earliest two years of the portion of the deferral period for which Distributions have not been paid and (2) an amount equal to the excess, if any, of the Preferred Cap over the
aggregate amount of net proceeds from the sale of Qualifying Non-Cumulative Preferred Stock and unconverted Mandatorily Convertible Preferred Stock that the issuer has applied to pay such Distributions pursuant to the Alternative Payment Mechanism
or the Mandatory Trigger Provision; provided that the holders of such securities are deemed to agree that, to the extent the remaining claim exceeds the amount set forth in subclause (1), the amount they receive shall not exceed the amount
they would have 

  

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received had such claim ranked pari passu with the interests of the holders, if any, of Qualifying Non-Cumulative Preferred Stock. 
 “Business Day” means each day other than (a) a Saturday or Sunday or (b) a day on which banking institutions
in Wilmington, Delaware or The City of New York are authorized or required by law or executive order to remain closed or, on or after May 15, 2037, a day that is not a London business day. A “London business day” is any day on
which dealings in deposits in U.S. dollars are transacted in the London interbank market. 
 “Commission”
means the United States Securities and Exchange Commission. 
 “Common Stock” means any equity securities of
the Corporation (including equity securities held as treasury shares) or rights to purchase equity securities that have no preference in payment or dividends or amounts payable upon the Corporation’s liquidation, dissolution or winding-up
(including a security that tracks the performance of, or relates to the results of, a business, unit or division of the Corporation), and any equity securities that have no preference in payment or dividends or amounts payable upon the
Corporation’s liquidation, dissolution or winding-up and are issued in exchange therefor in connection with a merger, consolidation, binding share exchange, business combination, recapitalization or other similar event. 
 “Corporation” has the meaning specified in the introduction to this instrument. 
 “Covered Debt” means (a) at the date of this Replacement Capital Covenant and continuing to but not including the
first Redesignation Date, the Initial Covered Debt and (b) thereafter, commencing with each Redesignation Date and continuing to but not including the next succeeding Redesignation Date, the Eligible Debt identified pursuant to
Section 3(b) as the Covered Debt for such period. 
 “Covered Debtholder” means each Person (whether a
Holder or a beneficial owner holding through a participant in a clearing agency) that buys, holds or sells long-term indebtedness for money borrowed of the Corporation during the period that such long-term indebtedness for money borrowed is Covered
Debt. 
 “Current Price” means, for the Common Stock on any date, the closing sale price per share (or if no
closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported in composite transactions by the New York Stock Exchange
or, if such Common Stock is not then listed on the 

  

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New York Stock Exchange, as reported by the principal U.S. securities exchange on which such Common Stock is traded or quoted. If such Common Stock is not
either listed or quoted on any U.S. securities exchange on the relevant date, the “current price” shall be the last quoted bid price per share for such Common Stock in the over-the-counter market on the relevant date as reported by
the National Quotation Bureau or similar organization. If such Common Stock is not so quoted, the “current price” shall be the average of the mid-point of the last bid and ask prices per share for such Common Stock on the relevant date
from each of at least three nationally recognized independent investment banking firms selected by the Corporation for this purpose. If such Common Stock is not so quoted, and if bid and ask prices for such Common Stock are not available, the
“current price” shall be determined by the expert opinion of a nationally recognized independent investment banking firm selected by the Corporation’s Board of Directors for this purpose. 
 “Debt Exchangeable for Common Equity” means a security (or combination of securities) that: 
 (a) gives the holder a beneficial interest in (i) the Corporation’s debt securities that are not redeemable prior to settlement
of the stock purchase contract referred to in subclause (ii) and (ii) a fractional interest in a stock purchase contract for a share of Common Stock that will be settled in three years or less, with the number of shares of Common Stock
purchasable pursuant to such stock purchase contract to be within a range established at the time of issuance of such debt securities; 
 (b) provides that the investors directly or indirectly grant the Corporation a security interest in such debt securities and their proceeds (including any substitute collateral permitted under the transaction
documents) to secure the investors’ direct or indirect obligation to purchase Common Stock pursuant to such stock purchase contracts; 
 (c) includes a remarketing feature pursuant to which the Corporation’s debt securities are remarketed to new investors commencing not later than the first Distribution Date that is at least one (1) month
prior to the settlement date of the stock purchase contract; and 
 (d) provides for the proceeds raised in the remarketing
to be used to purchase Common Stock under the stock purchase contracts and, if there has not been a successful remarketing by the settlement date of the stock purchase contract, provides that the stock purchase contracts will be settled by the
Corporation acquiring the Corporation’s respective debt securities or other collateral directly or indirectly pledged by investors in the Debt Exchangeable for Common Equity in satisfaction of the investors’ obligations under the stock
purchase contracts. 
  

 I -7 

 “Debt Exchangeable for Preferred Equity” means a security (or
combination of securities, together in this definition “such securities”) that: 
 (a) gives the holder a beneficial
interest in (i) subordinated debt securities of the Corporation that include a provision requiring the Corporation to issue (or use commercially reasonable efforts to issue) one or more types of APM Qualifying Securities raising aggregate
proceeds at least equal to the deferred Distributions on such subordinated debt securities commencing not later than the second anniversary of the commencement of such deferral period and that are the most junior subordinated debt of the Corporation
(or rank pari passu with the most junior subordinated debt of the Corporation) and (ii) a fractional interest in a stock purchase contract for Qualifying Non-Cumulative Preferred Stock; 
 (b) includes a remarketing feature pursuant to which the subordinated debt of the Corporation is remarketed to new investors commencing
not later than the first Distribution Date that is at least five years after the date of issuance of the security or earlier in the event of an early settlement event based on (i) the dissolution of the issuer of such securities or
(ii) one or more capital ratios or financial tests set forth in the terms of such securities or related transaction agreements; 
 (c) provides that the investors directly or indirectly grant the Corporation a security interest in such debt securities and their proceeds (including any substitute collateral permitted under the transaction
documents) to secure the investors’ direct or indirect obligation to purchase Qualifying Non-Cumulative Preferred Stock pursuant to such stock purchase contracts; 
 (d) provides for the proceeds raised in the remarketing to be used to purchase Qualifying Non-Cumulative Preferred Stock; 
 (e) includes a replacement capital covenant substantially similar to this Replacement Capital Covenant, provided that such replacement capital covenant will apply to such security (or
combination of securities) and to the Qualifying Non-Cumulative Preferred Stock and will not include Debt Exchangeable for Common Equity or Debt Exchangeable for Preferred Equity in the definition of Qualifying Capital Securities; 
 (f) after the issuance of such Qualifying Non-Cumulative Preferred Stock, provides the holder of the security with a beneficial interest
in such Qualifying Non-Cumulative Preferred Stock; and 
 (g) includes a provision specifying that if the debt securities are
not successfully remarketed by the sixth anniversary of the issue date of the securities, the Qualifying Non-Cumulative Preferred Stock will be acquired in 

  

 I -8 

 
exchange for the debt securities in satisfaction of the investors’ obligations under the stock purchase contracts. 
 “Distribution Date” means, as to any securities or combination of securities, the dates on which periodic Distributions
on such securities are scheduled to be made. 
 “Distribution Period” means, as to any securities or
combination of securities, each period from and including a Distribution Date for such securities to but excluding the next succeeding Distribution Date for such securities. 
 “Distributions” means, as to a security or combination of securities, dividends, interest payments or other income distributions to the holders thereof that are not Subsidiaries
of the Corporation. 
 “Eligible Debt” means, at any time, Eligible Subordinated Debt or, if no Eligible
Subordinated Debt is then outstanding, Eligible Senior Debt. 
 “Eligible Senior Debt” means, at any time in
respect of any issuer, each series of outstanding unsecured long-term indebtedness for money borrowed of such issuer that (a) upon a bankruptcy, liquidation, dissolution or winding-up of the issuer, ranks most senior among the issuer’s
then outstanding classes of indebtedness for money borrowed, (b) is then assigned a rating by at least one NRSRO (provided that this clause (b) shall apply on a Redesignation Date only if on such date the issuer has outstanding senior
long-term indebtedness for money borrowed that satisfies the requirements of clauses (a), (c) and (d) that is then assigned a rating by at least one NRSRO), (c) has an outstanding principal amount of not less than $100,000,000, and
(d) was issued through or with the assistance of a commercial or investment banking firm or firms acting as underwriters, initial purchasers or placement or distribution agents. For purposes of this definition as applied to securities with a
CUSIP number, each issuance of long-term indebtedness for money borrowed that has (or, if such indebtedness is held by a trust or other intermediate entity established directly or indirectly by the issuer, the securities of such intermediate entity
that have) a separate CUSIP number shall be deemed to be a series of the issuer’s long-term indebtedness for money borrowed that is separate from each other series of such indebtedness. 
 “Eligible Subordinated Debt” means, at any time in respect of any issuer, each series of the issuer’s
then-outstanding unsecured long-term indebtedness for money borrowed that (a) upon a bankruptcy, liquidation, dissolution or winding-up of the issuer, ranks (i) subordinate to the issuer’s then outstanding series of indebtedness for
money borrowed that ranks most senior and (ii) senior to the Notes, (b) is then assigned a rating by at least one NRSRO (provided that this clause (b) shall apply on a Redesignation Date only if on such date the issuer has outstanding
subordinated long-term indebtedness for money 

  

 I -9 

 
borrowed that satisfies the requirements in clauses (a), (c) and (d) that is then assigned a rating by at least one NRSRO), (c) has an
outstanding principal amount of not less than $100,000,000, and (d) was issued through or with the assistance of a commercial or investment banking firm or firms acting as underwriters, initial purchasers or placement or distribution agents.
For purposes of this definition as applied to securities with a CUSIP number, each issuance of long-term indebtedness for money borrowed that has (or, if such indebtedness is held by a trust or other intermediate entity established directly or
indirectly by the issuer, the securities of such intermediate entity that have) a separate CUSIP number shall be deemed to be a series of the issuer’s long-term indebtedness for money borrowed that is separate from each other series of such
indebtedness. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Final Maturity Date” means May 15, 2067, subject to extension in accordance with the terms of the Indenture.

 “Holder” means, as to the Covered Debt then in effect, each holder of such Covered Debt as reflected on
the securities register maintained by or on behalf of the Corporation with respect to such Covered Debt and each beneficial owner holding such Covered Debt through a participant in a clearing agency. 
 “Indenture” means the Indenture, dated as of May 18, 2007, between the Corporation and Wilmington Trust Company, as
Trustee, as supplemented by the Supplemental Indenture, relating to the Notes. 
 “Initial Covered Debt”
means the Corporation’s 5.10% Senior Notes due 2015. 
 “Intent-Based Replacement Disclosure” means, as
to any security or combination of securities, that the issuer has publicly stated its intention, either in the prospectus or other offering document under which such securities were initially offered for sale or in filings with the Commission made
by the issuer under the Exchange Act prior to or contemporaneously with the issuance of such securities, that the issuer will (and will permit its subsidiaries to) redeem, purchase, pay or defease such securities only with the proceeds of
replacement capital securities that have terms and provisions at the time of payment, redemption, purchase or defeasance that are as or more equity-like than the securities then being paid, redeemed, purchased or defeased, raised within the 180-day
period prior to the applicable redemption, purchase, payment or defeasance date. 
 “Mandatorily Convertible
Preferred Stock” means cumulative preferred stock with (a) no prepayment obligation on the part of the issuer thereof, whether at the election of the holders or otherwise, and (b) a requirement that the 

  

 I -10 

 
preferred stock convert into Common Stock within three years from the date of its issuance at a conversion ratio within a range established at the time of
issuance of the preferred stock. 
 “Mandatory Trigger Provision” means as to any security or combination of
securities (together in this definition, “such securities”), provisions in the terms thereof or of the related transaction agreements that: 
 (a) require, or at its option in the case of non-cumulative perpetual preferred stock permit, the issuer of such securities to make payment of Distributions on such securities only to the extent
it receives sufficient net proceeds from the issuance and sale of APM Qualifying Securities, within two years of a failure by the Corporation to satisfy one or more financial tests set forth in the terms of such securities or related transaction
agreements, in an amount such that the net proceeds of such sale are at least equal to the amount of unpaid Distributions on such securities (including without limitation all deferred and accumulated amounts) and in either case require the
application of the net proceeds of such sale to pay such unpaid Distributions; provided that (A) if the Mandatory Trigger Provision does not require such issuance and sale within one year of such failure, the amount of Common Stock or
rights to purchase Common Stock the net proceeds of which the issuer must apply to pay such Distributions pursuant to such provision may not exceed the Common Cap, and (B) the amount of Qualifying Non-Cumulative Preferred Stock and unconverted
Mandatorily Convertible Preferred Stock the net proceeds of which the issuer may apply to pay such Distributions pursuant to such provision may not exceed the Preferred Cap; 
 (b) prohibit the issuer from purchasing or redeeming any APM Qualifying Securities or any of its securities ranking junior to or pari passu with any APM Qualifying Securities the proceeds
of which were used to settle deferred Distributions during the relevant deferral period until at least six months after all deferred Distributions have been paid, or, if the provisions described in clause (a) do not require such issuance and
sale of APM Qualifying Securities within one year of such failure, until at least one year after all deferred Distributions have been paid; and 
 (c) in the case of securities other than Qualifying Non-Cumulative Preferred Stock, include a Bankruptcy Claim Limitation Provision. 
 No remedy other than Permitted Remedies will arise by the terms of such securities or related transaction agreements in favor of the holders of such securities as a result of the issuer’s
failure to pay Distributions because of the Mandatory Trigger Provision or as a result of the issuer’s exercise of its right under an Optional Deferral Provision or a Ten Year Optional Deferral Provision until Distributions have been deferred
for one or more Distribution Periods that total together at least ten years. 
  

 I -11 

 “Market Disruption Events”, for purposes of sales of APM Qualifying
Securities pursuant to the Alternative Payment Mechanism or a Mandatory Trigger Provision, means the occurrence or existence of any of the following events or sets of circumstances: 
  

	 	 •
	 	 trading in securities generally (or shares of the Corporation’s securities specifically) on the New York Stock Exchange or any other national securities
exchange or over-the-counter market on which APM Qualifying Securities are then listed or traded shall have been suspended or their settlement generally shall have been materially disrupted or minimum prices shall have been established on any such
market or exchange by the Commission, by the relevant exchange or by any other regulatory body or governmental authority having jurisdiction such that trading in any of the APM Qualifying Securities shall have been materially disrupted or ceased;

  

	 	 •
	 	 the Corporation would be required to obtain the consent or approval of its shareholders or of a regulatory body (including, without limitation, any insurance
regulator or securities exchange) or governmental authority (including, without limitation, any Applicable Governmental Authority) to issue or sell APM Qualifying Securities, and the Corporation fails to obtain such consent or approval
notwithstanding its commercially reasonable efforts to such effect; 

  

	 	 •
	 	 an event occurs and is continuing as a result of which the offering document for the offer and sale of APM Qualifying Securities would, in the Corporation’s
reasonable judgment, contain an untrue statement of a material fact or omit to state a material fact required to be stated in such offering document or necessary to make the statements in such offering document not misleading and either (a) the
disclosure of such event at the time the event occurs, in the Corporation’s reasonable judgment, would have a material adverse effect on its business or (b) the disclosure relates to a previously undisclosed proposed or pending material
business transaction and it has a bona fide business reason for keeping the same confidential or the disclosure of which would impede its ability to consummate that transaction; provided that one or more events described under this bullet
point shall not constitute a Market Disruption Event with respect to more than 90 days in any 180-day period; 

  

	 	 •
	 	 the Corporation reasonably believes that the offering document for the offer and sale of APM Qualifying Securities would not be in 

  

 I -12 

	 	 
compliance with a rule or regulation of the Commission (for reasons other than those referred to in the preceding bullet point) and the Corporation is unable
to comply with such rule or regulation or such compliance is unduly burdensome; provided that no single suspension contemplated by this bullet point may exceed 90 days in any 180-day period. 

  

	 	 •
	 	 there is a material adverse change in general domestic or international economic, political or financial conditions, including without limitation as a result of
terrorist activities, or the effect of international conditions on the financial markets in the United States shall be such that trading in any of the APM Qualifying Securities shall have been materially disrupted or ceased;

  

	 	 •
	 	 a material disruption shall have occurred in commercial banking or securities settlement or clearance services in the United States such that market trading in
any of the APM Qualifying Securities shall have been materially disrupted or ceased; 

  

	 	 •
	 	 the United States shall have become engaged in hostilities, there shall have been an escalation in hostilities involving the United States, there shall have been
a declaration of a national emergency or war by the United States or there shall have occurred any other national or international calamity or crisis such that market trading in any of the APM Qualifying Securities shall have been materially
disrupted or ceased; 

  

	 	 •
	 	 a banking moratorium shall have been declared by federal or state authorities of the United States such that market trading in any of the APM Qualifying
Securities shall have been materially disrupted or ceased. 

 “Measurement Date” means
(a) with respect to any payment, redemption or purchase of Notes on or prior to the Scheduled Redemption Date, the date that is 180 days and (b) with respect to any repayment, redemption or purchase of Notes after the Scheduled Redemption
Date, the date that is 90 days, in each case prior to delivery of notice of such redemption or prior to the date of such payment or purchase. 
 “Measurement Period” means the period from a Measurement Date to the related notice date or payment or purchase date. Measurement Periods cannot run concurrently. 
 “NRSRO” means a nationally recognized statistical rating organization within the meaning of Rule 15c3-1(c)(2)(vi)(F)
under the Exchange Act. 
  

 I -13 

 “Notes” has the meaning specified in Recital A. 
 “Optional Deferral Provision” means, as to any securities, a provision in the terms thereof or of the related
transaction agreements that contains the following: (a) the issuer of such securities may, in its sole discretion, defer in whole or in part payment of Distributions on such securities for one or more consecutive Distribution Periods of up to
five years or, if a Market Disruption Event is continuing, ten years, without any remedy other than Permitted Remedies and (b) an Alternative Payment Mechanism. 
 “Permitted Remedies” means, with respect to any securities, one or more of the following remedies: 
 (a) rights in favor of the holders of such securities permitting such holders to elect one or more directors of the issuer (including any such rights required by the listing requirements of any
stock or securities exchange on which such securities may be listed or traded), and 
 (b) complete or partial prohibitions
preventing the issuer from paying (and from permitting any of its subsidiaries to pay) Distributions on or repurchasing common stock or other securities that rank pari passu with or junior as to Distributions to such securities for so long as
Distributions on such securities, including unpaid Distributions, remain unpaid. 
 “Person” means any
individual, corporation, partnership, joint venture, trust, limited liability company or corporation, unincorporated organization or government or any agency or political subdivision thereof. 
 “Prospectus Supplement” has the meaning specified in Recital C. 
 “Qualifying Capital Securities” means securities (other than Common Stock, rights to purchase Common Stock and
securities convertible into Common Stock, such as Mandatorily Convertible Preferred Stock and Debt Exchangeable for Common Equity) that, in the determination of the Corporation’s Board of Directors, reasonably construing the definitions and
other terms of this Replacement Capital Covenant, meet one of the following criteria: 
 (i) in connection
with any redemption, repayment or purchase of Notes on or prior to the date that is 50 years prior to the Final Maturity Date: 
 (A) securities issued by the Corporation or its Subsidiaries that (1) rank pari passu with or junior to the Notes upon the liquidation, dissolution or winding-up of the Corporation, (2) have no
maturity or a maturity of at least 60 years 

  

 I -14 

 
and (3)(a) are subject to a replacement capital covenant substantially similar to this Replacement Capital Covenant and have an Optional Deferral
Provision or (b) have a Mandatory Trigger Provision, a Ten-Year Optional Deferral Provision and are subject to Intent-Based Replacement Disclosure; 
 (B) securities issued by the Corporation or its Subsidiaries that (1) rank pari passu with or junior to other preferred stock of the issuer, (2) have no maturity or a maturity of
at least 40 years, (3) are subject to a replacement capital covenant substantially similar to this Replacement Capital Covenant and (4) have a Mandatory Trigger Provision and a Ten-Year Optional Deferral Provision; or 
 (C) Qualifying Non-Cumulative Preferred Stock; or 
 (ii) in connection with any repayment, redemption or purchase of Notes after the date that is 50 years prior to the Final
Maturity Date and on or prior to the date that is 30 years prior to the Final Maturity Date: 
 (A) all
securities described under clause (i) of this definition; 
 (B) securities issued by the Corporation or
its Subsidiaries that (1) rank pari passu with or junior to the Notes upon a liquidation, dissolution or winding-up of the Corporation, (2) have a Ten-Year Optional Deferral Provision, (3) have no maturity or a maturity of at
least 60 years and (4) are subject to a replacement capital covenant substantially similar to this Replacement Capital Covenant; 
 (C) securities issued by the Corporation or its Subsidiaries that (1) rank pari passu with or junior to the Notes upon a liquidation, dissolution or winding-up of the Corporation, (2) have an Optional
Deferral Provision and (3) have no maturity or a maturity of at least 60 years and are subject to Intent-Based Replacement Disclosure; 
 (D) securities issued by the Corporation or its Subsidiaries that (1) rank pari passu with or junior to the Notes upon a liquidation, dissolution or winding-up of the Corporation, (2) have no maturity
or a maturity of at least 40 years and (3)(a) have an Optional Deferral Provision and are subject to a replacement capital covenant substantially similar to this Replacement Capital Covenant or (b) have a Mandatory Trigger 

  

 I -15 

 
Provision, a Ten-Year Optional Deferral Provision and are subject to Intent-Based Replacement Disclosure; 
 (E) securities issued by the Corporation or its Subsidiaries that (1) would rank junior to all of the senior and
subordinated debt of the Corporation other than the Notes, (2) have a Mandatory Trigger Provision and a Ten-Year Optional Deferral Provision and (3) have no maturity or a maturity of at least 60 years and are subject to Intent-Based
Replacement Disclosure; 
 (F) cumulative preferred stock issued by the Corporation or its Subsidiaries that
(1) has no prepayment obligation on the part of the issuer thereof, whether at the election of the holders or otherwise, and (2)(a) has no maturity or a maturity of at least 60 years and (b) is subject to a replacement capital
covenant substantially similar to this Replacement Capital Covenant; or 
 (G) other securities issued by the
Corporation or its Subsidiaries that (1) rank upon a liquidation, dissolution or winding-up of the Corporation either (a) pari passu with or junior to the Notes or (b) pari passu with the claims of the Corporation’s
trade creditors and junior to all of the Corporation’s long-term indebtedness for money borrowed (other than the Corporation’s long-term indebtedness for money borrowed from time to time outstanding that by its terms ranks pari
passu with such securities on a liquidation, dissolution or winding-up of the Corporation), and (2) either (a) have no maturity or a maturity of at least 40 years, are subject to Intent-Based Replacement Disclosure and have a Mandatory
Trigger Provision and a Ten-Year Optional Deferral Provision or (b) have no maturity or a maturity of at least 25 years, are subject to a replacement capital covenant substantially similar to this Replacement Capital Covenant and have a
Mandatory Trigger Provision and a Ten-Year Optional Deferral Provision; or 
 (iii) in connection with any
repayment, redemption or purchase of Notes after the date that is 30 years prior to the Final Maturity Date: 
 (A) all securities described under clauses (i) or (ii) of this definition; 
 (B) preferred
stock issued by the Corporation that (1) has no maturity or a maturity of at least 60 years and is subject to 

  

 I -16 

 
Intent-Based Replacement Disclosure and (2) has an Optional Deferral Provision or a Ten-Year Optional Deferral Provision; 
 (C) securities issued by the Corporation or its Subsidiaries that (1) rank pari passu with or junior to the
Notes upon a liquidation, dissolution or winding-up of the Corporation, (2) either (a) have no maturity or a maturity of at least 60 years and are subject to Intent-Based Replacement Disclosure or (b) have no maturity or a maturity of
at least 30 years and are subject to a replacement capital covenant substantially similar to this Replacement Capital Covenant and (3) have an Optional Deferral Provision or a Ten-Year Optional Deferral Provision; 
 (D) securities issued by the Corporation or its Subsidiaries that (1) would rank junior to all of the senior and
subordinated debt of the Corporation other than the Notes, (2) have a Mandatory Trigger Provision and a Ten-Year Optional Deferral Provision and (3) have no maturity or a maturity of at least 30 years and are subject to Intent-Based
Replacement Disclosure; or 
 (E) cumulative preferred stock issued by the Corporation or its Subsidiaries
that either (1) has no maturity or a maturity of at least 60 years and is subject to Intent-Based Replacement Disclosure or (2) has a maturity of at least 40 years and is subject to a replacement capital covenant substantially similar to
this Replacement Capital Covenant. 
 “Qualifying Non-Cumulative Preferred Stock” means non-cumulative
perpetual preferred stock of the Corporation or its Subsidiaries that ranks pari passu with or junior to other preferred stock of the issuer, and is either (a) subject to a replacement capital covenant substantially similar to this
Replacement Capital Covenant or (b) has a Mandatory Trigger Provision and is subject to Intent-Based Replacement Disclosure and contains no remedies other than Permitted Remedies. 
 “Redesignation Date” means, as to the Covered Debt in effect at any time, the earliest of (a) the date that is two
years prior to the final maturity date of such Covered Debt, (b) if the Corporation elects to redeem, or the Corporation or a Subsidiary of the Corporation elects to pay or purchase, such Covered Debt either in whole or in part with the
consequence that after giving effect to such redemption, payment or purchase the outstanding principal amount of such Covered Debt is less than $100,000,000, the applicable redemption, payment or purchase date and (c) if such Covered Debt is
not Eligible Subordinated Debt, the 

  

 I -17 

 
date on which the Corporation issues long-term indebtedness for money borrowed that is Eligible Subordinated Debt. 
 “Replacement Capital Covenant” has the meaning specified in the introduction to this instrument. 
 “Replacement Capital Securities” means, 
 (i) Common Stock and rights to purchase Common Stock (including Common Stock and rights to purchase Common Stock issued
pursuant to the Corporation’s dividend reinvestment plan, direct stock purchase plan or employee benefit plans); 
 (ii) Mandatorily Convertible Preferred Stock; 
 (iii) Debt Exchangeable for
Common Equity; 
 (iv) Debt Exchangeable for Preferred Equity; and 
 (v) Qualifying Capital Securities. 
 “Scheduled Redemption Date” means, May 15, 2037, subject to extension in accordance with the terms of the Indenture. 
 “Subsidiary” means, with respect to any Person, at any time, any corporation, limited liability company, partnership or
other entity, the shares of stock or other ownership interests of which having ordinary voting power to elect a majority of the board of directors or other managers of such corporation, limited liability company, partnership or other entity are at
the time owned, or the management or policies of which are otherwise at the time controlled, directly or indirectly through one or more intermediaries (including other Subsidiaries) or both, by such Person. 
 “Supplemental Indenture” means, the Supplemental Indenture, dated as of May 18, 2007, between the Corporation and
Wilmington Trust Company, as Trustee, relating to the Notes. 
 “Ten-Year Optional Deferral Provision”
means, as to any securities, a provision in the terms thereof or of the related transaction agreements to the effect that the issuer of such securities thereof may, in its sole discretion, defer in whole or in part payment of Distributions on such
securities for one or more consecutive Distribution Periods of up to ten years without any remedy other than Permitted Remedies. 
 “Termination Date” has the meaning specified in Section 4(a). 
  

 I -18 

 “Trust” means a trust, the common securities of which are held directly
or indirectly by the Corporation. 
  

 I -19Credit Agreement, dated as of May 15, 2007

 Exhibit 10.1 
 Execution Version 
  

 CREDIT AGREEMENT 
 dated as of May 15, 2007 
 among 
 MULTI-COLOR CORPORATION,

 as the Company 
 THE VARIOUS FINANCIAL INSTITUTIONS PARTY HERETO, 
 as Lenders, 
 and 
 LASALLE BANK NATIONAL ASSOCIATION, 
 as Administrative Agent 
  

 LASALLE BANK NATIONAL ASSOCIATION, 
 as Arranger 

					
	 SECTION 1
	  	DEFINITIONS	  	1
	 1.1
	  	Definitions	  	1
	 1.2
	  	Other Interpretive Provisions	  	18
			
	SECTION 2	  	COMMITMENTS OF THE LENDERS; BORROWING, CONVERSION AND LETTER OF CREDIT PROCEDURES	  	19
	 2.1
	  	Commitments	  	19
		  	2.1.1       Revolving Commitment	  	19
		  	2.1.2       Swing Line Loans	  	19
		  	2.1.3       L/C Commitment	  	19
		  	2.1.4       Increase in Commitment	  	20
	 2.2
	  	Loan Procedures	  	21
		  	2.2.1      Various Types of Loans	  	21
		  	2.2.2      Borrowing Procedures	  	21
		  	2.2.3      Conversion and Continuation Procedures	  	22
		  	2.2.4      Swing Line Facility	  	23
	 2.3
	  	Letter of Credit Procedures	  	24
		  	2.3.1      L/C Applications	  	24
		  	2.3.2      Participations in Letters of Credit	  	25
		  	2.3.3      Reimbursement Obligations	  	25
		  	2.3.4      Funding by Lenders to Issuing Lender	  	26
	 2.4
	  	Commitments Several	  	27
	 2.5
	  	Certain Conditions	  	27
			
	SECTION 3	  	EVIDENCING OF LOANS	  	27
	 3.1
	  	Notes	  	27
	 3.2
	  	Recordkeeping	  	27
			
	SECTION 4	  	INTEREST	  	27
	 4.1
	  	Interest Rates	  	27
	 4.2
	  	Interest Payment Dates	  	28
	 4.3
	  	Setting and Notice of LIBOR Rates	  	28
	 4.4
	  	Computation of Interest	  	28
			
	SECTION 5	  	FEES	  	28
	 5.1
	  	Non-Use Fee	  	28
	 5.2
	  	Letter of Credit Fees	  	29
	 5.3
	  	Administrative Agent’s Fees	  	29
			
	SECTION 6	  	REDUCTION OR TERMINATION OF THE REVOLVING COMMITMENT; PREPAYMENTS	  	29
	 6.1
	  	Voluntary Reduction or Termination of the Revolving Commitment.	  	29
	 6.2
	  	Prepayments	  	30
		  	6.2.1      Voluntary Prepayments	  	30
		  	6.2.2      Mandatory Prepayments	  	30

  

 i 

					
	 6.3
	  	Manner of Prepayments	  	31
	 6.4
	  	Repayments	  	31
			
	SECTION 7	  	MAKING AND PRORATION OF PAYMENTS; SETOFF; TAXES	  	31
	 7.1
	  	Making of Payments	  	31
	 7.2
	  	Application of Certain Payments	  	32
	 7.3
	  	Due Date Extension	  	32
	 7.4
	  	Setoff	  	32
	 7.5
	  	Proration of Payments	  	33
	 7.6
	  	Taxes	  	33
			
	SECTION 8	  	INCREASED COSTS; SPECIAL PROVISIONS FOR LIBOR LOANS	  	35
	 8.1
	  	Increased Costs	  	35
	 8.2
	  	Basis for Determining Interest Rate Inadequate or Unfair	  	36
	 8.3
	  	Changes in Law Rendering LIBOR Loans Unlawful	  	36
	 8.4
	  	Funding Losses	  	37
	 8.5
	  	Right of Lenders to Fund through Other Offices	  	37
	 8.6
	  	Discretion of Lenders as to Manner of Funding	  	37
	 8.7
	  	Mitigation of Circumstances; Replacement of Lenders	  	37
	 8.8
	  	Conclusiveness of Statements; Survival of Provisions	  	38
			
	SECTION 9	  	REPRESENTATIONS AND WARRANTIES	  	38
	 9.1
	  	Organization	  	38
	 9.2
	  	Authorization; No Conflict	  	38
	 9.3
	  	Validity and Binding Nature	  	39
	 9.4
	  	Financial Condition	  	39
	 9.5
	  	No Material Adverse Change	  	39
	 9.6
	  	Litigation and Contingent Liabilities	  	39
	 9.7
	  	Ownership of Properties; Liens	  	39
	 9.8
	  	Equity Ownership; Subsidiaries	  	39
	 9.9
	  	Pension Plans	  	40
	 9.10
	  	Investment Company Act	  	41
	 9.11
	  	Reserved	  	41
	 9.12
	  	Regulations T,U and X	  	41
	 9.13
	  	Taxes	  	41
	 9.14
	  	Solvency, etc.	  	41
	 9.15
	  	Environmental Matters	  	41
	 9.16
	  	Insurance	  	42
	 9.17
	  	Real Property	  	42
	 9.18
	  	Information	  	42
	 9.19
	  	Intellectual Property	  	43
	 9.20
	  	Burdensome Obligations	  	43
	 9.21
	  	Labor Matters	  	43
	 9.22
	  	No Default	  	43
	 9.23
	  	Subordinated Debt	  	43

  

 ii 

					
	 9.24
	  	Corporate Purpose	  	43
			
	SECTION 10	  	AFFIRMATIVE COVENANTS	  	44
	 10.1
	  	Reports, Certificates and Other Information	  	44
		  	10.1.1      Annual Report	  	44
		  	10.1.2      Interim Reports	  	44
		  	10.1.3      Compliance Certificates	  	44
		  	10.1.4      Reports to the SEC and to Shareholders	  	45
		  	10.1.5      Notice of Default, Litigation and ERISA Matters	  	45
		  	10.1.6      Reserved	  	46
		  	10.1.7      Management Reports	  	46
		  	10.1.8      Projections	  	46
		  	10.1.9      Subordinated Debt Notices	  	46
		  	10.1.10    Other Information	  	46
	 10.2
	  	Books, Records and Inspections	  	46
	 10.3
	  	Maintenance of Property; Insurance	  	47
	 10.4
	  	Compliance with Laws; Payment of Taxes and Liabilities	  	48
	 10.5
	  	Maintenance of Existence, etc.	  	48
	 10.6
	  	Use of Proceeds	  	48
	 10.7
	  	Employee Benefit Plans	  	49
	 10.8
	  	Environmental Matters	  	49
	 10.9
	  	Further Assurances	  	49
	 10.10
	  	Deposit Accounts	  	50
			
	SECTION 11	  	NEGATIVE COVENANTS	  	50
	 11.1
	  	Debt	  	50
	 11.2
	  	Liens	  	51
	 11.3
	  	Reserved	  	52
	 11.4
	  	Restricted Payments	  	53
	 11.5
	  	Mergers, Consolidations, Sales	  	53
	 11.6
	  	Modification of Organizational Documents	  	55
	 11.7
	  	Transactions with Affiliates	  	55
	 11.8
	  	Unconditional Purchase Obligations	  	55
	 11.9
	  	Inconsistent Agreements	  	55
	 11.10
	  	Business Activities; Issuance of Equity	  	55
	 11.11
	  	Investments	  	56
	 11.12
	  	Reserved	  	57
	 11.13
	  	Fiscal Year	  	57
	 11.14
	  	Financial Covenants	  	57
		  	11.14.1      Interest Coverage Ratio	  	57
		  	11.14.2      Total Debt to EBITDA Ratio	  	57
		  	11.14.3      Net Worth	  	57
	 11.15
	  	Cancellation of Debt	  	57
	 11.16
	  	Negative Pledges	  	57

  

 iii 

					
	SECTION 12	  	EFFECTIVENESS; CONDITIONS OF LENDING, ETC.	  	58
	 12.1
	  	Initial Credit Extension	  	58
		  	12.1.1      Loan Documents	  	58
		  	12.1.2      Authorization Documents	  	58
		  	12.1.3      Consents, etc	  	58
		  	12.1.4      Letter of Direction	  	59
		  	12.1.5      Closing Certificate	  	59
		  	12.1.6      Perfection Documents	  	59
		  	12.1.7      Reserved	  	59
		  	12.1.8      Subordination Agreements	  	59
		  	12.1.9      Opinions of Counsel	  	59
		  	12.1.10    Insurance	  	59
		  	12.1.11    Reserved	  	59
		  	12.1.12    Payment of Fees	  	59
		  	12.1.13    Reserved	  	59
		  	12.1.14    Financial Statements	  	60
		  	12.1.15    Pro Forma	  	60
		  	12.1.16    No Other Debt	  	60
		  	12.1.17    No Restrictions of Dividends, Distributions, Payments	  	60
		  	12.1.18    Reserved	  	60
		  	12.1.19    Search Results; Lien Terminations	  	60
		  	12.1.20    Filings, Registrations and Recordings	  	60
		  	12.1.21    Projections	  	60
		  	12.1.22    Patriot Act Verification	  	61
		  	12.1.23    Other	  	61
	 12.2
	  	Conditions	  	61
		  	12.2.1      Compliance with Warranties, No Default, etc.	  	61
		  	12.2.2      Confirmatory Certificate	  	61
			
	SECTION 13	  	EVENTS OF DEFAULT AND THEIR EFFECT	  	61
	 13.1
	  	Events of Default	  	61
		  	13.1.1      Non-Payment of the Loans, etc.	  	61
		  	13.1.2      Non-Payment of Other Debt	  	62
		  	13.1.3      Other Material Obligations	  	62
		  	13.1.4      Bankruptcy, Insolvency, etc.	  	62
		  	13.1.5      Non-Compliance with Loan Documents, Other Agreements	  	62
		  	13.1.6      Representations; Warranties	  	63
		  	13.1.7      Pension Plans	  	63
		  	13.1.8      Judgments	  	63
		  	13.1.9      Invalidity of Loan Documents, etc.	  	63
		  	13.1.10    Invalidity of Subordination Provisions, etc.	  	63
		  	13.1.11    Change of Control	  	63
		  	13.1.12    Material Adverse Effect	  	63
	 13.2
	  	Effect of Event of Default	  	63

  

 iv 

					
	SECTION 14	  	THE AGENT	  	64
	 14.1
	  	Appointment and Authorization	  	64
	 14.2
	  	Issuing Lender	  	64
	 14.3
	  	Delegation of Duties	  	65
	 14.4
	  	Exculpation of Administrative Agent	  	65
	 14.5
	  	Reliance by Administrative Agent	  	65
	 14.6
	  	Notice of Default	  	66
	 14.7
	  	Credit Decision	  	66
	 14.8
	  	Indemnification	  	67
	 14.9
	  	Administrative Agent in Individual Capacity	  	67
	 14.10
	  	Successor Administrative Agent	  	67
	 14.11
	  	Collateral Matters	  	68
	 14.12
	  	Administrative Agent May File Proofs of Claim	  	68
	 14.13
	  	Other Agents; Arrangers and Managers	  	69
			
	SECTION 15	  	GENERAL	  	69
	 15.1
	  	Waiver; Amendments	  	69
	 15.2
	  	Confirmations	  	70
	 15.3
	  	Notices	  	70
	 15.4
	  	Computations	  	70
	 15.5
	  	Costs, Expenses and Taxes	  	71
	 15.6
	  	Assignments; Participations	  	71
		  	15.6.1      Assignments	  	71
		  	15.6.2      Participations	  	72
	 15.7
	  	Register	  	73
	 15.8
	  	GOVERNING LAW	  	73
	 15.9
	  	Confidentiality	  	73
	 15.10
	  	Severability	  	74
	 15.11
	  	Nature of Remedies	  	74
	 15.12
	  	Entire Agreement	  	74
	 15.13
	  	Counterparts	  	74
	 15.14
	  	Successors and Assigns	  	75
	 15.15
	  	Captions	  	75
	 15.16
	  	Customer Identification - USA Patriot Act Notice	  	75
	 15.17
	  	INDEMNIFICATION BY THE COMPANY	  	75
	 15.18
	  	Nonliability of Lenders	  	76
	 15.19
	  	FORUM SELECTION AND CONSENT TO JURISDICTION	  	77
	 15.20
	  	WAIVER OF JURY TRIAL	  	77

  

 v 

			
	ANNEXES
		
	ANNEX A	  	Lenders and Pro Rata Shares
	ANNEX B	  	Addresses for Notices
	
	SCHEDULES
		
	SCHEDULE 1.1	  	Existing Letters of Credit
	SCHEDULE 9.6	  	Litigation and Contingent Liabilities
	SCHEDULE 9.8	  	Subsidiaries
	SCHEDULE 9.16	  	Insurance
	SCHEDULE 9.17	  	Real Property
	SCHEDULE 9.21	  	Labor Matters
	SCHEDULE 11.1	  	Existing Debt and Intercompany Debt
	SCHEDULE 11.2	  	Existing Liens
	SCHEDULE 11.11	  	Investments
	SCHEDULE 12.1	  	Debt to be Repaid
	
	EXHIBITS
		
	EXHIBIT A	  	Form of Note (Section 3.1)
	EXHIBIT B	  	Form of Compliance Certificate (Section 10.1.3)
	EXHIBIT C	  	Form of Assignment Agreement (Section 15.6.1)
	EXHIBIT D	  	Form of Notice of Borrowing (Section 2.2.2)
	EXHIBIT E	  	Form of Notice of Conversion/Continuation (Section 2.2.3)
	EXHIBIT F	  	Form of Guaranty and Collateral Agreement (Section 12.1.1)

  

 vi 

 CREDIT AGREEMENT 
 THIS CREDIT AGREEMENT dated as of May 15, 2007 (this “Agreement”) is entered into among MULTI-COLOR CORPORATION, an Ohio
corporation (the “Company”), the financial institutions that are or may from time to time become parties hereto (together with their respective successors and assigns, the “Lenders”) and LASALLE BANK NATIONAL
ASSOCIATION (in its individual capacity, “LaSalle”), as administrative agent for the Lenders (in such capacity, the “Administrative Agent”). 
 The Lenders have agreed to make available to the Company a revolving credit facility (which includes letters of credit) upon the terms and conditions set
forth herein. 
 In consideration of the mutual agreements herein contained, the parties hereto agree as follows: 
 SECTION 1 DEFINITIONS. 
 1.1
Definitions. When used herein the following terms shall have the following meanings: 
 Account Debtor is defined in the
Guaranty and Collateral Agreement. 
 Account or Accounts is defined in the UCC. 
 Acquired Debt means Debt of a Person existing at the time such Person became a Subsidiary or assumed by the Company or a Subsidiary of the Company
pursuant to a Permitted Acquisition (and not created or incurred in connection with or in anticipation of such Permitted Acquisition) which is otherwise permitted by the terms of this Agreement. 
 Acquisition means any transaction or series of related transactions for the purpose of or resulting, directly or indirectly, in (a) the
acquisition of all or substantially all of the assets of a Person, or of all or substantially all of any business or division of a Person, (b) the acquisition of in excess of 50% of the Capital Securities of any Person, or otherwise causing any
Person to become a Subsidiary, or (c) a merger or consolidation or any other combination with another Person (other than a Person that is already a Subsidiary). 
 Administrative Agent means LaSalle in its capacity as administrative agent for the Lenders hereunder and any successor thereto in such capacity. 
 Affected Loan has the meaning set forth in Section 8.3. 
 Affiliate of any Person means (a) any other Person which, directly or indirectly, controls or is controlled by or is under common control with such Person, (b) any officer or director of such Person
and (c) with respect to any Lender, any entity administered or 

  

 1 

 
managed by such Lender or an Affiliate or investment advisor thereof and which is engaged in making, purchasing, holding or otherwise investing in commercial
loans. A Person shall be deemed to be “controlled by” any other Person if such other Person possesses, directly or indirectly, power to vote 5% or more of the securities (on a fully diluted basis) having ordinary voting power for the
election of directors or managers or power to direct or cause the direction of the management and policies of such Person whether by contract or otherwise. Unless expressly stated otherwise herein, neither the Administrative Agent nor any Lender
shall be deemed an Affiliate of any Loan Party. 
 Agent Fee Letter means the Fee Letter dated May 15, 2007 between the Company
and the Administrative Agent. 
 Agreement has the meaning set forth in the Preamble. 
 Applicable Law means all present or future federal, state or local laws, statutes, common law duties, rules, regulations, ordinances and codes,
together with all administrative or judicial orders, consent agreements, directed duties, licenses, authorizations and permits of, and agreements with, any Governmental Authority. 
 Applicable Margin means, for any day, the rate per annum set forth below opposite the level (the “Level”) then in effect, it
being understood that the Applicable Margin for (i) LIBOR Loans shall be the percentage set forth under the column “LIBOR Margin”, (ii) Base Rate Loans shall be the percentage set forth under the column “Base Rate
Margin”, (iii) the Non-Use Fee Rate shall be the percentage set forth under the column “Non-Use Fee Rate” and (iv) the L/C Fee shall be the percentage set forth under the column “L/C Fee Rate”: 
  

															
	 Level
	  	 Total Debt
 to EBITDA Ratio
	  	 LIBOR
 Margin
	 	 	 Base Rate
 Margin
	 	 	 Non-Use
 Fee Rate
	 	 	 L/C Fee
 Rate
	 
	 VI
	  	> 2.50	  	1.75	%	 	0.25	%	 	0.30	%	 	1.75	%
	 V
	  	> 2.00 but < 2.50	  	1.375	%	 	0.00	%	 	0.25	%	 	1.375	%
	 IV
	  	> 1.50 but < 2.00	  	1.00	%	 	0.00	%	 	0.225	%	 	1.00	%
	 III
	  	> 1.00 but < 1.50	  	0.875	%	 	0.00	%	 	0.20	%	 	0.875	%
	 II
	  	> 0.50 but < 1.00	  	0.75	%	 	0.00	%	 	0.175	%	 	0.75	%
	 I
	  	< 0.50	  	0.625	%	 	0.00	%	 	0.15	%	 	0.625	%

 The LIBOR Margin, the Base Rate Margin, the Non-Use Fee Rate and the L/C Fee Rate shall be
adjusted, to the extent applicable, on the fifth (5th) Business Day after the Company provides or is required to provide (whichever is earlier) the annual and quarterly financial statements and other information pursuant to Sections
10.1.1 or 10.1.2, as applicable, and the related Compliance Certificate, pursuant to Section 10.1.3. Notwithstanding anything contained in this paragraph to the contrary, (a) if the Company fails to deliver, within three
days of the date when due, the financial statements and Compliance Certificate in accordance with the provisions of Sections 10.1.1, 10.1.2 and 10.1.3, the LIBOR Margin, the Base Rate Margin, the Non-Use Fee Rate and the L/C Fee

  

 2 

 
Rate shall be based upon Level VI above beginning on the date such financial statements and Compliance Certificate were required to be delivered until the
fifth (5th) Business Day after such financial statements and Compliance Certificate are actually delivered, whereupon the Applicable Margin shall be determined by the then current Level; (b) no reduction to any Applicable Margin shall
become effective at any time when an Event of Default or Unmatured Event of Default has occurred and is continuing; and (c) the initial Applicable Margin on the Closing Date shall be based on Level I until the earlier of the date on which the
financial statements and Compliance Certificate are (i) required to be delivered, or (ii) actually delivered for the Fiscal Quarter ending March 31, 2007. 
 Asset Disposition means the sale, lease, assignment or other transfer for value (each, a “Disposition”) by the Company or any of its Subsidiaries to any Person (other than the Company or any of
its Subsidiaries) of any asset or right of the Company or such Subsidiary (including, the loss, destruction or damage of any thereof or any actual) condemnation, confiscation, requisition, seizure or taking thereof) other than (a) the
Disposition of any asset which is to be replaced, and is in fact replaced, within 180 days with another asset performing the same or a similar function; provided, however, that such 180 day period may be extended to 365 days if, prior
to the expiration of such 180 day period, the Company or the applicable Subsidiary provides the Administrative Agent with a commitment to so replace such asset in form and substance satisfactory to the Administrative Agent, (b) the sale or
lease of inventory in the ordinary course of business, or (c) the granting of Permitted Liens. 
 Assignee has the meaning set
forth in Section 15.6.1. 
 Assignment Agreement has the meaning set forth in Section 15.6.1. 
 Attorney Costs means, with respect to any Person, all reasonable fees, charges and out-of-pocket disbursements of any counsel to such Person, the
reasonable allocable cost of internal legal services of such Person, all reasonable disbursements of such internal counsel and all court costs and similar legal expenses. 
 Bank Product Agreements means those certain agreements entered into from time to time between any Loan Party and a Lender or its Affiliates in connection with any of the Bank Products. 
 Bank Product Obligations means all obligations, liabilities, contingent reimbursement obligations, fees, and expenses owing by the Loan Parties to
any Lender or its Affiliates pursuant to or evidenced by the Bank Product Agreements and irrespective of whether for the payment of money, whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising,
and including all such amounts that a Loan Party is obligated to reimburse to the Administrative Agent or any Lender as a result of the Administrative Agent or such Lender purchasing participations or executing indemnities or reimbursement
obligations with respect to the Bank Products provided to the Loan Parties pursuant to the Bank Product Agreements. 
  

 3 

 Bank Products means any service or facility requested by, and extended to, any Loan Party by any
Lender or its Affiliates including, without limitation: (a) credit cards, (b) credit card processing services, (c) debit cards, (d) purchase cards, (e) ACH transactions, (f) cash management, including controlled
disbursement, accounts or services, or (g) Hedging Agreements. 
 Base Rate means at any time the greater of (a) the Federal
Funds Rate plus 0.50% and (b) the Prime Rate. 
 Base Rate Loan means any Loan which bears interest at or by reference to the
Base Rate. 
 Base Rate Margin has the meaning set forth in the definition of Applicable Margin. 
 BSA has the meaning set forth in Section 10.4. 
 Board means the Board of Governors of the Federal Reserve System of the United States of America. 
 Business Day means any day on which LaSalle is open for commercial banking business in Chicago, Illinois and, in the case of a Business Day which relates to a LIBOR Loan, on which dealings are carried on in the London interbank
eurodollar market. 
 Capital Expenditures means all expenditures which, in accordance with GAAP, would be required to be capitalized
and shown on the consolidated balance sheet of the Company and its Subsidiaries, including the principal portion of expenditures in respect of Capital Leases, but excluding expenditures made in connection with the replacement, substitution or
restoration of assets to the extent financed (a) from insurance proceeds (or other similar recoveries) paid on account of the loss of or damage to the assets being replaced or restored or (b) with awards of compensation arising from the
taking by eminent domain or condemnation of the assets being replaced. 
 Capital Lease means, with respect to any Person, any lease
of (or other agreement conveying the right to use) any real or personal property by such Person that, in conformity with GAAP, is accounted for as a capital lease on the balance sheet of such Person. 
 Capital Securities means, with respect to any Person, all shares, interests, participations or other equivalents (however designated, whether
voting or non-voting) of such Person’s capital, whether now outstanding or issued or acquired after the Closing Date, including common shares, preferred shares, membership interests in a limited liability company, limited or general partnership
interests in a partnership, interests in a Trust, interests in other unincorporated organizations or any other equivalent of such ownership interest. 
 Cash Collateralize means to deliver cash collateral to the Administrative Agent in an amount equal to 105% of the Stated Amount of each outstanding Letter of Credit, to be held as cash collateral for
outstanding Letters of Credit, pursuant to documentation satisfactory to the Administrative Agent. 
  

 4 

 Cash Equivalent Investment means, at any time, (a) any evidence of Debt, maturing not more
than one year after such time, issued or guaranteed by the United States Government or any agency thereof, (b) commercial paper, maturing not more than one year from the date of issue, or corporate demand notes, in each case (unless issued by a
Lender or its holding company) rated at least A-l by Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. or P-l by Moody’s Investors Service, Inc., (c) any certificate of deposit, time deposit or
banker’s acceptance, maturing not more than one year after such time, or any overnight Federal Funds transaction that is issued or sold by any Lender or its holding company (or by a commercial banking institution that is a member of the Federal
Reserve System and has a combined capital and surplus and undivided profits of not less than $500,000,000), (d) any repurchase agreement entered into with any Lender (or commercial banking institution of the nature referred to in clause
(c)) which (i) is secured by a fully perfected security interest in any obligation of the type described in any of clauses (a) through (c) above and (ii) has a market value at the time such repurchase agreement
is entered into of not less than 100% of the repurchase obligation of such Lender (or other commercial banking institution) thereunder and (e) money market accounts or mutual funds which invest exclusively in assets satisfying the foregoing
requirements, and (f) other short term liquid investments approved in writing by the Administrative Agent. 
 Change of Control
means the occurrence of any of the following events: (a) the Company shall cease to, directly or indirectly, own and control 100% of each class of the outstanding Capital Securities of each Loan Party; or (b) any Person or group of Persons
(within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934 shall acquire beneficial ownership (within the meaning of Rule 13d-3 promulgated under such Act) of more than 50% of the outstanding securities (on a fully diluted
basis and taking into account any securities or contract rights exercisable, exchangeable or convertible into equity securities) of the Company having voting rights in the election of directors under normal circumstances; or (c) a majority of
the members of the Board of Directors of the Company shall cease to be Continuing Members. For purposes of the foregoing, “Continuing Member” means a member of the Board of Directors of the Company who either (i) was a member
of the Company’s Board of Directors on the day before the Closing Date and has been such continuously thereafter or (ii) became a member of such Board of Directors after the day before the Closing Date and whose election or nomination for
election was approved by a vote of the majority of the Continuing Members then members of the Company’s Board of Directors. 
 Closing Date has the meaning set forth in Section 12.1. 
 Code means the Internal Revenue Code of 1986.

 Collateral has the meaning set forth in the Guaranty and Collateral Agreement of even date herewith executed by certain of the Loan
Parties. 
  

 5 

 Collateral Access Agreement means an agreement in form and substance reasonably satisfactory to
the Administrative Agent pursuant to which a mortgagee or lessor of real property on which collateral is stored or otherwise located, or a warehouseman, processor or other bailee of Inventory or other property owned by any Loan Party, acknowledges
the Liens of the Administrative Agent and waives any Liens held by such Person on such property, and, in the case of any such agreement with a mortgagee or lessor, permits the Administrative Agent reasonable access to and use of such real property
following the occurrence and during the continuance of an Event of Default to assemble, complete and sell any Collateral stored or otherwise located thereon. 
 Collateral Documents means, collectively, the Guaranty and Collateral Agreement, each Collateral Access Agreement, each control agreement and any other agreement or instrument pursuant to which the Company, any
Subsidiary or any other Person grants or purports to grant collateral to the Administrative Agent for the benefit of the Lenders or otherwise relates to such collateral. 
 Commitment means, as to any Lender, such Lender’s commitment to make Loans, and to issue or participate in Letters of Credit, under this Agreement. The initial amount of each Lender’s commitment to
make Loans is set forth on Annex A. 
 Company has the meaning set forth in the Preamble. 
 Compliance Certificate means a Compliance Certificate in substantially the form of Exhibit B. 
 Computation Period means each period of four consecutive Fiscal Quarters ending on the last day of the last such Fiscal Quarter. 
 Consolidated Net Income means, with respect to the Company and its Subsidiaries, for any period, the net income (or loss) of the Company and its
Subsidiaries for such period (including the net income or loss for any Person or business acquired pursuant to a Permitted Acquisition) determined on a consolidated basis in accordance with GAAP, excluding (i) any gains or losses from
Asset Dispositions, (ii) any extraordinary gains or losses, (iii) any gains or losses from discontinued operations, and (iv) any gains or losses arising from the application of financial accounting standards board issuance
No. 142 or No. 144, all as determined on a consolidated basis in accordance with GAAP. 
 Consolidated Net Worth means, with
respect to the Company and its Subsidiaries as of the date of any determination thereof, the sum of (a) the Capital Securities accounts (net of treasury stock, at cost) of the Company and its Subsidiaries as of such date, plus (or, in
the case of a deficit, minus) (b) the surplus and retained earnings of the Company and its Subsidiaries as of such date, all determined on a consolidated basis and in accordance with GAAP. 
 Contingent Liability means, with respect to any Person, each obligation and liability of such Person and all such obligations and liabilities of
such Person incurred pursuant to any agreement, undertaking or arrangement by which such Person: (a) guarantees, 

  

 6 

 
endorses or otherwise becomes or is contingently liable upon (by direct or indirect agreement, contingent or otherwise, to provide funds for payment, to
supply funds to, or otherwise to invest in, a debtor, or otherwise to assure a creditor against loss) the indebtedness, dividend, obligation or other liability of any other Person in any manner (other than by endorsement of instruments in the course
of collection), including any indebtedness, dividend or other obligation which may be issued or incurred at some future time; (b) guarantees the payment of dividends or other distributions upon the Capital Securities of any other Person;
(c) undertakes or agrees (whether contingently or otherwise): (i) to purchase, repurchase, or otherwise acquire any indebtedness, obligation or liability of any other Person, (ii) to advance or provide funds for the payment or
discharge of any indebtedness, obligation or liability of any other Person (whether in the form of loans, advances, stock purchases, capital contributions or otherwise), or to maintain solvency, assets, level of income, working capital or other
financial condition of any other Person, or (iii) to make payment to any other Person other than for value received (other than non-material charitable contributions made in the ordinary course of business); (d) agrees to lease property or
to purchase securities, property or services from such other Person with the purpose or intent of assuring the owner of any indebtedness or obligation of the ability of such other Person to make payment of the indebtedness or obligation;
(e) to induce the issuance of, or in connection with the issuance of, any letter of credit for the benefit of such other Person; or (f) undertakes or agrees otherwise to assure a creditor against loss. The amount of any Contingent
Liability shall (subject to any limitation set forth herein) be deemed to be the outstanding principal amount (or maximum permitted principal amount, if larger) of the indebtedness, obligation or other liability guaranteed or supported thereby.

 Controlled Group means all members of a controlled group of corporations, all members of a controlled group of trades or businesses
(whether or not incorporated) under common control and all members of an affiliated service group which, together with the Company or any of its Subsidiaries, are treated as a single employer under Section 414 of the Code or Section 4001
of ERISA. 
 Debt of any Person means, without duplication, (a) all indebtedness of such Person, (b) all borrowed money of
such Person, whether or not evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person as lessee under Capital Leases which have been or should be recorded as liabilities on a balance sheet of such Person
in accordance with GAAP, (d) all obligations of such Person to pay the deferred purchase price of property or services (excluding trade accounts payable in the ordinary course of business), (e) all indebtedness secured by a Lien on the
property of such Person, whether or not such indebtedness shall have been assumed by such Person; provided that if such Person has not assumed or otherwise become liable for such indebtedness, such indebtedness shall be measured at the fair
market value of such property securing such indebtedness at the time of determination, (f) all obligations, contingent or otherwise, with respect to the face amount of all letters of credit (whether or not drawn), bankers’ acceptances and
similar obligations issued for the account of such Person (including the Letters of Credit), (g) all Hedging Obligations of such Person, (h) all Contingent Liabilities of such Person, (i) all Debt of any partnership of which such
Person is a general partner and (j) any Capital Securities or other equity instrument, whether or not mandatorily redeemable, that under GAAP is characterized as debt, whether pursuant to financial accounting standards board issuance
No. 150 or otherwise. 
  

 7 

 Debt to be Repaid means Debt listed on Schedule 12.1. 
 Designated Proceeds has the meaning set forth in Section 6.2.2(a). 
 Dollar and the sign “$” mean lawful money of the United States of America. 
 Domestic Subsidiary means a direct or indirect Subsidiary of the Company that is organized in a jurisdiction located within the United States.

 EBITDA means, for any period, Consolidated Net Income for such period plus, to the extent deducted in determining such
Consolidated Net Income, Interest Expense, income tax expense, depreciation, amortization and stock option expense under F.A.S. 123R for such period, plus, to the extent deducted in determining such Consolidated Net Income, all acquisition
costs related to the Company’s proposed acquisitions referred to in the Company’s press releases issued on November 22, 2006 and January 31, 2007. 
 Environmental Claims means all claims, however asserted, by any Governmental, Authority or other Person alleging potential liability or responsibility for violation of any Environmental Law. 
 Environmental Laws means all present or future federal, state or local laws, statutes, common law duties, rules, regulations, ordinances and
codes, together with all administrative or judicial orders, consent agreements, directed duties, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case relating to any matter arising out of or relating
to public health and safety, or pollution or protection of the environment or workplace, including any of the foregoing relating to the presence, use, production, generation, handling, transport, treatment, storage, disposal, distribution,
discharge, emission, release, threatened release, control or cleanup of any Hazardous Substance. 
 ERISA means the Employee
Retirement Income Security Act of 1974. 
 Event of Default means any of the events described in Section 13.1. 

Excluded Taxes means taxes based upon, or measured by, the Lender’s or Administrative Agent’s (or a branch of the Lender’s or
Administrative Agent’s) overall net income, overall net receipts, or overall net profits (including franchise taxes imposed in lieu of such taxes), but only to the extent such taxes are imposed by a taxing authority (a) in a jurisdiction
in which such Lender or Administrative Agent is organized, (b) in a jurisdiction which the Lender’s or Administrative Agent’s principal office is located, or (c) in a jurisdiction in which such Lender’s or Administrative
Agent’s lending office (or branch) in respect of which payments under this Agreement are made is located. 
  

 8 

 Existing Letter of Credit means each Letter of Credit identified on Schedule 1.1. 
 Federal Funds Rate means, for any day, a fluctuating interest rate equal for each day during such period to the weighted average of the rates on
overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of
New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected
by the Administrative Agent. The Administrative Agent’s determination of such rate shall be binding and conclusive absent manifest error. 
 Fiscal Quarter means a fiscal quarter of a Fiscal Year. 
 Fiscal
Year means the fiscal year of the Company and its Subsidiaries, which period shall be the 12-month period ending on March 31st of each year. References to a Fiscal Year with a number corresponding to any calendar year (e.g., “Fiscal Year 2007”) refer to the Fiscal Year ending on March 31st of such calendar year. 
 Foreign
Subsidiary means any direct or indirect Subsidiary of the Company that is organized in a jurisdiction located outside the United States. 
 FRB means the Board of Governors of the Federal Reserve System or any successor thereto. 
 Funded Debt means, as to
any Person, all Debt of such Person that matures more than one year from the date of its creation (or is renewable or extendible, at the option of such Person, to a date more than one year from such date). 
 GAAP means generally accepted accounting principles set forth from time to time in the opinions and pronouncements of the Accounting Principles
Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the U.S. accounting
profession) and the Securities and Exchange Commission, which are applicable to the circumstances as of the date of determination, consistently applied. 
 Governmental Authority means the government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory
body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. 
 Group has the meaning set forth in Section 2.2.1. 
  

 9 

 Guaranty and Collateral Agreement means the Guaranty and Collateral Agreement dated as of the date
hereof executed and delivered by certain of the Loan Parties, together with any joinders thereto and any other guaranty and collateral agreement executed by a Loan Party, in each case in substantially in the form of Exhibit F. 
 Hazardous Substances means (a) any petroleum or petroleum products, radioactive materials, asbestos in any form that is or could become
friable, urea formaldehyde foam insulation, dielectric fluid containing levels of polychlorinated biphenyls, radon gas and mold; (b) any chemicals, materials, pollutant or substances defined as or included in the definition of “hazardous
substances”, “hazardous waste”, “hazardous materials”, “extremely hazardous substances”, “restricted hazardous waste”, “toxic substances”, “toxic pollutants”, “contaminants”,
“pollutants” or words of similar import, under any applicable Environmental Law; and (c) any other chemical, material or substance, the exposure to, or release of which is prohibited, limited or regulated by any Governmental Authority
or for which any duty or standard of care is imposed pursuant to, any Environmental Law. 
 Hedging Agreement means any interest rate,
currency or commodity swap agreement, cap agreement or collar agreement, and any other agreement or arrangement designed to protect a Person against fluctuations in interest rates, currency exchange rates or commodity prices. 
 Hedging Obligation means, with respect to any Person, any liability of such Person under any Hedging Agreement. The amount of any Person’s
obligation in respect of any Hedging Obligation shall be deemed to be the incremental obligation that would be reflected in the financial statements of such Person in accordance with GAAP. 
 Increased Revolving Amount has the meaning set forth in Section 2.1.4. 
 Increased Revolving Amount Acceptance has the meaning set forth in Section 2.1.4. 
 Indemnified Liabilities has the meaning set forth in Section 15.17. 
 Interest Coverage Ratio means, for any Computation Period, the ratio of (a) EBITDA for such Computation Period to (b) cash Interest
Expense for such Computation Period. 
 Interest Expense means for any period the consolidated interest expense of the Company and its
Subsidiaries for such period (including all imputed interest on Capital Leases). 
 Interest Period means, as to any LIBOR Loan, the
period commencing on the date such Loan is borrowed or continued as, or converted into, a LIBOR Loan and ending on the date one, two, three or six months thereafter as selected by the Company pursuant to Section 2.2.2 or 2.2.3, as
the case may be; provided that: 
 (a) if any Interest Period would otherwise end on a day that is not a Business Day,
such Interest Period shall be extended to the following Business Day unless the result of such extension would be to carry such Interest Period into another calendar month, in which event such Interest Period shall end on the preceding Business Day;

  

 10 

 (b) any Interest Period that begins on a day for which there is no numerically
corresponding day in the calendar month at the end of such Interest Period shall end on the last Business Day of the calendar month at the end of such Interest Period; and 
 (c) the Company may not select any Interest Period for a Revolving Loan which would extend beyond the scheduled Termination Date.

 Inventory is defined in the Guaranty and Collateral Agreement. 
 Investment means, with respect to any Person, any investment in another Person, whether by acquisition of any debt or Capital Security, by making
any loan or advance, by becoming obligated with respect to a Contingent Liability in respect of obligations of such other Person (other than travel and similar advances to employees in the ordinary course of business) or by making an Acquisition.

 Issuing Lender means LaSalle, in its capacity as the issuer of Letters of Credit hereunder, or any Affiliate of LaSalle that may
from time to time issue Letters of Credit, and their successors and assigns in such capacity. 
 LaSalle has the meaning set forth in
the Preamble. 
 L/C Application means, with respect to any request for the issuance of a Letter of Credit, a letter of credit
application in the form being used by the Issuing Lender at the time of such request for the type of letter of credit requested. 
 L/C
Fee Rate has the meaning set forth in the definition of Applicable Margin. 
 Lender has the meaning set forth in the
Preamble. References to the “Lenders” shall include the Issuing Lender; for purposes of clarification only, to the extent that LaSalle (or any successor Issuing Lender) may have any rights or obligations in addition to those of the
other Lenders due to its status as Issuing Lender, its status as such will be specifically referenced. In addition to the foregoing, for the purpose of identifying the Persons entitled to share in the Collateral and the proceeds thereof under, and
in accordance with the provisions of, this Agreement and the Collateral Documents, the term “Lender” shall include Affiliates of a Lender providing a Bank Product. 
 Lender Party has the meaning set forth in Section 15.17. 
 Letter of Credit has the meaning set forth in Section 2.1.3. 
  

 11 

 LIBOR Loan means any Loan which bears interest at a rate determined by reference to the LIBOR
Rate. 
 LIBOR Margin has the meaning set forth in the definition of Applicable Margin. 
 LIBOR Office means with respect to any Lender the office or offices of such Lender which shall be making or maintaining the LIBOR Loans of such
Lender hereunder. A LIBOR Office of any Lender may be, at the option of such Lender, either a domestic or foreign office. 
 LIBOR
Rate means a rate of interest equal to (a) the per annum rate of interest at which United States dollar deposits in an amount comparable to the amount of the relevant LIBOR Loan and for a period equal to the relevant Interest Period are
offered in the London Interbank Eurodollar market at 11:00 A.M. (London time) two (2) Business Days prior to the commencement of such Interest Period (or three (3) Business Days prior to the commencement of such Interest Period if banks in
London, England were not open and dealing in offshore United States dollars on such second preceding Business Day), as displayed in the Bloomberg Financial Markets system (or other authoritative source selected by the Administrative Agent in
its sole discretion) or, if the Bloomberg Financial Markets system or another authoritative source is not available, as the LIBOR Rate is otherwise determined by the Administrative Agent in its sole and absolute discretion, divided by
(b) a number determined by subtracting from 1.00 the then stated maximum reserve percentage for determining reserves to be maintained by member banks of the Federal Reserve System for Eurocurrency funding or liabilities as defined in Regulation
D (or any successor category of liabilities under Regulation D), such rate to remain fixed for such Interest Period. The Administrative Agent’s determination of the LIBOR Rate shall be conclusive, absent manifest error. 
 Lien means, with respect to any Person, any interest granted by such Person in any real or personal property, asset or other right owned or being
purchased or acquired by such Person (including an interest in respect of a Capital Lease) which secures payment or performance of any obligation and shall include any mortgage, lien, encumbrance, title retention lien, charge or other security
interest of any kind, whether arising by contract, as a matter of law, by judicial process or otherwise. 
 Loan Documents means this
Agreement, the Notes, the Letters of Credit, the Master Letter of Credit Agreement, the L/C Applications, the Negative Pledge Agreements, the Agent Fee Letter, the Proposal Letter, the Collateral Documents, the Subordination Agreements and all
documents, instruments and agreements delivered in connection with the foregoing. 
 Loan Party means the Company and each Material
Subsidiary. 
 Loan or Loans means, as the context may require, Revolving Loans and/or Swing Line Loans. 
 Mandatory Prepayment Event has the meaning set forth in Section 6.2.2(a). 
  

 12 

 Margin Stock means any “margin stock” as defined in Regulation U. 
 Master Letter of Credit Agreement means, at any time, with respect to the issuance of Letters of Credit, a master letter of credit agreement or
reimbursement agreement in the form, if any, being used by the Issuing Lender at such time. 
 Material Adverse Effect means
(a) a material adverse change in, or a material adverse effect upon, the financial condition, operations, assets, business, properties or prospects of the Loan Parties taken as a whole, (b) a material impairment of the ability of the Loan
Parties taken as a whole to perform any of the Obligations under any Loan Document or (c) a material adverse effect upon (i) any substantial portion of the collateral under the Collateral Documents or (ii) upon the legality, validity,
binding effect or enforceability against any Loan Party of any Loan Document. 
 Material Subsidiary means any direct or indirect
Domestic Subsidiary of the Company which has total Assets which account for greater than 5% of the Company’s total Assets on a combined basis. 
 Multiemployer Pension Plan means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which the Company or any other member of the Controlled Group may have any liability. 
 Negative Pledge Agreement means each Negative Pledge Agreement executed by each Foreign Subsidiary in a form satisfactory to the Administrative
Agent. 
 Net Cash Proceeds means: 
  

	 	(a)	with respect to any Asset Disposition, the aggregate cash proceeds (including cash proceeds received pursuant to policies of insurance or by way of deferred payment of principal
pursuant to a note, installment receivable or otherwise, but only as and when received) received by any Loan Party pursuant to such Asset Disposition net of (i) the direct costs relating to such sale, transfer or other disposition (including
sales commissions and legal, accounting and investment banking fees), (ii) taxes paid or reasonably estimated by the Company to be payable as a result thereof (after taking into account any available tax credits or deductions and any tax
sharing arrangements) and (iii) amounts required to be applied to the repayment of any Debt as a result of such Asset Disposition (other than the Loans); 

  

	 	(b)	with respect to any issuance of Capital Securities, the aggregate cash proceeds received by any Loan Party pursuant to such issuance, net of the direct costs relating to such
issuance (including sales and underwriters’ commissions and legal and accounting fees); and 

  

 13 

	 	(c)	with respect to any issuance of Debt, the aggregate cash proceeds received by any Loan Party pursuant to such issuance, net of the direct costs of such issuance (including up-front,
underwriters’ and placement fees and legal and accounting fees). 

 Net Worth means, as of any date, the sum of the
Capital Securities and additional paid-in capital plus retained earnings (or minus accumulated deficit) calculated in conformity with GAAP. 
 Non-Increasing Lender has the meaning set forth in Section 2.1.4. 
 Non-U.S. Participant has the meaning set
forth in Section 7.6(d). 
 Non-Use Fee Rate has the meaning set forth in see the definition of Applicable Margin.

 Note means a promissory note substantially in the form of Exhibit A. 
 Notice of Borrowing has the meaning set forth in Section 2.2.2. 
 Notice of Conversion/Continuation has the meaning set forth in Section 2.2.3. 
 Obligations means all obligations (monetary (including post-petition interest, allowed or not) or otherwise) of any Loan Party under this
Agreement and any other Loan Document including Attorney Costs and any reimbursement obligations of each Loan Party in respect of Letters of Credit and surety bonds, all Hedging Obligations permitted hereunder which are owed to any Lender or its
Affiliate or the Administrative Agent, and all Bank Products Obligations, all in each case howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, now or hereafter existing, or due or to become due. 

OFAC has the meaning set forth in Section 10.4. 
 PBGC means the Pension Benefit Guaranty Corporation and any entity succeeding to any or all of its functions under ERISA. 
 Participant has the meaning set forth in Section 15.6.2. 
 Pension Plan means a
“pension plan”, as such term is defined in Section 3(2) of ERISA, which is subject to Title IV of ERISA or the minimum funding standards of ERISA (other than a Multiemployer Pension Plan), and as to which the Company or any member of
the Controlled Group may have any liability, including any liability by reason of having been a substantial employer within the meaning of Section 4063 of ERISA at any time during the preceding five years, or by reason of being deemed to be a
contributing sponsor under Section 4069 of ERISA. 
 Permitted Acquisition means each acquisition that meets the criteria set
forth in Section 11.5. 
  

 14 

 Permitted Lien means a Lien expressly permitted hereunder pursuant to Section 11.2.

 Person means any natural person, corporation, partnership, trust, limited liability company, association, Governmental Authority or
unit, or any other entity, whether acting in an individual, fiduciary or other capacity. 
 Prime Rate means, for any day, the rate of
interest in effect for such day as publicly announced from time to time by the Administrative Agent as its prime rate (whether or not such rate is actually charged by the Administrative Agent), which is not intended to be the Administrative
Agent’s lowest or most favorable rate of interest at any one time. Any change in the Prime Rate announced by the Administrative Agent shall take effect at the opening of business on the day specified in the public announcement of such change;
provided that the Administrative Agent shall not be obligated to give notice of any change in the Prime Rate. 
 Proposal
Letter means the proposal letter dated as of April 18, 2007 from the Administrative Agent to the Company. 
 Pro Rata Share
means (x) prior to the Revolving Commitment being terminated or reduced to zero, the percentage obtained by dividing (i) such Lender’s Revolving Commitment, by (ii) the aggregate Revolving Commitment of all Lenders and
(y) from and after the time the Revolving Commitment has been terminated or reduced to zero, the percentage obtained by dividing (i) the aggregate unpaid principal amount of such Lender’s Revolving Outstandings (after settlement and
repayment of all Swing Line Loans by the Lenders) by (ii) the aggregate unpaid principal amount of all Revolving Outstandings. 
 Refunded Swing Line Loan has the meaning set forth in Section 2.2.4(c). 
 Regulation D means
Regulation D of the FRB. 
 Regulation T means Regulation T of the FRB. 
 Regulation U means Regulation U of the FRB. 
 Regulation X means Regulation X of the FRB. 
 Replacement Lender has the meaning set forth in
Section 8.7(b). 
 Reportable Event means a reportable event as defined in Section 4043 of ERISA and the regulations
issued thereunder as to which the PBGC has not waived the notification requirement of Section 4043(a), or the failure of a Pension Plan to meet the minimum funding standards of Section 412 of the Code (without regard to whether the Pension
Plan is a plan described in Section 4021(a)(2) of ERISA) or under Section 302 of ERISA. 
 Required Lenders means, at any
time, Lenders whose Pro Rata Shares equal 51% or more. 
  

 15 

 Revolving Commitment means $50,000,000, as increased from time to time pursuant to
Section 2.1.4 and as reduced from time to time pursuant to Section 6.1. 
 Revolving Loan has the meaning set
forth in Section 2.1.1. 
 Revolving Loan Availability means the Revolving Commitment less Revolving Outstandings at such
time. 
 Revolving Outstandings means, at any time, the sum of (a) the aggregate principal amount of all outstanding Revolving
Loans, plus (b) the Stated Amount of all Letters of Credit. 
 SEC means the Securities and Exchange Commission or any other
Governmental Authority succeeding to any of the principal functions thereof. 
 Senior Officer means, with respect to any Loan Party,
any of the chief executive officer, the chief financial officer, the chief operating officer or the treasurer of such Loan Party. 
 Stated Amount means, with respect to any Letter of Credit at any date of determination, (a) the maximum aggregate amount available for drawing thereunder under any and all circumstances plus (b) the aggregate amount of all
unreimbursed payments and disbursements under such Letter of Credit. 
 Subordinated Debt means any unsecured Debt of the Company or
any of its Subsidiaries which has subordination terms, covenants, pricing and other terms which have been approved in writing by the Required Lenders. 
 Subordinated Debt Documents means all documents and instruments relating to the Subordinated Debt and all amendments and modifications thereof approved by the Administrative Agent. 
 Subordination Agreements means all subordination agreements executed by a holder of Subordinated Debt in favor of the Administrative Agent and the
Lenders from time to time after the Closing Date in form and substance and on terms and conditions satisfactory to Administrative Agent. 
 Subsidiary means, with respect to any Person, a corporation, partnership, limited liability company or other entity of which such Person owns, directly or indirectly, such number of outstanding Capital Securities as have more than
50% of the ordinary voting power for the election of directors or other managers of such corporation, partnership, limited liability company or other entity. Unless the context otherwise requires, each reference to Subsidiaries herein shall be a
reference to Subsidiaries of the Company. 
 Swing Line Availability means the lesser of (a) the Swing Line Commitment Amount and
(b) Revolving Loan Availability (less Revolving Outstandings at such time). 
  

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 Swing Line Commitment Amount means $10,000,000, as reduced from time to time pursuant to
Section 6.1, which commitment constitutes a subfacility of the Revolving Commitment of the Swing Line Lender. 
 Swing Line
Lender means LaSalle in its capacity as lender of the Swing Line Loans hereunder. 
 Swing Line Loan has the meaning set forth in
Section 2.2.4. 
 Tangible Net Worth of any Person means an amount equal to: (a) Net Worth of such Person;
less (b) Intangible Assets of such Person; less (c) all obligations owed to such Person or any of its Subsidiaries by any Affiliate of such Person or any of its Subsidiaries; and less (d) all loans by such Person
to its officers, stockholders, Subsidiaries or employees. 
 Taxes means any and all present and future taxes, duties, levies,
imposts, deductions, assessments, charges or withholdings, and any and all liabilities (including interest and penalties and other additions to taxes) with respect to the foregoing, but excluding Excluded Taxes. 
 Termination Date means the earlier to occur of (a) May 15, 2012 or (b) such other date on which the Commitments terminate pursuant
to Section 6 or Section 13. 
 Termination Event means, with respect to a Pension Plan that is subject to
Title IV of ERISA, (a) a Reportable Event, (b) the withdrawal of Company or any other member of the Controlled Group from such Pension Plan during a plan year in which Company or any other member of the Controlled Group was a
“substantial employer” as defined in Section 4001(a)(2) of ERISA or was deemed such under Section 4068(f) of ERISA, (c) the termination of such Pension Plan, the filing of a notice of intent to terminate the Pension Plan or
the treatment of an amendment of such Pension Plan as a termination under Section 4041 of ERISA, (d) the institution by the PBGC of proceedings to terminate such Pension Plan or (e) any event or condition that might constitute grounds
under Section 4042 of ERISA for the termination of, or appointment of a trustee to administer, such Pension Plan. 
 Total Debt
means all Debt of the Company and its Subsidiaries, determined on a consolidated basis, excluding (a) contingent obligations in respect of Contingent Liabilities (except to the extent constituting Contingent Liabilities in respect of Debt of a
Person other than any Loan Party), (b) Hedging Obligations, (c) Debt of the Company to Subsidiaries and Debt of Subsidiaries to the Company or to other Subsidiaries and (d) contingent obligations in respect of undrawn letters of
credit. 
 Total Debt to EBITDA Ratio means, as of the last day of any Fiscal Quarter, the ratio of (a) Total Debt as of such day
to (b) EBITDA for the Computation Period ending on such day. 
 Total Plan Liability means, at any time, the present value of all
vested and unvested accrued benefits under all Pension Plans, determined as of the then most recent valuation date for each Pension Plan, using PBGC actuarial assumptions for single employer plan terminations. 
  

 17 

 Type has the meaning set forth in Section 2.2.1. 
 UCC is defined in the Guaranty and Collateral Agreement. 
 Unfunded Liability means the amount (if any) by which the present value of all vested and unvested accrued benefits under all Pension Plans exceeds the fair market value of all assets allocable to those
benefits, all determined as of the then most recent valuation date for each Pension Plan, using PBGC actuarial assumptions for single employer plan terminations. 
 Unmatured Event of Default means any event that, if it continues uncured, will, with lapse of time or notice or both, constitute an Event of Default. 
 Withholding Certificate has the meaning set forth in Section 7.6(d). 
 Wholly-Owned Subsidiary means, as to any Person, a Subsidiary all of the Capital Securities of which (except directors’ qualifying Capital
Securities) are at the time directly or indirectly owned by such Person and/or another Wholly-Owned Subsidiary of such Person. 
 1.2
Other Interpretive Provisions. (a) The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms. Derivatives of defined terms have corresponding meanings. 
 (b) Section, Annex, Schedule and Exhibit references are to this Agreement unless otherwise specified. 
 (c) The term “including” is not limiting and means “including without limitation.” 
 (d) In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and
including”; the words “to” and “until” each mean “to but excluding”, and the word “through” means “to and including.” 
 (e) Unless otherwise expressly provided herein, (i) references to agreements (including this Agreement and the other Loan Documents) and other
contractual instruments shall be deemed to include all subsequent amendments, restatements, supplements and other modifications thereto, but only to the extent such amendments, restatements, supplements and other modifications are not prohibited by
the terms of any Loan Document, and (ii) references to any statute or regulation shall be construed as including all statutory and regulatory provisions amending, replacing, supplementing or interpreting such statute or regulation. 

(f) This Agreement and the other Loan Documents may use several different limitations, tests or measurements to regulate the same or similar matters.
All such limitations, tests and measurements are cumulative and each shall be performed in accordance with its terms. 
 (g) This Agreement
and the other Loan Documents are the result of negotiations among and have been reviewed by counsel to the Administrative Agent, the Company, the Lenders and the other parties thereto and are the products of all parties. Accordingly, they shall not
be construed against the Administrative Agent or the Lenders merely because of the Administrative Agent’s or Lenders’ involvement in their preparation. 
  

 18 

 SECTION 2 COMMITMENTS OF THE LENDERS; BORROWING, CONVERSION AND LETTER OF CREDIT PROCEDURES. 

2.1 Commitments. On and subject to the terms and conditions of this Agreement, each of the Lenders, severally and for itself alone, agrees to
make loans to, and to issue or participate in letters of credit for the account of, the Company as follows: 
 2.1.1 Revolving
Commitment. Each Lender with a Revolving Commitment agrees to make loans on a revolving basis (“Revolving Loans”) from time to time until the Termination Date in such Lender’s Pro Rata Share of such aggregate amounts as the
Company may request from all Lenders; provided that the Revolving Outstandings will not at any time exceed Revolving Loan Availability (less the amount of any Swing Line Loans outstanding at such time). 
 2.1.2 Swing Line Loans. The Swing Line Lender agrees to make Swing Line Loans from time to time until the Termination Date as the Company may
request; provided that the Swing Line Loans outstanding will not at any time exceed the Swing Line Commitment Amount. 
 2.1.3 L/C
Commitment. (a) Subject to Section 2.3.1, the Issuing Lender agrees to issue letters of credit, in each case containing such terms and conditions as are permitted by this Agreement and are reasonably satisfactory to the Issuing
Lender (together with each Existing Letter of Credit, each, a “Letter of Credit”), at the request of and for the account of the Company from time to time before the scheduled Termination Date and, as more fully set forth in
Section 2.3.2, each Lender agrees to purchase a participation in each such Letter of Credit; provided that (a) the aggregate Stated Amount of all Letters of Credit shall not at any time exceed $20,000,000 and (b) the
Revolving Outstandings shall not at any time exceed the Revolving Commitment (less the amount of any Swing Line Loans outstanding at such time). 
 (b) On and after the Closing Date, each Existing Letter of Credit shall be deemed for all purposes, including for purposes of the fees to be collected and reimbursement of costs and expenses to the extent provided herein, to be a Letter of
Credit outstanding under this Agreement and entitled to the benefits of this Agreement and the other Loan Documents, and shall be governed by the applications and agreements pertaining thereto and by this Agreement. Each Lender shall be deemed to,
and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank on the Closing Date a participation in each such Existing Letter of Credit equal to such Lender’s Pro Rata Share of the face amount of such Letter of Credit
(including, without limitation, all obligations of the Borrower with respect thereto, and any security therefor or guaranty pertaining thereto). 
  

 19 

 2.1.4 Increase in Commitment. At any time prior to the date that is thirty days prior to
the Termination Date, if no Default shall have occurred and be continuing (or would result after giving effect thereto), the Company may, if it so elects, increase the aggregate amount of the Revolving Commitment (each such increase to be in an
aggregate amount that is an integral multiple of $500,000 and not less than $5,000,000) (the “Increased Revolving Amount”), first, by agreeing with one or more existing Lenders that such Lenders’ respective Pro Rata Share shall
be increased to include the Increased Revolving Amount, or if no existing Lender agrees to increase its Pro Rata Share, then by designating one or more financial institutions not theretofore a Lender to become a Lender (such designation to be
effective only with the prior written consent of the Administrative Agent, which consent will not be unreasonably withheld or delayed, and only if each such financial institution accepts to fund, as the case may be, the Increased Revolving Amount).
Lasalle and its Affiliates will use their best efforts to arrange financial institutions to provide such increases with arrangement fees paid as agreed at such time. Upon execution and delivery by the Company and each such Lender or other financial
institution of an instrument (an “Increased Revolving Amount Acceptance”) in form reasonably satisfactory to the Administrative Agent, such Lender shall have the commitment to loan the Increased Revolving Amount as therein set
forth, or such other financial institution shall become a Lender with a commitment to loan the Increased Revolving Amount as therein set forth, and all the rights and obligations of a Lender with a Revolving Commitment hereunder; provided:

 (a) that the Company shall provide prompt notice of such increase to the Administrative Agent, which shall promptly notify the
respective Lenders; 
 (b) that the Company shall have delivered to the Administrative Agent a copy of the Increased Revolving Amount
Acceptance; 
 (c) that the amount of the Increased Revolving Amount, together with all other Increased Revolving Amounts pursuant to this
Section 2.1.4 since the date of this Agreement, does not exceed $50,000,000; 
 (d) that, before and after giving effect to the
Increased Revolving Amount, the representations and warranties of the Company contained in Section 9 of this Agreement shall be true and correct in all material respects; and 
 (e) that the Administrative Agent shall have received such evidence (including an opinion of the Company’s counsel) as it may reasonably request to
confirm the Company’s due authorization of the transactions contemplated by this Section 2.1.4 and the validity and enforceability of the obligations of the Company resulting therefrom. 
 On the date of any such increase, the Company shall be deemed to have represented to the Administrative Agent and the Lenders that the conditions set
forth in clauses (a) through (e) above have been satisfied. 
  

 20 

 Upon any increase in the aggregate amount of the Revolving Commitment pursuant to this Section 2.1.4, each
existing Lender whose Revolving Commitment has not increased pursuant to this Section 2.1.4 (each, a “Non-Increasing Lender”) shall be deemed, without further action by any party hereto, to have sold to each Lender whose
Revolving Commitment has been assumed or increased under this Section 2.1.4 (each, an “Increased Revolving Loan Lender”), and each Increased Revolving Loan Lender shall be deemed, without further action by any party
hereto, to have purchased from each Non-Increasing Lender, a participation in each Swing Line Loan and Letter of Credit in which such Non-Increasing Lender has acquired a participation in an amount equal to such Increased Lender’s Pro Rata
Share thereof, until such time as all Swing Line Loans and Letters of Credit are held by the Lenders in proportion to their respective Revolving Commitment after giving effect to the Increased Revolving Loan. 
 2.2 Loan Procedures. 
 2.2.1
Various Types of Loans. Each Revolving Loan shall be divided into tranches which are, either a Base Rate Loan or a LIBOR Loan (each a “type” of Loan), as the Company shall specify in the related notice of borrowing or
conversion pursuant to Section 2.2.2 or 2.2.3. LIBOR Loans having the same Interest Period which expire on the same day are sometimes called a “Group” or collectively “Groups”. Base Rate
Loans and LIBOR Loans may be outstanding at the same time, provided that not more than six (6) different Groups of LIBOR Loans shall be outstanding at any one time. All borrowings, conversions and repayments of Revolving Loans shall be
effected so that each Lender will have a ratable share (according to its Pro Rata Share) of all types and Groups of Loans. 
 2.2.2
Borrowing Procedures. The Company shall give written notice (each such written notice, a “Notice of Borrowing”) substantially in the form of Exhibit E or telephonic notice (followed immediately by a Notice of
Borrowing) to the Administrative Agent of each proposed borrowing not later than (a) in the case of a Base Rate borrowing, 11:00 A.M., Chicago time, on the proposed date of such borrowing, and (b) in the case of a LIBOR borrowing,
11:00 A.M., Chicago time, at least three Business Days prior to the proposed date of such borrowing. Each such notice shall be effective upon receipt by the Administrative Agent, shall be irrevocable, and shall specify the date, amount and type
of borrowing and, in the case of a LIBOR borrowing, the initial Interest Period therefor. Promptly upon receipt of such notice, the Administrative Agent shall advise each Lender thereof. Not later than 1:00 P.M., Chicago time, on the date of a
proposed borrowing, each Lender shall provide the Administrative Agent at the office specified by the Administrative Agent with immediately available funds covering such Lender’s Pro Rata Share of such borrowing and, so long as the
Administrative Agent has not received written notice that the conditions precedent set forth in Section 12 with respect to such borrowing have not been satisfied, the Administrative Agent shall pay over the funds received by the
Administrative Agent to the Company on the requested borrowing date. Each borrowing shall be on a Business Day. Each Base Rate borrowing shall be in an aggregate amount of at least $1,000,000 and an integral multiple of $100,000, and each LIBOR
borrowing shall be in an aggregate amount of at least $1,000,000 and an integral multiple of at least $100,000. 
  

 21 

 2.2.3 Conversion and Continuation Procedures. (a) Subject to Section 2.2.1, the
Company may, upon irrevocable written notice to the Administrative Agent in accordance with clause (b) below: 
 (A) elect, as of
any Business Day, to convert any Loans (or any part thereof in an aggregate amount not less than $1,000,000 or a higher integral multiple of $500,000.) into Loans of the other type; or 
 (B) elect, as of the last day of the applicable Interest Period, to continue any LIBOR Loans having Interest Periods expiring on such day (or any part
thereof in an aggregate amount not less than $1,000,000 or a higher integral multiple of 100,000) for a new Interest Period; 
 provided that after
giving effect to any prepayment, conversion or continuation, the aggregate principal amount of each Group of LIBOR Loans shall be at least $1,000,000 and an integral multiple of 100,000. 
 (b) The Company shall give written notice (each such written notice, a “Notice of Conversion/Continuation”) substantially in the form of
Exhibit F or telephonic notice (followed immediately by a Notice of Conversion/Continuation) to the Administrative Agent of each proposed conversion or continuation not later than (i) in the case of conversion into Base Rate Loans, 11:00
A.M., Chicago time, on the proposed date of such conversion and (ii) in the case of conversion into or continuation of LIBOR Loans, 11:00 A.M., Chicago time, at least three Business Days prior to the proposed date of such conversion or
continuation, specifying in each case: 
 (A) the proposed date of conversion or continuation; 
 (B) the aggregate amount of Loans to be converted or continued; 
 (C) the type of Loans resulting from the proposed conversion or continuation; and 
 (D) in the case of
conversion into, or continuation of, LIBOR Loans, the duration of the requested Interest Period therefor. 
 (c) If upon the expiration of
any Interest Period applicable to LIBOR Loans, the Company has failed to select timely a new Interest Period to be applicable to such LIBOR Loans, the Company shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective
on the last day of such Interest Period. 
 (d) The Administrative Agent will promptly notify each Lender of its receipt of a notice of
conversion or continuation pursuant to this Section 2.2.3 or, if no timely notice is provided by the Company, of the details of any automatic conversion. 
  

 22 

 (e) Any conversion of a LIBOR Loan on a day other than the last day of an Interest Period therefor shall
be subject to Section 8.4. 
 2.2.4 Swing Line Facility. 
 (a) The Administrative Agent shall notify the Swing Line Lender upon the Administrative Agent’s receipt of any Notice of Borrowing. Subject to the
terms and conditions hereof, the Swing Line Lender may, in its sole discretion, make available from time to time until the Termination Date advances (each, a “Swing Line Loan”) in accordance with any such notice, notwithstanding
that after making a requested Swing Line Loan, the sum of the Swing Line Lender’s Pro Rata Share of the Revolving Outstanding and all outstanding Swing Line Loans, may exceed the Swing Line Lender’s Pro Rata Share of the Revolving
Commitment. The provisions of this Section 2.2.4 shall not relieve Lenders of their obligations to make Revolving Loans under Section 2.1.1; provided that if the Swing Line Lender makes a Swing Line Loan pursuant to
any such notice, such Swing Line Loan shall be in lieu of any Revolving Loan that otherwise may be made by the Lenders pursuant to such notice. The aggregate amount of Swing Line Loans outstanding shall not exceed at any time Swing Line
Availability. Until the Termination Date, the Company may from time to time borrow, repay and reborrow under this Section 2.2.4. Each Swing Line Loan shall be made pursuant to a Notice of Borrowing delivered by the Company to the
Administrative Agent in accordance with Section 2.2.2. Any such notice must be given no later than 2:00 P.M., Chicago time, on the Business Day of the proposed Swing Line Loan. Unless the Swing Line Lender has received at least one
Business Day’s prior written notice from the Required Lenders instructing it not to make a Swing Line Loan, the Swing Line Lender shall, notwithstanding the failure of any condition precedent set forth in Section 12.2, be entitled
to fund that Swing Line Loan, and to have the Lenders make Revolving Loans in accordance with Section 2.2.4(c) or purchase participating interests in accordance with Section 2.2.4(d). Notwithstanding any other provision of
this Agreement or the other Loan Documents, each Swing Line Loan shall constitute a Base Rate Loan. The Company shall repay the aggregate outstanding principal amount of each Swing Line Loan upon demand therefor by the Administrative Agent.

 (b) The entire unpaid balance of each Swing Line Loan and all other noncontingent Obligations shall be immediately due and payable in full
in immediately available funds on the Termination Date if not sooner paid in full. 
 (c) The Swing Line Lender, at any time and from time to
time no less frequently than once weekly, shall on behalf of the Company (and the Company hereby irrevocably authorizes the Swing Line Lender to so act on its behalf) request each Lender with a Revolving Commitment (including the Swing Line Lender)
to make a Revolving Loan to the Company in an amount equal to that Lender’s Pro Rata Share of the principal amount of all Swing Line Loans (the “Refunded Swing Line Loan”) outstanding on the date such notice is given. Unless
any of the events described in Section 13.1.4 has occurred (in which event the procedures of Section 2.2.4(d) shall apply) and regardless of whether the conditions precedent set forth in this Agreement to the making of a
Revolving Loan are then satisfied, each Lender shall disburse directly to the Administrative Agent, its Pro Rata Share on behalf 

  

 23 

 
of the Swing Line Lender, prior to 2:00 P.M., Chicago time, in immediately available funds on the date that notice is given (provided that such notice
is given by 12:00 p.m., Chicago time, on such date). The proceeds of those Revolving Loans shall be immediately paid to the Swing Line Lender and applied to repay the Refunded Swing Line Loan. 
 (d) If, prior to refunding a Swing Line Loan with a Revolving Loan pursuant to Section 2.2.4(c), one of the events described in
Section 13.1.4 has occurred, then, subject to the provisions of Section 2.2.4(e) below, each Lender shall, on the date such Revolving Loan was to have been made for the benefit of the Company, purchase from the Swing Line
Lender an undivided participation interest in the Swing Line Loan in an amount equal to its Pro Rata Share of such Swing Line Loan. Upon request, each Lender shall promptly transfer to the Swing Line Lender, in immediately available funds, the
amount of its participation interest. 
 (e) Each Lender’s obligation to make Revolving Loans in accordance with
Section 2.2.4(c) and to purchase participation interests in accordance with Section 2.2.4(d) shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any setoff, counterclaim,
recoupment, defense or other right that such Lender may have against the Swing Line Lender, the Company or any other Person for any reason whatsoever; (ii) the occurrence or continuance of any Unmatured Event of Default or Event of Default;
(iii) any inability of the Company to satisfy the conditions precedent to borrowing set forth in this Agreement at any time or (iv) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. If
and to the extent any Lender shall not have made such amount available to the Administrative Agent or the Swing Line Lender, as applicable, by 2:00 P.M., Chicago time, the amount required pursuant to Sections 2.2.4(c) or 2.2.4(d), as the case
may be, on the Business Day on which such Lender receives notice from the Administrative Agent of such payment or disbursement (it being understood that any such notice received after noon, Chicago time, on any Business Day shall be deemed to have
been received on the next following Business Day), such Lender agrees to pay interest on such amount to the Administrative Agent for the Swing Line Lender’s account forthwith on demand, for each day from the date such amount was to have been
delivered to the Administrative Agent to the date such amount is paid, at a rate per annum equal to (a) for the first three days after demand, the Federal Funds Rate from time to time in effect and (b) thereafter, the Base Rate from time
to time in effect. 
 2.3 Letter of Credit Procedures. 
 2.3.1 L/C Applications. The Company shall execute and deliver to the Issuing Lender the Master Letter of Credit Agreement from time to time in effect. The Company shall give notice to the Administrative Agent
and the Issuing Lender of the proposed issuance of each Letter of Credit on a Business Day which is at least three Business Days (or such lesser number of days as the Administrative Agent and the Issuing Lender shall agree in any particular instance
in their sole discretion) prior to the proposed date of issuance of such Letter of Credit. Each such notice shall be accompanied by an L/C Application, duly executed by the Company 

  

 24 

 
and in all respects satisfactory to the Administrative Agent and the Issuing Lender, together with such other documentation as the Administrative Agent or
the Issuing Lender may request in support thereof, it being understood that each L/C Application shall specify, among other things, the date on which the proposed Letter of Credit is to be issued, the expiration date of such Letter of Credit (which
shall not be later than the scheduled Termination Date (unless such Letter of Credit is Cash Collateralized)) and whether such Letter of Credit is to be transferable in whole or in part. Any Letter of Credit outstanding after the scheduled
Termination Date which is Cash Collateralized for the benefit of the Issuing Lender shall be the sole responsibility of the Issuing Lender. So long as the Issuing Lender has not received written notice that the conditions precedent set forth in
Section 12 with respect to the issuance of such Letter of Credit have not been satisfied, the Issuing Lender shall issue such Letter of Credit on the requested issuance date. The Issuing Lender shall promptly advise the Administrative
Agent of the issuance of each Letter of Credit and of any amendment thereto, extension thereof or event or circumstance changing the amount available for drawing thereunder. In the event of any inconsistency between the terms of the Master Letter of
Credit Agreement, any L/C Application and the terms of this Agreement, the terms of this Agreement shall control. 
 2.3.2 Participations
in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Commitment, and each such Lender shall be deemed irrevocably and
unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the Company’s
reimbursement obligations with respect thereto. If the Company does not pay any reimbursement obligation when due, the Company shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a
principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2,
Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the
Company in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender
hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with such information related thereto as
the Administrative Agent or such Lender may reasonably request. 
 2.3.3 Reimbursement Obligations. (a) The Company hereby
unconditionally and irrevocably agrees to reimburse the Issuing Lender for each payment or disbursement made by the Issuing Lender under any Letter of Credit honoring any demand for payment made by the beneficiary thereunder, in each case on the
date that such payment or disbursement is made. Any amount not reimbursed on the date of such payment or disbursement shall bear interest from the date of such payment or disbursement to the date that the Issuing Lender is reimbursed by the Company
therefor, payable on demand, at a rate per annum equal to the Base Rate from time to 

  

 25 

 
time in effect plus the Base Rate Margin from time to time in effect plus, beginning on the third Business Day after receipt of notice from the
Issuing Lender of such payment or disbursement, 2%. The Issuing Lender shall notify the Company and the Administrative Agent whenever any demand for payment is made under any Letter of Credit by the beneficiary thereunder; provided that the
failure of the Issuing Lender to so notify the Company or the Administrative Agent shall not affect the rights of the Issuing Lender or the Lenders in any manner whatsoever. 
 (b) The Company’s reimbursement obligations hereunder shall be irrevocable and unconditional under all circumstances, including (a) any lack of
validity or enforceability of any Letter of Credit, this Agreement or any other Loan Document, (b) the existence of any claim, set-off, defense or other right which any Loan Party may have at any time against a beneficiary named in a Letter of
Credit, any transferee of any Letter of Credit (or any Person for whom any such transferee may be acting), the Administrative Agent, the Issuing Lender, any Lender or any other Person, whether in connection with any Letter of Credit, this Agreement,
any other Loan Document, the transactions contemplated herein or any unrelated transactions (including any underlying transaction between any Loan Party and the beneficiary named in any Letter of Credit), (c) the validity, sufficiency or
genuineness of any document which the Issuing Lender has determined complies on its face with the terms of the applicable Letter of Credit, even if such document should later prove to have been forged, fraudulent, invalid or insufficient in any
respect or any statement therein shall have been untrue or inaccurate in any respect, or (d) the surrender or impairment of any security for the performance or observance of any of the terms hereof. Without limiting the foregoing, no action or
omission whatsoever by the Administrative Agent or any Lender (excluding any Lender in its capacity as the Issuing Lender) under or in connection with any Letter of Credit or any related matters shall result in any liability of the Administrative
Agent or any Lender to the Company, or relieve the Company of any of its obligations hereunder to any such Person. 
 2.3.4 Funding by
Lenders to Issuing Lender. If the Issuing Lender makes any payment or disbursement under any Letter of Credit and (a) the Company has not reimbursed the Issuing Lender in full for such payment or disbursement by 11:00 A.M., Chicago time, on
the date of such payment or disbursement, (b) a Revolving Loan may not be made in accordance with Section 2.3.2 or (c) any reimbursement received by the Issuing Lender from the Company is or must be returned or rescinded upon
or during any bankruptcy or reorganization of the Company or otherwise, each other Lender with a Revolving Commitment shall be obligated to pay to the Administrative Agent for the account of the Issuing Lender, in full or partial payment of the
purchase price of its participation in such Letter of Credit, its Pro Rata Share of such payment or disbursement (but no such payment shall diminish the obligations of the Company under Section 2.3.3), and, upon notice from the Issuing
Lender, the Administrative Agent shall promptly notify each other Lender thereof. Each other Lender irrevocably and unconditionally agrees to so pay to the Administrative Agent in immediately available funds for the Issuing Lender’s account the
amount of such other Lender’s Pro Rata Share of such payment or disbursement. If and to the extent any Lender shall not have made such amount available to the Administrative Agent by 2:00 P.M., Chicago time, on the Business Day on which such
Lender receives notice from the Administrative Agent of such payment or 

  

 26 

 
disbursement (it being understood that any such notice received after noon, Chicago time, on any Business Day shall be deemed to have been received on the
next following Business Day), such Lender agrees to pay interest on such amount to the Administrative Agent for the Issuing Lender’s account forthwith on demand, for each day from the date such amount was to have been delivered to the
Administrative Agent to the date such amount is paid, at a rate per annum equal to (a) for the first three days after demand, the Federal Funds Rate from time to time in effect and (b) thereafter, the Base Rate from time to time in effect.
Any Lender’s failure to make available to the Administrative Agent its Pro Rata Share of any such payment or disbursement shall not relieve any other Lender of its obligation hereunder to make available to the Administrative Agent such other
Lender’s Pro Rata Share of such payment, but no Lender shall be responsible for the failure of any other Lender to make available to the Administrative Agent such other Lender’s Pro Rata Share of any such payment or disbursement.

 2.4 Commitments Several. The failure of any Lender to make a requested Loan on any date shall not relieve any other Lender of its
obligation (if any) to make a Loan on such date, but no Lender shall be responsible for the failure of any other Lender to make any Loan to be made by such other Lender. 
 2.5 Certain Conditions. Except as otherwise provided in Sections 2.2.4 and 2.3.4 of this Agreement, no Lender shall have an obligation to make any Loan, or to permit the continuation of or any
conversion into any LIBOR Loan, and the Issuing Lender shall not have any obligation to issue any Letter of Credit, if an Event of Default or Unmatured Event of Default exists. 
 SECTION 3 EVIDENCING OF LOANS. 
 3.1
Notes. The Loans of each Lender shall be evidenced by a Note, with appropriate insertions, payable to the order of such Lender in a face principal amount equal to the sum of such Lender’s Revolving Commitment. 
 3.2 Recordkeeping. The Administrative Agent, on behalf of each Lender, shall record in its records, the date and amount of each Loan made by each
Lender, each repayment or conversion thereof and, in the case of each LIBOR Loan, the dates on which each Interest Period for such Loan shall begin and end. The aggregate unpaid principal amount so recorded shall be rebuttably presumptive evidence
of the principal amount of the Loans owing and unpaid. The failure to so record any such amount or any error in so recording any such amount shall not, however, limit or otherwise affect the Obligations of the Company hereunder or under any Note to
repay the principal amount of the Loans hereunder, together with all interest accruing thereon. 
 SECTION 4 INTEREST. 
 4.1 Interest Rates. The Company promises to pay interest on the unpaid principal amount of each Loan for the period commencing on the date of such
Loan until such Loan is paid in full as follows: 
 (a) at all times while such Loan is a Base Rate Loan, at a rate per annum equal to the sum
of the Base Rate from time to time in effect plus the Base Rate Margin from time to time in effect; 
  

 27 

 (b) at all times while such Loan is a LIBOR Loan, at a rate per annum equal to the sum of the LIBOR Rate
applicable to each Interest Period for such Loan plus the LIBOR Margin from time to time in effect; and 
 (c) at all times while such Loan
is a Swing Line Loan, at a rate per annum equal to the sum of the Base Rate from time to time in effect plus the Base Rate Margin from time to time in effect; 
 provided that at any time an Event of Default exists, unless the Required Lenders otherwise consent, the interest rate applicable to each Loan shall be increased by 2% (and, in the case of Obligations not bearing interest, such
Obligations shall bear interest at the Base Rate applicable to Revolving Loans plus 2%), provided further that such increase may thereafter be rescinded by the Required Lenders, notwithstanding Section 15.1. Notwithstanding the
foregoing, upon the occurrence of an Event of Default under Sections 13.1.1 or 13.1.4, such increase shall occur automatically. 
 4.2 Interest Payment Dates. Accrued interest on each Base Rate Loan shall be payable in arrears on the last day of each calendar quarter and at maturity. Accrued interest on each LIBOR Loan shall be payable on the last day of each
Interest Period relating to such Loan (and, in the case of a LIBOR Loan with an Interest Period in excess of three months, on the three-month anniversary of the first day of such Interest Period), upon a prepayment of such Loan, and at maturity.
After maturity, and at any time an Event of Default exists, accrued interest on all Loans shall be payable on demand. 
 4.3 Setting and
Notice of LIBOR Rates. The applicable LIBOR Rate for each Interest Period shall be determined by the Administrative Agent, and notice thereof shall be given by the Administrative Agent promptly to the Company and each Lender. Each determination
of the applicable LIBOR Rate by the Administrative Agent shall be conclusive and binding upon the parties hereto, in the absence of demonstrable error. The Administrative Agent shall, upon written request of the Company or any Lender, deliver to the
Company or such Lender a statement showing the computations used by the Administrative Agent in determining any applicable LIBOR Rate hereunder. 
 4.4 Computation of Interest. Interest shall be computed for the actual number of days elapsed on the basis of a year of 360 days. The applicable interest rate for each Base Rate Loan shall change simultaneously with each change in
the Base Rate. 
 SECTION 5 FEES. 
 5.1 Non-Use Fee. The Company agrees to pay to the Administrative Agent for the account of each Lender a non-use fee, for the period from the Closing Date to the Termination Date, at the Non-Use Fee Rate in effect from time to time of
such Lender’s Pro Rata 

  

 28 

 
Share (as adjusted from time to time) of the unused amount of the Revolving Commitment. For purposes of calculating usage under this Section 5.1,
the Revolving Commitment shall be deemed used to the extent of Revolving Outstandings. Such non-use fee shall be payable in arrears on the last day of each calendar quarter and on the Termination Date for any period then ending for which such
non-use fee shall not have previously been paid. The non-use fee shall be computed for the actual number of days elapsed on the basis of a year of 360 days. 
 5.2 Letter of Credit Fees. (a) The Company agrees to pay to the Administrative Agent for the account of each Lender a letter of credit fee for each Letter of Credit equal to the L/C Fee Rate in effect from
time to time of such Lender’s Pro Rata Share (as adjusted from time to time) of the undrawn amount of such Letter of Credit (computed for the actual number of days elapsed on the basis of a year of 360 days); provided that, unless the
Required Lenders otherwise consent, the rate applicable to each Letter of Credit shall be increased by 2% at any time that an Event of Default exists. Such letter of credit fee shall be payable in arrears on the last day of each calendar quarter and
on the Termination Date (or such later date on which such Letter of Credit expires or is terminated) for the period from the date of the issuance of each Letter of Credit (or the last day on which the letter of credit fee was paid with respect
thereto) to the date such payment is due or, if earlier, the date on which such Letter of Credit expired or was terminated. 
 (b) In
addition, with respect to each Letter of Credit, the Company agrees to pay to the Issuing Lender, for its own account, (i) such fees and expenses as the Issuing Lender customarily requires in connection with the issuance, negotiation,
processing and/or administration of letters of credit in similar situations and (ii) a letter of credit fronting fee in the amount and at the times agreed to by the Company and the Issuing Lender. 
 5.3 Administrative Agent’s Fees. The Company agrees to pay to the Administrative Agent such agent’s fees as are mutually agreed to from
time to time by the Company and the Administrative Agent including the fees set forth in the Agent Fee Letter. 
 SECTION 6 REDUCTION OR
TERMINATION OF THE REVOLVING COMMITMENT; PREPAYMENTS. 
 6.1 Voluntary Reduction or Termination of the Revolving Commitment. The
Company may from time to time on at least three Business Days’ prior written notice received by the Administrative Agent (which shall promptly advise each Lender thereof) permanently reduce the Revolving Commitment to an amount not less than
the Revolving Outstandings plus the outstanding amount of all Swing Line Loans. Any such reduction shall be in an amount not less than $1,000,000 or a higher integral multiple of $100,000. Concurrently with any reduction of the Revolving
Commitments to zero (or, at any time in which Letters of Credit have been issued and remain outstanding, to an amount less than the Stated Amount of all Letters of Credit currently outstanding), the Borrowers shall 

  

 29 

 
pay all accrued interest on the Revolving Loans, all accrued non-use fees and all accrued letter of credit fees and shall Cash Collateralize the outstanding
Letters of Credit to the extent the Stated Amount of all Letters of Credit then outstanding exceeds the Revolving Commitment as reduced pursuant to this Section 6.1.1. All reductions of the Revolving Commitment shall reduce the Commitments
ratably among the Lenders according to their respective Pro Rata Shares. 
 6.2 Prepayments. 
 6.2.1 Voluntary Prepayments. The Company may from time to time prepay the Loans in whole or in part; provided that the Company shall give
the Administrative Agent (which shall promptly advise each Lender) notice thereof not later than 11:00 A.M., Chicago time, on the day of such prepayment (which shall be a Business Day), specifying the Loans to be prepaid and the date and amount of
prepayment. Any such partial prepayment shall be in an amount equal to $1,000,000 or a higher integral multiple of $500,000. 
 6.2.2
Mandatory Prepayments. 
 (a) The Company shall make a prepayment to be applied to the Loans, until paid in full, upon the occurrence
of any of the following (each a “Mandatory Prepayment Event”) at the following times and, without duplication, in the following amounts (such applicable amounts being referred to as “Designated Proceeds”):

  

	 	(i)	Concurrently with the receipt by any Loan Party of any Net Cash Proceeds from any Asset Disposition in excess of $10,000,000 in the aggregate during the term of this Agreement, in
an amount equal to 100% of such Net Cash Proceeds (unless the Company has, within one hundred eighty (180) days after the receipt of such Net Cash Proceeds, executed definitive documentation acceptable to the Administrative Agent in its
reasonable discretion to use such Net Cash Proceeds to invest in like assets). 

  

	 	(ii)	With respect to the receipt by any Loan Party of any Net Cash Proceeds from any issuance of Capital Securities of any Loan Party (excluding (x) any issuance of Capital
Securities pursuant to any employee, officer or director option program, benefit plan or compensation program and (y) any issuance of Capital Securities by a Subsidiary to the Company or another Subsidiary), if, before giving effect to the
issuance of such Capital Securities, the Total Debt to EBITDA Ratio is greater than 2.50:1.00, then the Company must, within one hundred eighty (180) days after the issuance of such Capital Securities, either (A) execute definitive
documentation acceptable to the Administrative Agent in its reasonable discretion to use such Net Cash Proceeds to make a Permitted Acquisition, or (B) make a prepayment in the amount of 100% of such Net Cash Proceeds. If, however, before
giving effect to the issuance of such Capital Securities, the Total Debt to EBITDA Ratio is less than or equal to 2.50:1.00, then a Mandatory Prepayment Event shall not be deemed to have occurred. 

  

 30 

	 	(iii)	Concurrently with the receipt by any Loan Party of any Net Cash Proceeds from any issuance of any Debt in excess of $10,000,000 in the aggregate during the term of this Agreement
(other than Debt permitted pursuant to Section 11.1) of any Loan Party, in an amount equal to 100% of such Net Cash Proceeds. 

  

	 	(iv)	Concurrently with the receipt by any Loan Party of any Net Cash Proceeds from any insurance claim or condemnation award in excess of $10,000,000 in the aggregate during the term of
this Agreement, in an amount equal to 100% of such Net Cash Proceeds (unless Borrowers have, within one hundred eighty (180) days after the receipt of such Net Cash Proceeds, executed definitive documentation acceptable to the Administrative
Agent in its reasonable discretion to use such Net Cash Proceeds to invest in like assets). 

 (b) If on any day the Revolving
Outstandings plus the outstanding amount of the Swing Line Loan exceeds the Revolving Commitment, the Company shall immediately prepay Revolving Loans and/or Cash Collateralize the outstanding Letters of Credit, or do a combination of the
foregoing, in an amount sufficient to eliminate such excess. 
 6.3 Manner of Prepayments. Each voluntary partial prepayment shall be
in a principal amount of $1,000,000 or a higher integral multiple of $100,000. Any partial prepayment of a Group of LIBOR Loans shall be subject to the proviso to Section 2.2.3(a). Any prepayment of a LIBOR Loan on a day other than the
last day of an Interest Period therefor shall include interest on the principal amount being repaid and shall be subject to Section 8.4. Except as otherwise provided by this Agreement, all principal payments in respect of the Loans
(other than the Swing Line Loans) shall be applied first, to repay outstanding Base Rate Loans and then to repay outstanding LIBOR Rate Loans in direct order of Interest Period maturities. 
 6.4 Repayments. The Revolving Loans of each Lender shall be paid in full and the Revolving Commitment shall terminate on the Termination Date.

 SECTION 7 MAKING AND PRORATION OF PAYMENTS; SETOFF; TAXES. 
 7.1 Making of Payments. All payments of principal or interest on the Notes, and of all fees, shall be made by the Company to the Administrative Agent in immediately available funds at the office specified by
the Administrative Agent not later than noon, Chicago time, on the date due; and funds received after that hour shall be deemed to have been received by the Administrative Agent on the following Business Day. The Administrative Agent shall promptly
remit to each Lender its share of all such payments received in collected funds by the Administrative Agent for the account of such Lender. All payments under Section 8.1 shall be made by the Company directly to the Lender entitled
thereto without setoff, counterclaim or other defense. 
  

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 7.2 Application of Certain Payments. So long as no Unmatured Event of Default or Event of Default
has occurred and is continuing, (a) payments matching specific scheduled payments then due shall be applied to those scheduled payments and (b) voluntary and mandatory prepayments shall be applied as set forth in Sections 6.2 and
6.3. After the occurrence and during the continuance of an Unmatured Event of Default or Event of Default, all amounts collected or received by the Administrative Agent or any Lender as proceeds from the sale of, or other realization upon,
all or any part of the Collateral shall be applied as the Administrative Agent shall determine in its discretion or, in the absence of a specific determination by the Administrative Agent, as set forth in the Guaranty and Collateral Agreement.
Concurrently with each remittance to any Lender of its share of any such payment, the Administrative Agent shall advise such Lender as to the application of such payment. 
 7.3 Due Date Extension. If any payment of principal or interest with respect to any of the Loans, or of any fees, falls due on a day which is not a Business Day, then such due date shall be extended to the
immediately following Business Day (unless, in the case of a LIBOR Loan, such immediately following Business Day is the first Business Day of a calendar month, in which case such due date shall be the immediately preceding Business Day) and, in the
case of principal, additional interest shall accrue and be payable for the period of any such extension. 
 7.4 Setoff. The Company,
for itself and each other Loan Party, agrees that the Administrative Agent and each Lender have all rights of set-off and bankers’ lien provided by Applicable Law, and in addition thereto, the Company, for itself and each other Loan Party,
agrees that if an Event of Default is outstanding, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, without notice to the Company or other Loan Party (any such notice being expressly waived by the
Company, for itself and each other Loan Party) 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), accounts or moneys 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 Company or any other Loan Party against any of and all the obligations of the Company or such Loan Party 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 7.4 are in addition to other rights and
remedies (including other rights of setoff) which such Lender may have. Each Lender acknowledges and agrees that, notwithstanding the terms of any agreement between such Lender or its Affiliate and any Loan Party with respect to any deposits, at any
time any Event of Default exists, any Lender or its Affiliate maintaining or otherwise in possession or control of any deposits, accounts or moneys shall, upon the written request of the Administrative Agent and to the extent not prohibited by the
Loan Documents or Applicable Law, promptly exercise any setoff rights and apply any moneys against the Obligations. 
  

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 7.5 Proration of Payments. If any Lender shall obtain any payment or other recovery (whether
voluntary, involuntary, by application of offset or otherwise, on account of (a) principal of or interest on any Loan, but excluding (i) any payment pursuant to Section 8.7 or 15.6 and (ii) payments of interest on
any Affected Loan) or (b) its participation in any Letter of Credit) in excess of its applicable Pro Rata Share of payments and other recoveries obtained by all Lenders on account of principal of and interest on the Loans (or such
participation) then held by them, then such Lender shall purchase from the other Lenders such participations in the Loans (or sub-participations in Letters of Credit) held by them as shall be necessary to cause such purchasing Lender to share the
excess payment or other recovery ratably with each of them; provided that if all or any portion of the excess payment or other recovery is thereafter recovered from such purchasing Lender, the purchase shall be rescinded and the purchase
price restored to the extent of such recovery. 
 7.6 Taxes. 
 (a) All payments made by the Company hereunder or under any Loan Documents shall be made without setoff, counterclaim, or other defense. To the extent
permitted by Applicable Law, all payments by the Company hereunder or under the Loan Documents (including any payment of principal, interest, or fees) to, or for the benefit, of any person shall be made by the Company free and clear of and without
deduction or withholding for, or on account of, any Taxes now or hereinafter imposed by any taxing authority. 
 (b) If the Company makes any
payment hereunder or under any Loan Document in respect of which it is required by Applicable Law to deduct or withhold any Taxes, the Company shall increase the payment hereunder or under any such Loan Document such that after the reduction for the
amount of Taxes withheld (and any Taxes withheld or imposed with respect to the additional payments required under this Section 7.6(b)), the amount paid to the Lenders or the Administrative Agent equals the amount that was payable
hereunder or under any such Loan Document without regard to this Section 7.6(b). To the extent the Company withholds any Taxes on payments hereunder or under any Loan Document, the Company shall pay the full amount deducted to the
relevant taxing authority within the time allowed for payment under Applicable Law and shall deliver to the Administrative Agent within 30 days after it has made payment to such authority a receipt issued by such authority (or other evidence
reasonably satisfactory to the Administrative Agent) evidencing the payment of all amounts deducted or withheld from such payment. 
 (c) If
any Lender or the Administrative Agent is required by law to make any payments of any Taxes on or in relation to any amounts received or receivable hereunder or under any other Loan Document, or any Tax is assessed against a Lender or the
Administrative Agent with respect to amounts received or receivable hereunder or under any other Loan Document, the Company shall indemnify such person against (i) such Tax (and any reasonable counsel fees and expenses reasonably incurred in
connection with such Tax) and (ii) any Taxes imposed as a result of the receipt of the payment under this Section 7.6(c). A certificate prepared in good faith as to the nature and amount of such payment by such Lender or the
Administrative Agent shall, absent manifest error, be final, conclusive, and binding on all parties. 
  

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 (d)(i) To the extent permitted by Applicable Law, each Lender that is not a United States person within
the meaning of Code Section 7701(a)(30) (a “Non-U.S. Lender”) shall deliver to the Company and the Administrative Agent on or prior to the Closing Date (or in the case of a Lender that is an Assignee, on the date of such
assignment to such Lender) two accurate and complete original signed copies of IRS Form W-8BEN, W-8ECI, or W-8IMY (or any successor or other applicable form prescribed by the IRS) certifying to such Lender’s entitlement to a complete exemption
from, or a reduced rate in, United States withholding tax on interest payments to be made hereunder or any Loan. If a Non-U.S. Lender is claiming a complete exemption from withholding on interest pursuant to Code Sections 871(h) or 881(c), the
Lender shall deliver (along with two accurate and complete original signed copies of IRS Form W-8BEN) a certificate in form and substance reasonably acceptable to the Administrative Agent (any such certificate, a “Withholding
Certificate”). In addition, each Non-U.S. Lender shall from time to time after the Closing Date, (or in the case of a Lender that is an Assignee, after the date of the assignment to such Lender), when a lapse in time (or change in
circumstances occurs) renders the prior certificates hereunder obsolete or inaccurate in any material respect, to the extent permitted under Applicable Law, deliver to the Company and the Administrative Agent two new, accurate and complete original
signed copies of an IRS Form W-8BEN, W-8ECI, or W-8IMY (or any successor or other applicable forms prescribed by the IRS), and if applicable, a new Withholding Certificate, to confirm or establish the entitlement of such Lender or the Administrative
Agent to an exemption from, or reduction in, United States withholding tax on interest payments to be made hereunder or any Loan. 
 (ii)
Each Lender that is not a Non-U.S. Lender (other than a Lender which is taxed as a corporation for U.S. federal income tax purposes) shall provide two properly completed and duly executed copies of IRS Form W-9 (or any successor or other applicable
form) to the Company and the Administrative Agent certifying that such Lender is exempt from United States backup withholding tax. To the extent that a form provided pursuant to this Section 7.6(d)(ii) is rendered obsolete or inaccurate
in any material respect as result of change in circumstances with respect to the status of a Lender, such Lender shall, to the extent permitted by Applicable Law, deliver to the Company and the Administrative Agent revised forms necessary to confirm
or establish the entitlement to such Lender’s exemption from United States backup withholding tax. 
 (iii) The Company shall not be
required to pay additional amounts to a Lender, or indemnify any Lender, under this Section 7.6 to the extent that such obligations would not have arisen but for the failure of such Lender to comply with Section 7.6(d) or any
other provision of the Loan Documents. 
 (iv) Each Lender shall indemnify the Administrative Agent and hold the Administrative Agent
harmless for the full amount of any and all Taxes (including any Taxes imposed by any jurisdiction on amounts payable to the Administrative Agent under this Section 7.6) which are imposed on or with respect to principal, interest or fees
payable to such Lender hereunder and which are not 

  

 34 

 
paid by the Company pursuant to this Section 7.6, whether or not such Taxes or related liabilities were correctly or legally asserted. This
indemnification shall be made within 30 days from the date the Administrative Agent makes written demand therefor. 
 (e) The Lenders and the
Administrative Agent shall refund to the Company any Taxes paid by the Company under this Section 7.6 and refunded by the relevant taxing authority to the Lenders or to the Administrative Agent. 
 SECTION 8 INCREASED COSTS; SPECIAL PROVISIONS FOR LIBOR LOANS. 
 8.1 Increased Costs. (a) If, after the date hereof, the adoption of, or any change in, any Applicable Law, rule or regulation, or any change in the interpretation or administration of any Applicable Law,
rule or regulation by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any Lender with any request or directive (whether or not having the force of law) of any
such authority, central bank or comparable agency: (i) shall impose, modify or deem applicable any reserve (including any reserve imposed by the FRB, but excluding any reserve included in the determination of the LIBOR Rate pursuant to
Section 4), special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by any Lender; or (ii) shall impose on any Lender any other condition affecting its LIBOR Loans, its Note
or its obligation to make LIBOR Loans; and the result of anything described in clauses (i) and (ii) above is to increase the cost to (or to impose a cost on) such Lender (or any LIBOR Office of such Lender) of making or maintaining any
LIBOR Loan, or to reduce the amount of any sum received or receivable by such Lender (or its LIBOR Office) under this Agreement or under its Note with respect thereto, then upon demand by such Lender (which demand shall be accompanied by a statement
setting forth the basis for such demand and a calculation of the amount thereof in reasonable detail, a copy of which shall be furnished to the Administrative Agent), the Company shall pay directly to such Lender such additional amount as will
compensate such Lender for such increased cost or such reduction, so long as such amounts have accrued on or after the day which is 180 days prior to the date on which such Lender first made demand therefor. 
 (b) If any Lender shall reasonably and in good faith determine that any change in, or the adoption or phase-in of, any Applicable Law, rule or regulation
regarding capital adequacy, or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or the compliance by any Lender or
any Person controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) of any such authority, central bank or comparable agency, has or would have the effect of reducing the rate of
return on such Lender’s or such controlling Person’s capital as a consequence of such Lender’s obligations hereunder or under any Letter of Credit to a level below that which such Lender or such controlling Person could have achieved
but for such change, adoption, phase-in or compliance (taking into consideration such Lender’s or such controlling Person’s policies with respect to capital adequacy) by 

  

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an amount deemed by such Lender or such controlling Person to be material, then from time to time, upon demand by such Lender (which demand shall be
accompanied by a statement setting forth the basis for such demand and a calculation of the amount thereof in reasonable detail, a copy of which shall be furnished to the Administrative Agent), the Company shall pay to such Lender such additional
amount as will compensate such Lender or such controlling Person for such reduction so long as such amounts have accrued on or after the day which is 180 days prior to the date on which such Lender first made demand therefor. 
 8.2 Basis for Determining Interest Rate Inadequate or Unfair. If: 
 (a) the Administrative Agent reasonably and in good faith determines (which determination shall, absent manifest error, be binding and conclusive on the Company) that by reason of circumstances affecting the interbank
LIBOR market adequate and reasonable means do not exist for ascertaining the applicable LIBOR Rate; or 
 (b) the Required Lenders advise the
Administrative Agent that the LIBOR Rate as determined reasonably and in good faith by the Administrative Agent will not reflect the cost to such Lenders of maintaining or funding LIBOR Loans for such Interest Period (taking into account any amount
to which such Lenders may be entitled under Section 8.1) or that the making or funding of LIBOR Loans has become impracticable as a result of an event occurring after the date of this Agreement which in the opinion of such Lenders
materially and adversely affects such Loans; 
 then the Administrative Agent shall promptly notify the other parties thereof and, so long as such
circumstances shall continue, (i) no Lender shall be under any obligation to make any LIBOR Loans or convert any Base Rate Loans into LIBOR Loans and (ii) on the last day of the current Interest Period for each LIBOR Loan, such Loan shall,
unless then repaid in full, automatically convert to a Base Rate Loan. 
 8.3 Changes in Law Rendering LIBOR Loans Unlawful. If any
change in, or the adoption of any new, law or regulation, or any change in the interpretation of any Applicable Law or regulation by any Governmental Authority or other regulatory body charged with the administration thereof, should make it (or in
the reasonable good faith judgment of any Lender cause a substantial question as to whether it is) unlawful for any Lender to make, maintain or fund LIBOR Loans, then such Lender shall promptly notify each of the other parties hereto and, so long as
such circumstances shall continue, (a) such Lender shall have no obligation to make or convert any Base Rate Loan into a LIBOR Loan (but shall make Base Rate Loans concurrently with the making of or conversion of Base Rate Loans into LIBOR
Loans by the Lenders which are not so affected, in each case in an amount equal to the amount of LIBOR Loans which would be made or converted into by such Lender at such time in the absence of such circumstances) and (b) on the last day of the
current Interest Period for each LIBOR Loan of such Lender (or, in any event, on such earlier date as may be required by the relevant law, regulation or interpretation), such LIBOR Loan shall, unless then repaid in full, automatically convert to a
Base Rate Loan. 

  

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Each Base Rate Loan made by a Lender which, but for the circumstances described in the foregoing sentence, would be a LIBOR Loan (an “Affected
Loan”) shall remain outstanding for the period corresponding to the Group of LIBOR Loans of which such Affected Loan would be a part absent such circumstances. 
 8.4 Funding Losses. The Company hereby agrees that upon demand by any Lender (which demand shall be accompanied by a statement setting forth the basis for the amount being claimed, a copy of which shall be
furnished to the Administrative Agent), the Company will indemnify such Lender against any net out-of-pocket loss or expense which such Lender may actually sustain or incur (including any net loss or expense incurred by reason of the liquidation or
reemployment of deposits or other funds acquired by such Lender to fund or maintain any LIBOR Loan), as reasonably determined by such Lender, as a result of (a) any payment, prepayment or conversion of any LIBOR Loan of such Lender on a date
other than the last day of an Interest Period for such Loan (including any conversion pursuant to Section 8.3) or (b) any failure of the Company to borrow, convert or continue any Loan on a date specified therefor in a notice of
borrowing, conversion or continuation pursuant to this Agreement. All notices to the Administrative Agent pursuant to this Section 8.4 shall be deemed to be irrevocable. 
 8.5 Right of Lenders to Fund through Other Offices. Each Lender may, if it so elects, fulfill its commitment as to any LIBOR Loan by causing a
foreign branch or Affiliate of such Lender to make such Loan; provided that in such event for the purposes of this Agreement such Loan shall be deemed to have been made by such Lender and the obligation of the Company to repay such Loan shall
nevertheless be to such Lender and shall be deemed held by it, to the extent of such Loan, for the account of such branch or Affiliate. 
 8.6 Discretion of Lenders as to Manner of Funding. Notwithstanding any provision of this Agreement to the contrary, each Lender shall be entitled to fund and maintain its funding of all or any part of its Loans in any manner it sees
fit, it being understood, however, that for the purposes of this Agreement all determinations hereunder shall be made as if such Lender had actually funded and maintained each LIBOR Loan during each Interest Period for such Loan through the purchase
of deposits having a maturity corresponding to such Interest Period and bearing an interest rate equal to the LIBOR Rate for such Interest Period. 
 8.7 Mitigation of Circumstances; Replacement of Lenders. (a) Each Lender shall promptly notify the Company and the Administrative Agent of any event of which it has knowledge which will result in, and will use reasonable
commercial efforts available to it (and not, in such Lender’s sole judgment, otherwise disadvantageous to such Lender) to mitigate or avoid, (i) any obligation by the Company to pay any amount pursuant to Sections 7.6 or 8.1
or (ii) the occurrence of any circumstances described in Sections 8.2 or 8.3 (and, if any Lender has given notice of any such event described in clause (i) or (ii) above and thereafter such event ceases to exist, such
Lender shall promptly so notify the Company and the Administrative Agent). Without limiting the foregoing, each Lender shall designate a different lending office if such designation will avoid (or reduce the cost to the Company of) any event
described in clause (i) or (ii) above and such designation will not, in such Lender’s sole judgment, be otherwise disadvantageous to such Lender. 
  

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 (b) If the Company becomes obligated to pay additional amounts to the Administrative Agent or any Lender
pursuant to Sections 7.6 or 8.1, or any Lender gives notice of the occurrence of any circumstances described in Sections 8.2 or 8.3, the Company may designate another bank which is acceptable to the Administrative Agent
and the Issuing Lender in their reasonable discretion (such other bank being called a “Replacement Lender”) to purchase the Loans of such Lender and such Lender’s rights hereunder, without recourse to or warranty by, or expense
to, such Lender, for a purchase price equal to the outstanding principal amount of the Loans payable to such Lender plus any accrued but unpaid interest on such Loans and all accrued but unpaid fees owed to such Lender and any other amounts payable
to such Lender under this Agreement, and to assume all the obligations of such Lender hereunder, and, upon such purchase and assumption (pursuant to an Assignment Agreement), such Lender shall no longer be a party hereto or have any rights hereunder
(other than rights with respect to indemnities and similar rights applicable to such Lender prior to the date of such purchase and assumption) and shall be relieved from all obligations to the Company hereunder, and the Replacement Lender shall
succeed to the rights and obligations of such Lender hereunder. 
 8.8 Conclusiveness of Statements; Survival of Provisions. Except as
otherwise provided in Sections 8.1, 8.2, 8.3 and 8.4, determinations of any Lender pursuant to Sections 8.1, 8.2, 8.3 and 8.4 shall be conclusive absent demonstrable error. Lenders may use
reasonable averaging and attribution methods in determining compensation under Sections 8.1 and 8.4, and the provisions of such Sections shall survive repayment of the Obligations, cancellation of any Notes, expiration or termination
of the Letters of Credit and termination of this Agreement. 
 SECTION 9 REPRESENTATIONS AND WARRANTIES. 
 To induce the Administrative Agent and the Lenders to enter into this Agreement and to induce the Lenders to make Loans and issue and participate in
Letters of Credit hereunder, the Company represents and warrants to the Administrative Agent and the Lenders that: 
 9.1 Organization.
The Company and each Subsidiary is validly existing and in good standing under the laws of its jurisdiction of organization; and the Company and each Subsidiary is duly qualified to do business in each jurisdiction where, because of the nature of
its activities or properties, such qualification is required, except for such jurisdictions where the failure to so qualify would not have a Material Adverse Effect. 
 9.2 Authorization; No Conflict. Each Loan Party is duly authorized to execute and deliver each Loan Document to which it is a party, the Company is duly authorized to borrow monies hereunder and each Loan Party
is duly authorized to perform its Obligations under each Loan Document to which it is a party. The execution, delivery and performance by each Loan Party of each Loan Document to which it is a party, and the borrowings by the Company hereunder, do
not and will not (a) require any consent or 

  

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approval of any Governmental Authority (other than any consent or approval which has been obtained and is in full force and effect), (b) conflict with
(i) any Applicable Law, (ii) the charter, by-laws or other organizational documents of any Loan Party or (iii) any agreement, indenture, instrument or other document, or any judgment, order or decree, which is binding upon any Loan
Party or any of their respective properties or (c) require, or result in, the creation or imposition of any Lien on any asset of any Loan Party (other than Liens in favor of the Administrative Agent created pursuant to the Collateral
Documents). 
 9.3 Validity and Binding Nature. Each of this Agreement and each other Loan Document to which any Loan Party is a party
is the legal, valid and binding obligation of such Person, enforceable against such Person in accordance with its terms, subject to bankruptcy, insolvency and similar laws affecting the enforceability of creditors’ rights generally and to
general principles of equity. 
 9.4 Financial Condition. The audited consolidated financial statements of the Company and its
Subsidiaries as at March 31, 2006, and the unaudited consolidated financial statements of the Company and the Subsidiaries as at December 31, 2006, copies of each of which have been delivered to each Lender, were prepared in accordance
with GAAP (subject, in the case of such unaudited statements, to the absence of footnotes and to normal year-end adjustments) and present fairly the consolidated financial condition of the Company and its Subsidiaries as at such dates and the
results of their operations for the periods then ended. 
 9.5 No Material Adverse Change. Since March 31, 2006, there has been
no material adverse change in the financial condition, operations, assets, business, properties or prospects of the Company and its Subsidiaries taken as a whole. 
 9.6 Litigation and Contingent Liabilities. No litigation (including derivative actions), arbitration proceeding or governmental investigation or proceeding is pending or, to the Company’s knowledge,
threatened against the Company or any Subsidiary which might reasonably be expected to have a Material Adverse Effect, except as set forth in Schedule 9.6. Other than any liability incident to such litigation or proceedings, neither the
Company nor any Subsidiary has any material Contingent Liabilities not listed on Schedule 9.6 or permitted by Section 11.1. 
 9.7 Ownership of Properties; Liens. The Company and each Subsidiary owns good and, in the case of real property, marketable title to or valid leaseholds in all of its properties and assets, real and personal, tangible and intangible,
of any nature whatsoever (including patents, trademarks, trade names, service marks and copyrights), free and clear of all Liens, charges and claims (including infringement claims with respect to patents, trademarks, service marks, copyrights and
the like) except for Permitted Liens. 
 9.8 Equity Ownership; Subsidiaries. The Company has no other Subsidiaries other than as
identified on Schedule 9.8, which sets forth the jurisdiction of organization of each Subsidiary and whether such Subsidiary is a Material Subsidiary as of the Closing Date. 

  

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All issued and outstanding Capital Securities of each Subsidiary are duly authorized and validly issued, fully paid, non-assessable, and free and clear of
all Liens other than Permitted Liens and those Liens in favor of the Administrative Agent, and such securities were issued in compliance with all Applicable Laws concerning the issuance of securities. Schedule 9.8 sets forth the authorized
Capital Securities of each Subsidiary as of the Closing Date. All of the issued and outstanding Capital Securities of each Subsidiary is, directly or indirectly, owned by the Company. As of the Closing Date, except as set forth on Schedule
9.8, there are no pre-emptive or other outstanding rights, options, warrants, conversion rights or other similar agreements or understandings for the purchase or acquisition of any Capital Securities of any Subsidiary. 
 9.9 Pension Plans. (a) The Unfunded Liability of all Pension Plans does not in the aggregate exceed twenty percent of the Total Plan
Liability for all such Pension Plans. Each Pension Plan complies in all material respects with all applicable requirements of law and regulations. No contribution failure under Section 412 of the Code, Section 302 of ERISA or the terms of
any Pension Plan has occurred with respect to any Pension Plan, sufficient to give rise to a Lien under Section 302(f) of ERISA, or otherwise to have a Material Adverse Effect. There are no pending or, to the knowledge of Company, threatened,
claims, actions, investigations or lawsuits against any Pension Plan, any fiduciary of any Pension Plan, or Company or other any member of the Controlled Group with respect to a Pension Plan or a Multiemployer Pension Plan which could reasonably be
expected to have a Material Adverse Effect. Neither the Company nor any other member of the Controlled Group has engaged in any prohibited transaction (as defined in Section 4975 of the Code or Section 406 of ERISA) in connection with any
Pension Plan or Multiemployer Pension Plan which would subject that Person to any material liability. Within the past five years, neither the Company nor any other member of the Controlled Group has engaged in a transaction which resulted in a
Pension Plan with an Unfunded Liability being transferred out of the Controlled Group, which could reasonably be expected to have a Material Adverse Effect. No Termination Event has occurred or is reasonably expected to occur with respect to any
Pension Plan, which could reasonably be expected to have a Material Adverse Effect. 
 (b) All contributions (if any) have been made to any
Multiemployer Pension Plan that are required to be made by the Company or any other member of the Controlled Group under the terms of the plan or of any collective bargaining agreement or by Applicable Law; neither the Company nor any other member
of the Controlled Group has withdrawn or partially withdrawn from any Multiemployer Pension Plan, incurred any withdrawal liability with respect to any such plan or received notice of any claim or demand for withdrawal liability or partial
withdrawal liability from any such plan, and no condition has occurred which, if continued, could result in a withdrawal or partial withdrawal from any such plan; and neither the Company nor any other member of the Controlled Group has received any
notice that any Multiemployer Pension Plan is in reorganization, that increased contributions may be required to avoid a reduction in plan benefits or the imposition of any excise tax, that any such plan is or has been funded at a rate less than
that required under Section 412 of the Code, that any such plan is or may be terminated, or that any such plan is or may become insolvent. 
  

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 9.10 Investment Company Act. No Loan Party is an “investment company” or a company
“controlled” by an “investment company” or a “subsidiary” of an “investment company,” within the meaning of the Investment Company Act of 1940. 
 9.11 Reserved. 
 9.12 Regulations
T,U and X. No Loan Party is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying Margin Stock. No part of the proceeds of any Loan will be used, whether
directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X. 
 9.13 Taxes. The Company and each Subsidiary has timely filed all tax returns and reports required by law to have been filed by it and has paid all taxes and governmental charges due and payable with respect to such returns, except
any such taxes or charges which are being diligently contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP shall have been set aside on its books. The Company and its Subsidiaries have made
adequate reserves on their books and records in accordance with GAAP for all taxes that have accrued but which are not yet due and payable. Neither the Company nor any Subsidiary has participated in any transaction that relates to a year of the
taxpayer (which is still open under the applicable statute of limitations) which is a “reportable transaction” within the meaning of Treasury Regulation Section 1.6011-4(b)(2) (irrespective of the date when the transaction was entered
into). 
 9.14 Solvency, etc. On the Closing Date, and immediately prior to and after giving effect to the issuance of each Letter of
Credit and each borrowing hereunder and the use of the proceeds thereof, with respect to the Company and each Subsidiary, individually, (a) the fair value of its assets is greater than the amount of its liabilities (including disputed,
contingent and unliquidated liabilities) as such value is established and liabilities evaluated in accordance with GAAP, (b) the present fair saleable value of its assets is not less than the amount that will be required to pay the probable
liability on its debts as they become absolute and matured, (c) it is able to realize upon its assets and pay its debts and other liabilities (including disputed, contingent and unliquidated liabilities) as they mature in the normal course of
business, (d) it does not intend to, and does not believe that it will, incur debts or liabilities beyond its ability to pay as such debts and liabilities mature and (e) it is not engaged in business or a transaction, and is not about to
engage in business or a transaction, for which its property would constitute unreasonably small capital. 
 9.15 Environmental
Matters. The on-going operations of the Company and each Subsidiary comply in all respects with all Environmental Laws, except such non-compliance which could not (if enforced in accordance with Applicable Law) reasonably be expected to result,
either individually or in the aggregate, in a Material Adverse Effect. The Company and each Subsidiary has obtained, and maintained in good standing, all licenses, permits, authorizations, registrations and other approvals required under any 

  

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Environmental Law and required for their respective ordinary course operations, and for their reasonably anticipated future operations, and the Company and
each Subsidiary is in compliance with all terms and conditions thereof, except where the failure to do so could not reasonably be expected to result in material liability to the Company or any Subsidiary and could not reasonably be expected to
result, either individually or in the aggregate, in a Material Adverse Effect. Neither the Company nor any Subsidiary or any of its properties or operations is subject to, or reasonably anticipates the issuance of, any written order from or
agreement with any Federal, state or local Governmental Authority, nor subject to any judicial or docketed administrative or other proceeding, respecting any Environmental Law, Environmental Claim or Hazardous Substance, except where such order,
agreement, or proceeding could not reasonably be expected to result in material liability to the Company or any Subsidiary and could not reasonably be expected to result, either individually or in the aggregate, in a Material Adverse Effect. There
are no Hazardous Substances or other conditions or circumstances existing with respect to any property, arising from operations prior to the Closing Date, or relating to any waste disposal, of the Company or any Subsidiary that would reasonably be
expected to result, either individually or in the aggregate, in a Material Adverse Effect. Neither the Company nor any Subsidiary has any underground storage tanks that are not properly registered or permitted under applicable Environmental Laws or
that at any time have released, leaked, disposed of or otherwise discharged Hazardous Substances except where such release, leakage, disposal or discharge could not reasonably be expected to result in material liability to the Company or any
Subsidiary and could not reasonably be expected to result, either individually or in the aggregate, in a Material Adverse Effect. 
 9.16
Insurance. Set forth on Schedule 9.16 is a complete and accurate summary of the property and casualty insurance program of the Company and its Subsidiaries as of the Closing Date (including the names of all insurers, policy numbers,
expiration dates, and amounts and types of coverage). The properties of each of the Company and each Subsidiary are insured with financially sound and reputable insurance companies which are not Affiliates of the Company or any Subsidiary, in such
amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the Company and such Subsidiaries operate. 
 9.17 Real Property. Set forth on Schedule 9.17 is a complete and accurate list, as of the Closing Date, of the address of all real property
owned or leased by the Company or any Subsidiary, together with, in the case of leased property, the name and mailing address of the lessor of such property. 
 9.18 Information. All information heretofore or contemporaneously herewith furnished in writing by the Company or any Subsidiary to the Administrative Agent or any Lender for purposes of or in connection with
this Agreement and the transactions contemplated hereby is, and all written information hereafter furnished by or on behalf of the Company or any Subsidiary to the Administrative Agent or any Lender pursuant hereto or in connection herewith will be,
true and accurate in every material respect on the date as of which such information is dated or certified, and none of such information is or will be incomplete by omitting to state 

  

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any material fact necessary to make such information not misleading in light of the circumstances under which made (it being recognized by the Administrative
Agent and the Lenders that any projections and forecasts provided by the Company are based on good faith estimates and assumptions believed by the Company to be reasonable as of the date of the applicable projections or assumptions and that actual
results during the period or periods covered by any such projections and forecasts may differ from projected or forecasted results). 
 9.19
Intellectual Property. Each of the Company and each Subsidiary owns and possesses or has a license or other right to use all patents, patent rights, trademarks, trademark rights, trade names, trade name rights, service marks, service mark
rights and copyrights as are necessary for the conduct of the businesses of the Company and its Subsidiaries, without any infringement upon rights of others which could reasonably be expected to have a Material Adverse Effect. 
 9.20 Burdensome Obligations. Neither the Company nor any Subsidiary is a party to any agreement or contract or subject to any restriction
contained in its organizational documents which could reasonably be expected to have a Material Adverse Effect. 
 9.21 Labor Matters.
Except as set forth on Schedule 9.21, neither the Company nor any Subsidiary is subject to any labor or collective bargaining agreement. There are no existing or threatened strikes, lockouts or other labor disputes involving the Company or
any Subsidiary that singly or in the aggregate could reasonably be expected to have a Material Adverse Effect. Hours worked by and payment made to employees of the Company or any Subsidiaries are not, in any material respect, in violation of the
Fair Labor Standards Act or any other Applicable Law, rule or regulation dealing with such matters. 
 9.22 No Default. No Event of
Default or Unmatured Event of Default exists or would result from the incurrence by any Loan Party of any Debt hereunder or under any other Loan Document. 
 9.23 Subordinated Debt. The subordination provisions of the Subordinated Debt, to the extent any is outstanding, are enforceable against the holders of the Subordinated Debt by the Administrative Agent and the
Lenders. All Obligations constitute senior Debt entitled to the benefits of the subordination provisions contained in the Subordinated Debt, to the extent any is outstanding. The Company acknowledges that the Administrative Agent and each Lender are
entering into this Agreement and are extending the Commitments and making the Loans in reliance upon the subordination provisions of the Subordinated Debt, to the extent any is outstanding, and this Section 9.23. 
 9.24 Corporate Purpose. The proceeds of the Loans and any subsequent loan of such proceeds by the Company to any Subsidiary serve a valid
corporate purpose. 
  

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 SECTION 10 AFFIRMATIVE COVENANTS. 
 Until the expiration or termination of the Commitments and thereafter until all Obligations hereunder and under the other Loan Documents are paid in full
and all Letters of Credit have been terminated or Cash Collateralized, the Company agrees that, unless at any time the Required Lenders shall otherwise expressly consent in writing, it will: 
 10.1 Reports, Certificates and Other Information. Furnish to the Administrative Agent and each Lender: 
 10.1.1 Annual Report. Promptly when available and in any event within 90 days after the close of each Fiscal Year: (a) a copy of the Form 10-K
of the Company and its Subsidiaries as filed with the Securities and Exchange Commission, which will include a copy of the annual audit report of the Company and its Subsidiaries for such Fiscal Year, including therein consolidated balance sheets
and statements of earnings and cash flows of the Company and its Subsidiaries as at the end of such Fiscal Year, certified without adverse reference to going concern value and without qualification by independent auditors of recognized standing
selected by the Company and reasonably acceptable to the Administrative Agent; and (b) a consolidating balance sheet of the Company and its Subsidiaries as of the end of such Fiscal Year and consolidating statement of earnings and cash flows
for the Company and its Subsidiaries for such Fiscal Year, certified by a Senior Officer of the Company. 
 10.1.2 Interim Reports.
Promptly when available and in any event within 45 days after the end of each Fiscal Quarter (except the last Fiscal Quarter of each Fiscal Year), (a) a copy of the Form 10-Q of the Company and its Subsidiaries as filed with the Securities and
Exchange Commission; (b) a consolidated and consolidating balance sheets of the Company and its Subsidiaries as of the end of such Fiscal Quarter, together with consolidated and consolidating statements of earnings and cash flows for such
Fiscal Quarter and for the period beginning with the first day of such Fiscal Year and ending on the last day of such Fiscal Quarter, together with a comparison with the corresponding period of the previous Fiscal Year, certified by a Senior Officer
of the Company; and (c) upon the request of the Administrative Agent, consolidated and consolidating balance sheets of the Company and its Subsidiaries as of the end of such month, together with consolidated and consolidating statements of
earnings and a consolidated statement of cash flows for such month and for the period beginning with the first day of such Fiscal Year and ending on the last day of such month, together with a comparison with the corresponding period of the previous
Fiscal Year, certified by a Senior Officer of the Company. 
 10.1.3 Compliance Certificates. Contemporaneously with the furnishing of
a copy of each annual audit report pursuant to Section 10.1.1 and each set of quarterly statements pursuant to Section 10.1.2, a duly completed compliance certificate in the form of Exhibit B, with appropriate
insertions, dated the date of such annual report or such quarterly statements and signed by a Senior Officer of the Company, containing a computation of each of the financial ratios and restrictions set forth in Section 11.14 and to the
effect that such officer has not become aware of any Event of Default or Unmatured Event of Default that has occurred and is continuing or, if there is any such event, describing it and the steps, if any, being taken to cure it. 
  

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 10.1.4 Reports to the SEC and to Shareholders. Promptly upon the filing or sending thereof, copies
of all regular, periodic or special reports of any Loan Party filed with the SEC; copies of all registration statements of any Loan Party filed with the SEC (other than on Form S-8); and copies of all proxy statements or other communications made to
security holders generally; provided, however, that the Company may comply with this Section 10.1.4 by taking all steps necessary to add each Lender to the proper notification service with respect to communications sent to the
SEC. 
 10.1.5 Notice of Default, Litigation and ERISA Matters. Promptly upon becoming aware of any of the following, written notice
describing the same and the steps being taken by the Company or the Subsidiary affected thereby with respect thereto: 
 (a)
the occurrence of an Event of Default or an Unmatured Event of Default; 
 (b) any litigation, arbitration or governmental
investigation or proceeding not previously disclosed by the Company to the Lenders which has been instituted or, to the knowledge of the Company, is threatened against any Loan Party or to which any of the properties of any thereof is subject which
might reasonably be expected to have a Material Adverse Effect; 
 (c) the institution of any steps by any member of the
Controlled Group or any other Person to terminate any Pension Plan, or the failure of any member of the Controlled Group to make a required contribution to any Pension Plan (if such failure is sufficient to give rise to a Lien under
Section 302(f) of ERISA) or to any Multiemployer Pension Plan, or the taking of any action with respect to a Pension Plan which could result in the requirement that the Company furnish a bond or other security to the PBGC or such Pension Plan,
or the occurrence of any event with respect to any Pension Plan or Multiemployer Pension Plan which could result in the incurrence by any member of the Controlled Group of any material liability, fine or penalty (including any claim or demand for
withdrawal liability or partial withdrawal from any Multiemployer Pension Plan), or any material increase in the contingent liability of the Company with respect to any post-retirement welfare benefit plan or other employee benefit plan of the
Company or another member of the Controlled Group, or any notice that any Multiemployer Pension Plan is in reorganization, that increased contributions may be required to avoid a reduction in plan benefits or the imposition of an excise tax, that
any such plan is or has been funded at a rate less than that required under Section 412 of the Code, that any such plan is or may be terminated, or that any such plan is or may become insolvent; 
 (d) any cancellation or material change in any property or casualty insurance required to be maintained by any Loan Party pursuant to this
Agreement; or 
  

 45 

 (e) any other event (including (i) any violation of any Environmental Law or the
assertion of any Environmental Claim or (ii) the enactment or effectiveness of any law, rule or regulation) which might reasonably be expected to have a Material Adverse Effect. 
 10.1.6 Reserved. 
 10.1.7
Management Reports. Promptly upon receipt thereof, copies of all detailed financial and management reports submitted to the Company or its Subsidiaries by independent auditors in connection with each annual or interim audit made by such
auditors of the books of the Company or its Subsidiaries. 
 10.1.8 Projections. As soon as practicable, and in any event not later
than 90 days after the commencement of each Fiscal Year, financial projections for the Company and its Subsidiaries for such Fiscal Year prepared in a manner consistent with the projections delivered by the Company to the Lenders prior to the
Closing Date or otherwise in a manner reasonably satisfactory to the Administrative Agent. 
 10.1.9 Subordinated Debt Notices.
Promptly following receipt, copies of any written notices (including notices of default or acceleration) received from any holder or trustee of, under or with respect to any Subordinated Debt. 
 10.1.10 Other Information. Promptly from time to time, such other information concerning the Company or its Subsidiaries as any Lender or the
Administrative Agent may reasonably request. 
 10.2 Books, Records and Inspections. Keep, and cause each other Loan Party to keep,
its books and records in accordance with sound business practices sufficient to allow the preparation of financial statements in accordance with GAAP; permit, and cause each other Loan Party to permit, any Lender or the Administrative Agent or any
representative thereof to inspect the properties and operations of the Loan Parties; and permit, and cause each other Loan Party to permit, at any reasonable time and with reasonable notice (or at any time without notice if an Event of Default
exists), any Lender or the Administrative Agent or any representative thereof to visit any or all of its offices, to discuss its financial matters with its officers and its independent auditors (and the Company hereby authorizes such independent
auditors to discuss such financial matters with any Lender or the Administrative Agent or any representative thereof), and to examine (and, at the expense of the Loan Parties, photocopy extracts from) any of its books or other records; and permit,
and cause each other Loan Party to permit, the Administrative Agent and its representatives to inspect the Inventory and other tangible assets of the Loan Parties, to perform appraisals of the equipment of the Loan Parties, and to inspect, audit,
check and make copies of and extracts from the books, records, computer data, computer programs, journals, orders, receipts, correspondence and other data relating to Inventory, Accounts and any other collateral. All such inspections or audits by
the Administrative Agent shall be at the Company’s expense, provided that so long as no Event of Default or Unmatured Event of Default exists, the Company shall not be required to reimburse the Administrative Agent for inspections or
audits made more frequently than twice each Fiscal Year. 
  

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 10.3 Maintenance of Property; Insurance. (a) Keep, and cause each other Loan Party to keep,
all property, including without limitation, all real property, personal property and intellectual property, useful and necessary in the business of the Loan Parties in good working order and condition, ordinary wear and tear excepted, except with
respect to any such property that becomes obsolete, permanently inoperative, or unfit for its intended use or that is subject to condemnation or confiscation. 
 (b) Maintain, and cause each other Loan Party to maintain, with responsible insurance companies, such insurance coverage as may be required by any law or governmental regulation or court decree or order applicable to
it and such other insurance, to such extent and against such hazards and liabilities, as is customarily maintained by companies similarly situated, but which shall insure against all risks and liabilities of the type identified on Schedule
9.16 and shall have insured amounts no less than, and deductibles no higher than, those set forth on such schedule; and, upon request of the Administrative Agent or any Lender, furnish to the Administrative Agent or such Lender a certificate
setting forth in reasonable detail the nature and extent of all insurance maintained by the Loan Parties. The Company shall cause each issuer of an insurance policy to provide the Administrative Agent with an endorsement (i) showing the
Administrative Agent as loss payee with respect to each policy of property or casualty insurance and naming the Administrative Agent as an additional insured with respect to each policy of liability insurance, (ii) providing that 30 days’
notice will be given to the Administrative Agent prior to any cancellation of, material reduction or change in coverage provided by or other material modification to such policy and (iii) reasonably acceptable in all other respects to the
Administrative Agent. The Company shall execute and deliver to the Administrative Agent a collateral assignment, in form and substance satisfactory to the Administrative Agent, of each business interruption insurance policy maintained by the
Company. 
 (c) UNLESS THE COMPANY PROVIDES THE ADMINISTRATIVE AGENT WITH EVIDENCE OF THE INSURANCE COVERAGE REQUIRED BY THIS AGREEMENT, THE
ADMINISTRATIVE AGENT MAY PURCHASE INSURANCE AT THE COMPANY’S EXPENSE TO PROTECT THE ADMINISTRATIVE AGENT’S AND THE LENDERS’ INTERESTS IN THE COLLATERAL. THIS INSURANCE MAY, BUT NEED NOT, PROTECT ANY LOAN PARTY’S INTERESTS. THE
COVERAGE THAT THE ADMINISTRATIVE AGENT PURCHASES MAY NOT PAY ANY CLAIM THAT IS MADE AGAINST ANY LOAN PARTY IN CONNECTION WITH THE COLLATERAL. THE COMPANY MAY LATER CANCEL ANY INSURANCE PURCHASED BY THE ADMINISTRATIVE AGENT, BUT ONLY AFTER PROVIDING
THE ADMINISTRATIVE AGENT WITH EVIDENCE THAT THE COMPANY HAS OBTAINED INSURANCE AS REQUIRED BY THIS AGREEMENT. IF THE ADMINISTRATIVE AGENT PURCHASES INSURANCE FOR THE COLLATERAL, THE COMPANY WILL BE RESPONSIBLE FOR THE COSTS OF THAT INSURANCE,
INCLUDING INTEREST AND ANY OTHER CHARGES THAT MAY BE IMPOSED WITH THE PLACEMENT OF THE INSURANCE, UNTIL THE EFFECTIVE DATE OF 

  

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THE CANCELLATION OR EXPIRATION OF THE INSURANCE. THE COSTS OF THE INSURANCE MAY BE ADDED TO THE PRINCIPAL AMOUNT OF THE LOANS OWING HEREUNDER. THE COSTS OF
THE INSURANCE MAY BE MORE THAN THE COST OF THE INSURANCE THE LOAN PARTIES MAY BE ABLE TO OBTAIN ON THEIR OWN. 
 10.4 Compliance with
Laws; Payment of Taxes and Liabilities. (a) Comply, and cause each Subsidiary to comply, in all material respects with all Applicable Laws, except where failure to comply could not reasonably be expected to have a Material Adverse Effect;
(b) without limiting clause (a) above, ensure, and cause each Subsidiary to ensure, that no Person who owns a controlling interest in or otherwise controls a Subsidiary is or shall be (i) listed on the Specially Designated
Nationals and Blocked Person List maintained by the Office of Foreign Assets Control (“OFAC”), Department of the Treasury, and/or any other similar lists maintained by OFAC pursuant to any authorizing statute, Executive Order or
regulation or (ii) a person designated under Section 1(b), (c) or (d) of Executive Order No. 13224 (September 23, 2001), any related enabling legislation or any other similar Executive Orders, (c) without limiting
clause (a) above, comply, and cause each Subsidiary to comply, with all applicable Bank Secrecy Act (“BSA”) and anti-money laundering laws and regulations and (d) pay, and cause each Subsidiary to pay, prior to
delinquency, all taxes and other governmental charges against it or any Collateral, as well as claims of any kind which, if unpaid, could become a Lien (other than a Permitted Lien) on any of its property; provided that the foregoing shall
not require the Company or any Subsidiary to pay any such tax or charge so long as it shall contest the validity thereof in good faith by appropriate proceedings and shall set aside on its books adequate reserves with respect thereto in accordance
with GAAP and, in the case of a claim which could become a Lien (other than a Permitted Lien) on any Collateral, such contest proceedings shall stay the foreclosure of such Lien or the sale of any portion of the collateral to satisfy such claim.

 10.5 Maintenance of Existence, etc. Maintain and preserve, and (subject to Section 11.5) cause each Subsidiary to
maintain and preserve, (a) its existence and good standing in the jurisdiction of its organization and (b) its qualification to do business and good standing in each jurisdiction where the nature of its business makes such qualification
necessary (other than such jurisdictions in which the failure to be qualified or in good standing could not reasonably be expected to have a Material Adverse Effect). 
 10.6 Use of Proceeds. Use the proceeds of the Loans, and the Letters of Credit, solely (i) to refinance existing Debt of the Loan Parties, including, without limitation Debt evidenced by that certain Fifth
Amended and Restated Credit, Reimbursement and Security Agreement dated as of July 12, 2002, as amended, (ii) to finance Permitted Acquisitions, including related fees and expenses and the repayment of certain indebtedness related thereto,
(iii) to finance stock repurchases, and (iv) to provide for the working capital requirements and and for other general business purposes of the Loan Parties; and not use or permit any proceeds of any Loan to be used, either directly or
indirectly, for the purpose, whether immediate, incidental or ultimate, of “purchasing or carrying” any Margin Stock. 
  

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 10.7 Employee Benefit Plans. 
 (a) Maintain, and cause each other member of the Controlled Group to maintain, each Pension Plan in substantial compliance with all applicable
requirements of law and regulations. 
 (b) Make, and cause each other member of the Controlled Group to make, on a timely basis, all
required contributions to any Multiemployer Pension Plan. 
 (c) Not, and not permit any other member of the Controlled Group to
(i) seek a waiver of the minimum funding standards of ERISA, (ii) terminate or withdraw from any Pension Plan or Multiemployer Pension Plan or (iii) take any other action with respect to any Pension Plan that would reasonably be
expected to entitle the PBGC to terminate, impose liability in respect of, or cause a trustee to be appointed to administer, any Pension Plan, unless the actions or events described in clauses (i), (ii) and (iii) individually or in the
aggregate would not have a Material Adverse Effect. 
 10.8 Environmental Matters. If any release or threatened release or other
disposal of Hazardous Substances shall occur or shall have occurred on any real property or any other assets of any Loan Party, the Company shall, or shall cause the applicable Loan Party to, cause the prompt containment and removal of such
Hazardous Substances and the remediation of such real property or other assets as necessary to comply with all Environmental Laws and to preserve the value of such real property or other assets. Without limiting the generality of the foregoing, the
Company shall, and shall cause each other Loan Party to, comply with any Federal or state judicial or administrative order requiring the performance at any real property of any Loan Party of activities in response to the release or threatened
release of a Hazardous Substance. To the extent that the transportation of Hazardous Substances is permitted by this Agreement, the Company shall, and shall cause its Subsidiaries to, dispose of such Hazardous Substances, or of any other wastes,
only at licensed disposal facilities operating in compliance with Environmental Laws. 
 10.9 Further Assurances. Take, and cause each
Subsidiary to take, such actions as are necessary or as the Administrative Agent or the Required Lenders may reasonably request from time to time to ensure that the Obligations of each Loan Party under the Loan Documents are secured by substantially
all of the personal assets of the Company and each Loan Party (including all Capital Securities that are owned by Loan Party of each Domestic Subsidiary and 65% of all Capital Securities that are owned by Loan Party of each Foreign Subsidiary that
is a Wholly-Owned Subsidiary or a Domestic Subsidiary of the Company, but excluding the Capital Securities of any other Foreign Subsidiary) and guaranteed by each Loan Party (including, upon the acquisition or creation thereof, any Material
Subsidiary acquired or created after the Closing Date), in each case as the Administrative Agent may determine, including (a) the execution and delivery of guaranties, security agreements, pledge agreements, financing statements and other
documents, and the filing or recording of any of the foregoing and (b) the delivery of certificated securities and other Collateral with respect to which perfection is obtained by possession. 
  

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 10.10 Deposit Accounts. Unless the Administrative Agent otherwise consents in writing, in order to
facilitate the Administrative Agent’s and the Lenders’ maintenance and monitoring of their security interests in the Collateral, maintain all of their principal deposit accounts with a Lender. 
 SECTION 11 NEGATIVE COVENANTS 
 Until the
expiration or termination of the Commitments and thereafter until all Obligations hereunder and under the other Loan Documents are paid in full and all Letters of Credit have been terminated or Cash Collateralized, the Company agrees that, unless at
any time the Required Lenders shall otherwise expressly consent in writing, it will: 
 11.1 Debt. Not, and not permit any Subsidiary
to, create, incur, assume or suffer to exist any Debt, except: 
 (a) Obligations under this Agreement and the other Loan
Documents; 
 (b) Debt secured by Liens permitted by Section 11.2(d), and extensions, renewals and refinancings
thereof; provided that the aggregate amount of all such Debt at any time outstanding shall not exceed $15,000,000; 
 (c) Debt of the Company to any domestic Wholly-Owned Subsidiary or Debt of any domestic Wholly-Owned Subsidiary to the Company or another domestic Wholly-Owned Subsidiary; 
 (d) Subordinated Debt; 
 (e) Hedging Obligations approved by Administrative Agent and incurred in favor of a Lender or an Affiliate thereof for bona fide hedging purposes and not for speculation; 
 (f) Debt described on Schedule 11.1 and any extension, renewal or refinancing thereof so long as the principal amount thereof is
not increased; 
 (g) the Debt to be Repaid (so long as such Debt is repaid on the Closing Date with the proceeds of the
initial Loans hereunder); 
 (h) Contingent Liabilities (i) arising with respect to customary indemnification obligations
in favor of sellers in connection with Acquisitions permitted under Section 11.5 and purchasers in connection with dispositions permitted under Section 11.5; and (ii) with respect to other customary indemnification
obligations entered into in the ordinary course of business, such as directors and officers indemnification obligations, indemnification obligations in purchase orders, Capital Leases, and other agreements that entered into in the ordinary course of
business; and 
  

 50 

 (i) up to $500,000 of unsecured Hedging Obligations, which do not require the approval of
the Administrative Agent, in which the counterparty is not a Lender or an Affiliate thereof; 
 (j) up to $30,000,000 (in the
aggregate outstanding at any time) of Acquired Debt acquired or assumed in Permitted Acquisitions; provided, however, that, notwithstanding the foregoing, the aggregate amount of Debt outstanding at any one time under clauses (j) and
(k) of this Section 11.1 may not exceed $30,000,000; 
 (k) other unsecured Debt, in addition to the Debt listed
above, in an aggregate outstanding amount not at any time exceeding $30,000,000; provided, however, that, notwithstanding the foregoing, the aggregate amount of Debt outstanding at any one time under clauses (j) and (k) of this
Section 11.1 may not exceed $30,000,000; 
 or any guarantees of any of the above. 
 11.2 Liens. Not, and not permit any Subsidiary to, create or permit to exist any Lien on any of its real or personal properties, assets or rights
of whatsoever nature (whether now owned or hereafter acquired), except: 
 (a) Liens for taxes or other governmental charges
not at the time delinquent or thereafter payable without penalty or being contested in good faith by appropriate proceedings and, in each case, for which it maintains adequate reserves; 
 (b) Liens arising in the ordinary course of business (such as (i) Liens of carriers, warehousemen, mechanics and materialmen and
other similar Liens imposed by law, (ii) Liens in the form of deposits or pledges incurred in connection with worker’s compensation, unemployment compensation and other types of social security (excluding Liens arising under ERISA) or in
connection with surety bonds, bids, performance bonds and similar obligations) for sums not overdue or being contested in good faith by appropriate proceedings and not involving any advances or borrowed money or the deferred purchase price of
property or services and, in each case, for which it maintains adequate reserves, and (iii) Liens arising from other customary indemnification obligations entered into in the ordinary course of business, such as directors and officers
indemnification obligations, indemnification obligations in purchase orders, Capital Leases, and other agreements entered into in the ordinary course of business; 
 (c) Liens described on Schedule 11.2 as of the Closing Date; 
 (d) subject to the limitation set forth in Section 11.1(b), (i) Liens arising in connection with Capital Leases (and
attaching only to the property being leased and the proceeds thereof), (ii) Liens existing on property at the time of the acquisition thereof by the Company or any of its Subsidiaries (and not created in contemplation of such acquisition) and
(iii) Liens that constitute 

  

 51 

 
purchase money security interests on any property securing debt incurred for the purpose of financing all or any part of the cost of acquiring such property,
provided that any such Lien attaches to such property within 20 days of the acquisition thereof and attaches solely to the property so acquired (and the proceeds thereof); 
 (e) attachments, appeal bonds, judgments and other similar Liens, for sums not exceeding $10,000,000 arising in connection with court
proceedings, provided the execution or other enforcement of such Liens is effectively stayed and the claims secured thereby are being actively contested in good faith and by appropriate proceedings; 
 (f) easements, rights of way, restrictions, minor defects or irregularities in title and other similar Liens not interfering in any
material respect with the ordinary conduct of the business of the Company or any of its Subsidiaries; 
 (g) Liens arising
under the Loan Documents; 
 (h) the replacement, extension or renewal of any Lien permitted by clause (c) above
upon or in the same property subject thereto arising out of the extension, renewal or replacement of the Debt secured thereby (without increase in the amount thereof); 
 (i) deposits or pledges to secure obligations under workmen’s compensation, social security or similar laws, or under unemployment
insurance; 
 (j) deposits or pledges to secure bids, tenders, contracts (other than contracts for the payment of money),
leases, regulatory or statutory obligations, surety and appeal bonds and other obligations of like nature arising in the ordinary course of business; 
 (k) precautionary financing statements filed by a lessor against one or more of the Company or any Subsidiary in connection with a true operating lease between such Company or such Subsidiary and such lessor; 

 (l) normal and customary Liens in favor of the custodian of any securities custody account in which cash, securities and
other property of the Company or any Subsidiary may be deposited from time to time; 
 (m) subject to the limitation set forth
in Section 11.1(i), Liens arising in connection with Permitted Acquisitions; 
 (n) Liens arising with respect to
Hedging Obligations permitted pursuant to Section 11.1(e); and 
 (o) normal and customary Liens arising in
connection with working-capital cash-pooling arrangements. 
 11.3 Reserved. 
  

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 11.4 Restricted Payments. Not, and not permit any Subsidiary to, (a) make any distribution to
any holders of its Capital Securities, (b) purchase or redeem any of its Capital Securities, (c) except to the extent permitted by Section 11.7, pay any management fees or similar fees to any of its equityholders or any Affiliate
thereof, (d) make any redemption, prepayment, defeasance, repurchase or any other payment in respect of any Subordinated Debt or (e) set aside funds for any of the foregoing. Notwithstanding the foregoing, (i) any Subsidiary may pay
dividends or make other distributions or payments to the Company or to any other Wholly-Owned Subsidiary; (ii) the Company may make regularly scheduled payments of interest in respect of Subordinated Debt to the extent permitted under the
subordination provisions thereof; and (iii) the Company may declare and pay dividends on its Capital Securities, provided that, immediately before or after giving effect thereto, no Event of Default or Unmatured Event of Default exists.

 11.5 Mergers, Consolidations, Sales. Not, and not permit any Subsidiary to, (a) be a party to any merger or consolidation, or
purchase or otherwise acquire all or substantially all of the assets or any Capital Securities of any class of, or any partnership or joint venture interest in, any other Person, (b) sell, transfer, convey or lease all or any substantial part
of its personal assets or Capital Securities (including the sale of Capital Securities of any Subsidiary) except for sales of inventory in the ordinary course of business, sales of obsolete or unusable assets, the granting of Permitted Liens, or as
otherwise permitted by Section 11.10 (provided, however, that the Company may issue new Capital Securities), or (c) sell or assign with or without recourse any receivables, except for receivables sold for collection in
the ordinary course of business; provided, however, that subsection (a), above, shall not apply to (i) any such merger, consolidation, sale, transfer, conveyance, lease or assignment of or by any Wholly-Owned Subsidiary into the
Company or into any other domestic Wholly-Owned Subsidiary; (ii) any such purchase or other acquisition by the Company or any domestic Wholly-Owned Subsidiary of the assets or Capital Securities of any Wholly-Owned Subsidiary; and
(iii) any Acquisition by the Company or any domestic Wholly-Owned Subsidiary (each a “Permitted Acquisition”) where: 
 (A) the business or division acquired are for use, or the Person acquired is engaged, in the same as, or related to, the businesses engaged in by the Loan Parties on the Closing Date; 
 (B) immediately before and after giving effect to such Acquisition, Revolving Loan Availability is greater than or equal to $10,000,000; 
 (C) immediately before and after giving effect to such Acquisition, no Event of Default or Unmatured Event of Default shall exist; 
 (D) the aggregate consideration to be paid by the Company and its Subsidiaries (including any related Acquired Debt or Debt issued in connection
therewith, the amount thereof to be calculated in accordance with GAAP) in connection with each such Acquisition does not exceed $50,000,000; 
  

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 (E) immediately after giving effect to such Acquisition, the Company is in pro forma compliance with
all the financial ratios and restrictions set forth in Section 11.14; 
 (F) in the case of the Acquisition of any Person, the
board of directors or similar governing body of such Person has approved such Acquisition; 
 (G) reasonably prior to such Acquisition, the
Administrative Agent shall have received complete executed or conformed copies of each material document, instrument and agreement to be executed in connection with such Acquisition together with all lien search reports and lien release letters and
other documents as the Administrative Agent may require to evidence the termination of Liens (other than Permitted Liens) on the assets or business to be acquired; 
 (H) not less than ten Business Days prior to such Acquisition, the Administrative Agent shall have received an acquisition summary with respect to the Person and/or business or division to be acquired, such summary to
include a reasonably detailed description thereof (including financial information) and operating results (including financial statements for the most recent 12 month period for which they are available and as otherwise available), the terms and
conditions, including economic terms, of the proposed Acquisition, and the Company’s calculation of pro forma EBITDA relating thereto; 
 (I) the Administrative Agent and Required Lenders shall have approved (which approval will not be unreasonably withheld) the Company’s computation of pro forma EBITDA; 
 (J) consents have been obtained in favor of the Administrative Agent and the Lenders to the collateral assignment of rights and indemnities under the
related acquisition documents and opinions of counsel for the Company and its Subsidiaries and (if delivered to the Company and its Subsidiaries) the selling party in favor of the Administrative Agent and the Lenders have been delivered; 

(K) the provisions of Section 10.9 have been satisfied; and 
 (L) simultaneously with the closing of such Acquisition, to the extent the target company or surviving company meets the definition of a Material Subsidiary, the target company (if such Acquisition is structured as a
purchase of equity) or the Company or Subsidiary (if such Acquisition is structured as a purchase of assets or a merger and the Company or a Subsidiary is the surviving entity) executes and delivers to Administrative Agent (a) such documents
necessary to grant to Administrative Agent for the benefit of the Lenders a first priority Lien in all of the personal assets of such target company or surviving company, and their respective Subsidiaries, each in form and substance satisfactory to
Administrative Agent and (b) an unlimited Guaranty of the Obligations, or at the option of Administrative Agent in Administrative Agent’s absolute discretion, a joinder agreement satisfactory to Administrative Agent in which such target
company or surviving company, and their respective Subsidiaries becomes a borrower under this Agreement and assumes primary, joint and several liability for the Obligations. 
  

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 11.6 Modification of Organizational Documents. Not permit the charter, by-laws or other
organizational documents of any Subsidiary to be amended or modified in any way which could reasonably be expected to materially adversely affect the interests of the Lenders; not change, or allow any Subsidiary to change, its state of formation or
its organizational form. 
 11.7 Transactions with Affiliates. Not, and not permit any Subsidiary to, enter into, or cause, suffer or
permit to exist any transaction, arrangement or contract with any of its other Affiliates (other than the Subsidiaries) which is on terms which are less favorable than are obtainable from any Person which is not one of its Affiliates. 
 11.8 Unconditional Purchase Obligations. Not, and not permit any Subsidiary to, enter into or be a party to any contract for the purchase of
materials, supplies or other property or services if such contract requires that payment be made by it regardless of whether delivery is ever made of such materials, supplies or other property or services. 
 11.9 Inconsistent Agreements. Not, and not permit any Subsidiary to, enter into any agreement containing any provision, or take any other action
or fail to take any action, which would (a) be violated or breached by any borrowing by any Borrower hereunder or by the performance by any Loan Party of any of its Obligations hereunder or under any other Loan Document, (b) subject to
Permitted Liens, prohibit any Subsidiary from granting to the Administrative Agent and the Lenders, a Lien on any of its assets or (c) create or permit to exist or become effective any encumbrance or restriction on the ability of any Subsidiary
to (i) pay dividends or make other distributions to the Company or any Subsidiary, or pay any Debt owed to the Company or any Subsidiary, (ii) make loans or advances to any Loan Party or (iii) transfer any of its assets or properties
to any Loan Party, other than (A) customary restrictions and conditions contained in agreements relating to the sale of all or a substantial part of the assets of any Subsidiary pending such sale, provided that such restrictions and
conditions apply only to the Subsidiary to be sold and such sale is permitted hereunder, (B) restrictions or conditions imposed by any agreement relating to purchase money Debt, Capital Leases and other secured Debt permitted by this Agreement
if such restrictions or conditions apply only to the property or assets securing such Debt and (C) customary provisions in leases and other contracts restricting the assignment thereof. 
 11.10 Business Activities; Issuance of Equity. Not, and not permit any Subsidiary to, engage in any line of business other than the businesses
engaged in on the date hereof and businesses reasonably related thereto. Not, and not permit any Subsidiary to, issue any Capital Securities other than (a) any issuance of shares of the Company’s common Capital Securities pursuant to any
employee, officer or director option program, benefit plan or compensation program, (b) any issuance of shares of the Company’s common Capital Securities pursuant to a Permitted Acquisition, or (c) any issuance by a Subsidiary to the
Company or another Subsidiary in accordance with Section 11.4. 
  

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 11.11 Investments. Not, and not permit any other Loan Party to, make or permit to exist any
Investment in any other Person, except the following: 
 (a) contributions by the Company to the capital of any Wholly-Owned
Subsidiary, or by any Subsidiary to the capital of any other domestic Wholly-Owned Subsidiary, so long as, with respect to Material Subsidiaries, other than in the case where the recipient is a Foreign Subsidiary, the recipient of any such capital
contribution has guaranteed the Obligations and such guaranty is secured by a pledge of all of its Capital Securities and substantially all of its real and personal property, in each case in accordance with Section 10.9; 
 (b) Investments constituting Debt permitted by Section 11.1 or Liens permitted by Section 11.2; 
 (c) Contingent Liabilities constituting Debt permitted by Section 11.1 or Liens permitted by Section 11.2;

 (d) Cash Equivalent Investments; 
 (e) bank deposits in the ordinary course of business, provided that the aggregate amount of all such deposits (excluding amounts in
payroll accounts or for accounts payable, in each case to the extent that checks have been issued to third parties) which are maintained with any bank other than a Lender shall not at any time exceed $1,000,000; 
 (f) Investments in securities of Account Debtors received pursuant to any plan of reorganization or similar arrangement upon the
bankruptcy or insolvency of such account debtors; 
 (g) Investments in Permitted Acquisitions; 
 (h) Investments listed on Schedule 11.11 as of the Closing Date; 
 (i) advances and loans to employees, officers and directors not to exceed $500,000 in the aggregate at any time outstanding; 

(j) contributions to or any payments of benefits under any Pension Plan or other “employee benefit plan” as defined in
Section 3(2) of ERISA; and 
 (k) such other Investments as the Administrative Agent may approve from time to time in
advance and in writing. 
 provided that (x) any Investment which when made complies with the requirements of the definition of the term
“Cash Equivalent Investment” may continue to be held notwithstanding that such Investment if made thereafter would not comply with such 

  

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requirements; (y) no Investment otherwise permitted by clause (b), (c), or (g) shall be permitted to be made if, immediately before
or after giving effect thereto, any Event of Default or Unmatured Event of Default exists. 
 11.12 Reserved. 
 11.13 Fiscal Year. Not change its Fiscal Year. 
 11.14 Financial Covenants. 
 11.14.1 Interest Coverage Ratio. Not permit the Interest Coverage
Ratio for any Computation Period to be less than 2.50 to 1.00. 
 11.14.2 Total Debt to EBITDA Ratio. Not permit the Total Debt to
EBITDA Ratio as of the last day of any Computation Period to exceed 3.25 to 1.00. 
 11.14.3 Net Worth. Not permit the Consolidated
Net Worth of the Company and its Subsidiaries as at the last day of any Fiscal Quarter to be less than an amount equal to (i) 80% of the Consolidated Net Worth of the Company and its Subsidiaries as at March 31, 2007, plus
(ii) Fifty Percent (50%) of the Consolidated Net Income (with no deductions for losses) of the Company and its Subsidiaries for each Fiscal Quarter ending June 30, 2007 or thereafter, such required increases to be cumulative for each
such Fiscal Quarter. 
 11.15 Cancellation of Debt. Not, and not permit any other Loan Party to, cancel any claim or debt owing to it,
except for reasonable consideration or in the ordinary course of business, and except for the cancellation of other debts or claims not to exceed $5,000,000 in any Fiscal Year. 
 11.16 Negative Pledges. Not, and not permit any Subsidiary to, enter into any agreement, instrument, deed or lease which prohibits or limits the
ability of the Company or any Subsidiary to create, incur, assume or suffer to exist any Lien upon any of their respective properties 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: (1) this Agreement and the other Loan Documents; (2) covenants in documents creating Liens permitted by Section 11.2 prohibiting further Liens on the
properties encumbered thereby; (3) 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 Obligations and does not require the direct or
indirect granting of any Lien securing any Debt or other obligation by virtue of the granting of Liens on or pledge of property of any Loan Party to secure the Obligations; and (4) any prohibition or limitation that (a) exists pursuant to
Applicable Law, (b) consists of customary restrictions and conditions contained in any agreement relating to the sale of any property permitted under this Agreement pending the consummation of such sale, (c) restricts subletting or
assignment of any lease governing a leasehold interest of the Company or a Subsidiary, (d) exists in any agreement in effect at the time such Subsidiary becomes a Subsidiary of the Company, so long as such agreement was not entered 

  

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into in contemplation of such Person becoming a Subsidiary, (e) customary restrictions in joint ventures and similar agreements, (f) customary
non-assignment provisions in licenses or sublicenses in the ordinary course of business, or (g) is imposed by any amendments or refinancings that are otherwise permitted by the Loan Documents of the contracts, instruments or obligations
referred to in clause (4)(d); provided that such amendments and refinancings are no more materially restrictive with respect to such prohibitions and limitations than those prior to such amendment or refinancing. 
 SECTION 12 EFFECTIVENESS; CONDITIONS OF LENDING, ETC. 
 The obligation of each Lender to make its Loans and of the Issuing Lender to issue Letters of Credit is subject to the following conditions precedent: 
 12.1 Initial Credit Extension. The obligation of the Lenders to make the initial Loans and the obligation of the Issuing Lender to issue its
initial Letter of Credit (whichever first occurs) is, in addition to the conditions precedent specified in Section 12.2, subject to the conditions precedent that (a) all Debt to be Repaid has been (or concurrently with the initial
borrowing will be) paid in full, and that all agreements and instruments governing the Debt to be Repaid and that all Liens securing such Debt to be Repaid have been (or concurrently with the initial borrowing will be) terminated and (b) the
Administrative Agent shall have received all of the following, each duly executed and dated the Closing Date (or such earlier date as shall be satisfactory to the Administrative Agent), in form and substance satisfactory to the Administrative Agent
(and the date on which all such conditions precedent have been satisfied or waived in writing by the Administrative Agent and the Lenders is called the “Closing Date”): 
 12.1.1 Loan Documents. Executed counterparts of this Agreement, each Note, the Guaranty and Collateral Agreement, and all other Loan Documents,
executed by each Loan Party, as applicable, together with all instruments, transfer powers and other items required to be delivered in connection therewith. 
 12.1.2 Authorization Documents. For each Loan Party, such Person’s (a) charter (or similar formation document), certified by the appropriate Governmental Authority; (b) good standing certificates
in its state of incorporation (or formation) and in each other state requested by the Administrative Agent; (c) bylaws (or similar governing document); (d) resolutions of its board of directors (or similar governing body) approving and
authorizing such Person’s execution, delivery and performance of the Loan Documents to which it is party and the transactions contemplated thereby; and (e) signature and incumbency certificates of its officers executing any of the Loan
Documents (it being understood that the Administrative Agent and each Lender may conclusively rely on each such certificate until formally advised by a like certificate of any changes therein), all certified by its secretary or an assistant
secretary (or similar officer) as being in full force and effect without modification. 
 12.1.3 Consents, etc. Certified copies of
all documents evidencing any necessary corporate or partnership action, consents and governmental approvals (if any) required for the execution, delivery and performance by the Loan Parties of the documents referred to in this
Section 12. 
  

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 12.1.4 Letter of Direction. A letter of direction containing funds flow information with respect
to the proceeds of the Loans on the Closing Date. 
 12.1.5 Closing Certificate. A certificate signed by a Senior Officer of the
Company dated as of the Closing Date, 
 (a) affirming the matters set forth in Section 12.2.1 as of the Closing
Date; and 
 (b) stating that, since March 31, 2006, there has been no material adverse change in the business, assets,
liabilities, properties, condition (financial or otherwise), results of operations or prospects of the Loan Parties; 
 12.1.6 Perfection
Documents. All documents and instruments required to perfect the Administrative Agent’s security interest in the Collateral shall have been executed and be in proper form for filing. 
 12.1.7 Reserved. 
 12.1.8
Subordination Agreements. Subordination Agreements with respect to all Subordinated Debt, if any. 
 12.1.9 Opinions of
Counsel. Opinions of counsel for each Loan Party, including local counsel reasonably requested by the Administrative Agent, each in form and substance satisfactory to the Administrative Agent. 
 12.1.10 Insurance. Evidence of the existence of insurance required to be maintained pursuant to Section 10.3(b), together with
evidence that the Administrative Agent has been named as a lender’s loss payee and an additional insured on all related insurance policies. 
 12.1.11 Reserved. 
 12.1.12 Payment of Fees. Evidence of payment by the Company of all accrued and unpaid fees, costs
and expenses to the extent then due and payable on the Closing Date, together with all Attorney Costs of the Administrative Agent to the extent invoiced prior to the Closing Date, plus such additional amounts of Attorney Costs as shall
constitute the Administrative Agent’s reasonable estimate of Attorney Costs incurred or to be incurred by the Administrative Agent through the Closing Date (provided that such estimate shall not thereafter preclude final settling of
accounts between the Company and the Administrative Agent). 
 12.1.13 Reserved. 
  

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 12.1.14 Financial Statements. (i) Audited consolidated financial statements for the Company
and its Subsidiaries for the fiscal years ending 2004, 2005 and 2006 and (ii) unaudited interim consolidated financial statements for the Company and its Subsidiaries for each fiscal month and quarterly period ended after the latest fiscal year
referred to in clause (i) above. 
 12.1.15 Pro Forma. A pro forma consolidated balance sheet, income statement and cash
flow statement of the Company and its Subsidiaries as of December 31, 2006, adjusted to give effect to the financings contemplated hereby as if such transactions had occurred on such date, consistent in all material respects with the sources
and uses of cash as previously described to the Administrative Agent and the forecasts previously provided to the Administrative Agent. 
 12.1.16 No Other Debt. Evidence that the Debt to be Repaid has been repaid and the Loan Parties have no other debt other than the Debt permitted under this Agreement and debt approved by the Administrative Agent. 
 12.1.17 No Restrictions of Dividends, Distributions, Payments. Evidence that there are no material restrictions on the ability of the Subsidiaries
of the Company to distribute funds, whether directly or indirectly, to the Company, whether as dividends, distributions or otherwise or to make payments on intercompany loans. 
 12.1.18 Reserved. 
 12.1.19 Search
Results; Lien Terminations. Certified copies of tax, judgment and Uniform Commercial Code search reports in each relevant jurisdiction dated a date reasonably near to the Closing Date, listing all effective financing statements which name any
Loan Party (under their present names and any previous names) as debtors, together with (a) copies of such financing statements, (b) payoff letters evidencing repayment in full of all Debt to be Repaid, the termination of all agreements
relating thereto and the release of all Liens granted in connection therewith, with Uniform Commercial Code or other appropriate termination statements and documents effective to evidence the foregoing (other than Liens permitted by
Section 11.2) and (c) such other Uniform Commercial Code termination statements as the Administrative Agent may reasonably request. 
 12.1.20 Filings, Registrations and Recordings. The Administrative Agent shall have received each document (including Uniform Commercial Code financing statements) required by the Collateral Documents or under
law or reasonably requested by the Administrative Agent to be filed, registered or recorded in order to create in favor of the Administrative Agent, for the benefit of the Lenders, a perfected Lien on the collateral described therein, prior to any
other Liens (subject only to Liens permitted pursuant to Section 11.2), in proper form for filing, registration or recording. 
 12.1.21 Projections. A projected income statement, balance sheet and cash flow statement prepared by the Company and giving effect to this Agreement and the use of proceeds herefrom for each annual period in Fiscal Year 2008 through
2012, inclusive. 
  

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 12.1.22 Patriot Act Verification. Any other information required by Section 326 of the USA
Patriot Act or necessary for the Agent to verify the identity of Borrowers as required by Section 326 of the USA Patriot Act. 
 12.1.23
Other. Such other documents, agreements, certificates and opinions as the Administrative Agent or any Lender may reasonably request. 
 12.2 Conditions. The obligation (a) of each Lender to make each Loan and (b) of the Issuing Lender to issue each Letter of Credit is subject to the following further conditions precedent that: 
 12.2.1 Compliance with Warranties, No Default, etc. Both before and after giving effect to any borrowing and the issuance of any Letter of Credit,
the following statements shall be true and correct: 
 (a) the representations and warranties of each Loan Party set forth in
this Agreement and the other Loan Documents shall be true and correct in all respects with the same effect as if then made (except to the extent stated to relate to a specific earlier date, in which case such representations and warranties shall be
true and correct as of such earlier date); 
 (b) no Event of Default or Unmatured Event of Default shall have then occurred
and be continuing; and 
 (c) no material adverse change in the financial condition, operations, assets, business, properties
or prospects of the Company and its Subsidiaries taken as a whole. 
 12.2.2 Confirmatory Certificate. If requested by the
Administrative Agent or any Lender, the Administrative Agent shall have received (in sufficient counterparts to provide one to each Lender) a certificate dated the date of such requested Loan or Letter of Credit and signed by a duly authorized
representative of each Loan Party as to the matters set out in subsections (a) and (b) of Section 12.2.1 (it being understood that each request by the Company for the making of a Loan or the issuance of a Letter of Credit shall
be deemed to constitute a representation and warranty by each Loan Party that the conditions precedent set forth in subsections (a) and (b) of Section 12.2.1 will be satisfied at the time of the making of such Loan or the
issuance of such Letter of Credit), together with such other documents as the Administrative Agent or any Lender may reasonably request in support thereof. 
 SECTION 13 EVENTS OF DEFAULT AND THEIR EFFECT. 
 13.1 Events of Default. Each of the following
shall constitute an Event of Default under this Agreement: 
 13.1.1 Non-Payment of the Loans, etc. (i) Default in the
payment when due of the principal of any Loan; (ii) default in the payment when due of any interest, or reimbursement obligation with respect to any Letter of Credit payable by any Borrower 

  

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hereunder or under any other Loan Document; or (iii) default in the payment when due of any fee or other amount payable by any Borrower hereunder or
under any other Loan Document; provided, however, that when the default in any payment described in clause (ii) is caused by an administrative or technical error, it shall not constitute an Event of Default if such payment is made
within three days of the date such payment is due; and provided further, however, that the default in any payment described in clause (iii) shall not constitute an Event of Default if such payment is made within five days of the
date such payment is due. 
 13.1.2 Non-Payment of Other Debt. Any default shall occur under the terms applicable to any Debt of any
Loan Party in an aggregate amount (for all such Debt so affected and including undrawn committed or available amounts and amounts owing to all creditors under any combined or syndicated credit arrangement) exceeding $5,000,000 and such default shall
(a) consist of the failure to pay such Debt when due, whether by acceleration or otherwise, or (b) accelerate the maturity of such Debt or permit the holder or holders thereof, or any trustee or agent for such holder or holders, to cause
such Debt to become due and payable (or require any Loan Party to purchase or redeem such Debt or post cash collateral in respect thereof) prior to its expressed maturity. 
 13.1.3 Other Material Obligations. Default in the payment when due, or in the performance or observance of, any material obligation of, or
material condition agreed to by, any Loan Party with respect to any material purchase or lease of goods or services where such default, singly or in the aggregate with all other such defaults, might reasonably be expected to have a Material Adverse
Effect. 
 13.1.4 Bankruptcy, Insolvency, etc. Any Loan Party becomes insolvent or generally fails to pay, or admits in writing its
inability or refusal to pay, debts as they become due; or any Loan Party applies for, consents to, or acquiesces in the appointment of a trustee, receiver or other custodian for such Loan Party or any property thereof, or makes a general assignment
for the benefit of creditors; or, in the absence of such application, consent or acquiescence, a trustee, receiver or other custodian is appointed for any Loan Party or for a substantial part of the property of any thereof and is not discharged
within 60 days; or any bankruptcy, reorganization, debt arrangement, or other case or proceeding under any bankruptcy or insolvency law, or any dissolution or liquidation proceeding, is commenced in respect of any Loan Party, and if such case or
proceeding is not commenced by such Loan Party, it is consented to or acquiesced in by such Loan Party, or remains for 60 days undismissed; or any Loan Party takes any action to authorize, or in furtherance of, any of the foregoing. 
 13.1.5 Non-Compliance with Loan Documents, Other Agreements. (a) Failure by any Loan Party to comply with or to perform, in any material
respect, any covenant set forth in Sections 10.3(b), 10.5 or 11.8 or to comply with or to perform any covenant set forth in Section 11 (other than Section 11.8); or (b) failure by any Loan Party to
comply with or to perform any other provision of this Agreement or any other Loan Document or Hedging Agreement (and not constituting an Event of Default under any other provision of this Section 13) and continuance of such failure
described in this clause (b) for 30 days. 
  

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 13.1.6 Representations; Warranties. Any representation or warranty made by any Loan Party herein
or any other Loan Document is breached or is false or misleading in any material respect, or any schedule, certificate, financial statement, report, notice or other writing furnished by any Loan Party to the Administrative Agent or any Lender in
connection herewith is false or misleading in any material respect on the date as of which the facts therein set forth are stated or certified. 
 13.1.7 Pension Plans. (a) Any Person institutes steps to terminate a Pension Plan if as a result of such termination the Company or any member of the Controlled Group could be required to make a contribution to such Pension
Plan, or could incur a liability or obligation to such Pension Plan, in excess of $15,000,000; (b) a contribution failure occurs with respect to any Pension Plan sufficient to give rise to a Lien under Section 302(f) of ERISA; (c) the
Unfunded Liability exceeds twenty percent of the Total Plan Liability, or (d) there shall occur any withdrawal or partial withdrawal from a Multiemployer Pension Plan and the withdrawal liability (without unaccrued interest) to Multiemployer
Pension Plans as a result of such withdrawal (including any outstanding withdrawal liability that the Company or any member of the Controlled Group have incurred on the date of such withdrawal) exceeds $15,000,000. 
 13.1.8 Judgments. Final judgments which exceed an aggregate of $15,000,000 shall be rendered against any Loan Party and shall not have been paid,
discharged or vacated or had execution thereof stayed pending appeal within 30 days after entry or filing of such judgments. 
 13.1.9
Invalidity of Loan Documents, etc. Any Loan Party (or any Person by, through or on behalf of any Loan Party) shall contest in any manner the validity, binding nature or enforceability of any Loan Document. 
 13.1.10 Invalidity of Subordination Provisions, etc. Any subordination provision in any document or instrument governing outstanding Subordinated
Debt, or any subordination provision in any guaranty by any Subsidiary of any outstanding Subordinated Debt, shall cease to be in full force and effect, or any Loan Party shall contest in any manner the validity, binding nature or enforceability of
any such provision. 
 13.1.11 Change of Control. A Change of Control shall occur. 
 13.1.12 Material Adverse Effect. The occurrence of any event having a Material Adverse Effect. 
 13.2 Effect of Event of Default. If any Event of Default described in Section 13.1.4 shall occur in respect of the Company, the
Commitments shall immediately terminate and the Loans and all other Obligations hereunder shall become immediately due and payable and the Company shall become immediately obligated to Cash Collateralize all Letters of Credit, all without
presentment, demand, protest or notice of any kind; and, if any other Event of Default shall occur and be continuing, the Administrative Agent 
  

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may (and, upon the written request of the Required Lenders shall) declare the Commitments to be terminated in whole or in part and/or declare all or any part
of the Loans and all other Obligations hereunder to be due and payable and/or demand that the Company immediately Cash Collateralize all or any Letters of Credit, whereupon the Commitments shall immediately terminate (or be reduced, as applicable)
and/or the Loans and other Obligations hereunder shall become immediately due and payable (in whole or in part, as applicable) and/or the Company shall immediately become obligated to Cash Collateralize the Letters of Credit (all or any, as
applicable), all without presentment, demand, protest or notice of any kind. The Administrative Agent shall promptly advise the Company of any such declaration, but failure to do so shall not impair the effect of such declaration. Any cash
collateral delivered hereunder shall be held by the Administrative Agent (without liability for interest thereon) and applied to the Obligations arising in connection with any drawing under a Letter of Credit. After the expiration or termination of
all Letters of Credit, such cash collateral shall be applied by the Administrative Agent to any remaining Obligations hereunder and any excess shall be delivered to the Company or as a court of competent jurisdiction may elect. 
 SECTION 14 THE AGENT. 
 14.1 Appointment
and Authorization. Each Lender hereby irrevocably (subject to Section 14.10) appoints, designates and authorizes the Administrative Agent to take such action on its behalf under the provisions of this Agreement and each other Loan
Document and to exercise such powers and perform such duties as are expressly delegated to it by the terms of this Agreement or any other Loan Document, together with such powers as are reasonably incidental thereto. Notwithstanding any provision to
the contrary contained elsewhere in this Agreement or in any other Loan Document, the Administrative Agent shall not have any duty or responsibility except those expressly set forth herein, nor shall the Administrative Agent have or be deemed to
have any fiduciary relationship with any Lender or participant, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against the
Administrative Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent” herein and in other Loan Documents with reference to the Administrative Agent is not intended to connote any fiduciary or other
implied (or express) obligations arising under agency doctrine of any Applicable Law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent
contracting parties. 
 14.2 Issuing Lender. The Issuing Lender shall act on behalf of the Lenders (according to their Pro Rata
Shares) with respect to any Letters of Credit issued by it and the documents associated therewith. The Issuing Lender shall have all of the benefits and immunities (a) provided to the Administrative Agent in this Section 14 with
respect to any acts taken or omissions suffered by the Issuing Lender in connection with Letters of Credit issued by it or proposed to be issued by it and the applications and agreements for letters of credit pertaining to such Letters of Credit as
fully as if the term “Administrative Agent”, as used in this Section 14, included the Issuing Lender with respect to such acts or omissions and (b) as additionally provided in this Agreement with respect to the Issuing
Lender. 
  

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 14.3 Delegation of Duties. The Administrative Agent may execute any of its duties under this
Agreement or any other Loan Document by or through agents, employees or attorneys-in-fact and shall be entitled to advice of counsel and other consultants or experts concerning all matters pertaining to such duties. The Administrative Agent shall
not be responsible for the negligence or misconduct of any agent or attorney-in-fact that it selects in the absence of gross negligence or willful misconduct. 
 14.4 Exculpation of Administrative Agent. None of the Administrative Agent nor any of its directors, officers, employees or agents shall (a) be liable for any action taken or omitted to be taken by any of
them under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby (except to the extent resulting from its own gross negligence or willful misconduct in connection with its duties expressly set forth
herein as determined by a final, nonappealable judgment by a court of competent jurisdiction), or (b) be responsible in any manner to any Lender or participant for any recital, statement, representation or warranty made by any Loan Party or
Affiliate of the Company, or any officer thereof, contained in this Agreement or in any other Loan Document, or in any certificate, report, statement or other document referred to or provided for in, or received by the Administrative Agent under or
in connection with, this Agreement or any other Loan Document, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document (or the creation, perfection or priority of any Lien or security
interest therein), or for any failure of the Company or any other party to any Loan Document to perform its Obligations hereunder or thereunder. The Administrative Agent shall not be under any obligation to any Lender to ascertain or to inquire as
to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of the Company or any of the Company’s Subsidiaries or
Affiliates. 
 14.5 Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely in good faith, and shall be
fully protected in relying in good faith, upon any writing, communication, signature, resolution, representation, notice, consent, certificate, electronic mail message, affidavit, letter, telegram, facsimile, telex or telephone message, statement or
other document or conversation believed by it in good faith to be genuine and correct and to have been signed, sent or made by the proper Person or Persons, and upon advice and statements of legal counsel (including counsel to the Company),
independent accountants and other experts selected by the Administrative Agent. The Administrative Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless it shall first receive
such advice or concurrence of the Required Lenders as it deems appropriate and, if it so requests, confirmation from the Lenders of their obligation to indemnify the Administrative Agent against any and all liability and expense which may be
incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Loan Document in accordance with a
request or consent of the Required Lenders and such request and 

  

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any action taken or failure to act pursuant thereto shall be binding upon each Lender. For purposes of determining compliance with the conditions specified
in Section 12, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or
acceptable or satisfactory to a Lender unless the Administrative Agent shall have received written notice from such Lender prior to the proposed Closing Date specifying its objection thereto. 
 14.6 Notice of Default. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Event of Default or
Unmatured Event of Default except with respect to defaults in the payment of principal, interest and fees required to be paid to the Administrative Agent for the account of the Lenders, unless the Administrative Agent shall have received written
notice from a Lender or the Company referring to this Agreement, describing such Event of Default or Unmatured Event of Default and stating that such notice is a “notice of default”. The Administrative Agent will notify the Lenders of its
receipt of any such notice. The Administrative Agent shall take such action with respect to such Event of Default or Unmatured Event of Default as may be requested by the Required Lenders in accordance with Section 13; provided
that unless and until the Administrative Agent has received any such request, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Event of Default or Unmatured Event
of Default as it shall deem advisable or in the best interest of the Lenders. 
 14.7 Credit Decision. Each Lender acknowledges that
the Administrative Agent has not made any representation or warranty to it, and that no act by the Administrative Agent hereafter taken, including any consent and acceptance of any assignment or review of the affairs of the Loan Parties, shall be
deemed to constitute any representation or warranty by the Administrative Agent to any Lender as to any matter, including whether the Administrative Agent has disclosed material information in its possession. Each Lender represents to the
Administrative Agent that it has, independently and without reliance upon the Administrative Agent and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects,
operations, property, financial and other condition and creditworthiness of the Loan Parties, and made its own decision to enter into this Agreement and to extend credit to the Company hereunder. Each Lender also represents that it will,
independently and without reliance upon the Administrative Agent and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action
under this Agreement and the other Loan Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of the Company. Except
for notices, reports and other documents expressly herein required to be furnished to the Lenders by the Administrative Agent, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other
information concerning the business, prospects, operations, property, financial or other condition or creditworthiness of the Company which may come into the possession of the Administrative Agent. 
  

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 14.8 Indemnification. Whether or not the transactions contemplated hereby are consummated, each
Lender shall indemnify upon demand the Administrative Agent and its directors, officers, employees and agents (to the extent not reimbursed by or on behalf of the Company and without limiting the obligation of the Company to do so), according to its
applicable Pro Rata Share, from and against any and all Indemnified Liabilities (as hereinafter defined); provided that no Lender shall be liable for any payment to any such Person of any portion of the Indemnified Liabilities to the extent
determined by a final, nonappealable judgment by a court of competent jurisdiction to have resulted from the applicable Person’s own gross negligence or willful misconduct. No action taken in accordance with the directions of the Required
Lenders shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section. Without limitation of the foregoing, each Lender shall reimburse the Administrative Agent upon demand for its ratable share of any costs or
out-of-pocket expenses (including Attorney Costs and Taxes) incurred by the Administrative Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal
proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, any other Loan Document, or any document contemplated by or referred to herein, to the extent that the Administrative Agent is not
reimbursed for such expenses by or on behalf of the Company. The undertaking in this Section shall survive repayment of the Loans, cancellation of the Notes, expiration or termination of the Letters of Credit, any foreclosure under, or modification,
release or discharge of, any or all of the Collateral Documents, termination of this Agreement and the resignation or replacement of the Administrative Agent. 
 14.9 Administrative Agent in Individual Capacity. LaSalle and its Affiliates may make loans to, issue letters of credit for the account of, accept deposits from, acquire equity interests in and generally engage
in any kind of banking, trust, financial advisory, underwriting or other business with the Loan Parties and Affiliates as though LaSalle were not the Administrative Agent hereunder and without notice to or consent of any Lender. Each Lender
acknowledges that, pursuant to such activities, LaSalle or its Affiliates may receive information regarding the Company or its Affiliates (including information that may be subject to confidentiality obligations in favor of the Company or such
Affiliate) and acknowledge that the Administrative Agent shall be under no obligation to provide such information to them. With respect to their Loans (if any), LaSalle and its Affiliates shall have the same rights and powers under this Agreement as
any other Lender and may exercise the same as though LaSalle were not the Administrative Agent, and the terms “Lender” and “Lenders” include LaSalle and its Affiliates, to the extent applicable, in their individual capacities.

 14.10 Successor Administrative Agent. The Administrative Agent may resign as Administrative Agent upon 30 days’ notice to the
Lenders. If the Administrative Agent resigns under this Agreement, the Required Lenders shall, with (so long as no Event of Default exists) the consent of the Company (which shall not be unreasonably withheld or delayed), appoint from among the
Lenders a successor agent for the Lenders. If no successor agent is appointed prior to the effective date of the resignation of the Administrative Agent, the Administrative Agent may appoint, after consulting with the Lenders and the Company, a
successor agent from among the 

  

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Lenders. Upon the acceptance of its appointment as successor agent hereunder, such successor agent shall succeed to all the rights, powers and duties of the
retiring Administrative Agent and the term “Administrative Agent” shall mean such successor agent, and the retiring Administrative Agent’s appointment, powers and duties as Administrative Agent shall be terminated. After any retiring
Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of this Section 14 and Sections 15.5 and 15.16 shall inure to its benefit as to any actions taken or omitted to be taken by it while
it was Administrative Agent under this Agreement. If no successor agent has accepted appointment as Administrative Agent by the date which is 30 days following a retiring Administrative Agent’s notice of resignation, the retiring Administrative
Agent’s resignation shall nevertheless thereupon become effective and the Lenders shall perform all of the duties of the Administrative Agent hereunder until such time, if any, as the Required Lenders appoint a successor agent as provided for
above. 
 14.11 Collateral Matters. The Lenders irrevocably authorize the Administrative Agent, at its option and in its discretion,
(a) to release any Lien granted to or held by the Administrative Agent under any Collateral Document (i) upon termination of the Commitments and payment in full of all Loans and all other obligations of the Company hereunder and the
expiration or termination of all Letters of Credit; (ii) constituting property sold or to be sold or disposed of as part of or in connection with any disposition permitted hereunder; or (iii) subject to Section 15.1, if
approved, authorized or ratified in writing by the Required Lenders; or (b) to subordinate its interest in any Collateral to any holder of a Lien on such Collateral which is permitted by Section 11.2(d)(i) or (d)(iii) (it
being understood that the Administrative Agent may conclusively rely on a certificate from the Company in determining whether the Debt secured by any such Lien is permitted by Section 11.1(b)). Upon request by the Administrative Agent at
any time, the Lenders will confirm in writing the Administrative Agent’s authority to release, or subordinate its interest in, particular types or items of Collateral pursuant to this Section 14.11. Each Lender hereby authorizes the
Administrative Agent to give blockage notices in connection with any Subordinated Debt at the direction of Required Lenders and agrees that it will not act unilaterally to deliver such notices. 
 14.12 Administrative Agent May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by
declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Company) shall be entitled and empowered, by intervention in such proceeding or otherwise: 
 (a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, and all other Obligations that
are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances
of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the Administrative Agent under Sections 5, 15.5 and 15.17) allowed in such judicial proceedings; and

  

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 (b) to collect and receive any monies or other property payable or deliverable on any such claims and to
distribute the same; 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is
hereby authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders, to pay to the Administrative Agent any amount
due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 5, 15.5 and 15.17. 
 Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any
plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding. 
 14.13 Other Agents; Arrangers and Managers. None of the Lenders or other Persons identified on the facing page or signature pages of this
Agreement as a “syndication agent,” “documentation agent,” “co-agent,” “book manager,” “lead manager,” “arranger,” “lead arranger” or “co-arranger”, if any, shall have
any right, power, obligation, liability, responsibility or duty under this Agreement other than, in the case of such Lenders, those applicable to all Lenders as such. Without limiting the foregoing, none of the Lenders or other Persons so identified
shall have or be deemed to have any fiduciary relationship with any Lender. Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders or other Persons so identified in deciding to enter into this Agreement or in
taking or not taking action hereunder. 
 SECTION 15 GENERAL. 
 15.1 Waiver; Amendments. No delay on the part of the Administrative Agent or any Lender in the exercise of any right, power or remedy shall operate as a waiver thereof, nor shall any single or partial exercise
by any of them of any right, power or remedy preclude other or further exercise thereof, or the exercise of any other right, power or remedy. No amendment, modification or waiver of, or consent with respect to, any provision of this Agreement or the
other Loan Documents shall in any event be effective unless the same shall be in writing and acknowledged by Lenders having an aggregate Pro Rata Shares of not less than the aggregate Pro Rata Shares expressly designated herein with respect thereto
or, in the absence of such designation as to any provision of this Agreement, by the Required Lenders, and then any such amendment, modification, waiver or consent shall be effective only in the specific instance and for the specific purpose for
which given. No amendment, modification, waiver or consent shall (a) extend or increase 

  

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the Commitment of any Lender without the written consent of such Lender, (b) extend the date scheduled for payment of any principal (excluding mandatory
prepayments) of or interest on the Loans or any fees payable hereunder without the written consent of each Lender directly affected thereby, (c) reduce the principal amount of any Loan, the rate of interest thereon or any fees payable
hereunder, without the consent of each Lender directly affected thereby (except for periodic adjustments of interest rates and fees resulting from a change in the Applicable Margin as provided for in this Agreement); or (d) release any party
from its obligations under the Guaranty or all or any substantial part of the Collateral granted under the Collateral Documents, change the definition of Required Lenders, any provision of this Section 15.1 or reduce the aggregate Pro
Rata Share required to effect an amendment, modification, waiver or consent, without, in each case, the written consent of all Lenders. No provision of Sections 6.2.2 or 6.3 with respect to the timing or application of mandatory
prepayments of the Loans shall be amended, modified or waived without the consent of Lenders having a majority of the aggregate Pro Rata Shares of the Loans affected thereby. No provision of Section 14 or other provision of this
Agreement affecting the Administrative Agent in its capacity as such shall be amended, modified or waived without the consent of the Administrative Agent. No provision of this Agreement relating to the rights or duties of the Issuing Lender in its
capacity as such shall be amended, modified or waived without the consent of the Issuing Lender. No provision of this Agreement relating to the rights or duties of the Swing Line Lender in its capacity as such shall be amended, modified or waived
without the consent of the Swing Line Lender. 
 15.2 Confirmations. The Company and each holder of a Note agree from time to time,
upon written request received by it from the other, to confirm to the other in writing (with a copy of each such confirmation to the Administrative Agent) the aggregate unpaid principal amount of the Loans then outstanding under such Note.

 15.3 Notices. Except as otherwise provided in Sections 2.2.2 and 2.2.3, all notices hereunder shall be in
writing (including facsimile transmission) and shall be sent to the applicable party at its address shown on Annex B or at such other address as such party may, by written notice received by the other parties, have designated as its address
for such purpose. Notices sent by facsimile transmission shall be deemed to have been given when sent; notices sent by mail shall be deemed to have been given three Business Days after the date when sent by registered or certified mail, postage
prepaid; and notices sent by hand delivery or overnight courier service shall be deemed to have been given when received. For purposes of Sections 2.2.2 and 2.2.3, the Administrative Agent shall be entitled to rely on telephonic
instructions from any person that the Administrative Agent in good faith believes is an authorized officer or employee of the Company, and the Company shall hold the Administrative Agent and each other Lender harmless from any loss, cost or expense
resulting from any such reliance. 
 15.4 Computations. Where the character or amount of any asset or liability or item of income
or expense is required to be determined, or any consolidation or other accounting computation is required to be made, for the purpose of this Agreement, such determination or calculation shall, to the extent applicable and except as otherwise
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accordance with GAAP, consistently applied; provided that if the Company notifies the Administrative Agent that the Company wishes to amend any
covenant in Sections 10 or 11.14 (or any related definition) to eliminate or to take into account the effect of any change in GAAP on the operation of such covenant (or if the Administrative Agent notifies the Company that the Required Lenders wish
to amend Sections 10 or 11.14 (or any related definition) for such purpose), then the Company’s compliance with such covenant shall be determined on the basis of GAAP in effect immediately before the relevant change in GAAP became effective,
until either such notice is withdrawn or such covenant (or related definition) is amended in a manner satisfactory to the Company and the Required Lenders. 
 15.5 Costs, Expenses and Taxes. The Company agrees to pay on demand all reasonable out-of-pocket costs and expenses of the Administrative Agent (including Attorney Costs and any Taxes) in connection with the
preparation, execution, syndication, delivery and administration (including perfection and protection of any Collateral and the costs of Intralinks (or other similar service), if applicable) of this Agreement, the other Loan Documents and all other
documents provided for herein or delivered or to be delivered hereunder or in connection herewith (including any amendment, supplement or waiver to any Loan Document), whether or not the transactions contemplated hereby or thereby shall be
consummated, and all reasonable out-of-pocket costs and expenses (including Attorney Costs and any Taxes) incurred by the Administrative Agent and each Lender after an Event of Default in connection with the collection of the Obligations or the
enforcement of this Agreement the other Loan Documents or any such other documents or during any workout, restructuring or negotiations in respect thereof. In addition, the Company agrees to pay, and to save the Administrative Agent and the Lenders
harmless from all liability for, any fees of the Company’s auditors in connection with any reasonable exercise by the Administrative Agent and the Lenders of their rights pursuant to Section 10.2. All Obligations provided for in
this Section 15.5 shall survive repayment of the Loans, cancellation of the Notes, expiration or termination of the Letters of Credit and termination of this Agreement. 
 15.6 Assignments; Participations. 
 15.6.1 Assignments. (a) Any Lender may at any time assign to one or more Persons (any such Person, an “Assignee”) all or any portion of such Lender’s Loans and Commitments, with the prior written consent of
the Administrative Agent, the Issuing Lender (for an assignment of the Revolving Loans and the Revolving Commitment) and, so long as no Event of Default exists, the Company (which consents shall not be unreasonably withheld or delayed and shall not
be required for an assignment by a Lender to a Lender or an Affiliate of a Lender). Except as the Administrative Agent may otherwise agree, any such assignment shall be in a minimum aggregate amount equal to $5,000,000 or, if less, the remaining
Commitment and Loans held by the assigning Lender. The Company and the Administrative Agent shall be entitled to continue to deal solely and directly with such Lender in connection with the interests so assigned to an Assignee until the
Administrative Agent shall have received and accepted an effective assignment agreement in substantially the form of Exhibit C hereto (an “Assignment Agreement”) executed, delivered and fully completed by the applicable

  

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parties thereto and a processing fee of $3,500. No assignment may be made to any Person if at the time of such assignment the Company would be obligated to
pay any greater amount under Sections 7.6 or 8 to the Assignee than the Company is then obligated to pay to the assigning Lender under such Sections (and if any assignment is made in violation of the foregoing, the Company will not be
required to pay such greater amounts). Any attempted assignment not made in accordance with this Section 15.6.1 shall be treated as the sale of a participation under Section 15.6.2. The Company shall be deemed to have granted
its consent to any assignment requiring its consent hereunder unless the Company has expressly objected to such assignment within three Business Days after notice thereof. 
 (b) From and after the date on which the conditions described above have been met, (i) such Assignee shall be deemed automatically to have become a
party hereto and, to the extent that rights and obligations hereunder have been assigned to such Assignee pursuant to such Assignment Agreement, shall have the rights and obligations of a Lender hereunder and (ii) the assigning Lender, to the
extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment Agreement, shall be released from its rights (other than its indemnification rights) and obligations hereunder. Upon the request of the Assignee (and,
as applicable, the assigning Lender) pursuant to an effective Assignment Agreement, the Company shall execute and deliver to the Administrative Agent for delivery to the Assignee (and, as applicable, the assigning Lender) a Note in the principal
amount of the Assignee’s Pro Rata Share of the Revolving Commitment (and, as applicable, a Note in the principal amount of the Pro Rata Share of the Revolving Commitment retained by the assigning Lender). Each such Note shall be dated the
effective date of such assignment. Upon receipt by the assigning Lender of such Note, the assigning Lender shall return to the Company any prior Note held by it. 
 (c) 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 pledge or assignment to secure
obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its
obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 
 15.6.2 Participations. Any
Lender may at any time sell to one or more Persons participating interests in its Loans, Commitments or other interests hereunder (any such Person, a “Participant”). In the event of a sale by a Lender of a participating interest to
a Participant, (a) such Lender’s obligations hereunder shall remain unchanged for all purposes, (b) the Company and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations hereunder and (c) all amounts payable by the Company shall be determined as if such Lender had not sold such participation and shall be paid directly to such Lender. No Participant shall have any direct or
indirect voting rights hereunder except with respect to any event described in Section 15.1 expressly requiring the unanimous vote of all Lenders or, as applicable, all affected Lenders. Each Lender agrees to incorporate the requirements
of the preceding sentence into each participation agreement which such Lender enters into with any Participant. The Company agrees that if amounts outstanding under this Agreement are due and payable (as a result of 

  

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acceleration or otherwise), each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under
this Agreement and with respect to any Letter of Credit to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Agreement; provided that such right of set-off shall be subject to the
obligation of each Participant to share with the Lenders, and the Lenders agree to share with each Participant, as provided in Section 7.5. The Company also agrees that each Participant shall be entitled to the benefits of
Section 7.6 or 8 as if it were a Lender (provided that no Participant shall be entitled to any greater compensation pursuant to Section 7.6 or 8 than would have been paid to the participating Lender if no
participation had been sold and that each Participant complies with Section 7.6(d) as if it were an Assignee). 
 15.7
Register. The Administrative Agent shall maintain a copy of each Assignment Agreement delivered and accepted by it and register (the “Register”) for the recordation of names and addresses of the Lenders and the Commitment of
each Lender from time to time and whether such Lender is the original Lender or the Assignee. No assignment shall be effective unless and until the Assignment Agreement is accepted and registered in the Register. All records of transfer of a
Lender’s interest in the Register shall be conclusive, absent manifest error, as to the ownership of the interests in the Loans. The Administrative Agent shall not incur any liability of any kind with respect to any Lender with respect to the
maintenance of the Register. 
 15.8 GOVERNING LAW. THIS AGREEMENT AND EACH NOTE SHALL BE A CONTRACT MADE UNDER AND
GOVERNED BY THE INTERNAL SUBSTANTIVE LAWS OF THE STATE OF OHIO APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES. 
 15.9 Confidentiality. As required by federal law and the Administrative Agent’s policies and practices, the Administrative Agent may need to
obtain, verify, and record certain customer identification information and documentation in connection with opening or maintaining accounts, or establishing or continuing to provide services. The Administrative Agent and each Lender agree to use
commercially reasonable efforts (equivalent to the efforts the Administrative Agent or such Lender applies to maintain the confidentiality of its own confidential information) to maintain as confidential all information provided to them by any Loan
Party and designated as confidential, except that the Administrative Agent and each Lender may disclose such information (a) to Persons employed or engaged by the Administrative Agent or such Lender in evaluating, approving, structuring or
administering the Loans and the Commitments; (b) to any assignee or participant or potential assignee or participant that has agreed to comply with the covenant contained in this Section 15.9 (and any such assignee or participant or
potential assignee or participant may disclose such information to Persons employed or engaged by them as described in clause (a) above); (c) as required or requested by any federal or state regulatory authority or examiner, or any
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or such Lender to be compelled by any court decree, subpoena or legal or administrative order or process; (d) as, on the advice of the Administrative
Agent’s or such Lender’s counsel, is required by law; (e) in connection with the exercise of any right or remedy under the Loan Documents or in connection with any litigation to which the Administrative Agent or such Lender is a
party; (f) to any nationally recognized rating agency that requires access to information about a Lender’s investment portfolio in connection with ratings issued with respect to such Lender; (g) to any Affiliate of the Administrative
Agent, the Issuing Lender or any other Lender who may provide Bank Products to the Loan Parties; or (h) that ceases to be confidential through no fault of the Administrative Agent or any Lender (or any Person to whom the Administrative Agent or
Lender disclosed such information). Notwithstanding the foregoing, the Company consents to the publication by the Administrative Agent or any Lender of a tombstone or similar advertising material relating to the financing transactions contemplated
by this Agreement, and the Administrative Agent reserves the right to provide to industry trade organizations information necessary and customary for inclusion in league table measurements. 
 15.10 Severability. Whenever possible each provision of this Agreement shall be interpreted in such manner as to be effective and valid under
Applicable Law, but if any provision of this Agreement shall be prohibited by or invalid under Applicable Law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision
or the remaining provisions of this Agreement. All obligations of the Company and rights of the Administrative Agent and the Lenders expressed herein or in any other Loan Document shall be in addition to and not in limitation of those provided by
Applicable Law. 
 15.11 Nature of Remedies. All Obligations of the Company and rights of the Administrative Agent and the Lenders
expressed herein or in any other Loan Document shall be in addition to and not in limitation of those provided by Applicable Law. No failure to exercise and no delay in exercising, on the part of the Administrative Agent or any Lender, any right,
remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right,
remedy, power or privilege. 
 15.12 Entire Agreement. This Agreement, together with the other Loan Documents, embodies the entire
agreement and understanding among the parties hereto and supersedes all prior or contemporaneous agreements and understandings of such Persons, verbal or written, relating to the subject matter hereof and thereof (except as relates to the fees
described in Section 5.3) and any prior arrangements made with respect to the payment by the Company of (or any indemnification for) any fees, costs or expenses payable to or incurred (or to be incurred) by or on behalf of the
Administrative Agent or the Lenders. 
 15.13 Counterparts. This Agreement may be executed in any number of counterparts and by
the different parties hereto on separate counterparts and each such counterpart shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Agreement. Receipt of an executed signature page to this
Agreement by facsimile or other electronic transmission shall constitute effective delivery thereof. Electronic records of executed Loan Documents maintained by the Lenders shall deemed to be originals. 
  

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 15.14 Successors and Assigns. This Agreement shall be binding upon the Company, the Lenders
and the Administrative Agent and their respective successors and assigns, and shall inure to the benefit of the Company, the Lenders and the Administrative Agent and the successors and assigns of the Lenders and the Administrative Agent. No other
Person shall be a direct or indirect legal beneficiary of, or have any direct or indirect cause of action or claim in connection with, this Agreement or any of the other Loan Documents. The Company may not assign or transfer any of its rights or
Obligations under this Agreement without the prior written consent of the Administrative Agent and each Lender. 
 15.15 Captions.
Section captions used in this Agreement are for convenience only and shall not affect the construction of this Agreement. 
 15.16
Customer Identification - USA Patriot Act Notice. Each Lender and LaSalle (for itself and not on behalf of any other party) hereby notifies the Loan Parties that, pursuant to the requirements of the USA Patriot Act, Title III of Pub. L.
107-56, signed into law October 26, 2001 (the “Act”), it is required to obtain, verify and record information that identifies the Loan Parties, which information includes the name and address of the Loan Parties and other information
that will allow such Lender or LaSalle, as applicable, to identify the Loan Parties in accordance with the Act. 
 15.17
INDEMNIFICATION BY THE COMPANY. IN CONSIDERATION OF THE EXECUTION AND DELIVERY OF THIS AGREEMENT BY THE ADMINISTRATIVE AGENT AND THE LENDERS AND THE AGREEMENT TO EXTEND THE COMMITMENTS PROVIDED HEREUNDER, THE COMPANY HEREBY AGREES TO
INDEMNIFY, EXONERATE AND HOLD THE ADMINISTRATIVE AGENT, EACH LENDER AND EACH OF THE OFFICERS, DIRECTORS, EMPLOYEES, AFFILIATES AND AGENTS OF THE ADMINISTRATIVE AGENT AND EACH LENDER (EACH A “LENDER PARTY”) FREE AND HARMLESS FROM AND
AGAINST ANY AND ALL ACTIONS, CAUSES OF ACTION, SUITS, LOSSES, LIABILITIES, DAMAGES AND EXPENSES, INCLUDING ATTORNEY COSTS (COLLECTIVELY, THE “INDEMNIFIED LIABILITIES”), INCURRED BY THE LENDER PARTIES OR ANY OF THEM AS A RESULT OF, OR
ARISING OUT OF, OR RELATING TO (A) ANY TENDER OFFER, MERGER, PURCHASE OF CAPITAL SECURITIES, PURCHASE OF ASSETS (INCLUDING THE PERMITTED ACQUISITIONS) OR OTHER SIMILAR TRANSACTION FINANCED OR PROPOSED TO BE FINANCED IN WHOLE OR IN PART,
DIRECTLY OR INDIRECTLY, WITH THE PROCEEDS OF ANY OF THE LOANS, (B) THE USE, HANDLING, RELEASE, EMISSION, DISCHARGE, TRANSPORTATION, STORAGE, TREATMENT OR DISPOSAL OF ANY HAZARDOUS SUBSTANCE AT ANY PROPERTY OWNED OR LEASED BY ANY LOAN PARTY,
(C) ANY 

  

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VIOLATION OF ANY ENVIRONMENTAL LAWS WITH RESPECT TO CONDITIONS AT ANY PROPERTY OWNED OR LEASED BY ANY LOAN PARTY OR THE OPERATIONS CONDUCTED THEREON,
(D) THE INVESTIGATION, CLEANUP OR REMEDIATION OF OFFSITE LOCATIONS AT WHICH ANY LOAN PARTY OR THEIR RESPECTIVE PREDECESSORS ARE ALLEGED TO HAVE DIRECTLY OR INDIRECTLY DISPOSED OF HAZARDOUS SUBSTANCES OR (E) THE EXECUTION, DELIVERY,
PERFORMANCE OR ENFORCEMENT OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT BY ANY OF THE LENDER PARTIES, EXCEPT FOR ANY SUCH INDEMNIFIED LIABILITIES ARISING ON ACCOUNT OF THE APPLICABLE LENDER PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT AS
DETERMINED BY A FINAL, NONAPPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION. IF AND TO THE EXTENT THAT THE FOREGOING UNDERTAKING MAY BE UNENFORCEABLE FOR ANY REASON, THE COMPANY HEREBY AGREES TO MAKE THE MAXIMUM CONTRIBUTION TO THE PAYMENT
AND SATISFACTION OF EACH OF THE INDEMNIFIED LIABILITIES WHICH IS PERMISSIBLE UNDER APPLICABLE LAW. ALL OBLIGATIONS PROVIDED FOR IN THIS SECTION 15.17 SHALL SURVIVE REPAYMENT OF THE LOANS, CANCELLATION OF THE NOTES, EXPIRATION OR TERMINATION
OF THE LETTERS OF CREDIT, ANY FORECLOSURE UNDER, OR ANY MODIFICATION, RELEASE OR DISCHARGE OF, ANY OR ALL OF THE COLLATERAL DOCUMENTS AND TERMINATION OF THIS AGREEMENT. 
 15.18 Nonliability of Lenders. The relationship between the Company on the one hand and the Lenders and the Administrative Agent on the
other hand shall be solely that of borrower and lender. Neither the Administrative Agent nor any Lender has any fiduciary relationship with or duty to any Loan Party arising out of or in connection with this Agreement or any of the other Loan
Documents, and the relationship between the Loan Parties, on the one hand, and the Administrative Agent and the Lenders, on the other hand, in connection herewith or therewith is solely that of debtor and creditor. Neither the Administrative Agent
nor any Lender undertakes any responsibility to any Loan Party to review or inform any Loan Party of any matter in connection with any phase of any Loan Party’s business or operations. The Company agrees, on behalf of itself and each other Loan
Party, that neither the Administrative Agent nor any Lender shall have liability to any Loan Party (whether sounding in tort, contract or otherwise) for losses suffered by any Loan Party in connection with, arising out of, or in any way related to
the transactions contemplated and the relationship established by the Loan Documents, or any act, omission or event occurring in connection therewith, unless it is determined in a final non-appealable judgment by a court of competent jurisdiction
that such losses resulted from the gross negligence or willful misconduct of, the party from which recovery is sought. SUBJECT TO AND EXCEPT AS OTHERWISE PROVIDED IN SECTION 15.9, NO LENDER PARTY SHALL BE LIABLE FOR ANY DAMAGES ARISING FROM THE
USE BY OTHERS OF ANY INFORMATION OR OTHER MATERIALS OBTAINED THROUGH INTRALINKS OR OTHER SIMILAR INFORMATION TRANSMISSION SYSTEMS IN CONNECTION WITH THIS AGREEMENT, NOR SHALL ANY LENDER PARTY HAVE ANY LIABILITY WITH RESPECT TO, AND THE COMPANY ON
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AND EACH OTHER LOAN PARTY, HEREBY WAIVES, RELEASES AND AGREES NOT TO SUE FOR ANY SPECIAL, PUNITIVE, EXEMPLARY, INDIRECT OR CONSEQUENTIAL DAMAGES RELATING
TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR ARISING OUT OF ITS ACTIVITIES IN CONNECTION HEREWITH OR THEREWITH (WHETHER BEFORE OR AFTER THE CLOSING DATE). The Company acknowledges that it has been advised by counsel in the negotiation,
execution and delivery of this Agreement and the other Loan Documents to which it is a party. No joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the Lenders
or among the Loan Parties and the Lenders 
 15.19 FORUM SELECTION AND CONSENT TO JURISDICTION. ANY LITIGATION BASED
HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, SHALL BE BROUGHT AND MAINTAINED EXCLUSIVELY IN THE COURTS OF THE STATE OF OHIO OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF
OHIO; PROVIDED THAT NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE THE ADMINISTRATIVE AGENT FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION. THE COMPANY HEREBY EXPRESSLY AND IRREVOCABLY SUBMITS TO
THE JURISDICTION OF THE COURTS OF THE STATE OF OHIO AND OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF OHIO FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE. THE COMPANY FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF
PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF OHIO. THE COMPANY HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO
THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
 15.20 WAIVER OF JURY TRIAL. EACH OF THE COMPANY, THE ADMINISTRATIVE AGENT AND EACH LENDER HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN
ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT, ANY NOTE, ANY OTHER LOAN DOCUMENT AND ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR
THEREWITH OR ARISING FROM ANY LENDING RELATIONSHIP EXISTING IN CONNECTION WITH ANY OF THE FOREGOING, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. 
 [signature pages follow] 
  

 77 

 The parties hereto have caused this Agreement to be duly executed and delivered by their duly authorized
officers as of the date first set forth above. 
  

			
	 MULTI-COLOR CORPORATION,
 an Ohio corporation

		
	By:	 	 /s/ Dawn H. Bertsche

	Title:	 	 Sr. V.P. Finance and CFO

 Signature Pages to Credit 
 Agreement 

			
	 LASALLE BANK NATIONAL ASSOCIATION,
 as
Administrative Agent, as Issuing Lender and as a Lender

		
	By:	 	 /s/ Shawna Elkus

	Title:	 	Vice President

 Signature Pages to Credit 
 Agreement 

			
	 PNC BANK, NATIONAL ASSOCIATION, as a
 Lender

		
	By:	 	 /s/ Kelly Wolski

	Title:	 	Vice President

 Signature Pages to Credit 
 Agreement 

			
	 KEYBANK NATIONAL ASSOCIATION,
 as a
Lender

		
	By:	 	 /s/ Louis A. Fender

	Title:	 	Sr. Vice President

 Signature Pages to Credit 
 Agreement 
  
  

			
	 BMO CAPITAL MARKETS FINANCING, INC.,
 as a Lender

		
	By:	 	 /s/ Timothy Dana

	Title:	 	Vice President

 Signature Pages to Credit 
 Agreement

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