Document:

EX-10.1

 Exhibit 10.1 

Conformed copy 
  
 

 
 Dated 14 December 2016 

INNOSPEC INC AND OTHERS 

BARCLAYS BANK PLC 

CREDIT SUISSE (SWITZERLAND) LTD 

THE ROYAL BANK OF SCOTLAND PLC 

LLOYDS BANK PLC 
 WELLS
FARGO BANK N.A. 
 U.S. BANK NATIONAL ASSOCIATION 

(acting as Mandated Lead Arrangers) 

BARCLAYS BANK PLC 
 as
Document Co-ordinator 
 and 

LLOYDS BANK PLC 
 (acting
as Agent and Security Agent) 
  
  

THIRD AMENDMENT AND 

RESTATEMENT AGREEMENT 

RELATING TO A FACILITIES 

AGREEMENT DATED 

14 DECEMBER 2011 AS 

PREVIOUSLY AMENDED AND 

RESTATED ON 28 AUGUST 2013 

AND 6 NOVEMBER 2015 
  

 
  

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Contents 
  

							
	 	 	Clause	  	Page	 
	1	 	 Definitions and Interpretation
	  	 	1	  
	2	 	 Conditions Precedent
	  	 	3	  
	3	 	 Amendments
	  	 	3	  
	4	 	 Accession
	  	 	3	  
	5	 	 Representations
	  	 	4	  
	6	 	 Fees
	  	 	5	  
	7	 	 Guarantee
	  	 	6	  
	8	 	 Security
	  	 	6	  
	9	 	 Continuity and further assurance
	  	 	6	  
	10	 	 Miscellaneous
	  	 	7	  
	11	 	 Governing Law
	  	 	7	  
			
		 	 Schedule
	  			
			
	1	 	 Conditions Precedent
	  	 	8	  
	2	 	 Amended Facilities Agreement
	  	 	12	  

  

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This Agreement is made on 14 December 2016 
 Between

  

	(1)	Innospec Inc. (Parent); 

  

	(2)	The Obligors as defined in the Amended Facilities Agreement (as defined below); 

  

	(3)	Barclays Bank PLC, Credit Suisse (Switzerland) Ltd, The Royal Bank of Scotland plc, Lloyds Bank plc, U.S. Bank National Association and Wells Fargo Bank N.A. as mandated lead
arrangers (whether acting individually or together in this capacity, the Arrangers); 

  

	(4)	The Financial Institutions listed in part 2 of schedule 1 (The Original Parties) to the Amended Facilities Agreement as original lenders (Original Lenders); 

 

	(5)	The Financial Institutions listed in part 3 of schedule 1 (The Original Parties) to the Amended Facilities Agreement as bilateral lenders (Original Bilateral Banks); 

 

	(6)	The Financial Institutions listed in part 4 of schedule 1 (The Original Parties) to the Amended Facilities Agreement as hedging banks (Original Hedging Banks); 

 

	(7)	Barclays Bank PLC as document co-ordinator (Document Co-ordinator); 

 

	(8)	Lloyds Bank plc as agent for and on behalf of the other Finance Parties under and as defined in the Amended Facilities Agreement defined below (Agent); and 

 

	(9)	Lloyds Bank plc as security agent and trustee for and on behalf of the other Finance Parties under and as defined in the Amended Facilities Agreement defined below (Security Agent). 

It is agreed 
  

	1	Definitions and Interpretation 

  

	1.1	In this Agreement: 

 Agency and Security Agent Fee Letter means the letter dated on or
about the date of this Agreement between the Parent, the Agent and the Security Agent setting out the amount of the fees referred to in clause 6(c) (Fees) and clause 6(d) (Fees) 

Amended Facilities Agreement means the Original Facility Agreement as amended and restated by this Agreement, the terms of which are set
out in schedule 2 (Amended Facilities Agreement) 
 Arranger Fee Letter means the letter dated on or about the date of this Agreement
between the Parent, and the Arrangers setting out the amount of the fee referred to in clause 6(a) (Fees) 
 Commitment Letter means
the commitment letter dated 27 July 2016 between the Lenders and the Parent 
 Co-ordination
Fee Letter means the letter dated on or about the date of this Agreement between the Parent and Barclays Bank PLC as document co-ordinator setting out the amount of the fee referred to in clause 6(b)
(Fees) 

  
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Confirmatory Key Property Debenture means a confirmatory security agreement between Innospec (Plant) Limited and the Security Agent in
respect of the English law governed key property debenture dated 14 December 2011 
 Confirmatory Security Agreement 2016
means: 
  

	 	(a)	a confirmatory security agreement between, among others, Innospec Limited and the Security Agent in respect of the English law governed debenture dated 14 December 2011 

 

	 	(b)	the Confirmatory Key Property Debenture 

  

	 	(c)	a confirmatory security agreement between the Parent and the Security Agent in respect of the English law governed share security agreement dated 14 December 2011 

 

	 	(d)	a confirmatory security agreement between the Parent and the Security Agent in respect of the Swiss law governed share pledge agreement relating to the pledge over the shares in Innospec GmbH dated 14 December 2011

  

	 	(e)	a confirmatory security agreement between Innospec GmbH and the Security Agent in respect of the Swiss law governed share pledge agreement relating to the pledge over the shares in Alcor Chemie Vertriebs GmbH dated
14 December 2011 

  

	 	(f)	a confirmatory security agreement between OBOAdler Company Limited and the Security Agent in respect of the Swiss law governed share pledge agreement relating to the pledge over the shares in Alcor Chemie Vertriebs GmbH
dated 14 December 2011 

  

	 	(g)	a confirmatory security agreement between Alcor Chemie Vertriebs GmbH and the Security Agent in respect of the Swiss law governed assignment agreement relating to the assignment of certain assets dated 14 December
2011 and 

  

	 	(h)	a confirmation of security between, among others, the Parent and the Security Agent in respect of the New York law governed security agreement, stock pledge agreement and intellectual property security agreement dated,
in each case, 14 December 2011 and the pledge agreement supplement dated 6 November 2015 

 Innospec
Performance has the meaning given in the Amended Facilities Agreement 
 Jazz Acquisition Agreement has the meaning given in the
Amended Facilities Agreement 
 Jazz Disclosure Letter has the meaning given in the Amended Facilities Agreement 

Jazz Put Option Agreement has the meaning given in the Amended Facilities Agreement 

Jazz Reports has the meaning given in the Amended Facilities Agreement 

Jazz Vendor has the meaning given in the Amended Facilities Agreement 

Innospec Performance has the meaning given in the Amended Facilities Agreement 

Original Facility Agreement means the facility agreement dated 14 December 2011 (as previously amended and restated on
28 August 2013 and 6 November 2015) between amongst others, the Parent, the Agent and the Security Agent 

  
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Party means a party to this Agreement 

Supplemental Finance Document means: 
  

	 	(a)	this Agreement 

  

	 	(b)	the Amended Facilities Agreement 

  

	 	(c)	the Arranger Fee Letter 

  

	 	(d)	the Co-ordination Fee Letter 

  

	 	(e)	the Agency and Security Agent Fee Letter 

  

	 	(f)	each Confirmatory Security Agreement 2016 and 

  

	 	(g)	any other Finance Document dated on or about the date of this Agreement 

 Term Facility
has the meaning given in the Amended Facilities Agreement 
 Third Restatement Date means the date upon which the Agent issues the
notification referred to in clause 2.1 (Conditions Precedent) 
  

	1.2	Capitalised terms defined in the Original Facility Agreement have, unless expressly defined in this Agreement, the same meaning in this Agreement. 

 

	1.3	Construction 

 The provisions of clause 1.2 (Construction) and 1.4 (Third Party Rights)
of the Original Facility Agreement apply to this Agreement as though they were set out in full in this Agreement except that references to this Agreement in those clauses are to be construed as references to this Agreement. 

 

	2	Conditions Precedent 

  

	2.1	Clause 3 (Amendments) shall not take effect unless the Agent notifies the Parent and the Lenders that it has received all of the documents and evidence set out in schedule 1 (Conditions Precedent) in form and substance
satisfactory to the Agent. The Agent must give this notification as soon as reasonably practicable. 

  

	2.2	If the Agent does not give the notification under clause 2.1 by 30 December 2016 or such later date as the Parent and the Agent (acting on the instructions of the Majority Lenders) may agree, clause 3 (Amendments)
shall not take effect. 

  

	3	Amendments 

 Subject as set out in clause 2 (Conditions Precedent), the Original Facility
Agreement will be amended and restated from and including the Third Restatement Date so that it shall be read and construed as if it were restated in the form set out in schedule 2 (Amended Facilities Agreement). 

 

	4	Accession 

  

	4.1	 Pursuant to clause 24.15 (Accession of Hedging Banks) of the Original Facility Agreement, The Royal Bank of
Scotland plc and Wells Fargo Securities International Limited (New  

  
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Hedging Banks) each agree to become a Hedging Bank with effect from the Third Restatement Date and be bound by the terms of the Amended
Facilities Agreement as if they had originally been a party to the Original Facility Agreement as a Hedging Bank. 
  

	4.2	Each Hedging Bank confirms that its address and fax details for notices in relation to clause 31 (Notices) of the Amended Facilities Agreement are as follows: 

The Royal Bank of Scotland plc 

Address:        c/o 1 Hardman Boulevard, Manchester M3 3AQ 

Attention:     Derivatives Operations 

Wells Fargo Securities International Limited and/or Wells Fargo Bank, N.A. 

Address:        45 Fremont Street, 30th Floor, MAC AO194-300,
San Francisco CA 94105 
 Fax:               (877) 564 8524 

Attention:     Derivatives Documentation Manager 
  

	5	Representations 

  

	5.1	Representations 

 The representations and warranties set out in this clause are made on
the date of this Agreement and on the Third Restatement Date to each Finance Party by each Obligor for itself and on behalf of each Subsidiary of that Obligor. References in this clause to “it” or “its” include, unless the
context otherwise requires, each Obligor and each Subsidiary of that Obligor. 
  

	5.2	Binding obligations 

 The obligations expressed to be assumed by it in each Supplemental
Finance Document are legal, valid, binding and (subject to the Legal Reservations) enforceable obligations. 
  

	5.3	Non-conflict with other obligations 

 The entry
into and performance by it of, and the transactions contemplated by, the Supplemental Finance Documents do not and will not: 
  

	 	(a)	conflict with any law or regulation applicable to it or any of its Subsidiaries; 

  

	 	(b)	contravene constitutional documents; 

  

	 	(c)	breach (in a manner or to an extent which could reasonably be expected to have a Material Adverse Effect) any agreement or instrument which is binding on it or any member of the Group or any member of the Group’s
assets; or 

  

	 	(d)	oblige it, or any of its Subsidiaries, to create any Security or result in the creation of any Security over its or their respective assets other than under the Security Documents. 

 

	5.4	Power and authority 

 It has the power to enter into and perform, and has taken all
necessary action to authorise its entry into and performance of, the Supplemental Finance Documents and the transactions contemplated by the Supplemental Finance Documents. 

  
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	5.5	Validity and admissibility in evidence 

 All Authorisations required or desirable: 

 

	 	(a)	to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Supplemental Finance Documents to which it is a party; 

 

	 	(b)	to make the Supplemental Finance Documents to which it is a party admissible in evidence in its jurisdiction of incorporation (save for any filings or registrations required in relation to the Security constituted by
the Security Documents, which filings and registrations will be made promptly after the execution of the relevant Security Documents and in any event within applicable time limits); and 

 

	 	(c)	to create the Security constituted by the Security Documents to which it is a party and, subject to the Legal Reservations, to ensure that such Security has the meaning specified therein, 

have been obtained or effected and are in full force and effect. 
  

	5.6	Facilities Agreement 

 Each Obligor confirms to each Finance Party that on the date of
this Agreement and on the Third Restatement Date, the Repeating Representations: 
  

	 	(a)	are true; and 

  

	 	(b)	would also be true if references to the Original Facility Agreement are construed as references to the Amended Facilities Agreement. 

In each case, each Repeating Representation is applied to the circumstances then existing and in the case of the confirmation made on the date
of this Agreement, as if the Third Restatement Date had occurred. 
  

	6	Fees 

  

	 	(a)	The Parent must, on the Third Restatement Date, pay to each Arranger for its own account an arrangement fee in an amount referred to in the Arranger Fee Letter. 

 

	 	(b)	The Parent must, on the date of this Agreement, pay to the Document Co-ordinator for its own account a document co-ordination fee in an
amount referred to in the Co-ordination Fee Letter. 

  

	 	(c)	The Parent must pay to the Agent for its own account, an agency fee in an amount and at the times referred to in the Agency and Security Agent Fee Letter. 

 

	 	(d)	The Parent must pay to the Security Agent for its own account, a security agent fee in an amount and at the time set out in the Agency and Security Agent Fee Letter. 

 

	 	(e)	The Parent must pay to the Agent (for the account of each Lender) the accrued commitment fee referred to in paragraph 7.3 of the Commitment Letter on or before the Third Restatement Date. 

  
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	7	Guarantee 

 On the Third Restatement Date, each Obligor: 

 

	 	(a)	confirms its acceptance of the Amended Facilities Agreement; 

  

	 	(b)	agrees that it is bound as an Obligor by the terms of the Amended Facilities Agreement; and 

  

	 	(c)	(if a Guarantor) confirms that its guarantee: 

  

	 	(i)	continues in full force and effect on the terms of the Amended Facilities Agreement; and 

  

	 	(ii)	extends to the obligations of the Obligors under the Finance Documents (including the Amended Facilities Agreement), 

in each case, subject to any limitations set out in clauses 18.11 (Specific limitations for Swiss Guarantors), 18.12 (Specific provisions for
U.S. Guarantors and other U.S. Limitations) and 18.13 (Keepwell) of the Amended Facilities Agreement. 
  

	8	Security 

 On the Third Restatement Date, each Obligor confirms that: 

 

	 	(a)	any Security created by it under the Security Documents extends to the obligations of the Obligors under the Finance Documents (including the Amended Facilities Agreement) subject to any limitations set out in the
Security Documents; 

  

	 	(b)	the obligations of the Obligors arising under the Amended Facilities Agreement are included in the Indebtedness or Secured Obligations (as applicable) (each as defined in the applicable Security Documents) subject to
any limitations set out in the Security Documents; and 

  

	 	(c)	the Security (as defined in the Security Documents) created under the Security Documents continue in full force and effect on the terms of the respective Security Documents. 

 

	9	Continuity and further assurance 

  

	9.1	Continuing obligations 

 The provisions of the Finance Documents shall, save as amended
by this Agreement, continue in full force and effect. 
  

	9.2	Further assurance 

 Each Obligor shall promptly do all such acts or execute all such
documents as the Agent may reasonably specify (and in such form as the Agent may reasonably require) in favour of it or any other Finance Party to give effect to the amendments effected or to be effected pursuant to this Agreement. 

 

	9.3	No waiver 

 Save as and to the extent expressly waived in this Agreement, the Finance
Documents shall remain in full force and effect. No waivers are given and the Finance Parties expressly reserve all rights and remedies in respect of any breach of, or Default under, the Finance Documents, save as expressly set out in this
Agreement. 

  
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	9.4	Finance Documents 

 Each Supplemental Finance Document is a Finance Document. 

 

	10	Miscellaneous 

  

	10.1	Incorporation of terms 

  

	 	(a)	Clauses 40 (Governing Law) and 41 (Enforcement) of the Amended Facilities Agreement shall be deemed to be incorporated into this Agreement (with such conforming changes as the context requires) as if set out in full in
this Agreement. 

  

	 	(b)	Clause 31 (Notices) of the Amended Facilities Agreement shall be deemed to be incorporated into this Agreement (with such confirming changes as the context requires) as if set out in full in this Agreement.

  

	10.2	This Agreement or any Supplemental Finance Document entered into under or in connection with this Agreement may be executed in any number of counterparts, and by each party on separate counterparts. Each counterpart is
an original, but all counterparts shall together constitute one and the same instrument. Delivery of a counterpart of this Agreement or such Supplemental Finance Document entered into under or in connection with this Agreement by e-mail attachment or telecopy shall be an effective mode of delivery. 

  

	11	Governing Law 

 This Agreement and any
non-contractual obligations arising out of or in connection with it are governed by English law. 
 Executed as a
deed by the parties or their duly authorised representatives on the date of this Agreement. 

  
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Schedule 1 

Conditions Precedent 
  

	1	Conditions Precedent 

  

	1.1	A copy of the constitutional documents of each Obligor or, if the Agent already has a copy, a certificate of an authorised signatory of the relevant Obligor confirming that the copy in the Agent’s possession is
still correct, complete and in full force and effect as at a date no earlier than the date of this Agreement. 

  

	1.2	A copy of a resolution of the board of directors (or equivalent thereof) of each Obligor: 

  

	 	(a)	approving the terms of, and the transactions contemplated by, the Supplemental Finance Documents to which it is a party and resolving that it execute the Supplemental Finance Documents to which it is a party;

  

	 	(b)	authorising a specified person or persons to execute the Supplemental Finance Documents to which it is a party on its behalf; and 

  

	 	(c)	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, any Utilisation Request) to be signed and/or despatched by it under or in connection
with the Supplemental Finance Documents to which it is a party. 

  

	1.3	If applicable. a copy of a resolution signed by all the holders of the issued shares in each Obligor (other than any US Guarantor), approving the terms of, and the transactions contemplated by, the Supplemental Finance
Documents to which that Obligor is a party. 

  

	1.4	If applicable, a copy of a resolution of the board of directors of each corporate shareholder in each Obligor, approving the terms of the resolution referred to in paragraph 1.3 above. 

 

	1.5	In respect of each Swiss Obligor a copy of a resolution of its general meeting of quotaholders approving the execution and the terms of, and the transactions contemplated by, the Supplemental Finance Documents.

  

	1.6	A specimen of the signature of each person authorised by the resolutions referred to in paragraph 1.2 above. 

  

	1.7	A certificate of each Obligor (signed by a member of Management, director or other appropriate representative) confirming that borrowing, guaranteeing or securing, as appropriate, the Total Commitments would not cause
any borrowing, guarantee, security or similar limit binding on any Obligor) to be exceeded (each certificate to remain true and correct up to and on the Third Restatement Date (unless notified to the contrary by the relevant Obligor)).

  

	1.8	A certificate of an authorised signatory of each Obligor certifying that each copy document specified in this schedule is correct, complete and in full force and effect and has not been amended or superseded as at a
date no earlier than the date of this Agreement. 

  

	1.9	To the extent not otherwise provided above, the constitutive documents of any member of the Group incorporated in England and Wales or the U.S. whose shares are subject to Security under any of the Security Documents
together with any resolutions of the shareholders of such member of the Group adopting such changes to the constitutive documents of such member of the Group as the Agent shall have reasonably required (prior to the date of this Agreement) to, among
other things, remove any restriction on any transfer of shares or partnership interests (or equivalent) in such member of the Group pursuant to any enforcement of any of such Security Documents. 

  
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	1.10	With respect to each Group Member which is an Obligor formed in any state of the United States of America a certificate of solvency signed by the Chief Financial Officer, or equivalent officer, of such Obligor and a
copy of a good standing certificate with respect to that Obligor issued as of a recent date by the Secretary of State or other appropriate official of that Obligor’s jurisdiction of incorporation or formation, as the case may be.

  

	2	Supplemental Finance Documents 

  

	2.1	This Agreement executed by each Party. 

  

	2.2	The Arranger Fee Letter signed by the Parent. 

  

	2.3	The Co-ordination Fee Letter signed by the Parent. 

  

	2.4	The Agency and Security Agent Fee Letter signed by the Parent. 

  

	2.5	Each Confirmatory Security Agreement 2016, executed by each party to such agreement. 

  

	3	Perfection of Security 

  

	3.1	The results of Land Registry searches in favour of the Security Agent on the appropriate forms against all of the registered titles comprising each Key Property (as defined in the Confirmatory Key Property Debenture)
giving not less than 21 days priority beyond the date each Key Property (as defined in the Confirmatory Key Property Debenture) became subject to the terms of the relevant Supplemental Finance Documents and showing no adverse entries.

  

	3.2	An undertaking from DWF LLP (legal counsel to the Parent) to hold any title deeds that come into their possession to the order of the Security Agent and to register at the Land Registry the Confirmatory Key Property
Debenture against each Key Property. 

  

	4	Legal opinions 

  

	4.1	A legal opinion of Addleshaw Goddard LLP, legal advisers to the Arranger and the Agent in England as to English law, substantially in the form distributed to the Original Lenders prior to signing this Agreement.

  

	4.2	A legal opinion of Bär & Karrer AG, legal advisers to the Arranger and the Agent in Switzerland as to Swiss law, substantially in the form distributed to the Original Lenders prior to signing this
Agreement. 

  

	4.3	A legal opinion of SGR, legal advisers to the Obligors in the U.S., substantially in the form distributed to the Original Lenders prior to signing this Agreement. 

 

	5	Accession of Innospec Performance 

  

	5.1	An Accession Letter executed by Innospec Performance and the Parent. 

  

	5.2	The Agent having received in relation to the accession of Innospec Performance as an Additional Guarantor, all of the documents and other evidence listed in part 2 (Conditions precedent required to be delivered by an
Additional Obligor) of schedule 2 of the Original Facility Agreement including a debenture granted by Innospec Performance. 

  
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	6	Other documents and evidence 

  

	6.1	A copy of the Jazz Put Option Agreement executed by the parties to it. 

  

	6.2	The Jazz Reports. 

  

	6.3	The Jazz Acquisition Agreement executed by the parties to it. 

  

	6.4	The Jazz Disclosure Letter executed by the Jazz Vendor. 

  

	6.5	Evidence of competition clearance from the Federal Cartel Office in Germany (Bundeskartellamt) and the Office for Competition and Consumer Protection in Poland (Uizedu Ochrony Konkurencii I Konsumentów) in
respect of the Jazz Acquisition. 

  

	6.6	A certificate of the Parent (signed by a director) detailing the estimated Jazz Acquisition Costs. 

  

	6.7	The Financial Model (as defined in the Amended Facilities Agreement). 

  

	6.8	Evidence that all fees, costs and expenses then due and payable from the Parent under: 

  

	 	(a)	clause 6(a) of this Agreement have been paid or will be paid on or before the Third Restatement Date; and 

  

	 	(b)	clause 6(b) of this Agreement have been paid or will be paid on or before the date of this Agreement. 

  

	6.9	Documentation and other evidence as is reasonably requested by the Agent or the Lenders in order for the Agent and the Lenders to carry out and be satisfied with the results of all necessary “know your
customer” or other checks on each Obligor pursuant to the transactions contemplated by the Supplemental Finance Documents. 

  

	6.10	The Original Financial Statements (as defined in the Amended Facilities Agreement). 

  

	6.11	A certificate from the Parent confirming that the Group is in compliance with clause 22.18(b) (Guarantors and security) as at the Third Restatement Date. 

 

	6.12	In respect of each company incorporated in the United Kingdom whose shares are the subject of the Transaction Security (a “Charged Company”), either: 

 

	 	(a)	a certificate of an authorised signatory of the Parent certifying that: 

  

	 	(i)	each member of the Group has complied within the relevant timeframe with any notice it has received pursuant to Part 21A of the Companies Act 2006 from that Charged Company; and 

 

	 	(ii)	no “warning notice” or “restrictions notice” (in each case as defined in Schedule 1B of the Companies Act 2006) has been issued in respect of those shares, 

together with a copy of the “PSC register” (within the meaning of section 790C(10) of the Companies Act 2006) of that Charged
Company, which, in the case of a Charged Company that is a member of the Group, is certified by an authorised signatory of the Parent to be correct, complete and not amended or superseded as at a date no earlier than the Third Restatement Date; or

  
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	 	(b)	a certificate of an authorised signatory of the Parent certifying that such Charged Company is not required to comply with Part 21A of the Companies Act 2006. 

 

	6.13	An irrevocable undertaking from Weil, Gotshal & Manges LLP to hold the proceeds of the Term Facility to the order of the Agent. 

 

	6.14	A copy of any other Authorisation or other document, opinion or assurance which the Agent considers to be necessary or desirable (if it has notified the Parent accordingly) in connection with the entry into and
performance of the transactions contemplated by, this Agreement or for the validity and enforceability of this Agreement. 

  

  
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Schedule 2 
 Amended
Facilities Agreement 
  

  
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 Originally dated 14 December 2011 as amended and restated on 

28 August 2013, 6 November 2015 and 14 December 2016 

INNOSPEC INC. and OTHERS 

BARCLAYS BANK PLC 
 CREDIT
SUISSE (SWITZERLAND) LTD 
 THE ROYAL BANK OF SCOTLAND PLC 

LLOYDS BANK PLC 
 U.S.
BANK NATIONAL ASSOCIATION 
 and 

WELLS FARGO BANK N.A. 

(acting as Mandated Lead Arrangers) 

BARCLAYS BANK PLC 

(acting as Document Co-ordinator) 

and 
 LLOYDS BANK PLC

 (acting as Agent and Security Agent) 
  

 
 FACILITIES
AGREEMENT 
  
  

 

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Contents 
  

							
	 	  	Clause	  	Page	 
	1	  	Definitions and interpretation	  	 	1	  
	2	  	The Facilities	  	 	33	  
	3	  	Purpose	  	 	38	  
	4	  	Conditions of Utilisation	  	 	39	  
	5	  	Utilisation	  	 	40	  
	6	  	Optional currencies	  	 	41	  
	7	  	Repayment	  	 	42	  
	8	  	Prepayment and cancellation	  	 	43	  
	9	  	Interest	  	 	49	  
	10	  	Interest Periods	  	 	51	  
	11	  	Changes to the calculation of interest	  	 	52	  
	12	  	Fees	  	 	54	  
	13	  	Tax gross up and indemnities	  	 	54	  
	14	  	Increased costs	  	 	65	  
	15	  	Other indemnities	  	 	67	  
	16	  	Mitigation by the Lenders	  	 	69	  
	17	  	Costs and expenses	  	 	70	  
	18	  	Guarantee and indemnity	  	 	70	  
	19	  	Representations	  	 	77	  
	20	  	Information undertakings	  	 	84	  
	21	  	Financial covenants	  	 	87	  
	22	  	General undertakings	  	 	91	  
	23	  	Events of Default	  	 	107	  
	24	  	Changes to the Finance Parties	  	 	111	  
	25	  	Changes to the Obligors	  	 	122	  
	26	  	Role of the Agent, Security Agent and the Arranger	  	 	124	  
	27	  	Conduct of business by the Finance Parties	  	 	137	  
	28	  	Sharing among the Finance Parties	  	 	137	  
	29	  	Payment mechanics	  	 	139	  
	30	  	Set-off	  	 	144	  
	31	  	Notices	  	 	145	  
	32	  	Calculations and certificates	  	 	147	  
	33	  	Partial invalidity	  	 	147	  
	34	  	Remedies and waivers	  	 	147	  
	35	  	Amendments and waivers	  	 	147	  
	36	  	Obligors’ Agent	  	 	150	  
	37	  	USA Patriot Act	  	 	150	  
	38	  	Counterparts	  	 	150	  
	39	  	Publicity	  	 	151	  
	40	  	Governing law	  	 	151	  
	41	  	Enforcement	  	 	151	  
	42	  	Waiver of jury trial	  	 	152	  
		
	Schedule	  			
			
	1	  	The Original Parties	  	 	153	  
		  	Part 1 - The Original Obligors	  	 	153	  
		  	Part 2 - The Original Lenders	  	 	155	  
		  	Part 3 - The Original Bilateral Banks	  	 	156	  
		  	Part 4 - The Hedging Banks	  	 	157	  

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	2	  	Conditions Precedent	  	 	158	  
		  	Part 1 - Conditions Precedent to Initial Utilisation	  	 	158	  
		  	Part 2 - Conditions Precedent required to be delivered by an Additional Obligor	  	 	162	  
	3	  	[Intentionally blank]	  	 	164	  
	4	  	Requests and Notices	  	 	165	  
		  	Part 1 - Form of Utilisation Request	  	 	165	  
		  	Part 2 - Selection Notice	  	 	166	  
	5	  	Form of Transfer Agreements	  	 	167	  
		  	Part 1 - Form of Assignment Agreement	  	 	167	  
		  	Part 2 - Form of Transfer Certificate	  	 	170	  
	6	  	Form of Accession Letter	  	 	173	  
	7	  	Form of Resignation Letter	  	 	174	  
	8	  	Form of Compliance Certificate	  	 	175	  
	9	  	Form of Increase Confirmation	  	 	177	  
	10	  	Timetables	  	 	181	  

  

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This Agreement is dated 14 December 2011 (as amended and restated on 28 August 2013, 6 November 2015 and 14 December 2016) 

Between 
  

	(1)	Innospec Inc. (Parent); 

  

	(2)	The Subsidiaries of the Parent listed in part 1 (The Original Obligors) of schedule 1 as original borrowers (together with the Parent, the Original Borrowers); 

 

	(3)	The Subsidiaries of the Parent listed in part 1 (The Original Obligors) of schedule 1 as original guarantors (together with the Parent, the Original Guarantors); 

 

	(4)	Barclays Bank PLC, Credit Suisse (Switzerland) Ltd, The Royal Bank of Scotland plc, Lloyds Bank plc, U.S. Bank National Association and Wells Fargo Bank N.A. as mandated lead arrangers
(whether acting individually or together the Arrangers); 

  

	(5)	The Financial Institutions listed in part 2 of schedule 1 (The Original Parties) as lenders (Original Lenders); 

  

	(6)	The Financial Institutions listed in part 3 of schedule 1 (The Original Parties) as bilateral lenders (Original Bilateral Banks); 

 

	(7)	The Institutions listed in part 4 of schedule 1 (The Original Parties) as hedging banks (Original Hedging Banks); 

  

	(8)	Barclays Bank PLC as document co-ordinator (Document Co-ordinator); 

 

	(9)	Lloyds Bank PLC as agent of the Lenders (Agent); and 

  

	(10)	Lloyds Bank PLC as security agent and trustee for the Finance Parties (Security Agent). 

 It
is agreed: 
  

	1	Definitions and interpretation 

  

	1.1	Definitions 

 In this Agreement: 

Accession Letter means a document substantially in the form set out in schedule 6 (Form of Accession Letter) 

Accordion Lender has the meaning give to it in clause 2.4(h) (Accordion Facility) 

Additional Borrower means a company which becomes an Additional Borrower in accordance with clause 25 (Changes to the Obligors)

 Additional Guarantor means a company which becomes an Additional Guarantor in accordance with clause 25 (Changes to the
Obligors) 
 Additional Obligor means an Additional Borrower or an Additional Guarantor 

Affiliate means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of
that Holding Company. Notwithstanding the foregoing, in relation to The Royal Bank of Scotland plc, the term Affiliate shall not include: 

  
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	 	(a)	the UK government or any member or instrumentality thereof, including Her Majesty’s Treasury and UK Financial Investments Limited (or any directors, officers, employees or entities thereof) or 

 

	 	(b)	any persons or entities controlled by or under common control with the UK government or any member or instrumentality thereof (including Her Majesty’s Treasury and UK Financial Investments Limited)

 and which are not part of The Royal Bank of Scotland Group plc and its Subsidiaries 

Agent’s Spot Rate of Exchange means the Agent’s spot rate of exchange for the purchase of the relevant currency with the Base
Currency in the London foreign exchange market at or about 11.00 a.m. on a particular day 
 Alcor Chemie means Alcor Chemie Vertriebs
GmbH, a company incorporated in Switzerland with registered number CHE-105.631.378 (former register number CH-170.4.002.974-7)

 Approved Accounting Principles means those accounting principles, standards and practices which were used in the Original Financial
Statements of the Parent 
 Assignment Agreement means an agreement substantially in the form set out in part 1 of schedule 5 (Form of
Assignment Agreement) or any other form agreed between the relevant assignor and assignee 
 Authorisation means an authorisation,
consent, approval, resolution, licence, exemption, filing, notarisation, or registration 
 Available Commitment means, in relation to
a Facility, a Lender’s Commitment under that Facility minus: 
  

	 	(a)	the Base Currency Amount of its participation in any outstanding Loans under that Facility and 

  

	 	(b)	in relation to any proposed Utilisation, the Base Currency Amount of its participation in any Loans that are due to be made under that Facility on or before the proposed Utilisation Date 

For the purposes of calculating a Lender’s Available Commitment in relation to any proposed Loan under the Revolving Facility only that
Lender’s participation in any Revolving Facility Loans that are due to be repaid or prepaid on or before the proposed Utilisation Date 

Available Facility means, in relation to a Facility, the aggregate for the time being of each Lender’s Available Commitment 

Availability Period means: 
  

	 	(a)	in relation to the Term Facility, the period from and including the Third Restatement Date to and including 31 December 2016 and 

 

	 	(b)	in relation to the Revolving Facility, the period from and including the date of this Agreement to and including the day falling one month prior to the Termination Date 

If an Availability Period ends on a day which is not a Business Day, then the relevant Availability Period shall be shortened to end on the
Business Day before it would otherwise end 

  
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Base Currency means dollars 

Base Currency Amount means, in relation to a Loan, the amount specified in the Utilisation Request delivered by a Borrower for that Loan
(or, if the amount requested is not denominated in the Base Currency, that amount converted into the Base Currency at the Agent’s Spot Rate of Exchange on the date which is three Business Days before the Utilisation Date or, if later, on the
date the Agent receives the Utilisation Request) adjusted to reflect any repayment, prepayment, consolidation or division of the Loan 

Bilateral Bank means: 
  

	 	(a)	any Original Bilateral Bank and 

  

	 	(b)	any Lender or Lenders 

 and in the case of (b) above, as selected as a Bilateral Bank by
the Parent by notice to the Agent. The Original Bilateral Banks are Bilateral Banks as at the date of this Agreement 
 Bilateral
Borrower means any Group Company to which a Bilateral Bank has provided a Bilateral Facility 
 Bilateral Commitment means, in
relation to a Bilateral Bank, the maximum amount from time to time of the Bilateral Facilities made available by such Bilateral Bank to the extent not cancelled 

Bilateral Facility means any of the following facilities (or a combination thereof) provided by a Bilateral Bank to any Group Company
and identified by such Bilateral Bank and the Parent as a Bilateral Facility for the purpose of this Agreement and confirmed by the Agent in writing to such Bilateral Bank and the Parent that such facility is a Bilateral Facility for the purpose of
the Finance Documents: 
  

	 	(a)	overdraft, cash pooling and similar facilities and spot and forward foreign exchange facilities and 

  

	 	(b)	guarantee, bonding, documentary or demand letter of credit facilities 

 The Agent confirms by
its signature to the Third Amendment and Restatement Agreement that the following are Bilateral Facilities as at the Third Restatement Date: 
  

	 	(i)	the £4,500,000 gross and £1,500,000 net sterling composite accounting facility made between Barclays Bank PLC and various Borrowers evidenced by a letter dated 20 August 2013 (as varied on or about the
Second Restatement Date) 

  

	 	(ii)	the $8,600,000 gross and $2,800,000 net United States dollar composite accounting facility made between Barclays Bank PLC and various Borrowers evidenced by a letter dated 20 August 2013 (as varied on or about the
Second Restatement Date) 

  

	 	(iii)	the €6,000,000 gross and €2,000,000 net euro composite accounting facility made between Barclays Bank PLC and various Borrowers evidenced by a letter dated 20 August 2013 (as varied on or about the Second
Restatement Date) 

  
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	 	(iv)	the $3,500,000 bond/guarantee facility made between, among others, Barclays Bank PLC and Innospec and evidenced by a letter dated 9 July 2013 (as varied on or about the Second Restatement Date) 

 

	 	(v)	the $5,000,000 bond issuance facility made between National Westminster Bank Plc and Innospec evidenced by a letter dated 19 May 2009 

 

	 	(vi)	the $15,000,000 bond/guarantee and documentary credit facility made between Lloyds Bank plc and Innospec evidenced by a letter dated 11 December 2015 (as varied on or about the Third Restatement Date) and

  

	 	(vii)	the $2,000,000 bond/guarantee and documentary credit facility made between Credit Suisse (Switzerland) Ltd and Alcor Chemie Vertriebs GmbH evidenced by an agreement dated 23 December 2011 (as varied on or around
22 May 2014) 

 The Agent will confirm that any facility is a Bilateral Facility if it is satisfied that such facility
falls within (a) or (b) above and that the provisions of clause 22.10(b) (Indebtedness) are not breached as a result of such facility being confirmed as a Bilateral Facility 

Bilateral Facility Documents means those documents relating to or evidencing the terms of any Bilateral Facility 

Bilateral Outstandings means, at any time, the dollar equivalent of the aggregate of the following amounts outstanding at such time
under any Bilateral Facility: 
  

	 	(a)	all amounts of principal then outstanding under any overdraft facilities determined on the same basis as that for determination of any limit on such facilities imposed by the terms thereof 

 

	 	(b)	the maximum potential liability (excluding any cash cover) under all guarantees, bonds and letters of credit issued by the relevant Bilateral Bank which are then outstanding under the relevant Bilateral Facility and

  

	 	(c)	in relation to any other Bilateral Facilities, the amount fairly representing the aggregate exposure (excluding interest and similar charges) of that Bilateral Bank under each other type of accommodation provided under
that Bilateral Facility as determined by such Bilateral Bank in accordance with the relevant Bilateral Facility Document or market practice 

Bilateral Utilisation means an advance made or guarantee, bond or letter of credit issued under a Bilateral Facility 

Borrower means an Original Borrower or an Additional Borrower unless it has ceased to be a Borrower in accordance with clause
25 (Changes to the Obligors) 
 Break Costs means the amount (if any) by which: 

 

	 	(a)	the interest (excluding the Margin) which a Lender should have received for the period from the date of receipt of all or any part of its participation in a Loan or Unpaid Sum to the last day of the current Interest
Period in respect of that Loan or Unpaid Sum, had the principal amount of that Loan or Unpaid Sum received been paid on the last day of that Interest Period 

exceeds: 

  
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	 	(b)	the amount which that Lender would be able to obtain by placing an amount equal to the principal amount of that Loan or Unpaid Sum received by it on deposit with a leading bank for a period starting on the Business Day
following receipt or recovery and ending on the last day of the current Interest Period 

 Business means the octane
additives, fuel specialties, active chemicals, oilfield chemicals and related businesses carried on by Parent and other members of the Group 

Business Day means a day (other than a Saturday or Sunday) on which banks are open for general business in London, New York and: 

 

	 	(a)	(in relation to any date for payment or purchase of a currency other than euro) the principal financial centre of the country of that currency or 

 

	 	(b)	(in relation to any date for payment or purchase of euro) any TARGET Day 

 Cash
Equivalents means: 
  

	 	(a)	marketable direct obligations issued by, or unconditionally guaranteed by, the United Kingdom Government or Swiss Government or issued by any agency of either such government and backed by the full faith and credit of
the United Kingdom or Switzerland (as applicable), in each case maturing within one year from the date of acquisition thereof by a member of the Group 

  

	 	(b)	commercial paper maturing no more than one year from the date of creation thereof and, at the time of acquisition, having a rating of at least A-1 from Standard and Poor’s
Corporation or at least P-1 from Moody’s Investors Service Inc. 

  

	 	(c)	certificates of deposit or bankers’ acceptances maturing within one year from the date of acquisition thereof issued by any bank having a rating of at least A-1 from Standard
and Poor’s Corporation or at least P-1 from Moody’s Investors Service Inc. 

  

	 	(d)	any investments in marketable direct obligations of the U.S. government (or any agency thereof) or in obligations fully and unconditionally guaranteed by the U.S. government (or any agency thereof), in each case
maturing within one year from the date of acquisition thereof by a member of the Group and 

  

	 	(e)	investments in money market funds which invest substantially all their assets in securities of the types described in paragraphs (a) to (d) above 

Charged Property means all of the assets of the Obligors which from time to time are, or are expressed to be, the subject of the
Transaction Security 
 Commitment means the Term Facility Commitment or the Revolving Facility Commitment 

Compliance Certificate means a certificate substantially in the form set out in schedule 8 (Form of Compliance Certificate) 

Confidential Information means all information relating to the Parent, any Obligor, the Group, the Jazz Target Group, the Finance
Documents or a Facility of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under, the
Finance Documents or a Facility from either: 
  

	 	(a)	any member of the Group, the Jazz Target Group or any of their advisers or 

  
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	 	(b)	another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any member of the Group or the Jazz Target Group or any of its advisers 

in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording
information which contains or is derived or copied from such information but excludes: 
  

	 	(i)	information that: 

  

	 	(A)	is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of clause 24.9 (Disclosure of information) 

 

	 	(B)	is identified in writing at the time of delivery as non-confidential by any member of the Group or the Jazz Target Group or any of its advisers or 

 

	 	(C)	is known by that Finance Party before the date the information is disclosed to it in accordance with paragraphs (a) or (b) above or is lawfully obtained by that Finance Party after that date, from a source which
is, as far as that Finance Party is aware, unconnected with the Group or the Jazz Target Group and which, in either case, as far as that Finance Party is aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of
confidentiality and 

  

	 	(ii)	any Funding Rate or Reference Bank Quotation 

 Confidentiality Undertaking means a
confidentiality undertaking substantially in a recommended form of the LMA or in any other form agreed between the Parent and the Agent 

Confirmatory Security Agreement 2013 means: 
  

	 	(a)	a confirmatory security agreement between, among others, Innospec and the Security Agent in respect of the English law governed debenture dated 3 September 2013 

 

	 	(b)	a confirmatory security agreement between Innospec (Plant) and the Security Agent in respect of the English law governed key property debenture dated 3 September 2013 

 

	 	(c)	a confirmatory security agreement between the Parent and the Security Agent in respect of the English law governed share security agreement dated 3 September 2013 

 

	 	(d)	a confirmatory security agreement between the Parent and the Security Agent in respect of the Swiss law governed share pledge agreement relating to the pledge over the shares in Innospec GmbH dated 3 September 2013

  

	 	(e)	a confirmatory security agreement between Innospec GmbH and the Security Agent in respect of the Swiss law governed share pledge agreement relating to the pledge over the shares in Alcor Chemie dated 3 September
2013 

  
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	 	(f)	a confirmatory security agreement between OBOAdler Company Limited and the Security Agent in respect of the Swiss law governed share pledge agreement relating to the pledge over the shares in Alcor Chemie dated
3 September 2013 and 

  

	 	(g)	a confirmatory security agreement between Alcor Chemie and the Security Agent in respect of the Swiss law governed assignment agreement relating to the assignment of certain assets dated 3 September 2013

 Confirmatory Security Agreement 2015 means the following agreements, each dated on or around the Second Restatement
Date: 
  

	 	(a)	a confirmatory security agreement between, among others, Innospec and the Security Agent in respect of the English law governed debenture 

 

	 	(b)	a confirmatory security agreement between Innospec (Plant) and the Security Agent in respect of the Key Property Debenture 

  

	 	(c)	a confirmatory security agreement between the Parent and the Security Agent in respect of the English law governed share security agreement 

 

	 	(d)	a confirmatory security agreement between the Parent and the Security Agent in respect of the Swiss law governed share pledge agreement relating to the pledge over the shares in Innospec GmbH 

 

	 	(e)	a confirmatory security agreement between Innospec GmbH and the Security Agent in respect of the Swiss law governed share pledge agreement relating to the pledge over the shares in Alcor Chemie 

 

	 	(f)	a confirmatory security agreement between OBOAdler Company Limited and the Security Agent in respect of the Swiss law governed share pledge agreement relating to the pledge over the shares in Alcor Chemie

  

	 	(g)	a confirmatory security agreement between Alcor Chemie and the Security Agent in respect of the Swiss law governed assignment agreement relating to the assignment of certain assets and 

 

	 	(h)	a confirmation of security between, among others, the Parent and the Security Agent in respect of the New York law governed security agreement, stock pledge agreement and intellectual property security agreement dated,
in each case, 14 December 2011 

 Confirmatory Security Agreement 2016 means the following agreements, each dated
on or around the Third Restatement Date: 
  

	 	(a)	a confirmatory security agreement between, among others, Innospec and the Security Agent in respect of the English law governed debenture 

 

	 	(b)	a confirmatory security agreement between Innospec (Plant) and the Security Agent in respect of the Key Property Debenture 

  

	 	(c)	a confirmatory security agreement between the Parent and the Security Agent in respect of the English law governed share security agreement 

  
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	 	(d)	a confirmatory security agreement between the Parent and the Security Agent in respect of the Swiss law governed share pledge agreement relating to the pledge over the shares in Innospec GmbH 

 

	 	(e)	a confirmatory security agreement between Innospec GmbH and the Security Agent in respect of the Swiss law governed share pledge agreement relating to the pledge over the shares in Alcor Chemie 

 

	 	(f)	a confirmatory security agreement between OBOAdler Company Limited and the Security Agent in respect of the Swiss law governed share pledge agreement relating to the pledge over the shares in Alcor Chemie

  

	 	(g)	a confirmatory security agreement between Alcor Chemie and the Security Agent in respect of the Swiss law governed assignment agreement relating to the assignment of certain assets and 

 

	 	(h)	a confirmation of security between, among others, the Parent and the Security Agent in respect of the New York law governed security agreement, stock pledge agreement and intellectual property security agreement dated,
in each case, 14 December 2011 and the pledge agreement supplement dated 6 November 2015 

 Confirmatory Security
Agreements means the Confirmatory Security Agreements 2013, the Confirmatory Security Agreements 2015 and the Confirmatory Security Agreements 2016 

CRD IV means, together, the Capital Requirements Regulation (Regulation (EU) no. 575/2013 of 26 June 2013 on prudential
requirements for credit institutions and investment firms and amending regulation (EU) No. 648/2012 and the Capital Requirements Directive (Directive 2013/36/EU of 26 June 2013 on access to the activity of credit institutions and the
prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directive 2006/48/EC and 2006/49/EC) of the European Parliament and the Council, as either of the same may be amended, supplemented or
restated from time to time 
 Credit Participation means, in relation to a Lender, Bilateral Bank or Hedging Bank, the aggregate of:

  

	 	(a)	its Total Commitments (if any) 

  

	 	(b)	its aggregate Bilateral Commitments (if any) and 

  

	 	(c)	the amount, if any, which would be payable to it under any Hedging Agreement calculated in accordance with section 6(e)(i)(3) of the relevant ISDA 1992 Master Agreement, or, as the case may be, section 6(e)(i) of the
relevant ISDA 2002 Master Agreement if the date on which the calculation is made was deemed to be an Early Termination Date for which the relevant Borrower party to such Hedging Agreement is the Defaulting Party (and for this purpose Early
Termination Date and Defaulting Party shall have the meanings given to them in the ISDA 1992 Master Agreement or, as the case may be, the ISDA 2002 Master Agreement), such amount to be certified by the relevant Hedging Bank in accordance
with the ISDA 1992 Master Agreement or the ISDA 2002 Master Agreement as the case may be 

  
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Debenture means: 
  

	 	(a)	each debenture entered into by each of the Original Obligors which is incorporated in England in favour of the Security Agent and dated 14 December 2011 including the Key Property Debenture and 

 

	 	(b)	the debenture entered into by Innospec Performance in favour of the Security Agent on or about the Third Restatement Date 

Default means an Event of Default or any event or circumstance specified in clause 23 (Events of Default) which would (with
the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default 

Default Rate means the rate at which default interest is payable under clause 9.4 (Default interest) 

Deferred Consideration Date means 28 October 2016 

Delegate means any delegate, agent, attorney or co-trustee appointed by the Security Agent 

Disclosure Letter means the disclosure letter dated on or around the First Supplemental Agreement and delivered by the Parent to the
Agent in relation to clause 19.22 (Sanctions), clause 19.23 (Anti-Money Laundering) and clause 19.24 (Anti-Corruption) 

Disruption Event means either or both of: 
  

	 	(a)	a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for payments to be made in connection with the Facilities (or
otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the Parties or 

 

	 	(b)	the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of a Party preventing that, or any other Party: 

 

	 	(i)	from performing its payment obligations under the Finance Documents or 

  

	 	(ii)	from communicating with other Parties in accordance with the terms of the Finance Documents, 

and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted 

Dormant Company means a member of the Group (other than Innospec (Plant)) which: 

 

	 	(a)	during the most recently ended financial year of the Group was dormant within the meaning of section 1169 of the Companies Act 2006 (which, for the purposes of this definition, shall be deemed to apply to any body
corporate, wherever incorporated) 

  

	 	(b)	has not entered into any significant accounting transaction (for the purposes of that section) since the end of that financial year and 

  
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	 	(c)	does not own assets with an aggregate realisable value greater than $50,000 (or its equivalent in other currencies) and has no material liabilities 

EBITDA has the meaning ascribed to it in clause 21 (Financial covenants) 

English Share Pledge means the charge over shares in Innospec International Limited dated 14 December 2011 made by the Parent in
favour of the Security Agent 
 Environment means all gases, air, vapours, liquids, water (including groundwater), land, surface and sub-surface soils, rock, flora, fauna, wetlands and all other natural resources or part thereof including artificial or man-made buildings, structures or enclosures 

Environmental Approval means any permit, licence, authorisation, consent, variance, registration or other approval required under or in
relation to Environmental Laws 
 Environmental Laws means all European Union, foreign, national, federal, state or local statutes,
orders, regulations or other law or subordinate legislation or common law or regulatory codes of practice concerning the Environment, Hazardous Substances or health and safety which are in existence now or in the future and are binding upon any
member of the Group in the relevant jurisdiction in which the relevant member of the Group has been or is operating (including by the export of its products or its waste thereto) 

EURIBOR means, in relation to any Loan in euro: 
  

	 	(a)	the applicable Screen Rate as of the Specified Time for euro and for a period equal in length to the Interest Period of that Loan or 

(b)    as otherwise determined pursuant to clause 11.1 (Unavailability of Screen Rate) 

and if, in either case, that rate is less than zero, EURIBOR shall be deemed to be zero 

Event of Default means any event or circumstance specified as such in clause 23 (Events of Default) 

Existing Hedging Agreement means each of the following hedging agreements: 

 

	 	(a)	the $5,000,000 derivatives, commodity and foreign exchange facility made between Barclays Bank PLC and Innospec Finance and evidenced by a 1992 ISDA agreement dated 29 October 2001 as amended or amended and
restated, as the case may be, from time to time 

  

	 	(b)	the spot and forward foreign exchange facility made between Barclays Bank PLC and Innospec Finance evidenced by a letter dated 9 July 2013 

 

	 	(c)	the spot and forward foreign exchange facility made between Barclays Bank PLC and Innospec evidenced by a letter dated on or about the Second Restatement Date 

 

	 	(d)	the spot and forward foreign exchange facility made between The Royal Bank of Scotland plc and Innospec Finance put in place from time to time 

 

	 	(e)	a derivatives and foreign exchange facility under the 1992 ISDA Master Agreement between Lloyds Bank plc and Innospec Finance (formerly Octel Finance Limited) dated 16 February 2006 as amended or amended and
restated, as the case may be, on or about the Third Restatement Date and from time to time 

  
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	 	(f)	a derivatives facility under the 1992 ISDA Master Agreement between Lloyds Bank plc and the Parent dated on or about the Third Restatement Date as amended or amended and restated, as the case may be, and from time to
time 

  

	 	(g)	a 2002 ISDA Master Agreement between Wells Fargo Securities International Limited and Innospec Finance dated 12 April 2016 as amended or amended and restated from time to time and 

 

	 	(h)	a 2002 ISDA Master Agreement between Wells Fargo Bank, N.A. and the Parent dated on or about the Third Restatement Date as amended or amended and restated from time to time 

Facility means the Term Facility or the RCF Facility 

Facility Office means the office or offices notified by a Lender to the Agent in writing on or before the date it becomes a Lender (or,
following that date, by not less than five Business Days’ written notice) as the office or offices through which it will perform its obligations under this Agreement 

FATCA means: 
  

	 	(a)	sections 1471 to 1474 of the Internal Revenue Code or any associated regulations 

  

	 	(b)	any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or
regulation referred to in paragraph (a) above or 

  

	 	(c)	any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation
authority in any other jurisdiction 

 FATCA Application Date means: 

 

	 	(a)	in relation to a “withholdable payment” described in section 1473(1)(A)(i) of the Internal Revenue Code (which relates to payments of interest and certain other payments from sources within the US),
1 July 2014 

  

	 	(b)	in relation to a “withholdable payment” described in section 1473(1)(A)(ii) of the Internal Revenue Code (which relates to “gross proceeds” from the disposition of property of a type that can produce
interest from sources within the US), 1 January 2019 or 

  

	 	(c)	in relation to a “passthru payment” described in section 1471(d)(7) of the Internal Revenue Code not falling within paragraphs (a) or (b) above, 1 January 2019 

or, in each case, such other date from which such payment may become subject to a deduction or withholding required by FATCA as a result of any
change in FATCA after the date of this Agreement 
 FATCA Deduction means a deduction or withholding from a payment under a Finance
Document required by FATCA 
 FATCA Exempt Party means a Party that is entitled to receive payments free from any FATCA Deduction 

  
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Fee Letter means any letter or letters between a Finance Party and an Obligor setting out fees payable to a Finance Party in connection
with this Agreement, the First Supplemental Agreement, the Second Amendment and Restatement Agreement or the Third Amendment and Restatement Agreement 

Finance Document means this Agreement, the First Supplemental Agreement, the Second Amendment and Restatement Agreement, the Third
Amendment and Restatement Agreement, any Fee Letter, any Accession Letter, any Resignation Letter, any Transfer Certificate, any Assignment Agreement, any Security Document, any Hedging Agreement, any Bilateral Facility Document and any other
document designated as such by the Agent and the Parent or the Agent and the Obligors’ Agent 
 Finance Party means each of: 

 

	 	(a)	the Agent 

  

	 	(b)	the Security Agent 

  

	 	(c)	each Arranger 

  

	 	(d)	each Lender 

  

	 	(e)	each Hedging Bank 

  

	 	(f)	each Bilateral Bank and 

  

	 	(g)	the Document Co-ordinator 

 Financial
Indebtedness means any indebtedness for or in respect of: 
  

	 	(a)	monies borrowed 

  

	 	(b)	any amount raised by acceptance under any acceptance credit facility 

  

	 	(c)	any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument 

 

	 	(d)	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with Approved Accounting Principles, be treated as a finance or capital lease 

 

	 	(e)	receivables sold or discounted (other than any receivables to the extent they are sold or discounted on a non-recourse basis) 

 

	 	(f)	any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing 

 

	 	(g)	any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any derivative transaction, only the marked to market
value shall be taken into account) 

  

	 	(h)	any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution 

  
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	 	(i)	any amount of any liability under an advance or deferred purchase agreement if one of the primary reasons behind the entry into this agreement is to raise finance or if the deferred payment is to be paid more than 180
days after the date of the acquisition or supply (as appropriate) of the relevant asset or service provided under such agreement and 

  

	 	(j)	the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (i) above 

and so that, where the amount of Financial Indebtedness falls to be calculated, no amount shall be taken into account more than once in the
same calculation 
 Financial Model means the financial model entitled “IOSP 5 Year Plan
2016.BankingGroupUpdateJuly2016.v4.xlsx” prepared by the Parent and distributed to the Finance Parties by Ian Cleminson of the Parent by e mail on 18 July 2016 

First Supplemental Agreement means the supplemental agreement dated 28 August 2013 between the Obligors, and the Finance Parties by
which this Agreement was amended and restated 
 Funding Rate means any individual rate notified by a Lender to the Agent pursuant to
clause 11.4(a)(ii)(Cost of funds) 
 Group means the Parent and its Subsidiaries for the time being 

Group Company means a member of the Group 

Group Structure Chart means a group structure chart, in the agreed form, as at the Jazz Closing Date showing: 

 

	 	(a)	all members of the Group 

  

	 	(b)	any person in which any Group member has (or members of the Group together have) an interest of more than 25% in the issued share capital or equivalent ownership interest of such person 

 

	 	(c)	the jurisdiction of incorporation of each person within (a) and (b) above and 

  

	 	(d)	that all members of the Group are wholly owned Subsidiaries of the Parent or, if any members of the Group are not wholly owned Subsidiaries of the Parent, specifying the percentage shareholding or other economic
interest which the Parent (directly or indirectly) holds in such members of the Group 

 Guarantor means an Original
Guarantor or an Additional Guarantor, unless it has ceased to be a Guarantor in accordance with clause 25 (Changes to the Obligors) 

Guidelines means, together, guideline S-02.123 in relation to interbank loans of
22 September 1986 (Merkblatt “Verrechnungssteuer auf Zinsen von Bankguthaben, deren Gläubiger Banken sind (Interbankguthaben)” vom 22. September 1986), guideline S-02.122.1 in relation to
bonds of April 1999 (Merkblatt “Obligationen” vom April 1999), guideline S-02.130.1 in relation to money market instruments and book claims of April 1999 (Merkblatt vom April 1999 betreffend
Geldmarktpapiere und Buchforderungen inländischer Schuldner), guideline S-02.128 in relation to syndicated credit facilities of January 2000 (Merkblatt “Steuerliche Behandlung von Konsortialdarlehen,
Schuldscheindarlehen, Wechseln und Unterbeteiligungen” vom Januar 2000), circular letter No. 34 of 26 July 2011
(1-034-V-2011) 

  
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in relation to deposits (Kreisschreiben Nr. 34 “Kundenguthaben” vom 26. Juli 2011) and the circular letter No. 15 of
7 February 2007 (1-015-DVS-2007) in relation to bonds and derivative financial instruments as subject matter of taxation of
Swiss federal income tax, Swiss Withholding Tax and Swiss Stamp Taxes (Kreisschreiben Nr. 15 “Obligationen und derivative Finanzinstrumente als Gegenstand der direkten Bundessteuer, der Verrechnungssteuer und der Stempelabgaben vom 7.
Februar 2007”), in each case as issued, amended or replaced from time to time, by the Swiss Federal Tax Administration or as substituted or superseded and overruled by any law, statute, ordinance, court decision, regulation or the like as
in force from time to time 
 Hazardous Substance means any material, chemical or substance: 

 

	 	(a)	that is designated or regulated by any law or government authority as hazardous, toxic, a pollutant, a contaminant, radioactive or industrial waste 

 

	 	(b)	for which any law or government authority requires investigation, reporting or remedial action 

  

	 	(c)	that is or contains asbestos, urea formaldehyde insulation, polychlorinated biphenyls, petroleum, petroleum products, petroleum components, petroleum derivatives, petroleum distillates, radon gas, ozone-depleting substances, greenhouse gases, or radioactive, explosive or biohazardous materials or 

  

	 	(d)	that is capable of causing harm to the Environment 

 Hedging Agreements means: 

 

	 	(a)	any Existing Hedging Agreement and 

  

	 	(b)	any hedging agreement entered into by an Obligor with a Hedging Bank which is permitted under clause 22.14(b) (Permitted Hedging Transactions) and the provisions of clause 22.9(a)(i) (Hedging Arrangements) and which is
secured by the Transaction Security 

 Hedging Bank means any Lender or Affiliate of a Lender which is an Original
Hedging Bank, and any entity which has acceded to this Agreement or is a party to this Agreement, in its capacity as provider of hedging under a Hedging Agreement, including under any Existing Hedging Agreement 

Holding Company means, in relation to a company or corporation, any other company or corporation in respect of which it is a Subsidiary

 Increase Confirmation means a confirmation substantially in the form set out in schedule 9 (Form of Increase Confirmation)

 Increase Date has the meaning given to that term in clause 2.4(i) (Accordion Facility) 

Indebtedness for Borrowed Money means Financial Indebtedness save for any indebtedness for or in respect of paragraphs (g) or (h)
of the definition of “Financial Indebtedness” in this clause 1.1 
 Independence Oilfield means Independence Oilfield
Chemicals LLC, a limited liability company organised under the laws of the State of Delaware 

  
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Innospec means Innospec Limited, a company incorporated in England with registered number 344359 

Innospec (Plant) means Innospec (Plant) Limited, a company incorporated in England with registered number 873396 

Innospec Developments means Innospec Developments Limited (a company incorporated in England with registered number 3516662) 

Innospec Finance means Innospec Finance Limited (a company incorporated in England and Wales with registered number 5330706) 

Innospec Fuel means Innospec Fuel Specialties Limited (a company incorporated in England with registered number 3316334) 

Innospec GmbH means Innospec GmbH (a company incorporated in Switzerland with registered number
CHE-110.356.189 (former register number CH-170.4.004.635-1) 

Innospec International means Innospec International Limited (a company incorporated in England and Wales with registered number 3316194)

 Innospec Performance means Innospec Performance Chemicals Europe Limited (a company incorporated in England with number 10327773)

 Innospec Trading means Innospec Trading Limited (a company incorporated in England with registered number 3516648) 

Insolvency Event means, in relation to a Finance Party: 
  

	 	(a)	any receiver, administrative receiver, administrator, liquidator, compulsory manager or other similar officer is appointed in respect of that Finance Party or all or substantially all of its assets 

 

	 	(b)	that Finance Party is subject to any event which has an analogous effect to any of the events specified in paragraph (a) under the applicable laws of any jurisdiction or 

 

	 	(c)	that Finance Party suspends making payments on all or substantially all of its debts or publicly announces an intention to do so 

Intellectual Property means the Intellectual Property Rights owned by members of the Group throughout the world or the interests of any
member of the Group in any of the foregoing, together with the benefit of all agreements entered into or the benefit of which is enjoyed by any member of the Group relating to the use or exploitation of any of the aforementioned rights 

Intellectual Property Rights means all patents and patent applications, trade and service marks and trade and/or service mark
applications (and all goodwill associated with such applications), all brand and trade names, all copyrights and rights in the nature of copyright, all design rights, all registered designs and applications for registered designs, all trade secrets,
know-how and all other intellectual property rights 
 Interest Period means, in relation to a
Loan, each period determined in accordance with clause 10 (Interest Periods) and, in relation to an Unpaid Sum, each period determined in accordance with clause 9.4 (Default interest) 

  
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Internal Revenue Code means, at any date, the Internal Revenue Code of 1986 of the United States of America or any successor legislation
thereto as amended from time to time, and the regulations promulgated and rules issued thereunder, all as the same may be in effect at such date 

Interpolated Screen Rate means, in relation to any Loan, the rate (rounded to the same number of decimal places as the two relevant
Screen Rates) which results from interpolating on a linear basis between: 
  

	 	(a)	the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the Interest Period of that Loan and 

 

	 	(b)	the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the Interest Period of that Loan, 

each as of the Specified Time for the currency of that Loan 

IRS means the United States Internal Revenue Service or any successor 

ITA means the Income Tax Act 2007 

Jazz Acquisition means the acquisition by Innospec Performance of the Jazz Target Shares and the acquisition by certain members of the
Group of the Jazz Target Assets, in each case, on the terms of the Jazz Acquisition Documents 
 Jazz Acquisition Agreement means the
share and asset purchase agreement dated 25 October 2016 relating to the sale and purchase of the Jazz Target Shares and the Jazz Target Assets and made between Innospec International and the Jazz Vendor 

Jazz Acquisition Costs means all fees, costs and expenses, stamp, registration and other Taxes incurred by Innospec Performance,
Innospec International or any other member of the Group in connection with the Jazz Acquisition or the Transaction Documents 
 Jazz
Acquisition Documents means the Jazz Acquisition Agreement together with all transfers and assignments made pursuant to that agreement, the Jazz Disclosure Letter, the Jazz Put Option Agreement and any other document designated as an Jazz
Acquisition Document by the Agent and the Obligors’ Agent 
 Jazz Completion means the completion of the Jazz Acquisition in
accordance with clauses 5.3, 5.4 and 5.5 of the Jazz Acquisition Agreement 
 Jazz Closing Date means the date on which the Jazz
Completion occurs 
 Jazz Disclosure Letter means the disclosure letter dated 29 July 2016 and issued by the Jazz Vendor to
Innospec International in respect of the warranties contained in the Jazz Acquisition Agreement 
 Jazz Financial Due Diligence Report
means the report by Deloitte LLP dated 25 July 2016 relating to the Jazz Target and its Subsidiaries and the Jazz Target Assets and capable of being relied upon by the Finance Parties 

Jazz HR Report means a HR and pensions report prepared by Deloitte LLP and dated 25 July 2016 relating to the Jazz Acquisition and
capable of being relied upon by the Finance Parties 

  
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Jazz Information Package means the Jazz Reports 

Jazz Legal Due Diligence Report means the legal due diligence report dated 24 July 2016 prepared by Weil, Gotshal & Manges
LLP relating to the Jazz Acquisition and capable of being relied upon by the Finance Parties 
 Jazz Put Option Agreement means the
exclusivity and put option agreement dated 29 July 2016 and made between the Jazz Vendor and Innospec International in respect of the Jazz Acquisition 

Jazz Reports means the Jazz Financial Due Diligence Report, the Jazz Legal Due Diligence Report, the Jazz Tax Due Diligence Report, the
Jazz Structure Memorandum and Jazz HR Report 
 Jazz Structure Memorandum means the summary of funding flows prepared by the Parent
dated 8 December 2016 describing the Jazz Target Group and the Jazz Acquisition 
 Jazz Target means Huntsman Performance
Products Spain, S.L. Sociedad Unipersonal, a company incorporated under the laws of Spain with registered number B79364436 
 Jazz Target
Assets means the EDS Assets as defined in the Jazz Acquisition Agreement 
 Jazz Target Group means the Jazz Target and its
Subsidiaries 
 Jazz Target Shares means all of the shares in Jazz Target in respect of the share capital of the Jazz Target 

Jazz Tax Due Diligence Report means a tax report prepared by Deloitte LLP and dated 25 July 2016 relating to the Jazz Acquisition
capable of being relied upon by the Finance Parties 
 Jazz Vendor means Huntsman Investments (Netherlands) B.V. (a limited liability
company registered with the Dutch Commercial Register under number 24293054) 
 Joint Venture means all joint venture entities,
whether a company, unincorporated firm, undertaking, association, joint venture or partnership or other entity, in each case which is not a Group Company 

Key Properties means the land and buildings at Oil Sites Road, Ellesmere Port, Cheshire comprising: 

 

	 	(a)	the freehold land abutting The Manchester Ship Canal registered at the Land Registry with freehold title absolute under title number CH420032 

 

	 	(b)	the freehold land to the north of Oil Sites Road registered at the Land Registry with freehold title absolute under title number CH363860 

 

	 	(c)	the freehold land on the North side of Oil Sites Road, Ellesmere Port, Cheshire registered at the Land Registry with title absolute under title number CH425646 

 

	 	(d)	the leasehold property being the Armco Barriers, Oil Sites Road, Ellesmere Port registered at the Land Registry with good leasehold title under title number CH403291 and 

  
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	 	(e)	land abutting the Manchester Ship Canal demised by a lease dated 14 October 1998 and made between The Manchester Ship Canal Company (1) and Innospec (Plant) (2) and registered at the Land Registry under
Title Number CH431481 

 Key Property Debenture means the debenture dated 14 December 2011 entered into by Innospec
(Plant) creating Security over, inter alia, the Key Properties 
 Legal Reservations means: 

 

	 	(a)	the principle that equitable remedies are remedies which may be granted or refused at the discretion of the court 

  

	 	(b)	the limitation on enforcement as a result of laws relating to bankruptcy, insolvency, liquidation, reorganisation, court schemes, moratoria, administration and other laws generally affecting the rights of creditors
generally 

  

	 	(c)	the principle that certain types of security expressed to take effect as fixed security may, as a result of the ability of an Obligor to deal with the assets subject to that security on terms permitted under the Finance
Documents, take effect as floating security 

  

	 	(d)	the time-barring of claims under the Limitation Acts 

  

	 	(e)	rules against penalties and similar principles and 

  

	 	(f)	any other qualifications or reservations as to matters of law only contained in the legal opinions referred to in paragraph 3 of part 1 of schedule 2 (Conditions precedent) or any other written legal opinion obtained by
the Agent or Security Agent from its legal advisers under the terms of the Finance Documents 

 Lender means: 

 

	 	(a)	any Original Lender and 

  

	 	(b)	any bank, financial institution, trust, fund or other entity which has become a Party as a Lender in accordance with clause 2.4 (Accordion Facility) or clause 24 (Changes to the Finance Parties) 

which in each case has not ceased to be a Party in accordance with the terms of this Agreement 

LIBOR means, in relation to any Loan: 
  

	 	(a)	the applicable Screen Rate as of the Specified Time for the currency of that Loan and for a period equal in length to the Interest Period of that Loan or 

(b)    as otherwise determined pursuant to clause 11.1 (Unavailability of Screen Rate) 

and if, in either case, the rate is less than zero, LIBOR shall be deemed to be zero 

Limitation Acts means the Limitation Act 1980 and the Foreign Limitation Periods Act 1984 

LMA means the Loan Market Association 

Loan means the Term Facility Loan or a Revolving Facility Loan 

  
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Majority Creditors means, at any time, one or more Lenders, Bilateral Banks and Hedging Banks whose Credit Participations at that time
in aggregate are equal to or greater than 662/3% of the total Credit Participations at that time 
 Majority Lenders means, at any
time: 
  

	 	(a)	a Lender or Lenders whose Commitments in aggregate are equal to or greater than 662/3% of the Total Commitments at that time or 

 

	 	(b)	if the Total Commitments have been reduced to zero, a Lender or Lenders whose Commitments in aggregate were equal to or greater than 662/3% of the Total Commitments
immediately prior to the reduction 

 Management means, at any time, in respect of the Parent at that time: 

 

	 	(a)	one director and 

  

	 	(b)	any one of the following: 

  

	 	(i)	the chief financial officer 

  

	 	(ii)	the head of treasury or 

  

	 	(iii)	the company secretary 

 Margin means the rate per annum calculated in accordance with
clause 9.3 (Margin adjustments) 
 Margin Stock means margin stock or margin security within the meaning of Regulations T,
U and X 
 Material Adverse Effect means any effect, event or matter: 

 

	 	(a)	which is materially adverse to: 

  

	 	(i)	the assets, operations or financial condition of the Group (taken as a whole) or 

  

	 	(ii)	the ability of the Obligors (taken as a whole) to perform in a timely manner any of their material obligations (including without limitation their payment obligations and their obligations under clause 21 (Financial
covenants)) under any of the Finance Documents or 

  

	 	(b)	which results in: 

  

	 	(i)	any of the rights or obligations arising under the Finance Documents not being legal, valid and binding on and (subject to the Legal Reservations) enforceable against any party thereto (other than a Finance Party)
and/or 

  

	 	(ii)	in the case of any Security Documents, not providing to the Security Agent (on behalf of itself and the other Finance Parties) perfected enforceable Security (subject to the Legal Reservations) over the assets expressed
to be secured under the Security Documents, in each case to an extent or in a manner reasonably considered by the Majority Lenders to be materially adverse to their interests under the Finance Documents 

  
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Material Group Company means: 
  

	 	(a)	each Obligor 

  

	 	(b)	any other Subsidiary of the Parent which is not a Joint Venture: 

  

	 	(i)	whose gross assets account for more than 5% of the consolidated gross assets of the Group or 

  

	 	(ii)	whose EBITDA (Subsidiary EBITDA) accounts for more than 5% of the EBITDA of the Group, 

and for this purpose the calculation of Subsidiary EBITDA and gross assets shall: 

 

	 	(A)	be made in accordance with U.S. GAAP 

  

	 	(B)	in the case of a company which itself has Subsidiaries, be made by using the consolidated Subsidiary EBITDA or consolidated gross assets, as the case may be, of it and its Subsidiaries and 

 

	 	(C)	be determined by reference to: 

  

	 	1)	the latest accounts of the relevant company used for the purposes of the then latest audited annual financial statements of the Group delivered by the Parent under clause 20.1 (Financial statements) or

  

	 	2)	if the relevant company becomes a Subsidiary of the Parent after the end of the financial year to which those latest audited annual financial statements of the Group relate, the latest accounts of that Subsidiary and

  

	 	(D)	Subsidiary EBITDA shall be calculated on the same basis as EBITDA in clause 21.1 (Financial definitions) but adjusted so that references to the Group are references to the relevant Subsidiary and its Subsidiaries or

  

	 	(c)	any Subsidiary of the Parent to which has been transferred (whether by one transaction or a series of transactions, related or not) the whole or substantially the whole of the assets of a Subsidiary of the Parent which
immediately prior to those transactions was a Material Group Company 

 A report by the auditors of the Parent that a
Subsidiary is or is not a Material Group Company shall, in the absence of manifest error, be conclusive and binding on all Parties 

Material Insurances means all insurance policies of the Group relating to property damage and business interruption 

Minority Investment means any company or other entity in which any member of the Group has an interest from time to time and which
company or entity is not a direct or indirect Subsidiary of the Parent 

  
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Month means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month,
except that: 
  

	 	(a)	(subject to paragraph (c) below) if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or
if there is not, on the immediately preceding Business Day 

  

	 	(b)	if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month and 

 

	 	(c)	if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on the last Business Day in the calendar month in which that Interest Period is to end 

The above rules will only apply to the last Month of any period 

New Commitments has the meaning given to that term in clause 2.4(a) (Accordion Facility) 

New Commitments Lender has the meaning given to that term in clause 2.4(h) (Accordion Facility) 

New U.S. Security Documents means: 
  

	 	(a)	a security agreement supplement entered into by Independence Oilfield and the Security Agent dated 4 November 2016 pursuant to which Independence Oilfield grants security to the Security Agent over substantially
all of its personal property and 

  

	 	(b)	an intellectual property security agreement entered into by Independence Oilfield in favour of the Security Agent dated 4 November 2016 

Non Wholly Owned Subsidiary means any direct or indirect Subsidiary of the Parent which is not a wholly owned Subsidiary of the Parent

 Non-Qualifying Bank Rules means the Ten
Non-Qualifying Bank Rule and the Twenty Non-Qualifying Bank Rule 

Obligors means each Borrower, each Guarantor, the Obligors’ Agent and each other member of the Group which has undertaken (or in
the future undertakes) obligations to any Finance Party pursuant to any Finance Document and Obligor means any of them 

Obligors’ Agent means Innospec Finance appointed to act on behalf of each Obligor in relation to the Finance Documents pursuant to
clause 36 (Obligors’ Agent) 
 OFAC means the Office of Foreign Assets Control of the U.S. Department of Treasury 

Operating Budget means, in relation to each financial year of the Parent, a budget comprising projected balance sheet, projected profit
and loss account and projected cashflow statement (including details of projected capital expenditure) for the Group for that financial year delivered to the Agent pursuant to clause 20.4 (Operating Budget) 

Optional Currency means a currency (other than the Base Currency) which complies with the conditions set out in clause
4.3 (Conditions relating to Optional Currencies) 

  
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Original Facilities Agreement means the US$150,000,000 term and revolving facilities agreement dated 6 February 2009 between, among
others, the Parent and Lloyds Bank plc (as agent and security agent) 
 Original Financial Statements means: 

 

	 	(a)	in relation to the Parent, the audited consolidated financial statements of the Group for the financial year ended 31 December 2015 and 

 

	 	(b)	in relation to each Original Obligor other than the Parent: 

  

	 	(i)    in	connection with each U.S. Obligor, its unaudited financial statements and 

  

	 	(ii)	in connection with each other Obligor, its audited financial statements, 

 for its financial
year ended 31 December 2015 
 Original Obligor means an Original Borrower or an Original Guarantor 

Participating Member State means any member state of the European Union that has the euro as its lawful currency in accordance with
legislation of the European Union relating to Economic and Monetary Union 
 Party means a party to this Agreement and includes its
successors in title, permitted assigns and permitted transferees 
 Permitted Acquisition means any acquisition falling within the
provisions of clause 22.16 (Acquisitions and investments) 
 Permitted Disposal means any disposal falling within the
provisions of clause 22.4(b) (Disposals) 
 Permitted Factoring and Sale and Leaseback means the sale or disposal of
any: 
  

	 	(a)	asset in the ordinary course of trading on terms whereby such asset is or may be leased to or re-acquired or acquired by a Group Company or 

 

	 	(b)	receivable where: 

  

	 	(i)	the receivable has been fully written off in the accounts of the relevant Group Company in accordance with U.S. GAAP or UK GAAP (as applicable) or 

 

	 	(ii)	the consideration for such receivables is less than $10,000,000 (or its equivalent in other currencies) in aggregate outstanding at any time during the term of a Facility and such sale or disposal is without any general
right of recourse to any Obligor 

 Permitted Indebtedness has the meaning ascribed to it in clause
22.10 (Indebtedness) 
 Permitted Non-Qualifying Bank means, at any time, any person or
entity who is not a Qualifying Bank, and who would not, if that person became a Lender at that time, cause the number of Lenders who are not Qualifying Banks to exceed ten (10) 

  
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Permitted Transaction means: 

(a)    any transaction to which the Majority Lenders have given their prior written consent 

 

	 	(b)	any transaction arising under the Finance Documents or otherwise entered into with a Lender 

  

	 	(c)	the solvent liquidation or reorganisation of any member of the Group which is not an Obligor so long as any payments or assets distributed as a result of such liquidation or reorganisation are distributed to other
members of the Group 

  

	 	(d)	transactions entered into between Obligors or between non-Obligors or by a non-Obligor where the benefit of the transaction is in favour of
an Obligor provided that the transaction does not adversely affect the interests of such Obligor or 

  

	 	(e)	transactions (other than (i) any sale, lease, license, transfer or other disposal and (ii) the granting or creation of Security or the incurring or permitting to subsist of Financial Indebtedness) conducted in
the ordinary course of trading on arm’s length terms 

 Qualifying Bank means any entity, which effectively
conducts banking activities as principal purpose with its own infrastructure and staff and which is recognised as a bank by the banking laws in force in the jurisdiction of its incorporation as per the Guidelines 

Qualifying Lender has the meaning given to it in clause 13 (Tax gross up and indemnities) 

Quarter Date has the meaning given to it in clause 21.1 (Financial definitions) 

Quotation Day means, in relation to any period for which an interest rate is to be determined: 

 

	 	(a)	(if the currency is domestic sterling) the first day of that period 

  

	 	(b)	(if the currency is euro) two TARGET Days before the first day of that period or 

  

	 	(c)	(for any other currency) two Business Days before the first day of that period 

 unless market
practice differs in the London Interbank Market for a currency, in which case the Quotation Day for that currency will be determined by the Agent in accordance with market practice in the London Interbank Market (and if quotations would normally be
given by leading banks in the London Interbank Market on more than one day, the Quotation Day will be the last of those days) 
 Receiver
means a receiver or receiver and manager or administrative receiver of the whole or any part of the Charged Property 
 Recovery
means any sum of money received or recovered by a Relevant Bilateral Bank on account of any amount outstanding under the Bilateral Facility Documents to which it is a party, whether as proceeds of enforcement of security, the exercise of a right of set-off, the receipt or recovery of payment or otherwise howsoever after deducting: 
  

	 	(a)	the reasonable and proper costs and expenses (including without limitation the reasonable costs of legal advisers) incurred by that Relevant Bilateral Bank in effecting such recovery and 

  
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	 	(b)	any sums required by law or court order to be paid to third parties on account of claims preferred by law over the claims of that Relevant Bilateral Bank, as the case may be 

Reference Bank Rate means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent at its
request by the Reference Banks: 
 (a)    in relation to LIBOR: 

 

	 	(i)	(other than where paragraph (ii) below applies) as the rate at which the relevant Reference Bank could borrow funds in the London interbank market in the relevant currency and for the relevant period were it to do
so by asking for and then accepting interbank offers for deposits in reasonable market size in that currency and for that period or 

  

	 	(ii)	if different, as the rate (if any and applied to the relevant Reference Bank and the relevant currency and period) which contributors to the applicable Screen Rate are asked to submit to the relevant administrator or

 (b)    in relation to EURIBOR: 
  

	 	(i)	(other than where paragraph (ii) below applies) as the rate at which the relevant Reference Bank believes one prime bank is quoting to another prime bank for interbank term deposits in euro within the Participating
Member States for the relevant period or 

  

	 	(ii)	if different, as the rate (if any and applied to the relevant Reference Bank and the relevant period) which contributors to the applicable Screen Rate are asked to submit to the relevant administrator 

Reference Bank Quotation means any quotation supplied to the Agent by a Reference Bank 

Reference Banks means, in relation to LIBOR and EURIBOR, such banks as may be appointed by the Agent in consultation with the Parent
(subject to any such bank having agreed to act as a Reference Bank) 
 Regulations T, U and X means, respectively, Regulations T, U
and X of the Board of Governors of the Federal Reserve System of the U.S. (or any successor) as now and from time to time in effect 

Related Fund in relation to a fund (First Fund), means a fund which is managed or advised by the same investment manager or
investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager or investment adviser is an Affiliate of the investment manager or investment adviser of the first
fund 
 Relevant Bilateral Bank means any Bilateral Bank which provides a Bilateral Facility to a Bilateral Borrower which is not an
Obligor 
 Relevant GAAP means, in relation to a company, accounting principles and practices generally accepted from time to time in
such company’s jurisdiction of incorporation 
 Relevant Period has the meaning ascribed to it in clause 21 (Financial
covenants) 

  
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Relevant Permitted Acquisition has the meaning ascribed to it in clause 21.3 (Financial testing) 

Repayment Instalment means in relation to the Term Facility, each repayment instalment due on a Term Facility Repayment Date 

Repeating Representations means each of the representations set out in clause 19 (Representations) except the representations
set out in clause 19.5 (Validity and admissibility in evidence), clause 19.6 (Governing law and enforcement), clause 19.7 (No filing or stamp taxes), and provided that clause 19.5 (Validity and admissibility in evidence), clause
19.12(a) (Material Adverse Changes), clause 19.16 (Financial Model) and clause 19.26 (Acquisition Documents and disclosures) are only Repeating Representations on the Third Restatement Date, on the Term Facility Utilisation Date and the Jazz
Closing Date and provided that clause 19.18 (Group Structure Chart) is only a Repeating Representation on the Jazz Closing Date and clause 19.14(c) (Assets) is only a Repeating Representation on and from the Jazz Closing Date 

Representative means any delegate, agent, manager, administrator, judicial manager, nominee, attorney, trustee or custodian 

Resignation Letter means a letter substantially in the form set out in schedule 7 (Form of Resignation Letter) 

Restricted Party means a person that is: 
  

	 	(a)	listed on, or owned or controlled by a person listed on, a Sanctions List, or a person acting on behalf of such a person 

  

	 	(b)	located in or organised under the laws of a country or territory that is the subject of country-wide or territory-wide Sanctions, or a person who is owned or controlled by, or acting on behalf of such a person or

  

	 	(c)	otherwise a subject of Sanctions 

 Restructuring Charges means any cost or expense that
is, or will be, charged to the income statement of any Group Company as a consequence of the restructuring of the Group including the restructuring into a specialty chemicals group or to further reduce the capacity of the TEL manufacturing facility
at Ellesmere Port 
 Revolving Facility means the revolving loan facility made available under this Agreement as described in of
clause 2.1(b) (The Facilities) 
 Revolving Facility Commitment means: 

 

	 	(a)	in relation to an Original Lender, the amount in the Base Currency set opposite its name under the heading Revolving Facility Commitment in part 2 of schedule 1 (The Original Parties) and the amount of any other
Revolving Facility Commitment transferred to it under this Agreement and 

  

	 	(b)	in relation to any other Lender, the amount in the Base Currency of any Revolving Facility Commitment transferred to it under this Agreement or assumed by it pursuant to clause 2.4 (Accordion Facility)

 to the extent not cancelled, reduced or transferred by it under this Agreement 

  
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Revolving Facility Loan means a loan made or to be made under the Revolving Facility or the principal amount outstanding for the time
being of that loan 
 Rollover Loan means one or more Revolving Facility Loans: 

 

	 	(a)	made or to be made on the same day that a maturing Revolving Facility Loan is due to be repaid 

  

	 	(b)	the aggregate amount of which is equal to or less than the amount of the maturing Revolving Facility Loan 

  

	 	(c)	made or to be made in the same currency as the maturing Revolving Facility Loan (unless it arose as a result of the operation of clause 6.2 (Unavailability of a currency)) and 

 

	 	(d)	made or to be made to the same Borrower for the purpose of refinancing that maturing Revolving Facility Loan 

Sanctions means any trade, economic or financial sanctions laws, regulations, embargoes or restrictive measures administered, enacted or
enforced by a Sanctions Authority 
 Sanctions Authority means: 

 

	 	(a)	the Security Council of the United Nations 

  

	 	(b)	the United States of America 

  

	 	(c)	the European Union (and any of its member states) 

  

	 	(d)	the United Kingdom of Great Britain and Northern Ireland 

  

	 	(e)	Switzerland or 

  

	 	(f)	the governments and official institutions or agencies of any of paragraphs (a) to (e) above, including OFAC, the US Department of State and Her Majesty’s Treasury 

Sanctions List means the Specifically Designated Nationals and Blocked Persons list the Foreign Sanctions Evaders (FSE) list, and the
Sectoral Sanctions Identification list maintained by OFAC and the Consolidated List of Financial Sanctions Targets issued by Her Majesty’s Treasury, or any similar list maintained by, or public announcement of a Sanctions designation made by, a
Sanctions Authority, each as amended, supplemented or substituted from time to time 
 Screen Rate means: 

 

	 	(a)	in relation to LIBOR, the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for the relevant currency and period
displayed on pages LIBOR01 or LIBOR02 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) and 

  

	 	(b)	in relation to EURIBOR, the euro interbank offered rate administered by the European Money Markets Institute (or any other person which takes over the administration of that rate) for the relevant period (displayed on
page EURIBOR01 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) 

  
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or, in each case, on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson
Reuters. If such page or service ceases to be available, the Agent may specify another page or service displaying the relevant rate after consultation with the Parent 

Second Amendment and Restatement Agreement means the amendment and restatement agreement dated 6 November 2015, in respect of this
Agreement 
 Second Restatement Date means 6 November 2015 

Secured Obligations means all obligations at any time due, owing or incurred by any Obligor or Bilateral Borrower (other than an
Obligor) to any Finance Party under the Finance Documents, whether present or future, actual or contingent (and whether incurred solely or jointly and whether as principal or surety or in some other capacity) 

Security means a mortgage, charge, pledge, lien, hypothecation, right of set-off, security
trust, assignment by way of security, reservation of title or other security interest securing any obligation of any person or any other agreement or arrangement (including, without limitation, a sale and repurchase agreement) having the commercial
effect of conferring security 
 Security Documents means: 
  

	 	(a)	the Debentures 

  

	 	(b)	the U.S. Security Documents 

  

	 	(c)	the Swiss Assignment Agreement 

  

	 	(d)	the Swiss Share Pledges 

  

	 	(e)	the English Share Pledge and 

  

	 	(f)	each Confirmatory Security Agreement 

 together with any other document entered into by any
member of the Group creating or expressed to create Security over all or any part of its assets in respect of the obligations of any of the Obligors under any of the Finance Documents 

Selection Notice means a notice substantially in the form set out in part 2 (Selection Notice) of schedule 4 given in accordance with
clause 13 (Interest Periods) in relation to the Term Facility 
 Spanish Shares means the entire issued share capital of the Jazz
Target held by Innospec Performance 
 Specified Time means a time determined in accordance with schedule 10 (Timetables) 

Subsidiary means: 
  

	 	(a)	a subsidiary within the meaning of section 1159 of the Companies Act 2006 or 

  

	 	(b)	a subsidiary undertaking within the meaning of section 1162 of the Companies Act 2006 or 

  
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	 	(c)	whether or not falling within paragraphs (a) or (b) above, in relation to any company or corporation, a company or corporation: 

 

	 	(i)	which is controlled, directly or indirectly, by the first mentioned company or corporation 

  

	 	(ii)	more than half the issued share capital of which is beneficially owned, directly or indirectly by the first mentioned company or corporation or 

 

	 	(iii)	which is a Subsidiary of another Subsidiary of the first mentioned company or corporation 

 and
for this purpose, a company or corporation shall be treated as being controlled by another if that other company or corporation is able to direct its affairs and/or to control the composition of its board of directors or equivalent body 

Swiss Assignment Agreement means the assignment agreement dated 14 December 2011 entered into by Alcor Chemie in favour of the
Security Agent, acting in the name and for the account of the Finance Parties 
 Swiss Obligor means an Obligor incorporated in
Switzerland and/or having its registered office in Switzerland and/or qualifying as a Swiss resident pursuant to Art. 9 of the Swiss Withholding Tax Act 

Swiss Share Pledges means: 
  

	 	(a)	the share pledge agreement dated 14 December 2011 between OBOAdler Company Limited as pledgor and the Security Agent, acting in the name and for the account of the Finance Parties, pursuant to which a share in
Alcor Chemie is pledged by way of security to the Lenders (represented by the Security Agent) 

  

	 	(b)	the share pledge agreement dated 14 December 2011 between Innospec GmbH as pledgor and the Security Agent, acting in the name and for the account of the Finance Parties, pursuant to which a share in Alcor Chemie is
pledged by way of security to the Lenders (represented by the Security Agent) and 

  

	 	(c)	the share pledge agreement dated 14 December 2011 between the Parent as pledgor and the Security Agent, acting in the name and for the account of the Finance Parties, pursuant to which all of the shares in Innospec
GmbH are pledged by way of security to the Lenders (represented by the Security Agent) 

 Swiss Withholding Tax means
the tax levied pursuant to the Swiss Federal Act on Withholding Tax (Bundesgesetz über die Verrechnungssteuer vom 13 Oktober 1965, SR 642.21) 

TARGET Day means any day on which TARGET2 is open for the settlement of payments in euro 

TARGET2 means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilises a single shared
platform and which was launched on 19 November 2007 
 Tax means any tax, levy, impost, duty or other charge or withholding of a
similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same) 

  
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Ten Non-Qualifying Bank Rule means the rule that the aggregate number of creditors, other than
Qualifying Banks, under the Finance Documents must not exceed ten, all in accordance with the meaning of the Guidelines 
 Term
Facility means the term loan facility made available under this Agreement as described in clause 2.1(a) (The Facilities) 
 Term
Facility Commitment means: 
  

	 	(a)	in relation to an Original Lender, the amount in the Base Currency set opposite its name under the heading “Term Facility Commitment” in part 2 of schedule 1 (The Original Parties) and the amount of any other
Term Facility Commitment transferred to it under this Agreement and 

  

	 	(b)	in relation to any other Lender, the amount in the Base Currency of any Term Facility Commitment transferred to it under this Agreement 

to the extent not cancelled, reduced or transferred by it under this Agreement 

Term Facility Loan means a loan made or to be made under Term Facility or the principal amount outstanding for the time being of that
loan 
 Term Facility Repayment Date means each date set out in clause 7.1 (Repayment of Term Facility Loan) 

Term Facility Utilisation Date means the date of drawdown of the Term Facility Loan 

Termination Date means 6 November 2020 

Third Amendment and Restatement Agreement means the amendment and restatement agreement dated 14 December 2016, in respect of this
Agreement 
 Third Restatement Date has the meaning given to the term in the Third Amendment and Restatement Agreement 

Total Commitments means the aggregate of the Total Term Facility Commitments and the Total Revolving Facility Commitments, being
$310,000,000 as at the Third Restatement Date 
 Total Revolving Facility Commitments means the aggregate of the Revolving Facility
Commitments being $200,000,000 as at the Third Restatement Date 
 Total Net Debt has the meaning ascribed to it in clause
21 (Financial covenants) 
 Total Term Facility Commitments means the aggregate of the Term Facility Commitments, being
$110,000,000 as at the Third Restatement Date 
 Transaction Documents means the Finance Documents, the Jazz Acquisition Documents and
any other document designated as a Transaction Document by the Obligors’ Agent and the Agent 
 Transaction Security means the
Security created or expressed to be created under the Security Documents 
 Transfer Certificate means for a transfer by novation, a
certificate substantially in the form of part 2 of schedule 5 (Form of Transfer Certificate) with such amendments as the Agent may approve or reasonably require or any other form agreed between the Agent and the Obligors’ Agent 

  
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Transfer Date means, in relation to a transfer, the later of: 
  

	 	(a)	the proposed Transfer Date specified in the Transfer Certificate and 

  

	 	(b)	the date on which the Agent executes the Transfer Certificate 

 Twenty Non-Qualifying Bank Rule means the rule that the aggregate number of creditors (including the Lenders), other than Qualifying Banks, under all outstanding debts relevant for classification as debenture
(Kassenobligation) (within the meaning of the Guidelines), such as (intragroup) loans, facilities and/or private placements (including under the Finance Documents) must not at any time exceed 20, all in accordance with the meaning of the Guidelines

 U.S. or USA means the United States of America 

U.S. Bilateral Borrower means: 
  

	 	(a)	a Bilateral Borrower formed in the U.S. or 

  

	 	(b)	a Bilateral Borrower that is not a Group Company as at the date of this Agreement and is not formed in the U.S. but is treated, for U.S. federal income tax purposes, as a fiscally transparent branch or disregarded
entity owned (directly or indirectly) by the Parent, provided that if such Bilateral Borrower is owned indirectly by the Parent, each owner of such Bilateral Borrower between the Bilateral Borrower and the Parent is similarly treated as a fiscally
transparent branch or partnership 

 U.S. Borrower means the Parent and Innospec Fuel Specialties LLC and any Additional
Borrower which is a U.S. Guarantor 
 U.S. GAAP means accounting principles and practices generally accepted from time to time in the
U.S 
 U.S. Group Member means a member of the Group formed in the U.S 

U.S. Guarantor means: 
  

	 	(a)	a Guarantor formed in the U.S. 

  

	 	(b)	Innospec International Limited, Innospec Developments Limited and Innospec GmbH or 

  

	 	(c)	a Guarantor that is not an Obligor as at the date of this Agreement and is not formed in the U.S. but is treated, for U.S. federal income tax purposes, as a fiscally transparent branch or partnership owned (directly or
indirectly) by the Parent, provided that if such Guarantor is owned indirectly by the Parent, each owner of such Guarantor between the Guarantor and the Parent is similarly treated as a fiscally transparent branch or partnership 

U.S. Obligor means a U.S. Borrower or a U.S. Guarantor 

  
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U.S. Security Documents means: 
  

	 	(a)	each security agreement and pledge agreement governed by the laws of a State of the U.S.A. dated 14 September 2011 entered into by any Original Obligor in favour of the Security Agent (as each such agreement may be
supplemented from time to time) 

  

	 	(b)	a pledge agreement supplement dated on or about the date of the Second Restatement Date entered into by Innospec Oil Field Chemicals LLC in respect of the ownership interests it holds in Independence Oilfield in favour
of the Security Agent and 

  

	 	(c)	the New U.S. Security Documents 

 U.S. Tax Obligor means: 

 

	 	(a)	a Borrower which is resident for tax purposes in the U.S. or 

  

	 	(b)	an Obligor some or all of whose payments under the Finance Documents are from sources within the U.S. for US federal income tax purposes 

UK GAAP means accounting principles and practices generally accepted from time to time in the United Kingdom 

Unpaid Sum means any sum due and payable but unpaid by an Obligor under the Finance Documents 

Utilisation means a utilisation of a Facility 

Utilisation Date means the date of a Utilisation, being the date on which the relevant Loan is to be made 

Utilisation Request means a notice substantially in the form set out in part 1 (Form of Utilisation Request) of schedule 4 (Requests and
Notices) 
 VAT means: 
  

	 	(a)	any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112) and 

 

	 	(b)	any other tax of a similar nature, whether imposed in a member state of the European Union in substitution for, or levied in addition to, such tax referred to in paragraph (a) above, or imposed elsewhere.

  

	1.2	Construction 

  

	 	(a)	Unless a contrary indication appears a reference in this Agreement to: 

  

	 	(i)	the Agent, the Arranger, the Security Agent, any Finance Party, any Lender, any Hedging Bank, any Bilateral Bank, any Obligor or any Party shall be
construed so as to include its successors in title, permitted assigns and permitted transferees to, or of its rights and/or under obligations under the Finance Documents and in the case of Security Agent, any person for the time being appointed as
Security Agent or Security Agents in accordance with the Finance Documents; 

  
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	 	(ii)	assets includes present and future properties, revenues and rights of every description; 

  

	 	(iii)	a document being in the agreed form means in a form agreed between the Obligors’ Agent and the Agent; 

  

	 	(iv)	a Finance Document or a Transaction Document or any other agreement, security or instrument is a reference to that Finance Document or Transaction Document or other agreement, security or instrument as
amended, novated, supplemented, extended, replaced or restated including any change in the purpose of, any extension of or any increase in the amount of a facility or any additional facility; 

 

	 	(v)	a group of lenders includes all the Lenders; 

  

	 	(vi)	guarantee means (other than in clause 18 (Guarantee and indemnity)) any guarantee, letter of credit, bond, indemnity or similar assurance against financial loss, or any obligation, direct or indirect, actual or
contingent, to purchase or assume any indebtedness of any person or to make an investment in or loan to any person or to purchase assets of any person where, in each case, such obligation is assumed in order to maintain or assist the ability of such
person to meet its indebtedness; 

  

	 	(vii)	indebtedness includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent; 

 

	 	(viii)	a person includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium or partnership or other entity (whether or not having
separate legal personality); 

  

	 	(ix)	an amendment includes a supplement, novation, extension (whether of maturity or otherwise), restatement, re-enactment or replacement (however fundamental and whether or not
more onerous) and amended will be construed accordingly; 

  

	 	(x)	a regulation includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or
regulatory, self-regulatory or other authority or organisation; 

  

	 	(xi)	a provision of law is a reference to that provision as amended or re-enacted; and 

  

	 	(xii)	a time of day is a reference to London time. 

  

	 	(b)	Section, clause and schedule headings are for ease of reference only. 

  

	 	(c)	Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under or in connection with any Finance Document has the same meaning in that Finance Document or notice as in this
Agreement. 

  

	 	(d)	A Default (other than an Event of Default) is continuing if it has not been remedied or waived and an Event of Default is continuing if it has not been waived. 

  
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	 	(e)	The determination of the extent to which a rate is for a period equal in length to an Interest Period shall disregard any inconsistency arising from the last day of that Interest Period being determined pursuant to the
terms of this Agreement. 

  

	1.3	Currency symbols and definitions 

 $ and dollars denote lawful currency of
the United States of America, £ and sterling denotes lawful currency of the United Kingdom and EUR and euro means the single currency unit of the Participating Member States. 

 

	1.4	Third party rights 

  

	 	(a)	Except as provided in a Finance Document, the terms of a Finance Document may be enforced only by a party to it and the operation of the Contracts (Rights of Third Parties) Act 1999 is excluded. 

 

	 	(b)	Notwithstanding any provision of any Finance Document, the Parties to a Finance Document do not require the consent of any third party to rescind or vary any Finance Document at any time. 

 

	2	The Facilities 

  

	2.1	The Facilities 

 Subject to the terms of this Agreement, the Lenders make available to
the Borrowers: 
  

	 	(a)	a Base Currency term loan facility in an aggregate amount equal to the Total Term Facility Commitments; and 

  

	 	(b)	a multicurrency revolving loan facility in an aggregate amount the Base Currency Amount of which is equal to the Total Revolving Facility Commitments. 

 

	2.2	Bilateral Facilities 

  

	 	(a)	Each Bilateral Bank makes available to the relevant Group Company the Bilateral Facilities applicable to that Bilateral Bank on the terms set out in the relevant Bilateral Facility Documents. 

 

	 	(b)	Each Bilateral Bank and the relevant Obligor or, if such Group Company is not an Obligor, the Parent shall promptly notify the Agent of: 

 

	 	(i)	the establishment of any new proposed Bilateral Facility applicable to it or, in the case of notification by the Parent, its Subsidiary; and 

 

	 	(ii)	such information relating to the operation of any Bilateral Facility applicable to it (including, without limitation, the Bilateral Outstandings and Bilateral Commitments thereunder) as the Agent may from time to time
request and each Group Company hereby consents on its behalf and on behalf of its Subsidiaries to all such information being released to the Agent and each Lender. 

 

	 	(c)	 If the Agent is satisfied that any new proposed Bilateral Facility it is notified of (pursuant to clause
2.2(b)(i)) complies with the definition of Bilateral Facility in clause 1.1 (Definitions) and no breach of clause 22.10 (Indebtedness) is likely to occur as a result of the establishment or use of the relevant proposed Bilateral Facility, it will

  
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	 	confirm to the relevant Bilateral Bank and the relevant Group Company (and if the Group Company is not an Obligor the Parent) that the relevant facility is a Bilateral Facility for the purposes of the Finance Documents.

  

	 	(d)	In case of any inconsistency between any term of any Bilateral Facility and this Agreement, the terms of this Agreement shall prevail. 

 

	 	(e)	Each Bilateral Bank and the relevant Obligor or, in the case of a Group Company which is not an Obligor, the Parent on behalf of such Group Company acknowledges the terms of clause 22.10(b) (Indebtedness).

  

	2.3	Finance Parties’ rights and obligations  

  

	 	(a)	The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance Party to perform its obligations under the Finance Documents does not affect the obligations of any other Party under
the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents. 

  

	 	(b)	The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance Documents to a Finance Party from an Obligor is a separate
and independent debt in respect of which a Finance Party shall be entitled to enforce its rights in accordance with clause 2.3(c). The rights of each Finance Party include any debt owing to that Finance Party under the Finance Documents and, for the
avoidance of doubt, any part of a Loan or any other amount owed by an Obligor which relates to a Finance Party’s participation in a Facility or its role under a Finance Document (including any such amount payable to the Agent on its behalf) is
a debt owing to that Finance Party by that Obligor. 

  

	 	(c)	A Finance Party may, except as specifically provided in the Finance Documents, separately enforce its rights under or in connection with the Finance Documents. 

 

	2.4	Accordion Facility 

  

	 	(a)	The Parent may by giving no less than 15 Business Days’ (or such other period as the Lenders may otherwise agree) and not more than 30 Business Days’ prior notice to the Agent request that the Total Revolving
Facility Commitments be increased (New Commitments) in an aggregate amount of up to $50,000,000 (Maximum Increase Amount). 

  

	 	(b)	The Parent may, at its discretion and by giving a written notice to the existing Lenders (Increase Invitation) with a copy to the Agent, invite each of the existing Lenders to offer to increase the amount of its
existing Revolving Facility Commitment by making available the New Commitments pro rata to their existing Revolving Facility Commitments as at the date of the Increase Invitation (the date that the Increase Invitation is delivered to the Lenders
being the Delivery Date). 

  

	 	(c)	No Lender is obliged to agree to increase its Revolving Facility Commitment following an Increase Invitation. Each Lender that agrees to increase its Revolving Facility Commitment under an Increase Invitation
(Consenting Lender) shall notify the Parent and the Agent of its agreement by the date falling 20 Business Days (or such other period as the Lenders may otherwise agree) after the relevant Delivery Date. 

  
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	 	(d)	If a Lender does not offer to increase its Revolving Facility Commitment in accordance with the amount requested pursuant to an Increase Invitation (that part of the increase in its Revolving Facility Commitment not
accepted by any Lender being the Declined New Commitments) on or before the date falling 20 Business Days (or such other period as the Lenders may otherwise agree) after the relevant Delivery Date, the Parent may, at its discretion and by
giving a written notice to each Consenting Lender (Subsequent Increase Invitation) with a copy to the Agent, offer the Declined New Commitments to each Consenting Lender pro rata to their existing Revolving Facility Commitment as at the date
of the Increase Invitation) (the date that the Subsequent Increase Invitation is delivered to the Lenders being the Subsequent Delivery Date). 

  

	 	(e)	No Consenting Lender is obliged to agree to increase its Revolving Facility Commitment following a Subsequent Increase Invitation. Each Consenting Lender that agrees to increase its Revolving Facility Commitment under a
Subsequent Increase Invitation (Subsequent Consenting Lender) shall notify the Parent and the Agent of its agreement by the date falling 10 Business Days after the Subsequent Delivery Date. If the increase in the Revolving Facility
Commitments of the Subsequent Consenting Lenders pursuant to any Subsequent Increase Invitation is, in aggregate, greater than the Declined New Commitments, the Revolving Facility Commitment of each Subsequent Consenting Lender will be increased by
the proportion of the Declined New Commitments which is the same proportion as its Revolving Facility Commitment bears to the Total Revolving Facility Commitments (excluding from the Total Revolving Facility Commitments the Revolving Facility
Commitment of any Lenders that are not Consenting Lenders under the relevant Increase Invitation), in each case, immediately prior to the issuance of the relevant Increase Invitation. 

 

	 	(f)	If, after the expiry of the period referred to in clause 2.4(e), any of the Declined New Commitments are not accepted by a Lender (the amount of the Declined New Commitments not being made available by any Lender being
the New Commitments Shortfall), then the Parent may offer the opportunity to make available New Commitments in an amount not exceeding the New Commitments Shortfall to any bank, financial institution, trust, fund or other entity which is
regularly engaged in, or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (which is not a member of the Group and is not a Lender). 

 

	 	(g)	The terms applicable to the New Commitments shall be as set out in this Agreement. 

  

	 	(h)	No later than the date falling 25 Business Days after the later of the relevant Delivery Date and the relevant Subsequent Delivery Date, the Parent shall by notice to the relevant Consenting Lenders, Subsequent
Consenting Lenders (if any) and any person who wishes to make available any of the New Commitments Shortfall and is not a Lender (New Commitments Lender) (if any) (together the Accordion Lenders), with a copy to the Agent, advise:

  

	 	(i)	whether the Parent has accepted the offer of those Accordion Lenders to increase the amount of their Revolving Facility Commitment; 

  

	 	(ii)	the aggregate amount by which the Total Revolving Facility Commitments will be increased (Aggregate Additional Commitments); and 

 

	 	(iii)	the amount of each Accordion Lender’s share of the Aggregate Additional Commitments (Relevant Additional Commitment). 

  
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	 	(i)	Subject to the conditions precedent set out in paragraph 2.4(j) and 2.4(k) below being satisfied, on (i) the last day of the shortest Interest Period in which those conditions precedent are satisfied or
(ii) such earlier date as may be agreed between the Parent, the Accordion Lenders and the Agent (Increase Date): 

  

	 	(i)	each of the Obligors and any New Commitments Lender shall assume obligations towards one another and/or acquire rights against one another as the Obligors and the New Commitments Lender would have assumed and/or
acquired had the New Commitments Lender been an Original Lender; 

  

	 	(ii)	any New Commitments Lender shall become a Party as a Lender and the New Commitments Lender and each of the other Finance Parties shall assume obligations towards one another and acquire rights against one another as
that New Commitments Lender and those Finance Parties would have assumed and/or acquired had the New Commitments Lender been an Original Lender; 

  

	 	(A)	the Total Revolving Facility Commitments will be increased by the amount of the Aggregate Additional Commitments; 

  

	 	(B)	the Revolving Facility Commitment of each Accordion Lender will be increased by the amount of its Relevant Additional Commitment; and 

 

	 	(C)	the Revolving Facility Commitments of the other Lenders shall continue in full force and effect; and 

  

	 	(iii)	in respect of any new Revolving Facility Loans made available on the Increase Date, each Lender’s participation in each Revolving Facility Loan will be equal to the proportion borne by its Revolving Facility
Commitment (as increased in accordance with clause 2.4(i)(ii)(B)) to the Total Revolving Facility Commitments (as so increased). 

  

	 	(j)	An increase in the Total Revolving Facility Commitments will only be effective: 

  

	 	(i)	on the execution by the Agent of an Increase Confirmation from each Accordion Lender for the purpose of that increase; 

  

	 	(ii)	in relation to a New Commitments Lender: 

  

	 	(A)	the performance by the Agent of all necessary “know your customer” or other similar checks under applicable laws and regulations in relation to the assumption of the increased Revolving Facility Commitments by
the New Commitments Lender, the completion of which the Agent shall promptly notify to the Parent and the New Commitments Lender; 

  

	 	(B)	such New Commitments Lender has acceded to this Agreement by delivering a duly completed and executed Increase Confirmation to the Agent; and 

 

	 	(C)	the arrangement fees to be applied by that New Commitments Lender to the New Commitments Shortfall to be made available by it shall not exceed those agreed by or offered to the existing Lenders with respect to the New
Commitments (except as otherwise agreed by the Parent and the existing Lenders); 

  
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	 	(iii)	upon each Accordion Lender obtaining credit committee approval (if required); 

  

	 	(iv)	provided the aggregate of the Aggregate Additional Commitments and any increase in the Total Revolving Facility Commitments which has come into effect before the relevant Increase Date do not exceed the Maximum Increase
Amount; 

  

	 	(v)	on the date on which the increase takes effect, payment by the New Commitments Lender (if there is one) to the Agent (for its own account) of a fee in an amount equal to the fee which would be payable under clause 24.4
(Assignment or transfer fee) if the increase in Revolving Facility Commitments was a transfer under clause 24.1 (Assignments and transfers by the Lenders) and if the New Commitments Lender was a New Lender; and 

 

	 	(vi)	if the Agent confirms to the Parent and the Lenders that it has received the following in form and substance satisfactory to it (acting on the instructions of the Majority Lenders) on or before the date falling 10
Business Days after the date the Parent has notified the relevant Accordion Lenders that it accepts the offer to increase Revolving Facility Commitments and the amount of those Revolving Facility Commitments, in accordance with clause 2.4(h)
respectively: 

  

	 	(A)	any acquisition documents relating to a Permitted Acquisition if the relevant increase in the Revolving Facility Commitments is requested for the purpose of an acquisition; 

 

	 	(B)	evidence, including a director’s certificate from the Parent confirming, that, if it would be required following the relevant Permitted Acquisition, any corporate entity to be acquired will become an Additional
Guarantor in accordance with the terms of this Agreement within three months of completion of the applicable Permitted Acquisition; and 

  

	 	(C)	(if the Agent (acting on the instructions of the Majority Lenders) so requires, any relevant legal or other due diligence in respect of the relevant Permitted Acquisition. 

 

	 	(k)	The Parent may not seek to increase the Total Revolving Facility Commitments or exercise any of its rights under this clause 2.4 (Accordion Facility) at any time when a Default is continuing. 

 

	 	(l)	Only two increases in the Total Revolving Facility Commitments are permitted. 

  

	 	(m)	Each Party shall co-operate to ensure that, on and following the Increase Date, the proportion of the aggregate amount of all Loans which each Lender holds is the same as the
proportion which the Revolving Facility Commitment of each Lender at such time bears to the Total Revolving Facility Commitments. 

  

	 	(n)	The Parent must pay to each Accordion Lender for the relevant increase in Total Revolving Facility Commitments a fee in the amount and at the times agreed between the Parent and the Agent in a Fee Letter. A reference in
this Agreement to a Fee Letter shall include any letter referred to in this paragraph. 

  
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	 	(o)	Clause 24.5 (Limitation of responsibility of Existing Lenders) shall apply mutatis mutandis in this clause 2.4 in relation to a New Commitments Lender as if references in that clause to: 

 

	 	(i)	an Existing Lender were references to all the Lenders immediately prior to the relevant increase; 

  

	 	(ii)	the New Lender were references to the New Commitments Lender; and 

  

	 	(iii)	a re-transfer and re-assignment were references to respectively a transfer and assignment. 

 

	 	(p)	The Agent shall notify all Parties of: 

  

	 	(i)	the Increase Date; 

  

	 	(ii)	the amount of the New Commitments being made available by each Lender; and 

  

	 	(iii)	the identity of any New Commitments Lender. 

  

	 	(q)	The Agent is authorised and instructed to enter into such documentation as is reasonably required to amend this Agreement and any other Finance Document (in accordance with the terms of this clause 2.4) without the
consent of any Lender other than the applicable Accordion Lender. 

  

	3	Purpose 

  

	3.1	Purpose 

  

	 	(a)	The Parent shall apply all amounts borrowed by it under the Term Facility towards: 

  

	 	(i)	payment to the Jazz Vendor of the purchase price for the Jazz Target Shares and the Jazz Target Assets under the Jazz Acquisition Agreement; 

 

	 	(ii)	payment of the Jazz Acquisition Costs (other than periodic fees); 

  

	 	(iii)	refinancing certain existing Financial Indebtedness of the Jazz Target and its Subsidiaries to third parties; and 

  

	 	(iv)	for the general corporate and working capital purposes of each member of the Jazz Target Group including funding any permitted capital expenditure by each member of the Jazz Target Group. 

as described in the Jazz Structure Memorandum. 
  

	 	(b)	Each Borrower shall apply all amounts borrowed by it under the Revolving Facility in or towards: 

  

	 	(i)	refinancing existing indebtedness of the Group and the payment of any fees or expenses, legal or otherwise, incurred in connection with such refinancing; 

  
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	 	(ii)	funding Permitted Acquisitions (including refinancing any indebtedness of any relevant acquired company or business or any subsidiary thereof and costs, fees and expenses incurred in relation thereto; and

  

	 	(iii)	the general corporate and working capital purposes of the Group including funding capital expenditure and share buy backs. 

  

	3.2	Monitoring  

 No Finance Party is bound to monitor or verify the application of any
amount borrowed pursuant to this Agreement. 
  

	4	Conditions of Utilisation 

  

	4.1	Initial conditions precedent  

  

	 	(a)	No Borrower may deliver a Utilisation Request unless the Agent has received all of the documents and other evidence listed in part 1 of schedule 2 (Conditions precedent) in form and substance satisfactory to the Agent.

  

	 	(b)	The Agent shall notify the Obligors’ Agent and the Lenders promptly upon being so satisfied in respect of clause 4.1(a). 

  

	4.2	Further conditions precedent 

 The Lenders will only be obliged to comply with clause
5.4 (Lenders’ participation) if on the date of the Utilisation Request and on the proposed Utilisation Date: 
  

	 	(a)	in the case of a Rollover Loan, no Event of Default is continuing or would result from the proposed Loan and, in the case of any other Loan, no Default is continuing or would result from the proposed Loan; and

  

	 	(b)	in relation to the Term Facility Loan, all the representations and warranties in clause 19 (Representations) (other than clause 19.18 (Group Structure Chart) and 19.14(c) (Assets)) or in relation to any other Loan, the
Repeating Representations to be made by each Obligor are true in all material respects. 

  

	4.3	Conditions relating to Optional Currencies 

  

	 	(a)	A currency will constitute an Optional Currency in relation to a Revolving Facility Loan if it is sterling or euro or (in the case of any other currency) if: 

 

	 	(i)	it is readily available in the amount required and freely convertible into the Base Currency in the London interbank market on the Quotation Day and the Utilisation Date for that Loan; and 

 

	 	(ii)	it has been approved by the Agent (acting on the instructions of all the Lenders) on or prior to receipt by the Agent of the relevant Utilisation Request for that Loan. 

 

	 	(b)	If the Agent has received a written request from the Obligors’ Agent for a currency to be approved under paragraph (a)(ii) above, the Agent will confirm to the Obligors’ Agent by the Specified Time:

  

	 	(i)	whether or not the Lenders have granted their approval; and 

  
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	 	(ii)	if approval has been granted, the minimum amount (and, if required, integral multiples) for any subsequent Utilisation in that currency. 

 

	4.4	Maximum number of Loans and Optional Currencies 

  

	 	(a)	A Borrower may not deliver a Utilisation Request if as a result of the proposed Utilisation: 

  

	 	(i)	more than 15 Revolving Facility Loans would be outstanding; 

  

	 	(ii)	more than one Term Facility Loan would be outstanding; or 

  

	 	(iii)	the Revolving Facility Loans would be outstanding in more than three currencies. 

  

	 	(b)	Any Loan made by a single Lender under clause 6.2 (Unavailability of a currency) shall not be taken into account in this clause 4.4. 

 

	5	Utilisation 

  

	5.1	Delivery of a Utilisation Request 

 A Borrower may utilise a Facility by
delivery to the Agent of a duly completed Utilisation Request not later than the Specified Time. 
  

	5.2	Completion of a Utilisation Request 

  

	 	(a)	Each Utilisation Request is irrevocable and will not be regarded as having been duly completed unless: 

  

	 	(i)	It identifies the Borrower and the Facility to be utilised; 

  

	 	(ii)	the proposed Utilisation Date is a Business Day within the Availability Period applicable to that Facility; 

  

	 	(iii)	the currency and amount of the Utilisation comply with clause 5.3 (Currency and amount); and 

  

	 	(iv)	the proposed Interest Period complies with clause 10 (Interest Periods). 

  

	 	(b)	Multiple Loans may be requested in a Utilisation Request where the proposed Utilisation Date is the Term Facility Utilisation Date. Only one Loan may be requested in any Utilisation Request where the proposed
Utilisation Date is not the Term Facility Utilisation Date. 

  

	5.3	Currency and amount 

  

	 	(a)	The currency specified in a Utilisation Request must be: 

  

	 	(i)	in relation to the Term Facility, the Base Currency; and 

  

	 	(ii)	in relation to the Revolving Facility the Base Currency or an Optional Currency. 

  
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	 	(b)	The amount of the proposed Loan must be: 

  

	 	(i)	an amount equal to $110,000,000 for the Term Facility or, if less, the Available Facility; or 

  

	 	(ii)	for the Revolving Facility an amount whose Base Currency Amount is not more than the Available Facility and which is: 

  

	 	(A)	if the currency selected is the Base Currency, a minimum of $1,000,000 or, if less, the Available Facility; 

  

	 	(B)	if the currency selected is sterling or euro, a minimum of £1,000,000 or €1,000,000 or, if less, the Available Facility; or 

 

	 	(C)	if the currency selected is an Optional Currency other than sterling or euro, the minimum amount (or an integral multiple, if required) specified by the Agent pursuant to clause 4.3(b)(ii) (Conditions relating to
Optional Currencies) or, if less, the Available Facility. 

  

	5.4	Lenders’ participation 

  

	 	(a)	If the conditions set out in this Agreement have been met, each Lender shall make its participation in each Loan available by the Utilisation Date through its Facility Office. 

 

	 	(b)	The amount of each Lender’s participation in each Loan will be equal to the proportion borne by its Available Commitment to the Available Facility immediately prior to making the Loan. 

 

	 	(c)	The Agent shall determine the Base Currency Amount of each Loan which is to be made in an Optional Currency and shall notify each Lender of the amount, currency and the Base Currency Amount of each Loan and the amount
of its participation in that Loan, in each case by the Specified Time. 

  

	5.5	Cancellation of Commitment 

  

	 	(a)	The Term Facility Commitments which, at that time, are unutilised shall be immediately cancelled at the end of the Availability Period for the Term Facility. 

 

	 	(b)	The Revolving Facility Commitments which, at that time, are unutilised shall be immediately cancelled at the end of the Availability Period for the Revolving Facility. 

 

	6	Optional currencies 

  

	6.1	Selection of currency 

 A Borrower (or the Obligors’ Agent on behalf of a Borrower)
shall select the currency of a Revolving Facility Loan in a Utilisation Request. 
  

	6.2	Unavailability of a currency 

 If before the Specified Time on any Quotation Day: 

 

	 	(a)	the Agent has received notice from a Lender that the Optional Currency requested is not readily available to it in the amount required; or 

  
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	 	(b)	a Lender notifies the Agent that compliance with its obligation to participate in a Loan in the proposed Optional Currency would contravene a law or regulation applicable to it, 

the Agent will give notice to the relevant Borrower to that effect by the Specified Time on that day. In this event, any Lender that gives
notice pursuant to this clause 6.2 will be required to participate in the Loan in the Base Currency (in an amount equal to that Lender’s proportion of the Base Currency Amount, or in respect of a Rollover Loan, an amount equal to that
Lender’s proportion of the Base Currency Amount of the Rollover Loan that is due to be made) and its participation will be treated as a separate Loan denominated in the Base Currency during that Interest Period. 

 

	6.3	Agent’s calculations 

 Each Lender’s participation in a Loan will be determined
in accordance with clause 5.4(b) (Lenders’ participation). 
  

	7	Repayment 

  

	7.1	Repayment of Term Facility Loan 

 The Parent shall repay the Term Facility Loan in
instalments by repaying on each Term Facility Repayment Date an amount which reduces the Base Currency Amount of the outstanding Term Facility Loan by the amount set out opposite that Term Facility Repayment Date below: 

 

			
	 Term Facility Repayment Date
	  	Repayment Instalment
	 28 December 2017
	  	$11,000,000
	 28 December 2018
	  	$16,500,000
	 28 December 2019
	  	$22,000,000
	 Termination Date
	  	Outstanding Term Facility Loan

  

	7.2	Repayment of Revolving Facility Loans 

  

	 	(a)	Subject to clause 7.2(b), each Borrower which has drawn a Revolving Facility Loan shall repay that Revolving Facility Loan on the last day of its Interest Period. 

 

	 	(b)	Without prejudice to each Borrower’s obligation under paragraph (a) above, if one or more Revolving Facility Loans are to be made available to a Borrower: 

 

	 	(i)	on the same day that a maturing Revolving Facility Loan is due to be repaid by that Borrower; 

  

	 	(ii)	in the same currency as the maturing Revolving Facility Loan (unless it arose as a result of the operation of clause 6.2 (Unavailability of a currency)); and 

 

	 	(iii)	for the purpose of refinancing the maturing Revolving Facility Loan, 

 the Agent will apply the
new Revolving Facility Loans in or towards repayment of the maturing Revolving Facility Loan so that: 

  
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	 	(A)	if the amount of the maturing Revolving Facility Loan exceeds the aggregate amount of the new Revolving Facility Loans, the relevant Borrower will only be required to pay an amount in cash in the relevant currency equal
to that excess; and 

  

	 	(B)	if the amount of the maturing Revolving Facility Loan is equal to or less than the aggregate amount of the new Revolving Facility Loans, the relevant Borrower will not be required to make any payment in cash.

  

	7.3	Effect of cancellation and prepayment on scheduled repayments and reductions 

  

	 	(a)	If the Parent cancels the whole or any part of any Available Commitment in accordance with clause 8.7 (Right of repayment and cancellation in relation to a single Lender) or if the Available Commitment of any Lender is
cancelled under clause 8.1 (Illegality) then in the case of the Term Facility Commitments, the amount of the Repayment Instalment for each Term Facility Repayment Date falling after that cancellation will reduce pro rata by the amount cancelled.

  

	 	(b)	If the Parent cancels the whole or any part of any Available Commitment in accordance with clause 8.4 (Voluntary cancellation) or if the whole or part of any Commitment is cancelled pursuant to clause 5.5 (Cancellation
of Commitment) then in the case of Term Facility Commitments, the amount of the Repayment Instalment for each Term Facility Repayment Date falling after that cancellation will reduce pro rata by the amount cancelled. 

 

	 	(c)	If any Term Facility Loan is repaid or prepaid in accordance with clause 8.7 (Right of repayment and cancellation in relation to a single Lender) or clause 8.1 (Illegality) then in the case of the Term Facility Loan,
the amount of the Repayment Instalments for each Term Facility Repayment Date falling after that repayment or prepayment will reduce pro rata by the amount of the Term Facility Loan repaid or prepaid. 

 

	 	(d)	If any Term Facility Loan is prepaid in accordance with clause 8.6 (Voluntary prepayment of the Term Facility Loan) or clause 8.8 (Acquisition Proceeds) then in the case of the Term Facility, the amount of the Repayment
Instalment for each Term Facility Repayment Date falling after that prepayment will reduce pro rata by the amount of the Term Facility Loan prepaid. 

  

	8	Prepayment and cancellation 

  

	8.1	Illegality 

 If, in any applicable jurisdiction, it becomes unlawful for a Lender to
perform any of its obligations as contemplated by this Agreement or to fund, issue or maintain its participation in any Loan: 
  

	 	(a)	that Lender shall promptly notify the Agent upon becoming aware of that event; 

  

	 	(b)	upon the Agent notifying the Obligors’ Agent, the Available Commitment of that Lender will be immediately cancelled; and 

  

	 	(c)	 to the extent that the Lender’s participation has not been transferred pursuant to clause 8.7(d), each
Borrower shall repay that Lender’s participation in the Loans made to that Borrower on the last day of the Interest Period for each Loan occurring 

  
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	 	after the Agent has notified the Obligors’ Agent or, if earlier, the date specified by the Lender in the notice delivered to the Agent (being no earlier than the last day of any applicable grace period permitted by
law) and that Lender’s corresponding Commitment(s) shall be cancelled in the amount of the participations repaid. 

  

	8.2	Change of control 

  

	 	(a)	If any person or group of persons acting in concert gains control of the Parent (a Change of Control): 

  

	 	(i)	the Parent shall promptly notify the Agent upon becoming aware of that event; 

  

	 	(ii)	a Lender shall not be obliged to fund a Utilisation (except for a Rollover Loan); 

  

	 	(iii)	if the Parent so requires, the Parties shall enter into good faith consultations with a view to determining whether and on what terms the Facilities can continue to remain outstanding and be provided; 

 

	 	(iv)	if no agreement between the Lenders and the Parent is reached within 30 days of the Change of Control occurring as to the terms on which the Facilities can continue to remain outstanding and be provided and if a Lender
so requires, the Agent shall cancel that Lender’s Commitment under the Facilities and declare that Lender’s participation in the outstanding Loans, together with accrued interest, and all other amounts accrued under the Finance Documents
owing to that Lender immediately due and payable, whereupon that Lender’s Commitment under the Facilities will be cancelled and all such outstanding amounts owing to that Lender will become immediately due and payable. 

 

	 	(b)	For the purpose of paragraph (a) above control means: 

  

	 	(i)	the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to: 

  

	 	(A)	cast, or control the casting of, more than one-half of the maximum number of votes that might be cast at a general meeting of the Parent; 

 

	 	(B)	appoint or remove all, or the majority, of the directors or other equivalent officers of the Parent; or 

  

	 	(C)	give directions with respect to the operating and financial policies of the Parent which the directors or other equivalent officers of the Parent are obliged to comply with; or 

 

	 	(ii)	the holding of more than one-half of the issued share capital of the Parent (excluding any part of that issued share capital that carries no right to participate beyond a
specified amount in a distribution of either profits or capital). 

  

	 	(c)	For the purpose of paragraph (a) above acting in concert means a group of persons who, pursuant to an agreement or understanding (whether formal or informal), actively
co-operate, through the acquisition by any of them, either directly or indirectly, of shares in the Parent, to obtain or consolidate control of the Parent. 

  
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	8.3	Disposals 

 Upon the occurrence of the disposal of all or substantially all of the assets
of the Group (whether in a single transaction or a series of related transactions) all of the Total Commitments shall immediately be cancelled and all outstanding Loans, together with all accrued interest and all other amounts accrued or outstanding
under each Facility shall become immediately due and payable. 
  

	8.4	Voluntary cancellation 

 The Parent may, if it gives the Agent not less than five
Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of $5,000,000 and in integral multiples of $2,500,000) of an Available Facility without premium or
penalty. Any cancellation under this clause shall reduce the Commitments of the Lenders rateably under that Facility. 
  

	8.5	Voluntary prepayment of Revolving Facility Loans 

 The Borrower to which a Revolving
Facility Loan has been made may, if it gives the Agent not less than five Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice, prepay the whole or any part of a Revolving Facility Loan (but if in part, being
an amount that reduces the Base Currency Amount of that Revolving Facility Loan by a minimum amount of $1,000,000 and in integral multiples of $500,000). 
  

	8.6	Voluntary prepayment of the Term Facility Loan 

  

	 	(a)	The Parent may, if it gives the Agent not less than five Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice, prepay the whole or any part of the Term Facility Loan (but, if in
part, being an amount that reduces the Base Currency Amount of the Term Facility Loan by a minimum amount of $1,000,000 and in integral multiples of $500,000). 

  

	 	(b)	The Term Facility Loan may only be prepaid after the last day of the Availability Period for the Term Facility (or, if earlier, the day on which the Available Facility is zero). 

 

	8.7	Right of repayment and cancellation in relation to a single Lender 

  

	 	(a)	If: 

  

	 	(i)	any sum payable to any Lender by an Obligor is required to be increased under clause 13.2(c) (Tax gross-up); or 

 

	 	(ii)	any Lender claims indemnification from the Obligors’ Agent under clause 13.3 (Tax indemnity) or clause 14.1 (Increased costs), 

the Parent may, whilst (in the case of clause 8.7(a)(i) and 8.7(a)(ii)) the circumstance giving rise to the requirement or indemnification
continues give the Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender’s participation in the Loans. 

  
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	 	(b)	On receipt of a notice referred to in paragraph (a) above, the Commitment of that Lender shall immediately be reduced to zero. 

  

	 	(c)	On the last day of each Interest Period which ends after the Parent has given notice under paragraph (a) above (or, if earlier, the date specified by the Parent in that notice), each Borrower to which a Loan is
outstanding shall repay that Lender’s participation in that Loan. 

  

	 	(d)	If: 

  

	 	(i)	any of the circumstances set out in clause 8.7(a) apply to a Lender; or 

  

	 	(ii)	an Obligor becomes obliged to pay any amount in accordance with clause 8.1 to any Lender, 

 the
Parent may on 10 Business Days’ prior notice to the Agent and that Lender, replace that Lender by requiring that Lender to (and, to the extent permitted by law, that Lender shall) transfer pursuant to clause 24 (Changes to the Finance Parties)
all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank, financial institution, trust, fund or other entity selected by the Parent which confirms its willingness to assume and does assume all the
obligations of the transferring Lender in accordance with clause 24 (Changes to the Finance Parties) for a purchase price in cash payable at the time of the transfer in an amount equal to the outstanding principal amount of such Lender’s
participation in the outstanding Loans and all accrued interest, Break Costs and other amounts payable in relation thereto under the Finance Documents. 
  

	 	(e)	The replacement of a Lender pursuant to clause 8.7(d) shall be subject to the following conditions: 

  

	 	(i)	the Parent shall have no right to replace the Agent; 

  

	 	(ii)	neither the Agent nor any Lender shall have any obligation to find a replacement Lender; 

  

	 	(iii)	in no event shall the Lender replaced under clause 8.7(d) be required to pay or surrender any of the fees received by such Lender pursuant to the Finance Documents; and 

 

	 	(iv)	the Lender shall only be obliged to transfer its rights and obligations pursuant to clause 8.7(d) once it is satisfied that it has complied with all necessary “know your customer” or other similar checks under
all applicable laws and regulations in relation to that transfer. 

  

	 	(f)	A Lender shall perform the checks described in clause 8.7(e)(iv) above as soon as reasonably practicable following delivery of a notice referred to in clause 8.7(d) above and shall notify the Agent and the Parent when
it is satisfied that it has complied with those checks. 

  

	8.8	Acquisition Proceeds  

  

	 	(a)	For the purposes of this clause 8.8: 

 Acquisition Proceeds means the proceeds of a
claim (Recovery Claim) against the Jazz Vendor or any of its Affiliates (or any employee, officer or adviser) in relation to the Jazz Acquisition Documents or against the provider of any Jazz Report (in its capacity as a provider of that Jazz
Report) except for: 

  
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	 	(i)	a Recovery Claim the proceeds of which do not, when aggregated with the proceeds of all other Recovery Claims (excluding Excluded Acquisition Proceeds) exceed £1,000,000 (or its equivalent in other currencies)
during the term of this Agreement and 

  

	 	(ii)	Excluded Acquisition Proceeds 

 and after deducting: 

 

	 	(A)	any reasonable expenses which are incurred by any member of the Group to persons who are not members of the Group and 

  

	 	(B)	any Tax incurred and required to be paid by a member of the Group (as reasonably determined by the relevant member of the Group on the basis of existing rates and taking into account any available credit, deduction or
allowance) 

 in each case in relation to that Recovery Claim 

Excluded Acquisition Proceeds means any proceeds of a Recovery Claim which the Obligors’ Agent notifies the Agent are, or are to
be, applied: 
  

	 	(i)	in payment of amounts payable to the Jazz Vendor pursuant to the Jazz Acquisition Agreement by way of adjustment to the purchase price in respect of the Jazz Acquisition (except to the extent relating to a working
capital adjustment) 

  

	 	(ii)	to satisfy (or reimburse a member of the Group which has discharged) any liability, charge or claim upon a member of the Group by a person which is not a member of the Group or 

 

	 	(iii)	in the replacement, reinstatement and/or repair of assets of members of the Group which have been lost, destroyed or damaged 

in each case as a result of the events or circumstances giving rise to that Recovery Claim, if those proceeds are so applied as soon as
possible (but in any event within 90 days, or such longer period as the Majority Lenders may agree) after receipt 
  

	 	(b)	The Parent shall ensure that the Borrowers prepay the Loans, and cancel Term Facility Commitments, in amounts equal to the amount of the Acquisition Proceeds at the times and in the order of application contemplated by
clause 8.8(c). 

  

	 	(c)	A prepayment of Loans or cancellation of Term Facility Commitments made under clause 8.8(b) shall be applied in the following order: 

 

	 	(i)	first, in prepayment of the Term Facility Loan as contemplated in clause 8.8(d) to clause 8.8(g) (inclusive); and 

  

	 	(ii)	secondly, in prepayment of Revolving Facility Loans on a pro rata basis. 

  

	 	(d)	Unless the Parent makes an election under clause 8.7(f), the Borrowers shall prepay the Loans promptly upon receipt of the Acquisition Proceeds. 

  
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	 	(e)	A prepayment under clause 8.7 shall prepay the Term Facility Loan by reducing the relevant Repayment Instalment for each Term Facility Repayment Date falling after the date of prepayment in the manner contemplated by
clause 7.3(d) (Effect of cancellation and prepayment on scheduled repayments and reductions). 

  

	 	(f)	Subject to clause 8.8(g), the Parent may elect that any prepayment under clause 8.7 be applied in prepayment of the Term Facility Loan on the last day of the Interest Period relating to that Loan. If the Parent makes
that election then a proportion of the Loan equal to the amount of the relevant prepayment will be due and payable on the last day of its Interest Period. 

  

	 	(g)	If the Parent has made an election under clause 8.8(f) but a Default has occurred and is continuing, that election shall no longer apply and a proportion of the Loan in respect of which the election was made equal to
the amount of the relevant prepayment shall be immediately due and payable (unless the Majority Lenders otherwise agree in writing). 

  

	 	(h)	Where Excluded Acquisition Proceeds include amounts which are intended to be used for a specific purpose within a specified period (as set out in the definition of Excluded Acquisition Proceeds, the Parent shall ensure
that those amounts are used for that purpose and, if requested to do so by the Agent, shall promptly deliver a certificate to the Agent at the time of such application and at the end of such period confirming the amount (if any) which has been so
applied within the requisite time periods provided for in the relevant definition. 

  

	8.9	Term Facility 

 If the Jazz Closing Date has not occurred on or before 30 December
2016 (or such later date as may be approved by the Lenders in writing), the Borrower shall immediately prepay the Term Facility Loan together with accrued interest on the amount prepaid and, subject to any Break Costs, without premium or penalty.

  

	8.10	Restrictions 

  

	 	(a)	Any notice of cancellation or prepayment given by any Party under this clause 8 shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date or dates upon which the relevant
cancellation or prepayment is to be made and the amount of that cancellation or prepayment. 

  

	 	(b)	Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and, subject to any Break Costs, without premium or penalty. 

 

	 	(c)	No Borrower may reborrow any part of a Term Facility which is prepaid. 

  

	 	(d)	Unless a contrary indication appears in this Agreement, any part of the Revolving Facility which is prepaid or repaid may be reborrowed in accordance with the terms of this Agreement. 

 

	 	(e)	The Borrowers shall not repay or prepay all or any part of the Loans or cancel all or any part of the Commitments except at the times and in the manner expressly provided for in this Agreement. 

 

	 	(f)	No amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated. 

  
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	 	(g)	If the Agent receives a notice under this clause 8 it shall promptly forward a copy of that notice to either the Parent or the affected Lender, as appropriate. 

 

	 	(h)	If all or part of any Lender’s participation in a Loan under a Facility is repaid or prepaid and is not available for redrawing (other than by operation of clause 4.2 (Further conditions precedent)), an amount of
that Lender’s Commitment (equal to the Base Currency Amount of the amount of the participation which is repaid or prepaid) in respect of that Facility will be deemed to be cancelled on the date of repayment or prepayment. 

 

	 	(i)	Any prepayment of a Loan (other than a prepayment pursuant to clause 8.1 (Illegality) or clause 8.7 (Right of repayment and cancellation in relation to a single Lender)) shall be applied pro rata to each Lender’s
participation in that Loan. 

  

	9	Interest 

  

	9.1	Calculation of interest 

 The rate of interest on each Loan for each Interest Period is
the percentage rate per annum which is the aggregate of the applicable: 
  

	 	(a)	Margin; and 

  

	 	(b)	in the case of a Loan: 

  

	 	(i)	(other than a Loan in euro), LIBOR; and 

  

	 	(ii)	in euro, EURIBOR. 

  

	9.2	Payment of interest 

 The Borrower to which a Loan has been made shall pay accrued
interest on that Loan on the last day of each Interest Period (and, if the Interest Period is longer than six Months, on the dates falling at six Monthly intervals after the first day of the Interest Period). 

 

	9.3	Margin adjustments 

  

	 	(a)	In this clause: 

 Total Net Debt and EBITDA have the meanings given to them in
clause 21.1 (Financial definitions). 
  

	 	(b)	The initial Margin for Revolving Facility Loans is 1.70% per annum and the initial Margin for the Term Facility Loan is 1.70% per annum. 

 

	 	(c)	The Margin will be calculated by reference to the table below and the information set out in the relevant Compliance Certificate: 

  

					
	 Column 1—Ratio of Total Net Debt to EBITDA
	  	Column 2 - Margin (% per
annum)	 
	 Greater than 2.50:1
	  	 	2.45	  
	 Less than or equal to 2.50:1 and greater than 2.00:1
	  	 	1.95	  
	 Less than or equal to 2.00:1 and greater than 1.5:1
	  	 	1.70	  
	 Less than or equal to 1.5:1 and greater than 1:1
	  	 	1.45	  
	 Less than or equal to 1:1
	  	 	1.20	  

  
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	 	(d)	Any change in the Margin will, subject to paragraphs (e) and (f) below, apply to each Loan on the date that is five Business Days after the date of receipt by the Agent of the relevant Compliance Certificate or, if
the relevant Compliance Certificate is not delivered on time, on the last date on which that Compliance Certificate should have been delivered in accordance with this Agreement. 

 

	 	(e)	For so long as, an Event of Default is outstanding or a Compliance Certificate relating to financial statements for a Relevant Period has not been delivered by the Parent within the applicable period and remains
outstanding, the Margin will be the highest applicable rate, being 2.45% per annum. 

  

	 	(f)	If the Margin has been calculated on the basis of a Compliance Certificate but would have been higher if it had been based on the subsequent financial statements of the Group the Margin will instead be calculated by
reference to the subsequent financial statements of the Group. If, in this event, any amount of interest has been paid by a Borrower on the basis of the Compliance Certificate, that Borrower must immediately on demand pay to the Agent any shortfall
in the amount which would have been paid to the Lenders if the Margin had been calculated by reference to the subsequent financial statements. 

  

	9.4	Default interest 

  

	 	(a)	If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after
judgment), subject to paragraph (b) below, at a rate 1% higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency
of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this clause 9.4 shall be immediately payable by the Obligor on demand by the Agent (acting on the
instructions of the Majority Lenders). 

  

	 	(b)	If any overdue amount consists of all or a part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: 

 

	 	(i)	the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and 

 

	 	(ii)	the rate of interest applying to the overdue amount during that first Interest Period shall be the sum of 1% and the rate which would have applied if the overdue amount had not become due. 

 

	 	(c)	Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

  

	9.5	Notification of rates of interest 

  

	 	(a)	The Agent shall promptly notify the Lenders and the relevant Borrower of the determination of a rate of interest under this Agreement. 

  
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	 	(b)	The Agent shall promptly notify the relevant Borrower of each Funding Rate relating to a Loan. 

  

	9.6	Minimum interest 

  

	 	(a)	The rates of interest provided for in this Agreement, including, without limitation this clause 9, are minimum interest rates. 

  

	 	(b)	When entering into this Agreement, the Parties have assumed that the interest payable at the rates set out in this clause 9 or in other clauses of this Agreement is not and will not become subject to Swiss Withholding
Tax. Notwithstanding that the Parties do not anticipate that any payment of interest will be subject to Swiss Withholding Tax, they agree that, in the event that Swiss Withholding Tax should be imposed on interest payments by a Swiss Obligor and if
a gross-up payment under clause 13.2 (Tax gross-up) is unenforceable for any reason (where such payment would otherwise be required by the terms of clause 13.2 (Tax gross-up)), then the payment of interest due by such Swiss Obligor shall be increased to an amount which (after making any deduction of the Non-refundable Portion (as defined
below) of Swiss Withholding Tax) results in a payment to each Lender entitled to such payment of an amount equal to the payment which would have been due had no deduction of Swiss Withholding Tax been required. For this purpose, the Swiss
Withholding Tax shall be calculated on the full grossed-up interest amount. 

  

	 	(c)	For the purposes of this clause 9.6, Non-refundable Portion of Swiss Withholding Tax shall mean Swiss Withholding Tax at the standard rate (being, as at the date hereof,
35%) unless a tax ruling issued by the Swiss Federal Tax Administration confirms that, in relation to a specific Lender based on an applicable double tax treaty, the non-refundable portion is a specified lower
rate in which case such lower rate shall be applied in relation to such Lender. 

  

	 	(d)	If requested by a Lender, the relevant Swiss Obligor shall provide to the Agent the documents required by law or applicable double taxation treaties for the Lenders to prepare claims for the refund of any Swiss
Withholding Tax so deducted. 

  

	10	Interest Periods 

  

	10.1	Selection of Interest Periods 

  

	 	(a)	A Borrower (or the Obligors’ Agent on behalf of a Borrower) must select the Interest Period for a Loan in the Utilisation Request for that Loan or (if the Loan is the Term Facility Loan and has already been
borrowed) in a Selection Notice. 

  

	 	(b)	Each Selection Notice for the Term Facility Loan is irrevocable and must be delivered to the Agent by the Parent (or the Obligors’ Agent on the Parent’s behalf) not later than the Specified Time.

  

	 	(c)	If the Parent (or the Obligors’ Agent on the Parent’s behalf) fails to deliver a Selection Notice to the Agent in accordance with clause 10.1(b), the relevant Interest Period will be 3 Months.

  

	 	(d)	Subject to this clause 10, a Borrower (or the Obligors’ Agent) may select an Interest Period of one, three or six Months or any other period agreed between the Obligors’ Agent and the Agent (acting on the
instructions of all the Lenders). 

  
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	 	(e)	An Interest Period for a Loan shall not extend beyond the Termination Date. 

  

	 	(f)	A Revolving Facility Loan has one Interest Period only. 

  

	 	(g)	Each Interest Period for the Term Facility Loan shall start on the Utilisation Date for the Term Facility or (if already made) on the last day of its preceding Interest Period. 

 

	10.2	Non-Business Days 

 If an Interest Period would
otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not). 

 

	11	Changes to the calculation of interest 

  

	11.1	Unavailability of Screen Rate 

  

	 	(a)	Interpolated Screen Rate: If no Screen Rate is available for LIBOR or, if applicable, EURIBOR for the Interest Period of a Loan, the applicable LIBOR or EURIBOR shall be the Interpolated Screen Rate for a period
equal in length to the Interest Period of that Loan. 

  

	 	(b)	Reference Bank Rate / Cost of funds: If no Screen Rate is available for LIBOR or, if applicable, EURIBOR for: 

  

	 	(i)	the currency of a Loan; or 

  

	 	(ii)	the Interest Period of a Loan and it is not possible to calculate the Interpolated Screen Rate, 

the applicable LIBOR or EURIBOR shall be the Reference Bank Rate as of the Specified Time for the currency of that Loan and for a period equal
in length to the Interest Period of that Loan. 
  

	 	(c)	Cost of funds: If clause 11.1(b) applies but no Reference Bank Rate is available for the relevant currency or Interest Period there shall be no LIBOR or EURIBOR for that Loan and clause 11.4 shall apply to that
Loan for that Interest Period. 

  

	11.2	Calculation of Reference Bank Rate 

  

	 	(a)	Subject to clause 11.2(b), if LIBOR or EURIBOR is to be determined on the basis of a Reference Bank Rate but a Reference Bank does not supply a quotation by the Specified Time, the Reference Bank Rate shall be
calculated on the basis of the quotations of the remaining Reference Banks. 

  

	 	(b)	If at or about noon on the Quotation Day none or only one of the Reference Banks supplies a quotation, there shall be no Reference Bank Rate for the relevant Interest Period. 

 

	11.3	Market disruption 

 If before close of business in London on the Quotation Day for the
relevant Interest Period, the Agent receives notifications from a Lender or Lenders (whose participations in a Loan exceed 35% of that Loan) that the cost to it of funding its participation in that Loan from the wholesale market for the relevant
currency would be in excess of LIBOR or, if applicable, EURIBOR then clause 11.4 shall apply to that Loan for the relevant Interest Period. 

  
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	11.4	Cost of funds 

  

	 	(a)	If this clause 11.4 applies, the rate of interest on the relevant Lender’s share of the relevant Loan for the relevant Interest Period shall be the percentage rate per annum which is the sum of: 

 

	 	(i)	the Margin; and 

  

	 	(ii)	the rate notified to the Agent by that Lender as soon as practicable and in any event within 2 Business Days of the first day of that Interest Period (or, if earlier, on the date falling 5 Business Days before the date
on which interest is due to be paid in respect of that Interest Period) to be that which expresses as a percentage rate per annum the cost to the relevant Lender of funding its participation in that Loan from whatever source it may reasonably
select. 

  

	 	(b)	If this clause 11.4 applies and the Agent or the Parent so requires, the Agent and the Parent shall enter into negotiations (for a period of not more than 30 days) with a view to agreeing a substitute basis for
determining the rate of interest. 

  

	 	(c)	Any alternative basis agreed pursuant to clause 11.4(b) shall, with the prior consent of all the Lenders and the Parent, be binding on all Parties. 

 

	 	(d)	If this clause 11.4 applies pursuant to clause 11.3 (Market disruption) and: 

  

	 	(i)	a Lender’s Funding Rate is less than LIBOR or, in relation to any Loan in euro, EURIBOR; or 

  

	 	(ii)	a Lender does not supply a quotation by the time specified in clause 11.4(a)(ii), 

 the cost to
that Lender of funding its participation in that Loan for that Interest Period shall be deemed, for the purposes of clause 11.4(a), to be LIBOR or, in relation to a Loan in euro, EURIBOR. 

 

	11.5	Notification to Parent 

 If clause 11.4 applies the Agent shall, as soon as is
practicable, notify the Parent. 
  

	11.6	Break Costs 

  

	 	(a)	Each Borrower shall, within three Business Days of demand by a Finance Party, pay to that Finance Party its Break Costs attributable to all or any part of a Loan or Unpaid Sum being paid by that Borrower on a day other
than the last day of an Interest Period for that Loan or Unpaid Sum. 

  

	 	(b)	Each Lender shall, as soon as reasonably practicable after a demand by the Agent, provide a certificate confirming the amount and basis of calculation of its Break Costs for any Interest Period in which they accrue.

  
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	12	Fees 

  

	12.1	Commitment fee 

  

	 	(a)	The Borrowers must pay to the Agent (for the account of each Lender) a fee in the Base Currency computed at: 

  

	 	(i)	the percentage rate per annum equal to 35% of the Margin applicable on that Lender’s Available Commitment under the Term Facility from and including the Third Restatement Date for the remainder of the Availability
Period applicable to the Term Facility; and 

  

	 	(ii)	the percentage rate per annum equal to 35% of the Margin applicable on that Lender’s Available Commitment under the Revolving Facility for the Availability Period applicable to the Revolving Facility.

  

	 	(b)	The accrued commitment fee is payable on the last day of each successive period of three Months which ends during the relevant Availability Period, on the last day of the relevant Availability Period and, if cancelled
in full, on the cancelled amount of the relevant Lender’s Commitment at the time the cancellation is effective. 

  

	12.2	Arrangement fee 

 The Borrowers shall pay to the Arranger an arrangement fee in the
amount and at the time agreed in a Fee Letter. 
  

	12.3	Agency fees 

 The Borrowers shall pay to the Agent (for its own account) an agency fee
and to the Security Agent (for its own account) a security agency fee in the amounts and at the times agreed in a Fee Letter. 
  

	12.4	Document Co-ordination Fee 

 The Borrowers shall
pay to the Document Co-ordinator (for its own account) a document coordinator fee in the amount and at the time agreed in a Fee Letter. 

 

	13	Tax gross up and indemnities 

  

	13.1	Definitions 

  

	 	(a)	In this Agreement: 

 Borrower DTTP Filing means an HM Revenue & Customs’
Form DTTP2 duly completed and filed by the relevant Borrower, which: 
  

	 	(i)	where it relates to a Treaty Lender that is an Original Lender, contains the scheme reference number and jurisdiction of tax residence stated opposite that Lender’s name in part 2 (The Original Lenders) of schedule
1 and 

  

	 	(A)	where the Borrower is an Original Borrower, is filed with HM Revenue & Customs within 30 days of the date of this Agreement or 

  
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	 	(B)	where the Borrower is an Additional Borrower, is filed with HM Revenue & Customs within 30 days of the date on which that Borrower becomes an Additional Borrower or 

 

	 	(ii)	where it relates to a Treaty Lender that is a New Lender or an Increase Lender, contains the scheme reference number and jurisdiction of tax residence stated in respect of that Lender in the relevant Transfer
Certificate or Assignment Agreement or Increase Confirmation, and 

  

	 	(A)	where the Borrower is a Borrower as at the relevant Transfer Date (or date on which the increase in Commitments described in the relevant Increase Confirmation takes effect), is filed with HM Revenue & Customs
within 30 days of that Transfer Date (or date on which the increase in Commitments described in the relevant Increase Confirmation takes effect) or 

  

	 	(B)	where the Borrower is not a Borrower as at the relevant Transfer Date (or date on which the increase in Commitments described in the relevant Increase Confirmation takes effect), is filed with HM Revenue &
Customs within 30 days of the date on which that Borrower becomes an Additional Borrower 

 Protected Party means a
Finance Party which is or will be subject to any liability, or required to make any payment, for or on account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a
Finance Document 
 Qualifying Lender means: 
  

	 	(i)	in respect of a payment made by an Obligor incorporated in the United Kingdom, a Lender which is beneficially entitled to interest payable to that Lender in respect of an advance under a Finance Document and is:

  

	 	(A)	a Lender: 

  

	 	1)	which is a bank (as defined for the purpose of section 879 of the ITA) making an advance under a Finance Document and is within the charge to United Kingdom corporation tax as respects any payments of interest made in
respect of that advance or would be within such charge as respects such payments apart from section 18A of the CTA or 

  

	 	2)	in respect of an advance made under a Finance Document by a person that was a bank (as defined for the purpose of section 879 of the ITA) at the time that that advance was made and within the charge to United Kingdom
corporation tax as respects any payments of interest made in respect of that advance or a Lender which is: 

  

	 	(B)	a Lender which is: 

  

	 	1)	a company resident in the United Kingdom for United Kingdom tax purposes 

  
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	 	2)	a partnership each member of which is: 

  

	 	a)	a company so resident in the United Kingdom or 

  

	 	b)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account in computing its chargeable profits (within the meaning of
section 19 of the CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the CTA 

  

	 	3)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account interest payable in respect of that advance in computing the
chargeable profits (within the meaning of section 19 of the CTA) of that company or 

  

	 	(C)	a Treaty Lender or 

  

	 	(ii)	in respect of a payment that is treated under the Internal Revenue Code as U.S. source interest in connection with this Agreement, a Lender which is: 

 

	 	(A)	a U.S. person within the meaning of section 7701(a)(30) of the Internal Revenue Code, provided such Lender timely has delivered to the Agent for transmission to the Obligor making such payment two original copies of IRS
Form W-9 (or any successor form) either directly or under cover of IRS Form W-8IMY (or any successor form) certifying its status as a “U.S. person”;

  

	 	(B)	a Treaty Lender with respect to the United States of America that is entitled to receive payments under the Finance Documents without deduction or withholding of any U.S. federal income Taxes, provided such Lender
timely has delivered to the Agent for transmission to the Obligor making such payment two original copies of IRS Form W-8BEN-E (or any successor form) either directly or
under cover of IRS Form W-8IMY (or any successor form) certifying its entitlement to receive such payments without any such deduction or withholding under a double taxation treaty; 

 

	 	(C)	 entitled to receive such payments without deduction or withholding of any U.S. federal income Taxes under the
“portfolio interest” exemption under section 881(c) of the Internal Revenue Code, provided such Lender timely has delivered to the Agent for transmission to the Obligor making such payment two original copies of IRS Form W-8BEN-E (or any successor form), as applicable, either directly or under cover of IRS Form W-8IMY (or any successor form) claiming
exemption from withholding in respect of such payments under the portfolio interest exemption, along with a statement validly certifying that such Lender (A) is not a “bank” for purposes of section 881(c)(3)(A) of the Internal Revenue
Code, (B) is not a “10 percent shareholder” of the relevant Obligor within the 

  
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	 	meaning of section 881(c)(3)(B) of the Internal Revenue Code and (C) is not a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Internal Revenue Code with respect to which the
relevant Obligor is a “United States shareholder”; or 

  

	 	(D)	otherwise entitled to receive payments under the Finance Documents without deduction or withholding of any U.S. federal income Taxes either as a result of such payments being effectively connected with the conduct by
such Lender of a trade or business within the U.S. or under another applicable exemption, provided such Lender timely has delivered to the Agent for transmission to the Obligor making such payment two original copies of either (1) IRS Form W
8ECI (or any successor form) either directly or under cover of IRS Form W-8IMY (or any successor form) certifying that the payments made pursuant to the Finance Documents are effectively connected with the
conduct by that Lender of a trade or business within the U.S. or (2) such other applicable form prescribed by the IRS certifying as to such Lender’s entitlement to exemption from U.S. withholding tax with respect to all payments to be made
to such Lender under the Finance Documents, 

 provided, however, that no Lender shall cease to be a Qualifying Lender under
this paragraph (ii) by reason or any deduction or withholding that is imposed under FATCA; or 
  

	 	(iii)	in respect of a payment by an Obligor incorporated other than in the United Kingdom or the United States of America, any Lender. 

Tax Confirmation means a confirmation by a Lender that the person beneficially entitled to interest payable to that Lender in respect
of an advance under a Finance Document is either: 
  

	 	(i)	a company resident in the United Kingdom for United Kingdom tax purposes 

  

	 	(ii)	a partnership each member of which is: 

  

	 	(A)	a company so resident in the United Kingdom or 

  

	 	(B)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account in computing its chargeable profits (within the meaning of
section 19 of the CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the CTA or 

  

	 	(iii)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account interest payable in respect of that advance in computing the
chargeable profits (within the meaning of section 19 of the CTA) of that company 

 Tax Credit means a credit against,
relief or remission for, or repayment of any Tax 

  
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Tax Deduction means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other than a FATCA
Deduction 
 Tax Payment means either the increase in a payment made by an Obligor to a Finance Party under clause 13.2 or a payment
under clause 13.3 
 Treaty Lender means, in respect of a jurisdiction, a Lender entitled under the provisions of a double taxation
treaty to receive payments of interest from a person resident in such jurisdiction without a Tax Deduction (subject to the completion of any necessary procedural formalities) 

Treaty State means a jurisdiction having a double taxation agreement (Treaty) with the United Kingdom which makes provision for full
exemption from tax imposed by the United Kingdom on interest 
 UK Non-Bank Lender means
where a Lender becomes a Party after the day on which this Agreement is entered into, a Lender which gives a Tax Confirmation in the Assignment Agreement or Transfer Certificate which it executes on becoming a Party. 

 

	 	(b)	Unless a contrary indication appears, in this clause 13 a reference to “determines” or “determined” means a determination made in the absolute discretion of the person making the determination.

  

	13.2	Tax gross-up 

  

	 	(a)	Each Obligor shall make all payments to be made by it under any Finance Document without any Tax Deduction, unless a Tax Deduction is required by law. 

 

	 	(b)	The Obligors’ Agent shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify the Agent accordingly. Similarly, a
Lender shall notify the Agent on becoming so aware in respect of a payment payable to that Lender. If the Agent receives such notification from a Lender it shall notify the Obligors’ Agent and that Obligor. 

 

	 	(c)	If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from that Obligor shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the
payment which would have been due if no Tax Deduction had been required. 

  

	 	(d)	A payment shall not be increased under clause 13.2(c) by reason of a Tax Deduction on account of Tax imposed by the United Kingdom, if on the date on which the payment falls due: 

 

	 	(i)	the payment could have been made to the relevant Lender without a Tax Deduction if the Lender had been a Qualifying Lender, but on that date that Lender is not or has ceased to be a Qualifying Lender other than as a
result of any change after the date it became a Lender under this Agreement in (or in the interpretation, administration, or application of) any law or Treaty or any published practice or published concession of any relevant taxing authority;

  

	 	(ii)	the relevant Lender is a Qualifying Lender solely by virtue of paragraph (i)(B) of the definition of Qualifying Lender; and: 

  
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	 	(A)	an officer of HM Revenue & Customs has given (and not revoked) a direction (Direction) under section 931 of the ITA which relates to the payment and that Lender has received from the Obligor making the payment
or from the Obligors’ Agent a certified copy of that Direction; and 

  

	 	(B)	the payment could have been made to the Lender without any Tax Deduction if that Direction had not been made; 

  

	 	(iii)	the relevant Lender is a Qualifying Lender solely by virtue of paragraph (i)(B) of the definition of Qualifying Lender and: 

  

	 	(A)	the relevant Lender has not given a Tax Confirmation to the Obligors’ Agent; and 

  

	 	(B)	the payment could have been made to the Lender without any Tax Deduction if the Lender had given a Tax Confirmation to the Obligors’ Agent, on the basis that the Tax Confirmation would have enabled the
Obligors’ Agent to have formed a reasonable belief that the payment was an “excepted payment” for the purpose of section 930 of the ITA; or 

  

	 	(iv)	the relevant Lender is a Treaty Lender and the Obligor making the payment is able to demonstrate that the payment could have been made to the Lender without the Tax Deduction had that Lender complied with its
obligations under clause 13.2(h) or 13.2(i) as applicable. 

  

	 	(e)	A payment shall not be increased under clause 13.2(c) by reason of a Tax Deduction on account of U.S. federal income Tax, if on the date on which the payment falls due the payment could have been made to the relevant
Lender without such Tax Deduction if the Lender had been a Qualifying Lender described in paragraph (ii) of the definition of Qualifying Lender, but on that date that Lender is not or has ceased to be a Qualifying Lender described in paragraph
(ii) of the definition of Qualifying Lender other than as a result of any change after the date it became a Lender under this Agreement in (or in the interpretation, administration, or application of) any law or treaty or any published practice
or published concession of any relevant taxing authority. 

  

	 	(f)	If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by
law. 

  

	 	(g)	Within 30 days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Agent for the Finance Party entitled to the
payment a statement under section 975 of the ITA or other evidence reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority.

  

	 	(h)	     

  

	 	(i)	Subject to clause 13.2(h)(ii), a Treaty Lender and each Obligor which makes a payment to which that Treaty Lender is entitled shall co-operate as soon as reasonably practicable in
completing any procedural formalities necessary for that Obligor to obtain authorisation to make that payment without a Tax Deduction. 

  
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	 	(ii)	     

  

	 	(A)	A Treaty Lender which becomes a Party on the day on which this Agreement is entered into that holds a passport under the HMRC DT Treaty Passport scheme, and which wishes that scheme to apply to this Agreement, shall
confirm its scheme reference number and its jurisdiction of tax residence opposite its name in part 2 (The Original Lenders) of schedule 1; and 

  

	 	(B)	a New Lender or a New Commitments Lender that is a Treaty Lender that holds a passport under the HMRC DT Treaty Passport scheme, and which wishes that scheme to apply to this Agreement, shall confirm its scheme
reference number and its jurisdiction of tax residence in the Transfer Certificate or Assignment Agreement or Increase Confirmation which it executes, 

and, having done so, that Lender shall be under no obligation pursuant to clause 13.2(h)(i). 

 

	 	(i)	If a Lender has confirmed its scheme reference number and its jurisdiction of tax residence in accordance with clause 13.2(h)(ii) and: 

 

	 	(i)	a Borrower making a payment to that Lender has not made a Borrower DTTP Filing in respect of that Lender; or 

  

	 	(ii)	a Borrower making a payment to that Lender has made a Borrower DTTP Filing in respect of that Lender but: 

  

	 	(A)	that Borrower DTTP Filing has been rejected by HM Revenue & Customs; or 

  

	 	(B)	HM Revenue & Customs has not given the Borrower authority to make payments to that Lender without a Tax Deduction within 60 days of the date of the Borrower DTTP Filing, 

and in each case, the Borrower has notified that Lender in writing, that Lender and the Borrower shall
co-operate in completing any additional procedural formalities necessary for that Borrower to obtain authorisation to make that payment without a Tax Deduction. 

 

	 	(j)	If a Lender has not confirmed its scheme reference number and jurisdiction of tax residence in accordance with clause 13.2(h)(ii), no Obligor shall make a Borrower DTTP Filing or file any other form relating to the HMRC
DT Treaty Passport scheme in respect of that Lender’s Commitment or its participation in any Loan unless the Lender otherwise agrees. 

  

	 	(k)	A Borrower shall, promptly on making a Borrower DTTP Filing, deliver a copy of that Borrower DTTP Filing to the Agent for delivery to the relevant Lender. 

 

	 	(l)	A UK Non-Bank Lender which becomes a Party on the day on which this Agreement is entered into gives a Tax Confirmation to the Obligors’ Agent by entering into this Agreement.

  
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	 	(m)	A UK Non-Bank Lender shall promptly notify the Obligors’ Agent and the Agent if there is any change in the position from that set out in the Tax Confirmation.

  

	13.3	Tax indemnity 

  

	 	(a)	The Obligors’ Agent shall (within three Business Days of demand by the Agent) pay to a Protected Party an amount equal to the loss, liability or cost which that Protected Party determines will be or has been
(directly or indirectly) suffered for or on account of Tax by that Protected Party in connection with any Finance Document or the transactions occurring under such Finance Document. 

 

	 	(b)	Clause 13.3(a) shall not apply: 

  

	 	(i)	with respect to any Tax assessed on a Finance Party: 

  

	 	(A)	under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance Party is treated as resident for tax purposes; or

  

	 	(B)	under the law of the jurisdiction in which that Finance Party’s Facility Office is located in respect of amounts received or receivable in that jurisdiction, 

if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or
receivable) by that Finance Party; or 
  

	 	(ii)	to the extent a loss, liability or cost: 

  

	 	(A)	is compensated for by an increased payment under clause 13.2; 

  

	 	(B)	would have been compensated for by an increased payment under clause 13.2 but was not so compensated solely because one of the exclusions in clause 13.2(d) or 13.2(e) applied; or 

 

	 	(C)	relates to a FATCA Deduction required to be made by a Party. 

  

	 	(c)	A Protected Party making, or intending to make a claim under clause 13.3(a) shall promptly notify the Agent of the event which will give, or has given, rise to the claim, following which the Agent shall notify the
Obligors’ Agent. 

  

	 	(d)	A Protected Party shall, on receiving a payment from an Obligor under this clause 13.3, notify the Agent. 

  

	13.4	Tax Credit 

 If an Obligor makes a Tax Payment and the relevant Finance Party determines
that: 
  

	 	(a)	a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax Payment or to a Tax Deduction in consequence of which that Tax Payment was required; and 

 

	 	(b)	that Finance Party has obtained and utilised that Tax Credit, 

  
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the Finance Party shall pay an amount to the Obligor which that Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been required to be made by the Obligor. 
  

	13.5	Lender status confirmation 

 Each Lender which becomes a Party to this Agreement after
the date of this Agreement shall indicate, in the Transfer Certificate or Assignment Agreement or Increase Confirmation which it executes on becoming a Party, and for the benefit of the Agent and without liability to any Obligor, which of the
following categories it falls in: 
  

	 	(a)	not a Qualifying Lender; 

  

	 	(b)	a Qualifying Lender (other than a Treaty Lender); or 

  

	 	(c)	a Treaty Lender. 

 If a New Lender or a New Commitments Lender fails to indicate its status in
accordance with this clause 13.5 then such New Lender or New Commitments Lender shall be treated for the purposes of this Agreement (including by each Obligor) as if it is not a Qualifying Lender until such time as it notifies the Agent which
category applies (and the Agent, upon receipt of such notification, shall inform the Obligors’ Agent). For the avoidance of doubt, a Transfer Certificate or Assignment Agreement or Increase Confirmation shall not be invalidated by any failure
of a Lender to comply with this clause 13.5. 
  

	13.6	Stamp taxes 

 The Obligors’ Agent shall pay and, within three Business Days of
demand, indemnify each Finance Party against any cost, loss or liability that Finance Party incurs in relation to all notarial fees, stamp duty, registration, excise and other similar Taxes payable in respect of any Finance Document or the
transactions occurring under any of them or any Transaction Security. 
  

	13.7	VAT 

  

	 	(a)	All amounts expressed to be payable under a Finance Document by any Party to a Finance Party which (in whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT
which is chargeable on that supply and, accordingly, subject to clause 13.7(b), if VAT is or becomes chargeable on any supply made by any Finance Party to any Party under a Finance Document and such Finance Party is required to account to the
relevant tax authority for the VAT, that Party must pay to such Finance Party (in addition to and at the same time as paying any other consideration for such supply) an amount equal to the amount of the VAT (and such Finance Party must promptly
provide an appropriate VAT invoice to that Party). 

  

	 	(b)	If VAT is or becomes chargeable on any supply made by any Finance Party (Supplier) to any other Finance Party (Recipient) under a Finance Document, and any Party other than the Recipient (Relevant
Party) is required by the terms of any Finance Document to pay an amount equal to the consideration for that supply to the Supplier (rather than being required to reimburse or indemnify the Recipient in respect of that consideration):

  
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	 	(i)	(where the Supplier is the person required to account to the relevant tax authority for the VAT) the Relevant Party must also pay to the Supplier (at the same time as paying that amount) an additional amount equal to
the amount of the VAT. The Recipient must (where this paragraph (i) applies) promptly pay to the Relevant Party an amount equal to any credit or repayment the Recipient receives from the relevant tax authority which the Recipient reasonably
determines relates to the VAT chargeable on that supply; and 

  

	 	(ii)	(where the Recipient is the person required to account to the relevant tax authority for the VAT) the Relevant Party must promptly, following demand from the Recipient, pay to the Recipient an amount equal to the VAT
chargeable on that supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from the relevant tax authority in respect of that VAT. 

 

	 	(c)	Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost or expense, that Party shall reimburse or indemnify (as the case may be) such Finance Party for the full amount of such
cost or expense, including such part thereof as represents VAT, save to the extent that such Finance Party reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant tax authority. 

 

	 	(d)	Any reference in this clause 13.7 to any Party shall, at any time when such Party is treated as a member of a group for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to
the representative member of such group at such time (the term “representative member” to have the same meaning as in the Value Added Tax Act 1994). 

  

	 	(e)	In relation to any supply made by a Finance Party to any Party under a Finance Document, if reasonably requested by such Finance Party, that Party must promptly provide such Finance Party with details of that
Party’s VAT registration and such other information as is reasonably requested in connection with such Finance Party’s VAT reporting requirements in relation to such supply. 

 

	13.8	FATCA Information 

  

	 	(a)	Subject to clause 13.8(c), each Party shall, within ten Business Days of a reasonable request by another Party: 

  

	 	(i)	confirm to that other Party whether it is: 

  

	 	(A)	a FATCA Exempt Party; or 

  

	 	(B)	not a FATCA Exempt Party; and 

  

	 	(ii)	supply to that other Party such forms, documentation and other information relating to its status under FATCA as that other Party reasonably requests for the purposes of that other Party’s compliance with FATCA.

  

	 	(b)	If a Party confirms to another Party pursuant to clause 13.8(a)(i) that it is a FATCA Exempt Party and it subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party, that Party shall notify that
other Party reasonably promptly. 

  
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	 	(c)	Clause 13.8(a) shall not oblige any Finance Party to do anything which would or might in its reasonable opinion constitute a breach of: 

 

	 	(i)	any law or regulation; 

  

	 	(ii)	any fiduciary duty; or 

  

	 	(iii)	any duty of confidentiality. 

  

	 	(d)	If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or other information requested in accordance with clause 13.8(a) (including, for the avoidance of doubt, where
clause 13.8(c) applies), then such Party shall be treated for the purposes of the Finance Documents (and payments under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms,
documentation or other information. 

  

	 	(e)	If a Borrower is a U.S. Tax Obligor or the Agent reasonably believes that its obligations under FATCA require it, each Lender shall, within ten Business Days of: 

 

	 	(i)	where an Original Borrower is a U.S. Tax Obligor and the relevant Lender is an Original Lender, the date of this Agreement; 

  

	 	(ii)	where a Borrower is a U.S. Tax Obligor on a Transfer Date or on the effective date of an Increase Confirmation and the relevant Lender is: 

 

	 	(A)	a New Lender, the relevant Transfer Date; or 

  

	 	(B)	an Accordion Lender which was not previously a Party, the effective date of the applicable Increase Confirmation; 

  

	 	(iii)	the date a new U.S. Tax Obligor accedes as a Borrower; or 

  

	 	(iv)	where a Borrower is not a U.S. Tax Obligor, the date of a request from the Agent, 

 supply to
the Agent: 
  

	 	(A)	a withholding certificate on Form W-8, Form W-9 or any other relevant form; or 

 

	 	(B)	any withholding statement or other document, authorisation or waiver as the Agent may require to certify or establish the status of such Lender under FATCA. 

 

	 	(f)	The Agent shall provide any withholding certificate, withholding statement, document, authorisation or waiver it receives from a Lender pursuant to clause 13.8(e) to the relevant Borrower. 

 

	 	(g)	If any withholding certificate, withholding statement, document, authorisation or waiver provided to the Agent by a Lender pursuant to clause 13.8(e) is or becomes materially inaccurate or incomplete, that Lender shall
promptly update it and provide such updated withholding certificate, withholding statement, document, authorisation or waiver to the Agent unless it is unlawful for the Lender to do so (in which case the Lender shall promptly notify the Agent). The
Agent shall provide any such updated withholding certificate, withholding statement, document, authorisation or waiver to the relevant Borrower. 

  
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	 	(h)	The Agent may rely on any withholding certificate, withholding statement, document, authorisation or waiver it receives from a Lender pursuant to clause 13.8(e) or 13.8(g) without further verification. The Agent shall
not be liable for any action taken by it under or in connection with clauses 13.8(e), 13.8(f) or 13.8(g). 

  

	13.9	FATCA Deduction 

  

	 	(a)	Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it
makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction. 

  

	 	(b)	Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA Deduction), notify the Party to whom it is making the payment and,
in addition, shall notify the Parent and the Agent and the Agent shall notify the other Finance Parties. 

  

	14	Increased costs 

  

	14.1	Increased costs 

  

	 	(a)	Subject to clause 14.3 the Obligors’ Agent shall, within three Business Days of a demand by the Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any
of its Affiliates as a result of: 

  

	 	(i)	the introduction of or any change in (or in the interpretation or application of) any law or regulation; 

  

	 	(ii)	compliance with any law or regulation; or 

  

	 	(iii)	the implementation or application of, or compliance with, Basel III or CRD IV or any other law or regulation which implements Basel III or CRD IV (whether such implementation, application or compliance is by a
government, regulator, the Lender or any of its Affiliates). 

 made after the date of this Agreement, provided that the
Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements or directives (thereunder or issued in connection therewith or in implementation thereof) shall, in each case, be deemed to be a change in
law after the date of this Agreement, regardless of the date enacted, adopted, issued or implemented. 
  

	 	(b)	In this Agreement Increased Costs means: 

  

	 	(i)	a reduction in the rate of return from a Facility or on a Finance Party’s (or its Affiliate’s) overall capital; 

  

	 	(ii)	an additional or increased cost; or 

  

	 	(iii)	a reduction of any amount due and payable under any Finance Document, 

  
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which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having
entered into its Commitment or funding or performing its obligations under any Finance Document. 
  

	14.2	Increased cost claims 

  

	 	(a)	A Finance Party intending to make a claim pursuant to clause 14.1 shall notify the Agent of the event giving rise to the claim, following which the Agent shall promptly notify the Obligors’ Agent.

  

	 	(b)	Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate confirming the amount and basis of calculation of its Increased Costs. 

 

	14.3	Exceptions 

  

	 	(a)	clause 14.1 does not apply to the extent any Increased Cost is: 

  

	 	(i)	attributable to a Tax Deduction required by law to be made by an Obligor; 

  

	 	(ii)	compensated for by clause 13.3 (Tax indemnity) (or would have been compensated for under clause 13.3 (Tax indemnity) but was not so compensated solely because an exclusion in clause 13.3(b) (Tax indemnity) applied);

  

	 	(iii)	attributable to a FATCA Deduction required to be made by a Party; 

  

	 	(iv)	attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation or the gross negligence of the relevant Finance Party or its Affiliates; or 

 

	 	(v)	attributable to the implementation or application of or compliance with the “International Convergence of Capital Measurement and Capital Standards, a Revised Framework” published by the Basel Committee on
Banking Supervision in June 2004 in the form existing on the date of this Agreement (but excluding any amendment arising out of Basel III) (Basel II) or any other law or regulation which implements Basel II (whether such implementation,
application or compliance is by a government, regulator, the Lender or any of its Affiliates). 

  

	 	(b)	In this clause 14.3: 

  

	 	(i)	a reference to a Tax Deduction has the same meaning given to the term in clause 13.1 (Definitions); and 

  

	 	(ii)	Basel III means: 

  

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

  
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	 	(B)	the rules for global systemically important banks contained in “Global systemically important banks: assessment methodology and the additional loss absorbency requirement – Rules text” published by the
Basel Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and 

  

	 	(C)	any further guidance or standards published by the Basel Committee on Banking Supervision relating to “Basel III”.” 

  

	15	Other indemnities 

  

	15.1	Currency indemnity 

  

	 	(a)	If any sum due from an Obligor under the Finance Documents (a Sum), or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the First Currency) in which that Sum is
payable into another currency (the Second Currency) for the purpose of: 

  

	 	(i)	making or filing a claim or proof against that Obligor; and/or 

  

	 	(ii)	obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings, 

that Obligor shall as an independent obligation, within three Business Days of demand, indemnify each Finance Party to whom that Sum is due
against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or
rates of exchange available to that person at the time of its receipt of that Sum. 
  

	 	(b)	Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency or currency unit other than that in which it is expressed to be payable. 

 

	15.2	Other indemnities 

  

	 	(a)	The Borrowers shall (or shall procure that an Obligor will), within three Business Days of demand, indemnify each Lender against any cost, loss or liability incurred by that Finance Party as a result of:

  

	 	(i)	the occurrence of any Event of Default; 

  

	 	(ii)	a failure by an Obligor to pay any amount due under a Finance Document on its due date, including without limitation, any cost, loss or liability arising as a result of clause 28 (Sharing among the Finance Parties);

  

	 	(iii)	funding, or making arrangements to fund, its participation in a Loan requested by a Borrower in a Utilisation Request but not made by reason of the operation of any one or more of the provisions of this Agreement (other
than by reason of default or negligence by that Finance Party alone); or 

  

	 	(iv)	a Loan (or part of a Loan) not being prepaid in accordance with a notice of prepayment given by a Borrower or the Obligors’ Agent. 

  
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	 	(b)	The Borrowers shall (or shall procure that an Obligor will) promptly indemnify each Finance Party, each Affiliate of a Finance Party and each officer or employee of a Finance Party or its Affiliate, against any cost,
loss or liability incurred by that Finance Party or its Affiliate (or officer or employee of that Finance Party or Affiliate) in connection with or arising out of the Jazz Acquisition or the funding of the Jazz Acquisition (including but not limited
to those incurred in connection with any litigation, arbitration or administrative proceedings or regulatory enquiry concerning the Jazz Acquisition), unless such loss or liability is caused by the gross negligence or wilful misconduct of that
Finance Party or its Affiliate (or employee or officer of that Finance Party or Affiliate). Any Affiliate or any officer or employee of a Finance Party or its Affiliate may rely on this clause 15.2. 

 

	15.3	Indemnity to the Agent 

 The Borrowers shall promptly indemnify the Agent against: 

 

	 	(a)	any cost, loss or liability incurred by the Agent (acting reasonably) as a result of: 

  

	 	(i)	investigating any event which it reasonably believes is a Default; 

  

	 	(ii)	entering into or performing any foreign exchange contract for the purposes of clause 6 (Optional currencies); 

  

	 	(iii)	acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised; or 

 

	 	(iv)	instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as permitted under this Agreement; and 

 

	 	(b)	any cost, loss or liability incurred by the Agent (otherwise than by reason of the Agent’s gross negligence or wilful misconduct) (or, in the case of any cost, loss or liability pursuant to clause 29.11 (Disruption
to Payment Systems etc) notwithstanding the Agent’s negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent) in acting as Agent under the Finance Documents.

  

	15.4	Indemnity to the Security Agent 

  

	 	(a)	Each Obligor jointly and severally shall promptly indemnify the Security Agent and every Receiver and Delegate against any cost, loss or liability incurred by any of them as a result of: 

 

	 	(i)	any failure by the Parent to comply with its obligations under clause 17 (Costs and expenses); 

  

	 	(ii)	acting or relying on any notice, request or instruction which is reasonably believes to be genuine, correct and appropriately authorised; 

 

	 	(iii)	the taking, holding, protection or enforcement of the Transaction Security; 

  

	 	(iv)	the exercise of any of the rights, powers, discretions, authorities and remedies vested in the Security Agent and each Receiver and Delegate by the Finance Documents or by law; 

  
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	 	(v)	any default by any Obligor in the performance of any of the obligations expressed to be assumed by it in the Finance Documents; or 

  

	 	(vi)	acting as Security Agent, Receiver or Delegate under the Finance Documents or which otherwise relates to any of the Charged Property (otherwise, in each case, than by reason of the relevant Security Agent’s,
Receiver’s or Delegate’s gross negligence or wilful misconduct). 

  

	 	(b)	The Security Agent and any Receiver and Delegate may, in priority to any payment to the Finance Parties, indemnify itself out of the Charged Property in respect of, and pay and retain, all sums necessary to give effect
to the indemnity in this clause 15.4 and shall have a lien on the Transaction Security and the proceeds of the enforcement of the Transaction Security for all monies payable to it. 

 

	15.5	Limitation on indemnities 

 Nothing in this clause 15 shall require any Borrower or other
Obligor to pay any amount to any Finance Party or to undertake any obligation or liability to pay such amount, if the payment (or undertaking of any obligation or liability to make such payment) would cause or result in any “deemed
dividend” to any U.S. Obligor or U.S. Bilateral Borrower pursuant to the Internal Revenue Code and the regulations promulgated and the judicial and administrative decisions rendered under it. 

 

	16	Mitigation by the Lenders 

  

	16.1	Mitigation 

  

	 	(a)	Each Finance Party shall, in consultation with the Obligors’ Agent, take all reasonable steps to mitigate any circumstances which arise and which would result in any Facility ceasing to be available or any amount
becoming payable under, or cancelled pursuant to, any of clause 8.1 (Illegality), clause 13 (Tax gross up and indemnities) or clause 14 (Increased costs) including (but not limited to) transferring its rights and obligations under the Finance
Documents to another Affiliate or Facility Office. 

  

	 	(b)	Paragraph (a) above does not in any way limit the obligations of any Obligor under the Finance Documents. 

  

	16.2	Limitation of liability 

  

	 	(a)	The Borrowers shall indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result of steps taken by it under clause 16.1. 

 

	 	(b)	A Finance Party is not obliged to take any steps under clause 16.1 if, in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it. 

 

	 	(c)	Neither the Agent, the Security Agent, the Arranger, nor any Lender shall have any liability with respect to, and the Obligors hereby waive, release and agree not to sue for, any special, indirect, consequential or
punitive damages suffered by the Obligors in connection with, arising out of or in any way related to the Finance Documents or the transactions contemplated thereby. 

  
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	17	Costs and expenses 

  

	17.1	Transaction expenses 

 The Borrowers shall promptly on demand pay the Agent, the Security
Agent and the Arranger the amount of all costs and expenses (including legal fees) reasonably incurred by any of them in connection with: 
  

	 	(a)	the negotiation, preparation, printing and execution of this Agreement and any Finance Document; 

  

	 	(b)	any other Finance Documents executed after the date of this Agreement; 

  

	 	(c)	the completion of the transactions and perfection of the Transaction Security contemplated in the Finance Documents; and 

  

	 	(d)	the release of any Transaction Security. 

  

	17.2	Amendment costs 

 If (a) an Obligor requests an amendment, waiver or consent or
(b) an amendment is required pursuant to clause 29.10 (Change of currency), the Obligors’ Agent shall, within three Business Days of demand, reimburse the Agent and the Security Agent for the amount of all costs and expenses
(including legal fees) reasonably incurred by the Agent and the Security Agent in responding to, evaluating, negotiating or complying with that request or requirement. 
  

	17.3	Enforcement costs 

 The Obligors’ Agent shall, within three Business Days of demand,
pay to each Finance Party the amount of all costs and expenses (including legal fees) incurred by that Finance Party in connection with the enforcement of, or the preservation of any rights under, any Finance Document or the Transaction Security and
the Security Agent may, in priority to any payment to the Finance Parties, indemnify itself out of the Charged Property in respect of (and pay and retain) all sums necessary to give effect to this clause. 

 

	18	Guarantee and indemnity 

  

	18.1	Guarantee and indemnity  

  

	 	(a)	Each Guarantor (other than a U.S. Guarantor) irrevocably and unconditionally, jointly and severally: 

  

	 	(i)	guarantees to each Finance Party punctual performance by each Borrower (other than a U.S. Borrower) of all that Borrower’s obligations under the Finance Documents; 

 

	 	(ii)	undertakes with each Finance Party that whenever a Borrower (other than a U.S. Borrower) does not pay any amount when due under or in connection with any Finance Document, that Guarantor shall immediately on demand pay
that amount as if it was the principal obligor; and 

  

	 	(iii)	 indemnifies each Finance Party immediately on demand against any cost, loss or liability suffered by that Finance
Party if any obligation guaranteed by it under this clause 18.1(a) is or becomes unenforceable, invalid or illegal. 

  
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	 	The amount of the cost, loss or liability shall be equal to the amount which that Finance Party would otherwise have been entitled to recover. 

 

	 	(b)	Each U.S. Guarantor irrevocably and unconditionally, jointly and severally: 

  

	 	(i)	guarantees to each Finance Party punctual performance by each Borrower of all that Borrower’s obligations under the Finance Documents; 

 

	 	(ii)	undertakes with each Finance Party that whenever a Borrower does not pay any amount when due under or in connection with any Finance Document, that U.S. Guarantor shall immediately on demand pay that amount as if it was
the principal obligor; and 

  

	 	(iii)	indemnifies each Finance Party immediately on demand against any cost, loss or liability suffered by that Finance Party if any obligation guaranteed by it under this clause 18.1(b) is or becomes unenforceable, invalid
or illegal. The amount of the cost, loss or liability shall be equal to the amount which that Finance Party would otherwise have been entitled to recover. 

  

	 	(c)	Each U.S. Guarantor irrevocably and unconditionally, jointly and severally: 

  

	 	(i)	guarantees to each Finance Party punctual performance by each Bilateral Borrower (other than a Borrower) of all that Bilateral Borrower’s obligations under the Finance Documents; 

 

	 	(ii)	undertakes with each Finance Party that whenever a Bilateral Borrower (other than a Borrower) does not pay any amount when due under or in connection with any Finance Document, that U.S. Guarantor shall immediately on
demand pay that amount as if it was the principal obligor; and 

  

	 	(iii)	indemnifies each Finance Party immediately on demand against any cost, loss or liability suffered by that Finance Party if any obligation guaranteed by it under this clause 18.1(c) is or becomes unenforceable, invalid
or illegal. The amount of the cost, loss or liability shall be equal to the amount which that Finance Party would otherwise have been entitled to recover. 

  

	 	(d)	Each Guarantor which is not a U.S. Guarantor irrevocably and unconditionally, jointly and severally: 

  

	 	(i)	guarantees to each Finance Party punctual performance by each Bilateral Borrower that is not a Borrower or a U.S. Borrower or a U.S. Bilateral Borrower of all that Bilateral Borrower’s obligations under the Finance
Documents; 

  

	 	(ii)	undertakes with each Finance Party that whenever a Bilateral Borrower that is not a Borrower or a U.S. Borrower or a U.S. Bilateral Borrower does not pay any amount when due under or in connection with any Finance
Document, that Guarantor shall immediately on demand pay that amount as if it was the principal obligor; and 

  

	 	(iii)	 indemnifies each Finance Party immediately on demand against any cost, loss or liability suffered by that Finance
Party if any obligation guaranteed by it under this clause 18.1(d) is or becomes unenforceable, invalid or illegal. 

  
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	 	The amount of the cost, loss or liability shall be equal to the amount which that Finance Party would otherwise have been entitled to recover. 

 

	18.2	Continuing guarantee 

 This guarantee is a continuing guarantee and will extend to the
ultimate balance of sums payable by any Obligor or Bilateral Borrower (other than an Obligor) under the Finance Documents, regardless of any intermediate payment or discharge in whole or in part. 

 

	18.3	Reinstatement 

 If any payment by an Obligor or Bilateral Borrower (other than an
Obligor) or any discharge given by a Finance Party (whether in respect of the obligations of any Obligor or Bilateral Borrower (other than an Obligor) or any security for those obligations or otherwise) is avoided or must be restored in insolvency,
liquidation, administration, judicial management or otherwise, without limitation, then: 
  

	 	(a)	the liability of each Obligor and Bilateral Borrower (other than an Obligor) shall continue as if the payment, discharge, avoidance or reduction had not occurred; and 

 

	 	(b)	each Finance Party shall be entitled to recover the value or amount of that security or payment from each Obligor and Bilateral Borrower (other than an Obligor), as if the payment, discharge, avoidance or reduction had
not occurred. 

  

	18.4	Waiver of defences 

 The obligations of each Guarantor under this clause 18 will not be
affected by an act, omission, matter or thing which, but for this clause, would reduce, release or prejudice any of its obligations under this clause 18 (without limitation and whether or not known to it or any Finance Party) including: 

 

	 	(a)	any time, waiver or consent granted to, or composition with, any Obligor, any Bilateral Borrower (other than an Obligor) or other person; 

 

	 	(b)	the release of any other Obligor, any Bilateral Borrower (other than an Obligor) or any other person under the terms of any composition or arrangement with any creditor of any member of the Group; 

 

	 	(c)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any Obligor, any Bilateral Borrower (other than
an Obligor) or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the
full value of any security; 

  

	 	(d)	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of an Obligor, a Bilateral Borrower (other than an Obligor) or any other person; 

 

	 	(e)	any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of any Finance Document or any other document or security including without limitation any
change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or any other document or security; 

  
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	 	(f)	any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security; or 

 

	 	(g)	any insolvency or similar proceedings. 

  

	18.5	Guarantor Intent 

 Without prejudice to the generality of clause 18.4, each Guarantor
expressly confirms that it intends that this guarantee shall extend from time to time to any (however fundamental and of whatsoever nature and whether or not more onerous) variation, increase, extension or addition of or to any of the Finance
Documents and/or any facility or amount made available under any of the Finance Documents for the purposes of or in connection with any of the following: acquisitions of any nature; increasing working capital; enabling investor distributions to be
made; carrying out restructurings; refinancing existing facilities; refinancing any other indebtedness; making facilities available to new borrowers; any other variation or extension of the purposes for which any such facility or amount might be
made available from time to time; and any fees, costs and/or expenses associated with any of the foregoing. 
  

	18.6	Immediate recourse 

 Each Guarantor waives any right it may have of first requiring any
Finance Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person before claiming from that Guarantor under this clause 18. This waiver applies irrespective of any law
or any provision of a Finance Document to the contrary. 
  

	18.7	Appropriations 

 Until all amounts which may be or become payable by the Obligors and the
Bilateral Borrowers (other than Obligors) under or in connection with the Finance Documents have been irrevocably paid in full, each Finance Party (or any trustee or agent on its behalf) may while a Default is continuing: 

 

	 	(a)	refrain from applying or enforcing any other monies, security or rights held or received by that Finance Party (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such
manner and order as it sees fit (whether against those amounts or otherwise) and no Guarantor shall be entitled to the benefit of the same; and 

  

	 	(b)	hold in an interest-bearing suspense account (bearing interest at an appropriate market rate) any monies received from any Guarantor or on account of any Guarantor’s liability under this clause 18.

  

	18.8	Deferral of Guarantors’ rights 

 Until all amounts which may be or become payable by
the Obligors and the Bilateral Borrowers (other than Obligors) under or in connection with the Finance Documents have been irrevocably paid in full and unless the Agent otherwise directs, no Guarantor will exercise any rights which it may have by
reason of performance by it of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under this clause 18: 
  

	 	(a)	to be indemnified by an Obligor or a Bilateral Borrower (other than an Obligor); 

  
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	 	(b)	to claim any contribution from any other guarantor of any obligations of an Obligor or a Bilateral Borrower (other than an Obligor) under the Finance Documents; 

 

	 	(c)	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Finance Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in
connection with, the Finance Documents by any Finance Party. 

  

	 	(d)	to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect of which any Guarantor has given a guarantee, undertaking or indemnity under clause 18.1;

  

	 	(e)	to exercise any right of set-off against any Obligor; and/or 

  

	 	(f)	to claim or prove as a creditor of any Obligor in competition with any Finance Party. 

 If the
Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Finance Parties by the
Borrower or Bilateral Borrower (as the case may be) under or in connection with the Finance Documents to be repaid in full on trust for the Finance Parties and shall promptly pay or transfer the same to the Agent or as the Agent may direct for
application in accordance with clause 29 (Payment mechanics) of this Agreement. 
  

	18.9	Release of Guarantors’ right of contribution 

 If any Guarantor (a Retiring
Guarantor) ceases to be a Guarantor in accordance with the terms of the Finance Documents for the purpose of any sale or other disposal of that Retiring Guarantor then on the date such Retiring Guarantor ceases to be a Guarantor: 

 

	 	(a)	that Retiring Guarantor is released by each other Guarantor from any liability (whether past, present or future and whether actual or contingent) to make a contribution to any other Guarantor arising by reason of the
performance by any other Guarantor of its obligations under the Finance Documents; and 

  

	 	(b)	each other Guarantor waives any rights it may have by reason of the performance of its obligations under the Finance Documents to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of
any rights of the Finance Parties under any Finance Document or of any other security taken pursuant to, or in connection with, any Finance Document where such rights or security are granted by or in relation to the assets of the Retiring Guarantor.

  

	18.10	Additional security 

 This guarantee is in addition to and is not in any way prejudiced
by any other guarantee or security now or subsequently held by any Finance Party. 
  

	18.11	Specific limitations for Swiss Guarantors 

  

	 	(a)	 Notwithstanding any other provision of this Agreement or any other document in connection therewith, if and to
the extent the payment obligations (including, for the avoidance of doubt, any obligation to gross-up pursuant to clause 13.2 (Tax gross-up) or to indemnify any Finance
Party pursuant to this Agreement) of a Guarantor incorporated in Switzerland (a Swiss Guarantor) as a Guarantor for, or with respect to, obligations of any other Obligor (other than the wholly owned direct or indirect

  
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	 	Subsidiaries of the Swiss Guarantor) would, at the time payment is due, under Swiss laws and regulations not be permitted or be of an amount rendering the directors of that Swiss Guarantor personally liable pursuant to
Swiss law to any of its creditors as a consequence of paying such amount, then such payment obligations shall remain limited to the amount permitted to be paid and not triggering such directors’ liability. Such limited amount shall however in
no event be less than the unrestricted equity capital surplus (including the unrestricted portion of general reserves, other free reserves, retained earnings and current net profits) freely available for distribution to the shareholder(s) of that
Swiss Guarantor under the Swiss Code of Obligations at the time or times payment(s) under or pursuant to this Agreement is requested from that Swiss Guarantor, less Swiss withholding tax if and to the extent required by applicable law in force at
the relevant time, at the rate of 35% or such other rate as in force from time to time. 

  

	 	(b)	This limitation shall only apply to the extent it is a requirement under applicable law at the time the Swiss Guarantor is required to perform its guarantee obligations under the Finance Documents. Such limitation shall
not free the Swiss Guarantor from its obligations in excess of the freely disposable equity, but merely postpone the performance date thereof until such times when the Swiss Guarantor has again freely disposable equity if and to the extent such
freely disposable equity is available. 

  

	 	(c)	If and to the extent at the time a payment from a Swiss Guarantor as Guarantor is demanded such payment is subject to the limitation pursuant to paragraph (a) above and may only be made as a distribution of
profits, then such payment shall only be made upon completion of the following measures to the extent they are from time to time required under Swiss corporate law: 

 

	 	(i)	an audited balance sheet of that Swiss Guarantor has been prepared; 

  

	 	(ii)	the auditors of that Swiss Guarantor have approved the amount of the proposed payment based on applicable Swiss corporate law and the articles of association; 

 

	 	(iii)	the shareholder(s) of that Swiss Guarantor must have had access to the above-mentioned audited balance sheet as well as to the auditors’ report; and 

 

	 	(iv)	the shareholders of that Swiss Guarantor must properly be convened (or all shareholders must be present) and vote in favour of the payment of the amount under the guarantee given by that Swiss Guarantor.

  

	 	(d)	Each Swiss Guarantor and each immediate Holding Company of each Swiss Guarantor and the Parent undertake to take and/or cause all measures necessary or useful, as the case may be, to implement the foregoing documents
and other acts referred to in paragraph (c) above. 

  

	 	(e)	Subject only to the foregoing, such payments to be made by a Swiss Guarantor under this guarantee shall be timely made in full as provided for in this Agreement. 

 

	18.12	Specific provision for U.S. Guarantors and other U.S. limitations  

  

	 	(a)	Each U.S. Guarantor represents and warrants to each Finance Party that: 

  
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	 	(i)	the fair saleable value of each U.S. Obligor’s assets exceeds the total amount of liabilities (including contingent, subordinated, unmatured and unliquidated liabilities, in each case valued at the probable
liability of such U.S. Obligor with respect thereto) of such U.S. Obligor on a consolidated basis as they become absolute and mature; 

  

	 	(ii)	the present fair saleable value of the assets of each U.S. Obligor is not less than the amount that will be required to pay its probable liabilities as they become absolute and matured; 

 

	 	(iii)	each U.S. Obligor will be able to realize upon its assets and will have sufficient cash flow from operations to enable it to pay its debts, other liabilities and contingent obligations as they mature in the ordinary
course of its business; and 

  

	 	(iv)	each U.S. Obligor does not have unreasonably small capital with which to engage in its anticipated businesses. 

  

	 	(b)	Each representation and warranty in this clause 18.12(b): 

  

	 	(i)	is made by each U.S. Guarantor on the date of this Agreement; 

  

	 	(ii)	is deemed to be repeated by: 

  

	 	(A)	each Additional Guarantor on the date that Additional Guarantor becomes a U.S. Guarantor; and 

  

	 	(B)	each U.S. Guarantor on the date of each Utilisation Request; and 

 is, when repeated, applied
to the circumstances existing at the time of repetition. 
  

	 	(c)	Notwithstanding any term or provision of this clause 18 or any other term in this Agreement or any Finance Document: 

  

	 	(i)	if any U.S. federal or state fraudulent conveyance laws are determined by a court of competent jurisdiction to be applicable to the obligations of a U.S. Guarantor hereunder, such U.S. Guarantor’s obligations
hereunder shall be limited to the maximum aggregate amount of the obligations that would not render such U.S. Guarantor’s obligations subject to avoidance under applicable U.S. federal or state fraudulent conveyance laws; and 

 

	 	(ii)	the obligations being guaranteed by the Guarantors (by express guarantee, grant of security or otherwise) shall not extend to any Excluded Swap Obligations. 

 

	 	(d)	In this clause 18.12 and clause 18.13: 

 Commodity Exchange Act means the Commodity
Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute 
 Excluded Swap Obligation means,
with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any guarantee thereof)
is or becomes illegal under the 

  
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Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official
interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an eligible contract participant as defined in the Commodity Exchange Act at the time the guarantee of such Guarantor or the grant of such
security interest becomes effective with respect to such related Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is
attributable to swaps for which such guarantee or security interest is or becomes illegal 
 Qualified ECP Guarantor means, in
respect of any Swap Obligation, each Obligor that has total assets exceeding $10,000,000 at the time the relevant guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other person as
constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by entering into
a keepwell under section 1a(18)(A)(v)(II) of the Commodity Exchange Act 
 Swap Obligation means, with respect to any Guarantor, any
obligation to pay or perform under any agreement, contract or transaction that constitutes a swap within the meaning of section 1a(47) of the Commodity Exchange Act. 
  

	18.13	Keepwell 

 Each Qualified ECP Guarantor hereby jointly and severally, unconditionally and
irrevocably undertakes to guarantee the performance by each other Obligor of all of its obligations under this Agreement (including its guarantee obligations pursuant to this clause 18 or any other Finance Documents in respect of Swap Obligations
(provided, however, that each Qualified ECP Guarantor shall only be liable under this clause 18.13 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this clause 18.13, or otherwise under
this Agreement or any other Finance Document voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this clause 18.13 shall
remain in full force and effect until the obligations under the Finance Documents are discharged in full. Each Qualified ECP Guarantor intends that this clause 18.13 constitute, and this clause 18.13 shall be deemed to constitute, a “keepwell,
support, or other agreement” for the benefit of each other Loan Party for all purposes of section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 
  

	19	Representations 

  

	 	(a)	Each Obligor makes the representations and warranties set out in this clause 19 to each Finance Party on the date of this Agreement except that to the extent that any representation and warranty relates to a Finance
Document which has not at the date of this Agreement been executed it shall be made on the date of that Finance Document. 

  

	 	(b)	In relation to the representations and warranties made on the Jazz Closing Date it is assumed that the Jazz Completion has occurred. 

  
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	19.1	Status 

  

	 	(a)	It is a corporation, duly incorporated and validly existing (and, with respect to any Obligor formed in the U.S., in good standing) under the law of its jurisdiction of incorporation or formation. 

 

	 	(b)	It and each of its Subsidiaries has the power to own its assets and carry on its business as it is being conducted. 

  

	19.2	Binding obligations 

 The obligations expressed to be assumed by it in each Transaction
Document to which it is a party are legal, valid, binding and (subject to the Legal Reservations) enforceable obligations. 
  

	19.3	Non-conflict with other obligations 

 The entry
into and performance by it of, and the transactions contemplated by, the Transaction Documents to which it is a party do not: 
  

	 	(a)	conflict with any law or regulation applicable to it or any of its Subsidiaries; 

  

	 	(b)	contravene its constitutional documents; 

  

	 	(c)	breach (in a manner or to an extent which could reasonably be expected to have a Material Adverse Effect) any agreement or instrument binding upon it or any member of the Group or any of its or any member of the
Group’s assets; or 

  

	 	(d)	oblige it, or any of its Subsidiaries, to create any Security or result in the creation of any Security over its or their respective assets other than under the Security Documents. 

 

	19.4	Power and authority 

 It has the power to enter into, perform and deliver, and has taken
all necessary action to authorise its entry into, performance and delivery of, the Transaction Documents to which it is a party and the transactions contemplated by those Transaction Documents. 

 

	19.5	Validity and admissibility in evidence 

 All Authorisations required or desirable: 

 

	 	(a)	to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Transaction Documents to which it is a party; 

 

	 	(b)	to make the Transaction Documents to which it is a party admissible in evidence in its jurisdiction of incorporation (save for any filings or registrations required in relation to the Security constituted by the
Security Documents, which filings or registrations will be made promptly after execution of the relevant Security Documents and in any event within applicable time limits); and 

 

	 	(c)	to create the Security constituted by the Security Documents to which it is party and, subject to the Legal Reservations, to ensure that such Security has the ranking specified therein, 

have been obtained or effected and are in full force and effect. 

  
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	19.6	Governing law and enforcement 

  

	 	(a)	The choice of English law as the governing law of the Finance Documents (or, in respect of any Security Document to which it is a party, the relevant governing laws of that Security Document) will (subject to the Legal
Reservations) be recognised and enforced in its jurisdiction of incorporation. 

  

	 	(b)	Any judgment obtained in England in relation to a Finance Document (or, in respect of any Security Document to which it is a party, any judgment obtained in the courts which are expressed to have jurisdiction to hear
disputes under such Security Document) will (subject to the Legal Reservations) be recognised and enforced in its jurisdiction of incorporation. 

  

	19.7	No filing or stamp taxes 

 Save to the extent identified in any legal opinion delivered
pursuant to clause 4 (Conditions of Utilisation), clause 25 (Changes to the Obligors) or clause 2.1 of the Third Amendment and Restatement Agreement, under the law of its jurisdiction of incorporation it is not necessary that the Finance
Documents be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration or similar tax be paid on or in relation to the Finance Documents or the transactions contemplated by the Finance
Documents. 
  

	19.8	Security interests 

  

	 	(a)	It is the absolute legal and, where applicable, beneficial owner of all the assets over which it purports to create Security pursuant to the Security Documents and (subject to the Legal Reservations) each Security
Document to which it is a party creates the Security which that Security Document purports to create or, if that Security Document purports to evidence Security, accurately evidences Security which has been validly created. 

 

	 	(b)	The shares of any member of the Group mortgaged or pledged by it pursuant to the Security Documents are all fully paid up and not subject to any option to purchase or similar rights. The constitutional documents of any
such member of the Group do not restrict or inhibit any transfer of such shares on creation or enforcement of such Security over such shares. 

  

	19.9	No misleading information 

 Save as disclosed in writing to the Agent and the Arrangers
prior to the Third Restatement Date: 
  

	 	(a)	any factual information contained in the Jazz Information Package was true and accurate in all material respects as at the date of the relevant report or document containing the information or (as the case may be) as at
the date the information is expressed to be given; 

  

	 	(b)	any financial projection or forecast contained in the Jazz Information Package has been prepared on the basis of recent historical information and on the basis of reasonable assumptions and was fair (as at the date of
the relevant report or document containing the projection or forecast) and arrived at after careful consideration; 

  
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	 	(c)	the expressions of opinion or intention provided by or on behalf of an Obligor for the purposes of the Jazz Information Package were made after careful consideration and (as at the date of the relevant report or
document containing the expression of opinion or intention) were fair and based on reasonable grounds; 

  

	 	(d)	no event or circumstance has occurred or arisen and no information has been omitted from the Jazz Information Package and no information has been given or withheld that results in the information, opinions, intentions,
forecasts or projections contained in the Jazz Information Package being untrue or misleading in any material respect; 

  

	 	(e)	all material information provided to a Finance Party by or on behalf of the Parent, the Obligors’ Agent, Innospec International or Innospec Performance in connection with the Jazz Acquisition and/or the Jazz Target
Group and/or the Jazz Target Assets on or before the Term Facility Utilisation Date and not superseded before that date (whether or not contained in the Information Package) is accurate and not misleading in any material respect and all projections
provided to any Finance Party on or before the Term Facility Utilisation Date have been prepared in good faith on the basis of assumptions which were reasonable at the time at which they were prepared and supplied; and 

 

	 	(f)	all other written information (other than the Financial Model) supplied by any member of the Group after the date of this Agreement to the Agent in or pursuant to or in connection with any Finance Document is correct in
all material respects as at the date it was given and was not misleading in any material respect as at the date it was given. 

The representations and warranties made with respect to the Jazz Reports (other than the Jazz Structure Memorandum) are made by each Obligor in
this clause 19.9 only so far as it is aware after making due and careful enquiries. 
  

	19.10	No default 

  

	 	(a)	No Event of Default is continuing or would result from the making of any Utilisation or the entry into, the performance of, or any transaction contemplated by, any Transaction Document. 

 

	 	(b)	No other event or circumstance is outstanding which constitutes a default under any other agreement or instrument which is binding on it or any of its Subsidiaries or to which its (or its Subsidiaries’) assets are
subject which could reasonably be expected to have a Material Adverse Effect. 

  

	19.11	Financial statements  

  

	 	(a)	Its Original Financial Statements were prepared in accordance with U.S. GAAP (in the case of the Parent) or UK GAAP (in the case of Innospec and each other Original Obligor incorporated in England) or Relevant GAAP
(in the case of any other Obligor) in each case consistently applied unless expressly disclosed to the contrary. 

  

	 	(b)	Its Original Financial Statements fairly represent its financial condition and operations (consolidated in the case of the Parent) during the relevant financial year. 

  
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	19.12	Material Adverse Changes 

  

	 	(a)	There has been no change in the Business or the assets of the Group to that set out in the Original Financial Statements delivered pursuant to clause 2 (of the Third Amendment and Restatement Agreement) which has or is
reasonably likely to have a Material Adverse Effect. 

  

	 	(b)	There has been no change in the financial condition, business or assets of the Group since the date of the most recently delivered audited consolidated financial statements pursuant to clause 20.1(a) (Financial
statements) which has or is reasonably likely to have a Material Adverse Effect. 

  

	19.13	Pari passu ranking 

 Its payment obligations under the Finance Documents rank at least
pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally. 
  

	19.14	Assets 

  

	 	(a)	It or its Subsidiaries have good title to or valid leases or licences of or are otherwise entitled to use all material assets (including, without limitation, all Intellectual Property) necessary to conduct the Business.

  

	 	(b)	It and each of its Subsidiaries is the sole legal and beneficial owner of the respective assets over which it purports to grant Security. 

 

	 	(c)	All the Jazz Target Shares and Jazz Target Assets are or will be on the Jazz Closing Date legally owned by the members of the Group specified in the Structure Memorandum as owner of those shares and assets free from any
claims, third party rights or competing interests other than Security permitted under clause 22.3(c) (Negative pledge). 

  

	19.15	[Intentionally blank] 

  

	19.16	Financial Model 

  

	 	(a)	The material statements of fact in relation to the assets, financial condition and operations of the Business and the Group contained in the Financial Model were true and accurate in all material respects at the date
ascribed thereto in the Financial Model. 

  

	 	(b)	The opinions and views expressed given by or on behalf of any member of the Group for the purposes of the Financial Model were arrived at after careful consideration and were based on reasonable grounds.

  

	 	(c)	All projections and forecasts contained in the Financial Model were based upon assumptions (including assumptions as to the future performance of the Business, inflation, price increases and efficiency gains) which
Management carefully considered and considered to be fair and reasonable as at the date of the relevant report or document containing the projection. 

  

	 	(d)	So far as it is aware (after reasonable enquiry), nothing has occurred or been omitted from the Financial Model and no information has been given or withheld that results in the material factual information contained in
the Financial Model being untrue or misleading in any material respect. 

  
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	19.17	[Intentionally blank] 

  

	19.18	Group Structure Chart 

 The Group Structure Chart delivered to the Agent on the Jazz
Closing Date is true, complete and accurate in all material respects. 
  

	19.19	U.S. Governmental Regulation 

  

	 	(a)	It is not an investment company or an affiliated person of an investment company as such terms are defined in the United States Investment Company Act of 1940 or otherwise subject to regulation
under the United States Federal Power Act or the United States Investment Company Act of 1940. 

  

	 	(b)	It is not subject to regulation under any other federal or state statute or regulation which may limit its ability to incur Financial Indebtedness under the Finance Documents or which may otherwise render all or any
portion of the obligations under the Finance Documents unenforceable, in each case to an extent or in a manner which has or could reasonably be expected to have a Material Adverse Effect other than such regulations with which it has complied.

  

	19.20	[Intentionally blank] 

  

	19.21	Margin Stock 

  

	 	(a)	No U.S. Group Member is engaged nor will it engage principally, or as one of its important activities, in the business of owning or extending credit for the purpose of “buying” or “carrying” any
Margin Stock. 

  

	 	(b)	None of the proceeds of the Loans or other extensions of credit under this Agreement will be used, directly or indirectly, for the purpose of buying or carrying any Margin Stock, for the purpose of reducing or retiring
any indebtedness that was originally incurred to buy or carry any Margin Stock or for any other purpose which would be likely to cause all or any Loans or other extensions of credit under this Agreement to be considered a purpose credit
within the meaning of Regulation U or Regulation X of the Board of Governors of the Federal Reserve System of the U.S. 

  

	 	(c)	No U.S. Group Member or any agent acting on its behalf has taken or will take any action which would be likely to cause the Finance Documents to violate any regulation of the Board of Governors of the Federal Reserve
System of the U.S. 

  

	19.22	Sanctions 

  

	 	(a)	Neither it nor any of its Subsidiaries, nor any directors, officers, employees or agents of it or any of its Subsidiaries: 

  

	 	(i)	is a Restricted Party or is engaging in or has engaged in any transaction or conduct that could result in it becoming a Restricted Party; 

 

	 	(ii)	is subject to any claim, proceeding, formal notice or (to the best of its knowledge) investigation with respect to Sanctions; 

  
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	 	(iii)	is engaging or has engaged in any transaction that evades or avoids, or has the purpose of evading or avoiding, or breaches or attempts to breach, directly or indirectly, any Sanctions applicable to it; or

  

	 	(iv)	has engaged or is engaging, directly or indirectly, in any trade, business or other activities with or (to the best of its knowledge) for the benefit of any Restricted Party. 

 

	 	(b)	No Utilisation, nor the proceeds from any Utilisation, has been used, directly or indirectly, to lend, contribute, provide or has otherwise been made to fund or finance any business activities or transactions:

  

	 	(i)	of or with a Restricted Party; or 

  

	 	(ii)	in any other manner which would result in any member of the Group or any Finance Party being in breach of any Sanctions or becoming a Restricted Party. 

 

	19.23	Anti-Money Laundering 

 Except as disclosed in the Disclosure Letter, the operations of
each member of the Group are, and at all times have been, conducted in compliance with all applicable anti-money laundering laws and all applicable financial record keeping and reporting requirements, rules, regulations and guidelines (Money
Laundering Laws) and no investigation, action, suit or proceeding by or before any court or governmental authority or any arbitrator involving any member of the Group with respect to Money Laundering Laws is pending and, so far as the Group is
aware, no such investigations, actions, suits or proceedings are threatened or contemplated. 
  

	19.24	Anti-Corruption 

 Except as disclosed in the Disclosure Letter, each member of the Group
has conducted its businesses in compliance with applicable anti-corruption laws and has instituted and maintained policies and procedures designed to promote and achieve compliance with such laws. 

 

	19.25	Compliance with Non-Qualifying Bank Rules  

 Each
Swiss Obligor is in compliance with the Non-Qualifying Bank Rules. For purposes of compliance with the Non-Qualifying Bank Rules, the Parent shall assume for the
purposes of determining the total number of creditors which are not Qualifying Banks that at all times there are 10 (ten) Lenders that are not Qualifying Banks under this Agreement. 

 

	19.26	Acquisition Documents and disclosures  

  

	 	(a)	The Jazz Acquisition Documents contain all the terms of the Jazz Acquisition. 

  

	 	(b)	There is no disclosure made in the Jazz Disclosure Letter or any other disclosure to the Jazz Acquisition Documents which has or may have a material adverse effect on any of the information, opinions, forecasts and
projections contained or referred to in the Jazz Information Package. 

  

	 	(c)	To the best of its knowledge no representation or warranty (as qualified by the Jazz Disclosure Letter) given by any party to the Jazz Acquisition Documents is untrue or misleading in any material respect.

  
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	19.27	Repetition 

 The Repeating Representations are deemed to be made by each Obligor (by
reference to the facts and circumstances then existing) on: 
  

	 	(a)	the date of each Utilisation Request, each Increase Date and the first day of each Interest Period; 

  

	 	(b)	on the Third Restatement Date, on the Term Facility Utilisation Date and on the Jazz Closing Date; and 

  

	 	(c)	in the case of an Additional Obligor, the day on which the relevant company becomes (or it is proposed that the relevant company becomes) an Additional Obligor. 

 

	20	Information undertakings 

 The undertakings in this clause 20 remain in force from the
date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force. 
  

	20.1	Financial statements 

 The Parent shall supply to the Agent in sufficient copies for all
the Lenders: 
  

	 	(a)	as soon as the same become available, but in any event within 120 days after the end of each of its financial years, its audited consolidated financial statements for that financial year; 

 

	 	(b)	as soon as the same become available, but in any event within 180 days after the end of each of its financial years, the audited financial statements of each Obligor (if statutory accounts are produced for such company)
other than Innospec Fuel Specialties LLC, Innospec Oil Field Chemicals LLC, Innospec Strata Holdings LLC, Innospec Active Chemicals LLC, Strata Control Services, Inc and Independence Oilfield; 

 

	 	(c)	as soon as the same become available, but in any event within 180 days after the end of each of its financial years, if they have been audited, the audited financial statements, or if they have not been audited, the
unaudited financial statements for that financial year of each of Innospec Fuel Specialties LLC, Innospec Oil Field Chemicals LLC, Innospec Strata Holdings LLC, Innospec Active Chemicals LLC, Strata Control Services, Inc and Independence Oilfield;
and 

  

	 	(d)	as soon as the same become available, but in any event within 45 days after the end of each quarter of each of its financial years its consolidated unaudited financial statements for that financial quarter.

  

	20.2	Compliance Certificate 

  

	 	(a)	The Parent shall supply to the Agent, with each set of financial statements delivered pursuant to clause 20.1(a) and 20.1(d), a Compliance Certificate: 

 

	 	(i)	setting out (in reasonable detail) computations as to compliance with clause 21 (Financial covenants), as at the date as at which those financial statements were drawn up; and 

  
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	 	(ii)	(in the case of the audited financial statements) confirming, among other things, which companies constitute Material Group Companies and details required by clause 22.18(c) (Guarantors and security). 

 

	 	(b)	Each Compliance Certificate shall be signed by a director and another member of Management. 

  

	20.3	Requirements as to financial statements 

  

	 	(a)	Each set of financial statements delivered by the Parent pursuant to clause 20.1 shall be certified by a director of the relevant company as fairly representing its financial condition as at the date as at which those
financial statements were drawn up. 

  

	 	(b)	All financial statements of the Parent delivered or to be delivered to the Agent under this Agreement shall be prepared in accordance with the Approved Accounting Principles and shall include (in the case of any
consolidated financial statements of the Parent) a consolidated cashflow statement. If as a result of a change in accounting principles such financial statements are required to be prepared on a different basis (and that difference is or could
reasonably be expected to be relevant to the calculation of the financial ratios under this Agreement or otherwise material to the interests of the Finance Parties under this Agreement): 

 

	 	(i)	the Obligors’ Agent shall, as soon as reasonably practicable after becoming aware of that change, so advise the Agent; 

  

	 	(ii)	on request of the Agent, the Obligors’ Agent and the Agent (on behalf of the Lenders) shall negotiate in good faith with a view to agreeing such amendments to clause 21 (Financial covenants) and/or the definitions
of any or all of the terms used therein as are necessary to give the Lenders comparable protection to that contemplated at the date of this Agreement; 

  

	 	(iii)	if amendments satisfactory to the Lenders are agreed by the Obligors’ Agent and the Agent in writing within 30 days of such notification to the Agent, those amendments shall take effect in accordance with the terms
of that agreement; and 

  

	 	(iv)	if such amendments are not so agreed within 30 days, within 15 days after the end of that 30 day period, the Obligors’ Agent shall either: 

 

	 	(A)	deliver to the Agent, in reasonable detail and in a form reasonably satisfactory to the Agent, details of all such adjustments as need to be made to the relevant financial statements in order to bring them into line
with Approved Accounting Principles (any reference in this Agreement to those financial statements shall be construed as a reference to those financial statements as so adjusted); or 

 

	 	(B)	ensure that the relevant financial statements are prepared in accordance with Approved Accounting Principles. 

  

	 	(c)	For all purposes in this Agreement in assessing whether leases should be treated as finance leases or operating leases, the Approved Accounting Principles shall be applied regardless of any subsequent change in
applicable accounting principles. 

  
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	20.4	Operating Budget 

 The Parent shall, as soon as reasonably practicable and in any event
not more than 80 days after the beginning of each of its financial years deliver to the Agent (in sufficient copies for the Lenders) its Operating Budget (in substantially the format used by the Parent in its most recent operating budget prior to
the date of this Agreement or (if different) in a format and with a level of information satisfactory to the Agent (acting reasonably)) for such financial year. 
  

	20.5	Information: miscellaneous 

 The Parent shall supply to the Agent (if applicable, in
sufficient copies for all the Finance Parties, if the Agent so requests): 
  

	 	(a)	all documents dispatched by the Parent to its shareholders (or any class of them) or its creditors generally at the same time as they are dispatched; 

 

	 	(b)	promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings which are current, threatened or pending in respect of or against any member of the Group, and which would,
if adversely determined, have or be reasonably likely to have a Material Adverse Effect; 

  

	 	(c)	promptly upon becoming aware of the relevant claim, the details of any claim which is current, threatened or pending against the Jazz Vendor or any other person in respect of the Jazz Acquisition Documents which will
require a prepayment under clause 8.8 (Acquisition Proceeds); and 

  

	 	(d)	promptly, such further information regarding the financial condition, business and operations of any member of the Group as any Finance Party (through the Agent) may reasonably request, except to the extent that
disclosure of the information would breach any law, regulation, stock exchange requirement or duty of confidentiality. 

  

	20.6	Notification of default 

  

	 	(a)	Each Obligor shall notify the Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence (unless that Obligor is aware that a notification has already been
provided by another Obligor). 

  

	 	(b)	Promptly upon a request by the Agent, the Parent shall supply to the Agent a certificate signed by two of its directors or senior officers on its behalf certifying that no Default is continuing (or if a Default is
continuing, specifying the Default and the steps, if any, being taken to remedy it). 

  

	20.7	[Intentionally blank] 

  

	20.8	Know your customer checks 

  

	 	(a)	If: 

  

	 	(i)	the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Agreement; 

 

	 	(ii)	any change in the status of an Obligor (or of a Holding Company of an Obligor) or the composition of the shareholders of an Obligor (or of a Holding Company of an Obligor) after the date of this Agreement; or

  
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	 	(iii)	a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement to a party that is not a Lender prior to such assignment or transfer, 

obliges the Agent or any Lender (or, in the case of paragraph (iii) above, any prospective new Lender) to comply with “know your
customer” or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request of the Agent or any Lender supply, or procure the supply of, such
documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of the event described in paragraph (iii) above, on behalf of any prospective new Lender)
in order for the Agent, such Lender or, in the case of the event described in paragraph (iii) above, any prospective new Lender to carry out and be satisfied it has complied with all necessary “know your customer” or other similar
checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. 
  

	 	(b)	Each Lender shall promptly upon the request of the Agent supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself) in order for the Agent to carry out
and be satisfied it has complied with the results of all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.

  

	 	(c)	The Parent shall, by not less than ten Business Days’ prior written notice to the Agent, notify the Agent (which shall promptly notify the Lenders) of its intention to request that one of its Subsidiaries becomes
an Additional Obligor pursuant to clause 25 (Changes to the Obligors). 

  

	 	(d)	Following the giving of any notice pursuant to paragraph (c) above, if the accession of such Additional Obligor obliges the Agent or any Lender to comply with “know your customer” or similar
identification procedures in circumstances where the necessary information is not already available to it, the Parent shall promptly upon the request of the Agent or any Lender supply, or procure the supply of, such documentation and other evidence
as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or on behalf of any prospective new Lender) in order for the Agent or such Lender or any prospective new Lender to carry out and be satisfied
it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the accession of such Subsidiary to this Agreement as an Additional Obligor. 

 

	20.9	[Intentionally blank] 

  

	21	Financial covenants 

  

	21.1	Financial definitions 

 In this clause 21 and in this Agreement: 

Borrowings means, at any time, the outstanding principal, capital or nominal amount for or in respect of Indebtedness for Borrowed Money

 EBIT means, in respect of any period, the consolidated net income of the Group for such period: 

  
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	 	(a)	before any deduction of corporation tax or other taxes on income or gains 

  

	 	(b)	before any deduction for interest expense (as shown in the relevant accounts) 

  

	 	(c)	before any inclusion of interest income (as shown in the relevant accounts) 

  

	 	(d)	excluding extraordinary or exceptional items of a non-recurring nature including: 

  

	 	(i)	Restructuring Charges, costs and fees incurred in connection with any acquisition (but not consideration paid or payable in respect of such acquisition) and the Jazz Acquisition Costs (but not consideration paid or
payable in respect of the Jazz Acquisition) 

  

	 	(ii)	adjustments to compensate for the impact of U.S. GAAP acquisition accounting policies and 

  

	 	(iii)	gains or losses on any foreign exchange or derivative instrument (other than those accounted for on a hedge accounting basis) other than the cash impact on closing out the relevant instrument, 

provided that the maximum amount of extraordinary or exceptional items referred to in paragraph (i) of this paragraph (d) which may
be excluded under this paragraph (d) in respect of any financial year of the Parent shall not exceed $30,000,000 or its equivalent in aggregate 
  

	 	(e)	after deducting (to the extent otherwise included) the amount of net income (or adding back the loss) of any member of the Group (other than the Parent) which is attributable to any third party (not being a member of
the Group) which is a shareholder in such member of the Group 

  

	 	(f)	after deducting (to the extent otherwise included) any gain over book value arising in favour of a member of the Group on the disposal of any asset (not being any disposals made in the ordinary course of trading) during
such period and any gain arising on any revaluation of any asset during such period 

  

	 	(g)	after adding back (to the extent otherwise deducted) any loss against book value incurred by a member of the Group on the disposal of any asset (not being any disposals made in the ordinary course of trading) during
such period and any loss on any revaluation of any asset during such period and 

  

	 	(h)	after substituting pension income statement charges/(credits) for current service costs in accordance with U.S. GAAP as in force at the date of this Agreement. 

EBITDA means, in respect of any period, EBIT for such period adding back (to the extent deducted in calculating EBIT) depreciation and
amortisation of tangible and intangible assets 
 Interest means interest and amounts in the nature of interest paid or payable in
respect of any Indebtedness for Borrowed Money of any member of the Group excluding any interest paid or payable on Indebtedness for Borrowed Money between any member of the Group and any other member of the Group but including, without limitation:

  

	 	(a)	the interest element of capital leases 

  

	 	(b)	discount and acceptance fees payable (or deducted) in respect of any Indebtedness for Borrowed Money 

  
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	 	(c)	fees payable in connection with the issue or maintenance of any bond, letter of credit, guarantee or other assurance against financial loss which constitutes Indebtedness for Borrowed Money and is issued by a third
party on behalf of a member of the Group (for the avoidance of doubt, this does not include any payment or amortisation of arrangement fees or other up-front fees payable under or in connection with this
Agreement or any Fee Letter) 

  

	 	(d)	repayment and prepayment penalties or premiums payable or incurred in repaying or prepaying any Indebtedness for Borrowed Money and 

  

	 	(e)	commitment, utilisation and non-utilisation fees payable or incurred in respect of Indebtedness for Borrowed Money 

Interest Payable means, in respect of any period, the aggregate of: 

 

	 	(a)	Interest accrued (whether or not paid or capitalised) during that period and 

  

	 	(b)	the amount of the discount element of any Indebtedness for Borrowed Money amortised during such period 

in each case, as an obligation of any member of the Group during that period and calculated on the basis that: 

 

	 	(i)	the amount of Interest accrued will be increased by an amount equal to any amount payable by members of the Group under hedging agreements in relation to that period and 

 

	 	(ii)	the amount of Interest accrued will be reduced by an amount equal to any amount payable to members of the Group under hedging agreements in relation to that period 

Interest Receivable means, in respect of any period, the amount of interest (which for this purpose shall include all interest and
amounts in the nature of interest, including (without limitation) amounts of the type described in paragraphs (a) to (e) (inclusive) of the definition of “Interest” above) accrued due (whether or not received) to members of the Group
(other than by other members of the Group) during such period 
 Net Interest means, in respect of any period, the amount of Interest
Payable during that period less the amount of Interest Receivable during that period 
 Quarter Date means each of 31 March,
30 June, 30 September and 31 December 
 Relevant Period means each period of 12 months ending on the last day of each
Quarter Date 
 Total Net Debt means, at any time, the aggregate outstanding principal or capital amount of all Indebtedness for
Borrowed Money of the Group calculated on a consolidated basis, but, for the avoidance of doubt, (1) excluding any Indebtedness for Borrowed Money between any member of the Group and any other member of the Group and (2) excluding
Indebtedness for Borrowed Money incurred under any Finance Document in respect of any guarantee or documentary letter of credit issued by a bank or financial institution and (3) subtracting the aggregate amount of cash at hand and at bank and
Cash Equivalents of the Group at such time provided that: 

  
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	 	(a)	in the case of capital leases referred to in the definition of Financial Indebtedness, only the capitalised value of any items falling thereunder as determined in accordance with Approved Accounting Principles shall be
included and 

  

	 	(b)	in the case of guarantees referred to in the definition of Financial Indebtedness, any items falling thereunder shall not be included to the extent relating to indebtedness of another member of the Group already
included in this calculation. 

  

	21.2	Financial condition  

 The Parent shall ensure that: 

 

	 	(a)	Leverage: The ratio of Total Net Debt on the last day of each Relevant Period ending on each Quarter Date to EBITDA for the Relevant Period ending on each such Quarter Date (subject to clause 21.3) shall not be
greater than 3.0:1.0; and 

  

	 	(b)	Interest Cover: The ratio of EBITDA to Net Interest in respect of each Relevant Period shall not be less than 4.0:1.0. 

  

	21.3	Financial testing  

  

	 	(a)	The financial covenants set out in clause 21.2 shall be tested by reference to each of the financial statements delivered pursuant to clause 20.1 (Financial statements) and/or each Compliance Certificate delivered
pursuant to clause 20.2 (Compliance Certificate). 

  

	 	(b)	For the purpose of testing the ratio set out in clause 21.2(a), EBITDA for a Relevant Period shall also: 

  

	 	(i)	(where an acquisition of any business or shares permitted pursuant to clause 22.16 (Acquisitions and investments) and clause 22.15(c) (Joint Ventures and Minority Investments) (Relevant Permitted Acquisition) has
been made on a date (Acquisition Date) during that Relevant Period) have added to it an amount representing the Parent’s good faith estimate (as certified to the Agent by Management together with reasonable supporting evidence and
calculations) of the EBITDA contribution of the shares or business comprising the Relevant Permitted Acquisition for the period from the start of that Relevant Period to the Acquisition Date but only to the extent that such amount would be included
in the consolidated profit and loss statement of the Group and for this purpose, the definitions of EBIT and EBITDA in clause 21.1 shall be applied, mutatis mutandis, to the company(ies) or business comprising the Relevant Permitted Acquisition;
and/or 

  

	 	(ii)	(where a disposal of all or substantially all of the shares or all or substantially all of the assets of a member of the Group (Relevant Disposal) has been made by a member of the Group on a date (Disposal
Date) during that Relevant Period) have deducted from it an amount representing the Parent’s good faith estimate (as certified to the Agent by the Management together with reasonable supporting evidence and calculations) of EBITDA
attributable to the company(ies) or business comprising the Relevant Disposal for the period from the start of that Relevant Period to the Disposal Date and for this purpose the definitions of EBIT and EBITDA in clause 21.1 shall be applied, mutatis
mutandis, to the company(ies) or business comprising the Relevant Disposal. 

  
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	22	General undertakings 

 The undertakings in this clause 22 remain in force from the date
of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force. 
  

	22.1	Authorisations 

 Each Obligor shall promptly: 

 

	 	(a)	obtain, comply with and do all that is necessary to maintain in full force and effect; and 

  

	 	(b)	supply certified copies to the Agent of, 

 any Authorisation required under any law or
regulation of its jurisdiction of incorporation to enable it to perform its obligations under the Transaction Documents and to ensure the legality, validity, (subject to the Legal Reservations) enforceability or admissibility in evidence in its
jurisdiction of incorporation of any Transaction Document. 
  

	22.2	Compliance with laws  

 Each Obligor shall comply in all respects with all: 

 

	 	(a)	laws to which it may be subject, if failure so to comply would materially impair its ability to perform its obligations under the Finance Documents; and 

 

	 	(b)	Sanctions. 

  

	22.3	Negative pledge 

  

	 	(a)	No Obligor shall (and each Obligor shall ensure that none of its Subsidiaries will) create or permit to subsist any Security over any of its assets. 

 

	 	(b)	No Obligor shall (and each Obligor shall ensure that none of its Subsidiaries will): 

  

	 	(i)	sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by an Obligor or any other member of the Group;

  

	 	(ii)	sell, transfer or otherwise dispose of any of its receivables on recourse terms; 

  

	 	(iii)	enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or 

 

	 	(iv)	enter into any other preferential arrangement having a similar effect, 

 in circumstances where
the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset. 
  

	 	(c)	Paragraphs (a) and (b) above do not apply to: 

  

	 	(i)	liens arising solely by operation of law and in the ordinary course of trading; 

  

	 	(ii)	rights of set-off existing in the ordinary course of trading activities between any member of the Group and its respective suppliers or customers; 

  
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	 	(iii)	rights of set-off arising by operation of law or by contract by virtue of the provision to any member of the Group of clearing bank facilities, cash pooling facilities, overdraft
facilities or hedging facilities permitted under this Agreement; 

  

	 	(iv)	any retention of title to goods supplied to any member of the Group where such retention is required by the supplier in the ordinary course of its trading activities and on its standard terms and the goods in question
are supplied on credit; 

  

	 	(v)	any Permitted Transaction; 

  

	 	(vi)	[intentionally blank;] 

  

	 	(vii)	[intentionally blank;] or 

  

	 	(viii)	Security or Quasi Security existing at the time of acquisition on or over any asset acquired by it after the date of this Agreement or, in the case of a person which becomes a member of the Group after the date of this
Agreement, any Security or Quasi Security existing on or over its assets when it became a member of the Group, in each case, if: 

  

	 	(A)	such Security or Quasi Security was not created in contemplation of or in connection with that acquisition or, as the case may be, it becoming a member of the Group; 

 

	 	(B)	the principal amount secured has not been increased in contemplation of or in connection with that acquisition or, as the case may be, it becoming a member of the Group; and 

 

	 	(C)	such Security or Quasi Security is removed or discharged within six months of the date of such acquisition or, as the case may be, the date on which such person becomes a member of the Group; 

 

	 	(ix)	[intentionally blank;] 

  

	 	(x)	inchoate Security for taxes, assessments or governmental charges or levies not yet due and payable and Security for taxes, assessments or governmental charges or levies, which are being contested in good faith by
appropriate proceedings for which adequate reserves have been established in accordance with U.S. GAAP, which proceedings (or orders entered in connection with such proceedings) have the effect of preventing the forfeiture or sale of the assets
subject to any such Security; 

  

	 	(xi)	Security imposed by any court pursuant to a judgment or award not resulting in an Event of Default and in respect of which the relevant Group Company shall in good faith be initiating an appeal or proceedings for review
in respect of which the court has granted a subsisting stay of execution pending such appeal or proceedings; 

  

	 	(xii)	 Security (A) imposed by law or deposits made in connection therewith in the ordinary course of business in
connection with workers’ compensation, unemployment insurance and other types of social security, (B) incurred in the ordinary course of business (or in the case of trade contracts in the

  
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	 	ordinary course of trading) to secure the performance of tenders, statutory obligations (other than excise taxes), surety, stay, customs and appeal bonds, statutory bonds, bids, leases, government contracts, trade
contracts, performance and return of money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money) or (C) arising by virtue of deposits made in the ordinary course of business to secure liability for
premiums to insurance carriers; provided that (I) with respect to paragraphs (A), (B) and (C) hereof, such Security is for amounts not yet due and payable or, to the extent such amounts are so due and payable, such amounts are being
contested in good faith by appropriate proceedings for which adequate reserves have been established in accordance with U.S. GAAP, which proceedings for orders entered in connection with such proceedings have the effect of preventing the forfeiture
or sale of the property or assets subject to any such Security, and (II) to the extent such Security is not imposed by law, such Security shall in no event encumber any property other than cash and Cash Equivalents which have been deposited
with such security holder or has otherwise been subordinated to the Security securing the Secured Obligations hereunder pursuant to a landlord security waiver and access agreement; 

 

	 	(xiii)	Security in favour of customs and revenues authorities which secure payment of customs duties in connection with the importation of goods to the extent required by law; 

 

	 	(xiv)	any Permitted Factoring and Sale and Leaseback; or 

  

	 	(xv)	any Security or Quasi Security securing indebtedness the principal amount of which (when aggregated with the principal amount of any other indebtedness which has the benefit of Security or Quasi Security given by any
member of the Group other than any permitted under paragraphs (i) to (xiii) above) does not exceed $20,000,000 (or its equivalent in another currency or currencies) at any time. 

 

	22.4	Disposals 

  

	 	(a)	No Obligor shall (and each Obligor shall ensure that none of its Subsidiaries will), enter into a single transaction or a series of transactions (whether related or not) and whether voluntary or involuntary to sell,
lease, transfer or otherwise dispose of any asset. 

  

	 	(b)	Paragraph (a) above does not apply to any sale, lease, transfer or other disposal: 

  

	 	(i)	of assets (other than the Key Properties, shares in any Obligor or the Spanish Shares) made in the ordinary course of trading of the disposing entity; 

 

	 	(ii)	of assets (other than the Key Properties, shares in any Obligor or the Spanish Shares) in exchange for other assets comparable or superior as to type and quality; 

 

	 	(iii)	of assets (other than Key Properties, shares in any Obligor or the Spanish Shares) which are obsolete for the purpose for which such assets are normally utilised or which are no longer required for the purpose of the
Business; 

  
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	 	(iv)	which is a Permitted Transaction (other than in respect of the Spanish Shares); 

  

	 	(v)	[intentionally blank;] 

  

	 	(vi)	[intentionally blank;] 

  

	 	(vii)	[intentionally blank;] 

  

	 	(viii)	of assets (other than Key Properties, shares in any Obligor or the Spanish Shares) where the net disposal proceeds of such assets are reinvested (by the member of the Group making such a disposal) in other assets of a
similar nature and value; 

  

	 	(ix)	leases of assets (including real estate) which are not (in the reasonable opinion of the member of the Group granting such lease) required for the efficient running of its business on arm’s length terms to third
parties and the term of such lease is not more than six years (or if it is more than six years is capable of being terminated at the option of the lessor at least every six years during its term); 

 

	 	(x)	to which the Majority Lenders have given their prior written consent; 

  

	 	(xi)	[intentionally blank;] 

  

	 	(xii)	[intentionally blank;] 

  

	 	(xiii)	of assets (other than Key Properties, shares in any Obligor or the Spanish Shares) to Joint Ventures or Minority Investments to the extent permitted pursuant to 22.15(c); 

 

	 	(xiv)	of receivables disposed of in connection with a Permitted Factoring and Sale and Leaseback; or 

  

	 	(xv)	of assets (other than Key Properties, shares in any Obligor or the Spanish Shares) where the aggregate fair market value of the assets so sold, leased, transferred or otherwise disposed of by members of the Group (which
are not permitted to be disposed of pursuant to paragraphs (i) to (viii) above) in any financial year of the Parent does not exceed $40,000,000 (or its equivalent in other currencies). 

 

	 	(c)	Any asset disposed of from a member of the Group which is not an Obligor to any other member of the Group which is subject to fixed Security under a Security Document at the time of disposal shall be subject to
equivalent fixed Security under a Security Document following disposal and the relevant Obligor will take all steps (if any) necessary to create, perfect or register such Security and will deliver to the Agent such evidence as the Agent shall
reasonably require of due execution of the relevant Security Document together with a legal opinion satisfactory to the Agent (acting reasonably). 

  

	22.5	Merger 

  

	 	(a)	No Obligor shall (and each Obligor shall ensure that none of the Subsidiaries will) enter into any amalgamation, demerger, merger or corporate reconstruction. 

  
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	 	(b)	Clause 22.5(a) does not apply to any Permitted Disposal, any Permitted Acquisition, any Permitted Transaction under paragraphs (b) to (e) of that definition or any amalgamation, demerger, merger or corporate
reconstruction to which all the Lenders have given their prior written consent. 

  

	22.6	Change of business 

 Save for any Permitted Disposal any Permitted Acquisition or any
Permitted Transaction, the Parent shall procure that no substantial change is made to the general nature of the business of the Group taken as a whole from that carried on at the date of this Agreement. 

 

	22.7	Insurance 

 The Parent will ensure that insurances in respect of all the material assets
and material business and material potential liabilities of an insurable nature of the Group as a whole, in each case in a manner and to an extent considered by the Group to be reasonably prudent, are effected and thereafter maintained with
reputable insurers of good standing. Such insurances must: 
  

	 	(a)	provide cover against all risks which are normally insured against by other companies owning or possessing similar assets or carrying on similar business as the Group as a whole; and 

 

	 	(b)	be in such amounts as would in the circumstances be reasonably prudent for the Group as a whole taking into account the size and nature of the business carried on, and the assets owned, by the Group as a whole and the
jurisdictions in which such businesses are carried on and such assets located. 

  

	22.8	[Intentionally blank] 

  

	22.9	Hedging Arrangements 

  

	 	(a)	Each Obligor will ensure, and each Hedging Bank agrees, that: 

  

	 	(i)	any Hedging Agreement to which it is at any time party will be in the form of the ISDA 1992 Master Agreement or the ISDA 2002 Master Agreement, as the case may be, and will, in the case of the ISDA 1992 Master Agreement
only, provide for Second Method (that is, two way payments) in the event of a termination of any hedging transaction entered into under such Hedging Agreement whether upon a Termination Event or an Event of Default (as defined therein); and

  

	 	(ii)	each Hedging Agreement (and any amendment to any Hedging Agreement) shall be delivered to the Agent as soon as reasonably practicable after it has been entered into. 

 

	 	(b)	Each Hedging Bank undertakes that it will not (unless the Majority Creditors have otherwise consented in writing) demand (other than as may be necessary in order to exercise any right to terminate or close out any
hedging transaction as provided in and permitted under (c) below) payment, prepayment or repayment of, or any distribution in respect of, or on account of, any of the obligations of the relevant Obligor to it under any Hedging Agreement to
which it is party in cash or in kind except: 

  
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	 	(i)	for payments arising under the terms of any Hedging Agreement to which it is party; 

  

	 	(ii)	for the proceeds of enforcement of the Security Documents received and applied in the order permitted by clause 29.12 (Application of Proceeds by Security Agent); and/or 

 

	 	(iii)	payments due under any Hedging Agreement to which it is a party which has been terminated or closed-out by the relevant Obligor or by the relevant Hedging Bank (and if by the
relevant Hedging Bank such termination or close out is permitted under clause 22.9(d)). 

  

	 	(c)	Each Hedging Bank agrees that if any hedging transaction under any Hedging Agreement to which any Obligor is a party is terminated and a settlement amount or other amount falls due from a Hedging Bank to any Obligor
then, if any of the Transaction Security has become enforceable, that amount shall be paid by such Hedging Bank to the Security Agent and treated as proceeds of enforcement of the Transaction Security for application in the order prescribed by
clause 29.12 (Application of Proceeds by Security Agent). 

  

	 	(d)	Each Hedging Bank undertakes that it will not (unless the Majority Creditors have otherwise consented in writing) exercise any right to terminate or close out any hedging transaction under any Hedging Agreements to
which it is party prior to its stated maturity (whether by reason of the Obligor counterparty becoming a Defaulting Party or Affected Party thereunder (each as defined therein) or otherwise) unless: 

 

	 	(i)	such Obligor has defaulted on a payment due under such Hedging Agreement, after allowing for any required notice and any applicable days of grace, and such default continues for more than 14 days after notice of such
default being given to the Agent; 

  

	 	(ii)	an Illegality, a Tax Event or a Tax Event upon Merger (each as defined in the ISDA 1992 Master Agreement or the ISDA 2002 Master Agreement, as the case may be) has occurred; 

 

	 	(iii)	the Agent has served a notice under clause 23.18 (Acceleration); 

  

	 	(iv)	an Event of Default under clauses 23.6 (Insolvency) or 23.7 (Insolvency proceedings) of this Agreement (as in force at the date of this Agreement) has occurred; 

 

	 	(v)	all Loans have been prepaid or repaid in full and the Lenders are no longer under any obligation to participate in further Loans; 

  

	 	(vi)	there is a prepayment pursuant to clause 8 (Prepayment and cancellation); provided that the Hedging Bank may only exercise its right to terminate or close out that element of the hedging transaction (if any) which
corresponds to the amount so prepaid; or 

  

	 	(vii)	the parties to the Hedging Agreement have voluntarily agreed to close out any hedging transaction in that Hedging Agreement. 

  

	 	(e)	Each Hedging Bank will, promptly after the Agent has served a notice under clause 23.18 (Acceleration), exercise any and all rights it may have to terminate the hedging transactions under each Hedging Agreement to which
it is party, unless the Agent (acting on the instructions of the Majority Creditors) otherwise agrees or requires. 

  
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	 	(f)	Each Hedging Bank agrees that (unless the Majority Creditors have otherwise agreed in writing) it will not enforce any Transaction Security or require any other person to enforce the same in respect of amounts owing
under any Hedging Agreement to which it is party. 

  

	 	(g)	The provisions of this clause 22.9 shall cease to apply after the Loans have been prepaid or repaid in full and the Lenders are under no obligation to participate in further Loans. 

 

	22.10	Indebtedness 

 No Obligor will, and each Obligor will procure that none of its
Subsidiaries will, incur or agree to incur or permit to subsist any Financial Indebtedness other than Permitted Indebtedness or a Permitted Transaction. For this purpose, Permitted Indebtedness means: 

 

	 	(a)	Financial Indebtedness incurred under unsecured settlement facilities (including, without limitation, electronic banking systems, international payments, daylight exposure and UK three day settlement facilities) entered
into by any member of the Group in the ordinary course of its business to enable it to effect its payment obligations; 

  

	 	(b)	Financial Indebtedness incurred under the Bilateral Facilities provided that the aggregate amount of Bilateral Outstandings (but excluding for these purposes liabilities incurred or outstanding under hedging facilities)
does not at any time exceed $50,000,000 (or its equivalent in other currencies); 

  

	 	(c)	Financial Indebtedness to the extent it is applied immediately following being incurred in repayment and cancellation of Financial Indebtedness outstanding and then only to the extent that such Financial Indebtedness
does not exceed such outstanding Financial Indebtedness to which it is being applied in repayment thereof; 

  

	 	(d)	Financial Indebtedness arising under finance leases and other asset finance arrangements where the aggregate principal or capital amount outstanding does not at any time exceed $30,000,000 (or its equivalent in other
currencies), provided always that operating leases, irrespective of their accounting treatment now or in the future, shall not constitute finance leases or any other asset finance arrangements; 

 

	 	(e)	Financial Indebtedness permitted by clause 22.14 (Permitted Hedging Transactions); and 

  

	 	(f)	any Financial Indebtedness not falling within paragraphs (a) to (d) above, the aggregate principal amount of which for the Group taken as a whole does not at any time exceed $60,000,000 (or its equivalent in other
currencies). For the purpose of determining whether the monetary limit in this paragraph (f) has been exceeded any guarantee, indemnity or counter-indemnity obligation in respect of Financial Indebtedness falling within this paragraph
(f) shall not be double-counted. 

  
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	22.11	[Intentionally blank] 

  

	22.12	Loans 

 No Obligor will and each Obligor will procure that none of its Subsidiaries will,
make or agree to make or permit to be outstanding any loans or grant or agree to grant any credit other than: 
  

	 	(a)	credit arising in the ordinary course of its trading activities; 

  

	 	(b)	loans made or credit given by an Obligor to any other Obligor or by a member of the Group which is not an Obligor to another member of the Group which is not an Obligor; 

 

	 	(c)	loans made or credit given by an Obligor to any Group Company (other than an Obligor) which is a direct or indirect wholly owned Subsidiary of the Parent; 

 

	 	(d)	loans made or credit given by a member of the Group which is not an Obligor which is a direct or indirect wholly owned Subsidiary to a Group Company which is a direct or indirect wholly owned Subsidiary of the Parent;

  

	 	(e)	loans made or credit given by a member of the Group which is not an Obligor to any Obligor which is a direct or indirect wholly owned Subsidiary of the Parent; 

 

	 	(f)	loans made or credit given by an Obligor to a Non-Wholly Owned Subsidiary of such Obligor to the extent that such loans or credit do not cause the limit at clause 22.16 for the
relevant financial year to be exceeded; 

  

	 	(g)	loans made or credit given pursuant to any cash pooling arrangements entered into by any Group Company in the ordinary course of its day to day banking arrangements; 

 

	 	(h)	any loan or credit to which the Majority Lenders have given their prior written consent; 

  

	 	(i)	loans made to Joint Ventures or Minority Investments to the extent permitted pursuant to clause 22.15(c); 

  

	 	(j)	any loans made to employees or directors in the ordinary course of business or in connection with any employee share scheme or incentive plan provided that the aggregate principal amount of all such loans and credit
permitted pursuant to this paragraph (j) does not at any time exceed $10,000,000 (or its equivalent in other currencies); 

  

	 	(k)	[intentionally blank]; or 

  

	 	(l)	loans made or credit given by an Obligor to any Group Company (other than an Obligor) not falling within paragraphs (a) to (j) above (inclusive), where the aggregate principal amount does not exceed $30,000,000 (or
its equivalent in other currencies) in any financial year of the Parent. 

  

	22.13	[Intentionally blank] 

  

	22.14	Permitted Hedging Transactions 

 No Obligor will, and each Obligor will procure that none
of its Subsidiaries will, enter into any interest rate swap, cap, ceiling, collar or floor or any currency swap, futures, foreign exchange or commodity contract or option other than: 

  
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	 	(a)	the Existing Hedging Agreements; or 

  

	 	(b)	for hedging interest rate, currency or commodity exposure entered into by a member of the Group in the ordinary course of its business (and not for speculative purposes). 

 

	22.15	Joint Ventures and Minority Investments 

 No Obligor will, and each Obligor will procure
that none of its Subsidiaries will, (except with the prior written consent of the Majority Lenders), enter into or permit to subsist any Joint Venture or Minority Investment other than: 

 

	 	(a)	any Joint Venture or Minority Investment subsisting at the date of this Agreement; 

  

	 	(b)	commercial contracts entered into in the ordinary course of trading not involving the acquisition of shares or similar investments or interests in partnerships; or 

 

	 	(c)	the acquisition of shares, stocks, securities or other interests in any Joint Venture or Minority Investment or the transfer of assets and/or the making of loans to a Joint Venture or Minority Investment or the giving
of guarantees in respect of the obligations of a Joint Venture or Minority Investment, the aggregate amount of which does not exceed $50,000,000 in any financial year of the Parent and to the extent such investment does not cause the limit at clause
22.16 for the relevant financial year to be exceeded. 

  

	22.16	Acquisitions and investments 

  

	 	(a)	No Obligor will, and each Obligor shall procure that none of its Subsidiaries will acquire any business or acquire any Subsidiary or the whole or substantially the whole of the assets of any other person or enter into
any agreement so to do. 

  

	 	(b)	Paragraph (a) will not apply to: 

  

	 	(i)	acquisitions by a member of the Group of any shares or partnership interests in entities which are at the date of this Agreement (and which at the relevant time remain) its Subsidiaries or in any Subsidiary formed after
the date of this Agreement; 

  

	 	(ii)	any investment in Joint Ventures or Minority Investments which are at the date of this Agreement (and which at the relevant time remain) its Joint Venture or Minority Investment provided that such investment is on
arm’s length terms or is made under the terms of any agreement in existence on the date of this Agreement; 

  

	 	(iii)	any acquisition by a member of the Group pursuant to a disposal permitted under clause 22.4(b)(iii) and any acquisition from net disposal proceeds as contemplated by clause 22.4(b)(ix); 

 

	 	(iv)	a Permitted Transaction; 

  

	 	(v)	(to the extent permitted by 22.15(c)) an investment in a Joint Venture or Minority Investment; 

  

	 	(vi)	[intentionally blank]; 

  

	 	(vii)	[intentionally blank]; 

  
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	 	(viii)	on and from the Jazz Closing Date, the Jazz Acquisition; and 

  

	 	(ix)	any other acquisition of any business, assets or shares where such acquisition satisfies the following criteria: 

  

	 	(A)	if it is an acquisition of a business or assets (other than shares), such business (or the business for which such assets are to be used) is similar to or connected with (or related to the development of) the Business;

  

	 	(B)	if it is an acquisition of shares, such shares are in a limited liability company which will, upon such acquisition, become a Subsidiary of the Parent; 

 

	 	(C)	the business, assets or shares being acquired have generated positive earnings before interest tax, depreciation and amortisation for a period of 12 months before the acquisition is due to become effective;

  

	 	(D)	the total consideration (both cash and non-cash, including the amount of indebtedness assumed by the purchaser or any other member of the Group, the amount of indebtedness
remaining in the assets acquired and the amount of any deferred purchase price) for such acquisition does not exceed in any financial year $60,000,000 (or its equivalent in other currencies) in relation to an acquisition entered into at any time on
or after 1 January 2017; 

  

	 	(E)	the total consideration (both cash and non-cash, including the amount of indebtedness assumed by the purchaser or any other member of the Group, the amount of indebtedness
remaining in the assets acquired and the amount of any deferred purchase price) when aggregated with (i) all acquisitions which have been made pursuant to this clause 22.16(b)(ix); (ii) the amount of loans or credit given pursuant to clause
22.12(e), and (iii) the amount of investments in Joint Ventures or Minority Investments made pursuant to clause 22.15(c) in each case in the financial year in which such acquisition or investment is proposed to be made starting with the
Financial Year commencing 1 January 2017, does not exceed in any financial year $75,000,000 (or its equivalent in other currencies); and 

  

	 	(F)	at the time of such acquisition no Event of Default is continuing or would occur as a result of such acquisition. 

  

	22.17	Environmental undertakings 

 Each Obligor will, and will procure that each of its
Subsidiaries will: 
  

	 	(a)	comply with the terms and conditions of all Environmental Approvals and all Environmental Laws applicable to it where failure so to do would have or be reasonably likely to have a Material Adverse Effect and will
implement reasonable procedures to monitor compliance with and contain liability under any Environmental Laws or related to any Hazardous Substances; 

  
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	 	(b)	promptly upon receipt of the same after the date of this Agreement, notify the Agent of any claim, notice or other communication served on it in respect of or if it becomes aware of: 

 

	 	(i)	any suspension, revocation or material variation of any Environmental Approval applicable to it (save where such suspension or revocation arises by reason of and is immediately followed by the issue of an Environmental
Approval in substantially the same terms) which would have or be reasonably likely to have a Material Adverse Effect; 

  

	 	(ii)	any breach of any Environmental Laws by a member of the Group which has or is reasonably likely to have a Material Adverse Effect; 

  

	 	(iii)	any material unbudgeted investment by a member of the Group required to maintain, acquire or renew any Environmental Approval; or 

  

	 	(iv)	the issue of any enforcement or prohibition or similar notice by a regulatory authority or receipt by any member of the Group of any complaint, demand, civil claim or enforcement proceeding which has or is reasonably
likely to have a Material Adverse Effect; and 

  

	 	(c)	use all reasonable endeavours to prevent any acts, omissions, events, state of facts or circumstances occurring or being exacerbated which could result in any third party taking any action or making any claim against
any member of the Group under any Environmental Laws or related to any Hazardous Substance where any such action or claim could reasonably be expected to have a Material Adverse Effect. 

 

	22.18	Guarantors and security 

  

	 	(a)	The Parent shall ensure that (taking into account clause 22.18(e)), any member of the Group which is not a Guarantor which is or becomes a Material Group Company (other than Novoktan GmbH and subject to clause 22.18(j)
below, Innospec Deutschland GmbH) shall, as soon as reasonably practicable but in any event within three Months after becoming a Material Group Company, become an Additional Guarantor in accordance with clause 25.4 (Additional Guarantors).

  

	 	(b)	The Parent shall ensure that (taking into account clause 22.18(e)) at all times the aggregate (without double counting) of (i) EBITDA of the Guarantors (Guarantor EBITDA) and (ii) gross assets of the
Guarantors (determined in each case by reference to the most recent annual unconsolidated financial statements of each of the Guarantors delivered pursuant to clause 20.1 (Financial statements), shall equal or exceed 65% of (as appropriate) (A)
consolidated EBITDA and (B) consolidated gross assets (as applicable) of the Group (as determined by reference to the most recent annual consolidated financial statements of the Parent delivered pursuant to clause 20.1 (Financial statements)).

  

	 	(c)	Within 120 days after the last day of each of its financial years the Parent shall deliver to the Agent a certificate addressed to the Agent signed by the Chief Financial Officer and one member of Management confirming
that the Parent is in compliance with paragraph (b) above in relation to the financial year of the Parent ending immediately prior to the delivery of such certificate. 

 

	 	(d)	 For these purposes, the calculation of Guarantor EBITDA and gross assets shall be made in accordance with U.S.
GAAP and in relation to any Guarantor shall be made 

  
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	 	on an unconsolidated basis and Guarantor EBITDA shall be calculated on the same basis as EBITDA in clause 21.1 (Financial definitions) but adjusted so that it is on an unconsolidated basis applicable to the
relevant Guarantor only. 

  

	 	(e)	The Parent shall not be required to meet any of the requirements of clauses 22.18(a), 22.18(b), 22.18(c) or 22.18(g) to the extent that it satisfies the Agent (acting reasonably) that it (or a relevant Subsidiary which
would otherwise meet such requirements) cannot meet such requirements: 

  

	 	(i)	by reason of legal or regulatory impediment which are beyond its or any member of the Group’s control (acting reasonably) (including, but not limited to, prohibitions relating to financial assistance or lack of
corporate benefit); 

  

	 	(ii)	without becoming liable to pay taxes, duties or other amounts which, in the opinion of the Agent (on Majority Lenders’ instructions, acting reasonably), are disproportionate to the value or practical benefit of the
Security or guarantee; 

  

	 	(iii)	because directors of the relevant Subsidiary would be subject to (A) a material risk of civil liability or (B) a reasonably possible risk of any criminal liability based on the advice of its legal counsel if
such Subsidiary was to provide a guarantee and/or Security for the Facilities; or 

  

	 	(iv)	in the case of any Non Wholly Owned Subsidiary, by reason of any applicable restriction contained in any relevant constitutional document, shareholders’ agreement, joint venture agreement or similar agreement.

  

	 	(f)	[Intentionally blank;] 

  

	 	(g)	If required by the Agent (and to the extent permitted under applicable law), each entity which is to become an Additional Obligor shall enter into Security Documents(s) in favour of the Security Agent for the benefit of
the Finance Parties (or, if applicable, directly in favour of the Finance Parties) over all its assets, business and undertaking as Security for all indebtedness under the Finance Documents, such Security to provide (to the extent permissible and
practicable under applicable law) equivalent security over such assets, business and undertaking (together Relevant Assets) as granted to the Security Agent (or, as applicable, the Finance Parties) by Group Companies with similar Relevant Assets
incorporated in the same jurisdiction as such Additional Obligor and, if such Additional Obligor is incorporated in a jurisdiction in which no other Group Company incorporated in that jurisdiction with similar Relevant Assets has granted Security.
The Security Documents shall be in such form and substance as (following consultation with the Obligors’ Agent) may be reasonably required by the Agent (having due regard to the practicality and costs involved in taking any such Security).

  

	 	(h)	Notwithstanding the provisions of paragraph (g) above, if a proposed Additional Obligor is required to become an Additional Guarantor as a result of the provisions of paragraph (a) above and without such
Additional Obligor providing Transaction Security other Guarantors which together satisfy the requirements of paragraph (b) above have all provided Transaction Security in accordance with the provisions of this Agreement (which Transaction
Security continues to remain in place) then such proposed Additional Obligor shall not be required to give any Transaction Security. 

  
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	 	(i)	No member of the Group that is not a U.S. Obligor shall, notwithstanding any provision to the contrary in any Finance Document, be required to give a guarantee or create any Transaction Security in respect of the
obligations of any U.S. Borrower or U.S. Bilateral Borrower that would result in any “deemed dividend” to any U.S. Obligor or U.S. Bilateral Borrower pursuant to the Internal Revenue Code and the regulations promulgated and the judicial
and administrative decisions rendered under it. 

  

	 	(j)	If at any time: 

  

	 	(i)	the gross assets of Innospec Deutschland GmbH account for more than 7.5% of the consolidated gross assets of the Group; or 

  

	 	(ii)	the EBITDA of Innospec Deutschland GmbH (Innospec Deutschland EBITDA) accounts for more than 7.5% of the EBITDA of the Group, 

(and for this purpose the calculation of Innospec Deutschland EBITDA and gross assets, shall be calculated in accordance with paragraphs
(b)(i) to (D) of the definition of Material Group Company, save for references to Subsidiary EBITDA shall be construed as references to Innospec Deutschland EBITDA and references to Subsidiary shall be construed as references to Innospec
Deutschland GmbH and its Subsidiaries) then the Parent shall ensure, as soon as reasonably practicable but in any event within three Months after Innospec Deutschland GmbH first satisfying either of the tests specified in paragraphs (i) or (ii)
above, Innospec Deutschland GmbH accedes to this Agreement as an Additional Guarantor in accordance with clause 25.4 (Additional Guarantors). 
  

	22.19	Pari passu ranking 

 Each Obligor will ensure that its payment
obligations under each of the Finance Documents rank and will at all times rank at least pari passu in right and priority of payment with all its other present and future unsecured and unsubordinated indebtedness (actual or contingent), except
indebtedness preferred solely by operation of law. 
  

	22.20	Accounting Reference Date  

  

	 	(a)	The Parent shall not change its accounting reference date from 31 December and shall not change the duration of any of its financial years unless the Majority Lenders have given their prior written consent to any
such change. 

  

	 	(b)	The Parent shall ensure that the financial year of each of its Subsidiaries shall be the same as its own (or in the case of a Subsidiary which is acquired on or after the Third Restatement Date, such Subsidiary changes
its financial year end to coincide with the Parent’s financial year end within three months of such acquisition). 

  

	22.21	Federal Reserve Regulations 

 The Obligors’ Agent shall procure that the Facilities
are used without violating Regulations T, U and X. 
  

	22.22	[Intentionally blank] 

  
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	22.23	Compliance with U.S. Regulations 

 No Obligor shall (and the Parent shall ensure that no
other member of the Group will) become an investment company or an affiliated person of or promoter or principal underwriter for an investment company, as such terms are defined in the Investment Company Act of
1940. Neither the making of the Loan, or the application of the proceeds or repayment of any Loan by any U.S. Group Member nor the consummation of the other transactions contemplated by this agreement will violate any provision of such act or any
rule, regulation or order of the SEC under the Investment Company Act of 1940. 
  

	22.24	Sanctions 

 No member of the Group may: 

 

	 	(a)	use, lend, contribute or otherwise make available any part of the proceeds of any Utilisation or other transaction contemplated by the Finance Documents directly or indirectly: 

 

	 	(i)	for the purpose of financing any trade, business or other activities involving, or for the benefit of, any Restricted Party; or 

  

	 	(ii)	in any other manner that would reasonably be expected to result in any person being in breach of any Sanctions or becoming a Restricted Party; 

 

	 	(b)	engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or breaches or attempts to breach, directly or indirectly, any Sanctions applicable to it; or 

 

	 	(c)	fund all or part of any payment in connection with a Transaction Document out of proceeds derived from business or transactions with a Restricted Party, or from any action which is in breach of any Sanctions.

  

	22.25	[Intentionally blank] 

  

	22.26	Anti-money laundering 

 At all times from the date of this Agreement throughout the term
of the Facilities, to the best knowledge of each Obligor (based upon reasonable inquiry by such Obligor), none of the funds of such Obligor that are used to pay the Facilities shall be derived from any unlawful activity. 

 

	22.27	Security 

 Each Obligor shall, at its own expense, take all such action and shall ensure
that each of its subsidiaries shall, at its own expense, take all such action: 
  

	 	(a)	as the Agent or the Security Agent may require (acting reasonably) for the purpose of perfecting or protecting the Finance Parties’ rights under and preserving the Security intended to be created or evidenced by
any of the Security Documents; and 

  

	 	(b)	(as the Agent or the Security Agent may require following the making of any declaration pursuant to clause 23.18 (Acceleration)) for facilitating the realisation of any such Security or any part thereof.

  

	22.28	[Intentionally blank] 

  
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	22.29	Compliance with Non-Qualifying Bank Rules 

 Each
Swiss Obligor shall at all times ensure that it complies with the Non-Qualifying Bank Rules. For purposes of compliance with the Non-Qualifying Bank Rules, the Parent
shall assume for the purposes of determining the total number of creditors which are not Qualifying Banks that at all times there are 10 (ten) Lenders that are not Qualifying Banks under this Agreement. 

 

	22.30	Conditions subsequent 

  

	 	(a)	The Parent shall procure, no later than 30 December 2016, the following evidence and documents are delivered to the Agent (in form and substance satisfactory to the Agent): 

 

	 	(i)	a certificate of the Parent (signed by a director or other appropriate signatory) confirming that: 

  

	 	(A)	Completion (as defined in the Jazz Acquisition Agreement) has taken place; 

  

	 	(B)	no Jazz Acquisition Document has been amended, varied, novated, supplemented, superseded, waived or terminated since the date it was entered into except with the prior written consent of the Agent; 

 

	 	(C)	the Parent is not aware of any breach of any warranty or any claim under the Jazz Acquisition Agreement; and 

  

	 	(D)	all the representations and warranties in clause 19 (Representations) are true in all material respects. 

  

	 	(ii)	a certificate from the Parent confirming that the Group is in compliance with clause 22.18(b) (Guarantors and security) as at the Jazz Closing Date and will be immediately following the Jazz Closing Date;

  

	 	(iii)	a certificate from the Parent attaching the Group Structure Chart showing the Group as at the Jazz Closing Date; 

  

	 	(iv)	written acknowledgement in the agreed form executed by the Jazz Vendor acknowledging the Transaction Security over the Jazz Acquisition Agreement; and 

 

	 	(v)	evidence of the discharge and release of all Financial Indebtedness, Security and guarantees in relation to the Jazz Target Group not permitted to remain outstanding under clause 22.3(c) of this Agreement.

  

	 	(b)	The Agent shall notify the Parent and the Lenders promptly upon being satisfied that it has received (in form and substance satisfactory to it) all the documents and other evidence required pursuant to clause 22.30(a).

  

	 	(c)	The Parent shall, as soon as reasonably practicable, and in any event by the date falling 12 Months after the Jazz Closing Date, notify the Agent in writing (Jazz Notification): 

 

	 	(i)	whether any members of the Jazz Target Group (if any) are Material Group Companies; and 

  
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	 	(ii)	if any, the name of each member of the Jazz Target Group which is a Material Group Company. 

  

	 	(d)	The Parent shall procure, as soon as reasonably practicable, and in any event by the date falling 3 Months after the date of the Jazz Notification, that each member of the Jazz Target Group which is a Material Group
Company accedes to this Agreement as an Additional Guarantor by: 

  

	 	(i)	the Parent and each such Material Group Company delivering to the Agent a duly completed and executed Accession Letter (in form and substance satisfactory to the Agent); and 

 

	 	(ii)	the Agent receiving from the Parent, all of the documents and other evidence listed in part 2 of schedule 2 (Conditions precedent) in respect of the accession of each such Material Group Company as an Additional
Guarantor, each in form and substance satisfactory to the Agent. 

  

	 	(e)	The Agent shall notify the Parent and the Lenders promptly upon being satisfied that it has received (in form and substance satisfactory to it) all the documents and other evidence required pursuant to clause 22.30(d)
in respect of the accession of each such Material Group Company as an Additional Guarantor. 

  

	22.31	Jazz Acquisition Documents 

  

	 	(a)	A member of the Group shall (and the Parent will procure that the relevant member of the Group will) promptly pay all amounts payable to the Jazz Vendor under the Jazz Acquisition Documents as and when they become due
(except to the extent that any such amounts are being contested in good faith by a member of the Group and where adequate reserves are set aside for any such payment). 

 

	 	(b)	A member of the Group shall, (and the Parent will procure that each relevant member of the Group will), take all reasonable and practical steps to preserve and enforce its rights (or the rights of any other member of
the Group) and pursue any claims and remedies arising under any Jazz Acquisition Documents. 

  

	22.32	People with Significant Control regime 

 Each Obligor shall (and the Parent shall ensure
that each other member of the Group will): 
  

	 	(a)	within the relevant timeframe, comply with any notice it receives pursuant to Part 21A of the Companies Act 2006 from any company incorporated in the United Kingdom whose shares are the subject of the Transaction
Security; and 

  

	 	(b)	promptly provide the Security Agent with a copy of that notice. 

  

	22.33	Payments 

 Each Obligor shall ensure that the amounts specified below are moved as
quickly as reasonably practicable through each account specified below: 
  

	 	(a)	$77,966,046.53 from the Parent (account number 050798375 and sort code BARCUS33) to Innospec Finance (account number 46392999 and sort code
20-51-01); 

  
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	 	(b)	$32.033,953.47 from the Parent (account number 050798375 and sort code BARCUS33) to Innospec International (account number 79148688 and sort code
20-51-01); 

  

	 	(c)	$32,033,953.47 from Innospec International (account number 79148688 and sort code 20-51-01) to Innospec Finance (account number 46392999
and sort code 20-51-01); 

  

	 	(d)	$60,000,000 from Innospec Finance (account number 46392999 and sort code 20-51-01) to Innospec Holdings Limited (account number 69107299
and sort code 20-51-01); 

  

	 	(e)	$140,000,000 from Innospec Finance (account number 46392999 and sort code 20-51-01) to Innospec Performance (account number 43260500 and
sort code 20-51-01); 

  

	 	(f)	$60,000,000 from Innospec Holdings Limited (account number 69107299 and sort code 20-51-01) to Innospec Performance (account number
43260500 and sort code 20-51-01); and 

  

	 	(g)	$200,000,000 from Innospec Performance (account number 43260500 and sort code 20-51-01) to the client account of Weil, Gotshal &
Manges (account number 10232877 and sort code 18-00-91). 

  

	23	Events of Default 

 Each of the events or circumstances set out in clause 23 is an Event
of Default (save for clause 23.18 (Acceleration) and clause 23.19 (U.S. Insolvency)). 
  

	23.1	Non-payment 

 An Obligor does not pay on the due
date any amount payable pursuant to a Finance Document at the place at and in the currency in which it is expressed to be payable unless the Agent is satisfied that such non-payment is due solely to
administrative or technical errors or delays in the transmission of funds and payment is made within three days of its due date. 
  

	23.2	Financial covenants 

 Any requirement of clause 21 (Financial covenants) is not
satisfied. 
  

	23.3	Other obligations 

  

	 	(a)	An Obligor does not comply with any provision of the Finance Documents (other than those referred to in clause 23.1 (Non-payment) and clause 23.2 (Financial covenants).

  

	 	(b)	Any requirement of clause 22.30 (Conditions subsequent) is not satisfied. 

  

	 	(c)	No Event of Default under clause 23.3(a) will occur if the failure to comply is capable of remedy and is remedied within 14 days of the earlier of the Agent giving notice to the Obligors’ Agent or the relevant
Obligor becoming aware of the failure to comply. 

  
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	23.4	Cross default 

  

	 	(a)	Any Financial Indebtedness of any member of the Group is not paid when due nor within any originally applicable grace period. 

  

	 	(b)	Any Financial Indebtedness of any member of the Group is validly declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described).

  

	 	(c)	Any commitment for any Financial Indebtedness of any member of the Group is validly cancelled or suspended by a creditor of any member of the Group as a result of an event of default (however described).

  

	 	(d)	Any creditor of any member of the Group becomes entitled to declare any Financial Indebtedness of any member of the Group due and payable prior to its specified maturity as a result of an event of default (however
described). 

  

	 	(e)	No Event of Default will occur under this clause 23.4 if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within paragraphs (a) to (d) above is less than $10,000,000
(or its equivalent in any other currency or currencies). 

  

	23.5	Misrepresentation 

  

	 	(a)	Any representation or statement made or deemed to be made by an Obligor in the Finance Documents or any other document delivered by or on behalf of any Obligor under or in connection with any Finance Document is or
proves to have been incorrect or misleading in any material respect when made or deemed to be made. 

  

	 	(b)	No Event of Default will occur under paragraph (a) above if the circumstances giving rise to the incorrect or misleading representation or statement are capable of remedy and are remedied within 14 days of the
earlier of the Agent giving notice to the Obligors’ Agent or the relevant Obligor being aware of those circumstances. 

  

	23.6	Insolvency 

  

	 	(a)	A member of the Group (other than a Dormant Company) is unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of actual or anticipated financial
difficulties, commences negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness. 

  

	 	(b)	The value of the assets of any Material Group Company is less than its liabilities (taking into account contingent and prospective liabilities). 

 

	 	(c)	A moratorium is declared in respect of any indebtedness of any Material Group Company. 

  

	23.7	Insolvency proceedings 

 Any corporate action, legal proceedings or other formal
procedure or step or, in respect of any proceedings initiated under the Enterprise Act 2002, any procedure or step is taken in relation to: 
  

	 	(a)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or
otherwise) of any Obligor or Material Group Company other than a solvent liquidation or reorganisation of any member of the Group which is not an Obligor; 

  
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	 	(b)	a composition, compromise, assignment or arrangement with creditors generally or any class of creditors of any Obligor or Material Group Company; 

 

	 	(c)	the appointment of a liquidator (other than in respect of a solvent liquidation of a member of the Group which is not an Obligor), receiver, receiver or manager, administrator, administrative receiver, compulsory
manager or other similar officer in respect of any Obligor or Material Group Company or any of its assets; or 

  

	 	(d)	enforcement of any Security over any asset of any member of the Group, 

 or any analogous
procedure or step is taken in any jurisdiction. No Event of Default will occur under this clause 23.7 if the Majority Lenders (acting reasonably) are satisfied that the relevant corporate action, legal proceedings or other procedure (Relevant
Action) is of a frivolous or vexatious nature, is being contested in good faith and by appropriate proceedings by the relevant member of the Group and that it is reasonably likely that such Relevant Action will be set aside, dismissed or
withdrawn within 14 days of being taken or instituted. 
  

	23.8	Creditors’ process 

  

	 	(a)	Any expropriation, attachment, sequestration, distress, execution or enforcement of any Security affects any asset or assets of a Material Group Company having an aggregate value greater than $10,000,000 (or its
equivalent in other currencies). 

  

	 	(b)	No Event of Default under paragraph (a) above will occur if: 

  

	 	(i)	that member of the Group is, in good faith, contesting the expropriation, attachment, sequestration, distress, execution or enforcement by appropriate proceedings diligently pursued with a reasonable prospect of
success; and 

  

	 	(ii)	if those proceedings were adversely determined against that member of the Group, such expropriation, attachment, sequestration, distress, execution or enforcement could not reasonably be expected to have a Material
Adverse Effect; and 

  

	 	(iii)	the expropriation, attachment, sequestration, distress, execution or enforcement is discharged within 30 days. 

  

	23.9	[Intentionally blank] 

  

	23.10	Unlawfulness and Invalidity 

  

	 	(a)	It is or becomes unlawful under any applicable jurisdiction for an Obligor to perform any of its obligations under the Finance Documents (in circumstances or to an extent which could reasonably be expected to have a
Material Adverse Effect) or any Transaction Security created or expressed to be created or evidenced by the Security Documents ceases to be effective. 

  

	 	(b)	Any Security Document fails or ceases to provide effective Security over the assets in respect of which Security was intended to be created by that Security Document in a manner and to an extent which could reasonably
be expected to be materially adverse to the interests of the Finance Parties under the Finance Documents. 

  
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	23.11	Repudiation 

  

	 	(a)	An Obligor repudiates a Finance Document or evidences in writing an intention to repudiate a Finance Document or any Transaction Security. 

 

	 	(b)	Any party to the Jazz Acquisition Documents rescinds or purports to rescind or repudiates or purports to repudiate any of those agreements or instruments in whole or in part where to do so has or is, in the reasonable
opinion of the Majority Lenders, likely to have a material adverse effect on the interests of the Lenders under the Finance Documents. 

  

	23.12	[Intentionally blank] 

  

	23.13	Litigation 

 Any litigation, arbitration, or administrative or regulatory proceeding is
commenced or any judgement or order of a court, arbitral tribunal or other tribunal or any order or sanction of any governmental or other regulatory body is made in relation to the Transaction Documents or the transactions contemplated by the
Transaction Documents or by or against a member of the Group which could reasonably be expected to be adversely determined against the relevant member of the Group and, if so determined, could reasonably be expected to have a Material Adverse
Effect. 
  

	23.14	Auditor’s qualification 

 The auditors of the Parent qualify their report on the
audited consolidated accounts of the Parent in any manner which is, in the reasonable opinion of the Majority Lenders, materially adverse in the context of the Finance Documents. 

 

	23.15	[Intentionally blank] 

  

	23.16	Material adverse change 

 At any time there occurs an event or circumstance which, in the
reasonable opinion of the Majority Lenders, has, or is reasonably likely to have, a Material Adverse Effect. 
  

	23.17	[Intentionally blank] 

  

	23.18	Acceleration 

 On and at any time after the occurrence of an Event of Default which is
continuing the Agent may, and shall if so directed by the Majority Lenders: 
  

	 	(a)	by notice to the Obligors’ Agent: 

  

	 	(i)	cancel the Total Commitments whereupon they shall immediately be cancelled; 

  

	 	(ii)	declare that all or part of the Loans, together with accrued interest, and all other amounts accrued under the Finance Documents be immediately due and payable, whereupon they shall become immediately due and payable;
and/or 

  
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	 	(iii)	declare that all or part of the Loans be payable on demand, whereupon they shall immediately become payable on demand by the Agent on the instructions of the Majority Lenders; and/or 

 

	 	(b)	exercise or direct the Security Agent to exercise, any or all of its rights, remedies, powers or discretions under any of the Finance Documents (provided that the Agent is not obliged to direct the Security Agent to
take any enforcement action in relation to the Transaction Security unless the Majority Creditors have so directed the Agent). 

  

	23.19	U.S. Insolvency 

 If (i) any Event of Default under clause 23.6 or clause 23.7
occurs in respect of any Borrower that is incorporated or organized in the U.S. (or any state thereof, including the District of Columbia) or (ii) any Event of Default under clause 23.6 or clause 23.7 occurs in respect of any other Borrower in
any case or proceeding commenced or approved under chapter 7 or chapter 11 of the U.S. Bankruptcy Code or any other U.S. federal or state bankruptcy or insolvency law, the Loans made to such Borrower shall be immediately due and payable without
notice from the Agent (together with accrued interest and commission and any other sums owed by such Borrower under this Agreement and the other Finance Documents). 
  

	24	Changes to the Finance Parties 

  

	24.1	Assignments and transfers by the Lenders 

 Subject to this clause 24, a Lender
(Existing Lender) may: 
  

	 	(a)	assign any of its rights; or 

  

	 	(b)	transfer by novation any of its rights and obligations, 

 under any Finance Document to another
bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (New Lender) (but not to a member
of the Group or an Affiliate of a member of the Group). 
  

	24.2	Conditions of assignment or transfer 

  

	 	(a)	An Existing Lender must consult with the Parent for no less than five Business Days before it may make an assignment or transfer, unless the assignment or transfer is: 

 

	 	(i)	to another Lender or an Affiliate of a Lender, which is a Qualifying Bank or a Permitted Non-Qualifying Bank; or 

 

	 	(ii)	made at a time when the occurrence of an Event of Default is continuing. 

  

	 	(b)	An assignment will only be effective on: 

  

	 	(i)	receipt by the Agent (whether in the Assignment Agreement or otherwise) of written confirmation from the New Lender (in form and substance satisfactory to the Agent) that the New Lender will assume the same obligations
to the other Finance Parties as it would have been under if it was an Original Lender; and 

  

	 	(ii)	performance by the Agent of all “know your customer” or other similar checks under all applicable laws and regulations relating to any person that it is required to carry out in relation to such assignment to
a New Lender, the completion of which the Agent shall promptly notify to the Existing Lender and the New Lender. 

  
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	 	(c)	A transfer will only be effective if the procedure set out in clause 24.6 is complied with. 

  

	 	(d)	If: 

  

	 	(i)	a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and 

  

	 	(ii)	as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under clause
13 (Tax gross up and indemnities) or clause 14 (Increased costs), 

 then the New Lender or Lender acting through its new
Facility Office is only entitled to receive payment under those clauses to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred. 

 

	 	(e)	Each New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms, for the avoidance of doubt, that the Agent has authority to execute on its behalf any amendment or waiver that has been
approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the transfer or assignment becomes effective in accordance with this Agreement and that it is bound by that decision to
the same extent as the Existing Lender would have been had it remained a Lender. 

  

	24.3	Additional Limitation 

 Notwithstanding the other provisions of this clause 24, if a
Swiss Obligor is a party to this Agreement: 
  

	 	(a)	no Lender may assign or transfer any of its rights or obligations under this Agreement, if as a result of such assignment or transfer a Swiss Obligor would be in breach of the
Non-Qualifying Bank Rules; and 

  

	 	(b)	the consent of any Swiss Obligor is required for an assignment or transfer by an Existing Lender, unless the assignment or transfer is to a Qualifying Bank or is made at a time after the occurrence of an Event of
Default is continuing. The Swiss Obligor may not withhold or delay its consent to any such assignment or transfer if the Non-Qualifying Bank Rules are met at the time at which such consent is sought. The
Borrower will be deemed to have given its consent five Business Days after the Existing Lender has requested it unless consent is expressly refused by the Swiss Obligor within that time. 

 

	24.4	Assignment or transfer fee 

 The New Lender shall, on the date upon which an assignment
or transfer takes effect, pay to the Agent (for its own account) a fee of £2,500. 

  
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	24.5	Limitation of responsibility of Existing Lenders 

  

	 	(a)	Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for: 

 

	 	(i)	the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; 

  

	 	(ii)	the financial condition of any Obligor; 

  

	 	(iii)	the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or 

  

	 	(iv)	the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, 

and any representations or warranties implied by law are excluded. 
  

	 	(b)	Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 

  

	 	(i)	has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in this
Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Transaction Document; and 

  

	 	(ii)	will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force.

  

	 	(c)	Nothing in any Transaction Document obliges an Existing Lender to: 

  

	 	(i)	accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned or transferred under this clause 24;
or 

  

	 	(ii)	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Transaction Documents or
otherwise. 

  

	24.6	Procedure for transfer using a Transfer Certificate or an assignment using an Assignment Agreement 

  

	 	(a)	Subject to the conditions set out in clause 24.2 a transfer is effected in accordance with clause 24.6(c) when the Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender
and the New Lender. The Agent shall, subject to clause 24.6(b), as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the terms of this Agreement and delivered in
accordance with the terms of this Agreement, execute that Transfer Certificate. 

  

	 	(b)	The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary “know your customer” or other
similar checks under all applicable laws and regulations in relation to the transfer to such New Lender. 

  
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	 	(c)	Subject to clause 24.11 (Pro rata interest settlement), on the Transfer Date: 

  

	 	(i)	to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents each of the Obligors and the Existing Lender shall be released from
further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (being the Discharged Rights and Obligations); 

 

	 	(ii)	each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor and the
New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender; 

  

	 	(iii)	the Agent, the Arranger, the New Lender and other Lenders shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the New Lender been an Original
Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Agent, the Arranger and the Existing Lender shall each be released from further obligations to each other under the Finance
Documents; and 

  

	 	(iv)	the New Lender shall become a Party as a Lender. 

  

	 	(d)	Subject to the conditions set out in clause 24.2 an assignment may be effected in accordance with clause 24.6(f) when the Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing
Lender and the New Lender. The Agent shall, subject to clause 24.6(e), as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and delivered in
accordance with the terms of this Agreement, execute that Assignment Agreement. 

  

	 	(e)	The Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary “know your customer” or
other similar checks under all applicable laws and regulations in relation to the assignment to such New Lender. 

  

	 	(f)	Subject to clause 24.11 (Pro rata interest settlement), on the Transfer Date: 

  

	 	(i)	the Existing Lender will assign absolutely to the New Lender the rights under the Finance Documents expressed to be the subject of the assignment in the Assignment Agreement; 

 

	 	(ii)	the Existing Lender will be released by each Obligor and the other Finance Parties from the obligations owed by it (Relevant Obligations) and expressed to be the subject of the release in the Assignment
Agreement; and 

  

	 	(iii)	the New Lender shall become a Party as a Lender and will be bound by obligations equivalent to the Relevant Obligations. 

  
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	 	(g)	Lenders may utilise procedures other than those set out in this clauses 24.6(d) to 24.6(f) (inclusive) to assign their rights under the Finance Documents (but not, without the consent of the relevant Obligor or unless
in accordance with clauses 24.6(a) to 24.6(c) (inclusive)), to obtain a release by that Obligor from the obligations owed to that Obligor by the Lenders nor the assumption of equivalent obligations by a New Lender) provided that they comply
with the conditions set out in clause 24.2. 

  

	24.7	Copy of Transfer Certificate or Assignment Agreement or Increase Confirmation to Parent 

The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate or an Assignment Agreement or Increase
Confirmation send to the Parent a copy of that Transfer Certificate or Assignment Agreement or Increase Confirmation. 
  

	24.8	Register 

 The Agent shall maintain at one of its offices a copy of each Transfer
Certificate, Assignment Agreement and Increase Confirmation delivered to it and a register (Register) for the recording of the names and addresses of each Lender and the Commitments of and obligations owing to each Lender. The Agent shall
update the Register on each Transfer Date and on each date that it signs an Increase Confirmation. The Register shall be available for inspection by each Borrower at any reasonable time and from time to time upon reasonable prior notice. 

 

	24.9	Disclosure of information 

 Any Finance Party may disclose: 

 

	 	(a)	to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives such Confidential Information as that Finance Party shall
consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive
information except that there shall be no such requirement to inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to
the Confidential Information; 

  

	 	(b)	to any person: 

  

	 	(i)	to (or through) whom that Lender assigns or transfers (or may potentially assign or transfer) all or any of its rights and obligations under one or more Finance Documents or which succeeds (or which may potentially
succeed) it as Agent or Security Agent and, in each case, to any of that person’s Affiliates, Related Funds, Representatives and professional advisers; 

  

	 	(ii)	with (or through) whom that Lender enters into (or may potentially enter into), whether directly or indirectly, any sub participation in relation to, or any other transaction under which payments are to be made by
reference to, one or more Finance Documents and/or one or more Obligors and to any of that person’s Affiliates, Related Funds, Representatives and professional advisers; 

 

	 	(iii)	appointed by any Finance Party or by a person to whom clause 24.9(b)(i) or 24.9(b)(ii) applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf
(including, without limitation, any person appointed under clause 26.16(e) (Relationship with the Lenders, Bilateral Banks and Hedging Banks)); 

  
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	 	(iv)	who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in paragraph (i) or (ii) above; 

 

	 	(v)	to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock
exchange or pursuant to any applicable law or regulation; 

  

	 	(vi)	to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so) pursuant to clause 24.16; 

 

	 	(vii)	to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes; 

 

	 	(viii)	who is a Party; or 

  

	 	(ix)	with the consent of the Parent, 

 in each case, such Confidential Information as that Finance
Party shall consider appropriate if: 
  

	 	(A)	in relation to paragraphs (i), (ii) or (iii) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a
Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential Information; 

 

	 	(B)	in relation to paragraph (iv) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in
relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information; or 

  

	 	(C)	in relation to paragraphs (v), (vi) and (vii) above, the person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may
be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it is not practicable so to do in the circumstances; 

 

	 	(c)	 to any person appointed by that Finance Party or by a person to whom paragraph (b)(i) or (b)(ii) above applies to
provide administration or settlement services in respect of one or more of the Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be
required to be disclosed to enable such service provider to provide any of the services referred to in this paragraph if the service provider to whom the Confidential Information is to be given

  
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	 	has entered into a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality
undertaking agreed between the Parent and the relevant Finance Party; 

  

	 	(d)	any Finance Party may disclose to any of its Affiliates and any other person with (or through) whom that Finance Party enters into (or may potentially enter into) any securitisation (or similar transaction of broadly
equivalent economic effect) of that Lender’s rights or obligations under the Finance Documents, information about the size and term of the Facilities and the name of each of the Obligors as that Finance Party shall consider appropriate; and

  

	 	(e)	to any rating agency (including its professional advisers) such Confidential Information as may be required to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the
Finance Documents and/or the Obligors if the rating agency to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information.

  

	24.10	Disclosure to numbering service providers 

  

	 	(a)	Any Finance Party may disclose to any national or international numbering service provider appointed by that Finance Party to provide identification numbering services in respect of this Agreement, the Facilities and/or
one or more Obligors the following information: 

  

	 	(i)	names of Obligors; 

  

	 	(ii)	country of domicile of Obligors; 

  

	 	(iii)	place of incorporation of Obligors; 

  

	 	(iv)	date of this Agreement; 

  

	 	(v)	clause 40 (Governing law); 

  

	 	(vi)	the names of the Agent and each Arranger; 

  

	 	(vii)	date of each amendment and restatement of this Agreement; 

  

	 	(viii)	amounts of, and name of, the Facilities (and any tranches); 

  

	 	(ix)	amount of Total Commitments; 

  

	 	(x)	currencies of the Facilities; 

  

	 	(xi)	type of Facilities; 

  

	 	(xii)	ranking of Facilities; 

  

	 	(xiii)	the Termination Date; 

  

	 	(xiv)	changes to any of the information previously supplied pursuant to paragraphs (i) to (xiii) above; and 

  
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	 	(xv)	such other information agreed between such Finance Party and the Parent, 

 to enable such
numbering service provider to provide its usual syndicated loan numbering identification services. 
  

	 	(b)	The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facilities and/or one or more Obligors by a numbering service provider and the information associated with each such
number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider. 

  

	 	(c)	Each Obligor represents that none of the information set out in paragraphs (i) to (xv) of paragraph (a) above is, nor will at any time be, unpublished price-sensitive information. 

 

	 	(d)	The Agent shall notify the Parent and the other Finance Parties of: 

  

	 	(i)	the name of any numbering service provider appointed by the Agent in respect of this Agreement, the Facilities and/or one or more Obligors; and 

 

	 	(ii)	the number or, as the case may be, numbers assigned to this Agreement, the Facilities and/or one or more Obligors by such numbering service provider. 

 

	24.11	Pro rata interest settlement 

  

	 	(a)	If the Agent has notified the Lenders that it is able to distribute interest payments on a “pro rata basis” to Existing Lenders and New Lenders then (in respect of any transfer pursuant to clause 24.6 the
Transfer Date of which, in each case, is after the date of such notification and is not on the last day of an Interest Period): 

  

	 	(i)	any interest or fees in respect of the relevant participation which are expressed to accrue by reference to the lapse of time shall continue to accrue in favour of the Existing Lender up to but excluding the Transfer
Date (Accrued Amounts) and shall become due and payable to the Existing Lender (without further interest accruing on them) on the last day of the current Interest Period (or, if the Interest Period is longer than six Months, on the next of
the dates which falls at six Monthly intervals after the first day of that Interest Period); and 

  

	 	(ii)	the rights assigned or transferred by the Existing Lender will not include the right to the Accrued Amounts, so that, for the avoidance of doubt: 

 

	 	(A)	when the Accrued Amounts become payable, those Accrued Amounts will be payable for the account of the Existing Lender; and 

  

	 	(B)	the amount payable to the New Lender on that date will be the amount which would, but for the application of this clause 24.11, have been payable to it on that date, but after deduction of the Accrued Amounts.

  

	 	(b)	In this clause 24.11 references to “Interest Period” shall be construed to include a reference to any other period for accrual of fees. 

 

	 	(c)	An Existing Lender which retains the right to the Accrued Amounts pursuant to this clause 24.11 but which does not have a Commitment shall be deemed not to be a Lender for the purposes of ascertaining whether the
agreement of any specified group of Lenders has been obtained to approve any request for a consent, waiver, amendment or other vote of Lenders under the Finance Documents. 

  
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	24.12	Confidentiality 

 Each Finance Party agrees to keep all Confidential Information
confidential and not to disclose it to anyone, save to the extent permitted by clause 24.9 and clause 24.10, and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to its own
confidential information. 
  

	24.13	Banking secrecy and data protection legislation 

 Each Obligor expressly releases, to the
extent permitted by any relevant laws, each Finance Party from any confidentiality obligation and any restrictions on banking secrecy or any data protection legislation (with regard to any data and/or information directly or indirectly relating to
any Finance Document), to the extent required for the: 
  

	 	(a)	execution, performance, funding and administration required; 

  

	 	(b)	exercise of its rights; 

  

	 	(c)	fulfilment of its obligations; and/or 

  

	 	(d)	preparation and negotiation of potential changes to the Lenders including any transfer of such data and/or information abroad, 

under any Finance Documents. 
  

	24.14	Accession of Bilateral Banks 

 The Parent shall procure that any person which is, or is
to be, a Bilateral Bank and which person is not also a Lender will accede to this Agreement as a Bilateral Bank by executing an Accession Letter. 
  

	24.15	Accession of Hedging Banks 

 The Parent shall procure that any person which is, or is to
be, a Hedging Bank and which person is not also a Lender will accede to this Agreement as a Hedging Bank by executing an Accession Letter. 
  

	24.16	Security over Lenders’ rights 

  

	 	(a)	In addition to the other rights provided to Lenders under this clause 24, each Lender may without consulting with or obtaining consent from any Obligor at any time charge, assign or otherwise create Security in or over
(whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation: 

 

	 	(i)	any charge, assignment or other Security to secure obligations to any government authority, department or agency including HM Treasury, a federal reserve or central bank; and 

  
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	 	(ii)	any charge, assignment or other Security granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as Security for those obligations or securities,

 except that no such charge, assignment or Security shall: 

 

	 	(A)	release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Security for the Lender as a party to any of the Finance Documents or

  

	 	(B)	require any payments to be made by an Obligor or grant to any person any more extensive rights than those required to be made or granted to the relevant Lender under the Finance Documents. 

 

	24.17	Entire agreement 

 This clause 24 constitutes the entire agreement between the Parties in
relation to the obligations of the Finance Parties under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information. 

 

	24.18	Inside information 

 Each of the Finance Parties acknowledges that some or all of the
Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the
Finance Parties undertakes not to use any Confidential Information for any unlawful purpose. 
  

	24.19	Notification of disclosure 

 Each of the Finance Parties agrees (to the extent permitted
by law and regulation) to inform the Parent: 
  

	 	(a)	of the circumstances of any disclosure of Confidential Information made pursuant to clause 24.9(b)(v) except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course
of its supervisory or regulatory function; and 

  

	 	(b)	upon becoming aware that Confidential Information has been disclosed in breach of this clause 24. 

  

	24.20	Continuing obligations 

 The obligations in this clause 24 are continuing and, in
particular, shall survive and remain binding on each Finance Party for a period of 12 months from the earlier of: 
  

	 	(a)	the date on which all amounts payable by the Obligors under or in connection with the Finance Documents have been paid in full and all Commitments have been cancelled or otherwise cease to be available; and

  

	 	(b)	the date on which such Finance Party otherwise ceases to be a Finance Party. 

  
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	24.21	Confidentiality of Funding Rate and Reference Bank Quotations  

  

	 	(a)	The Agent and each Obligor agree to keep each Funding Rate (and, in the case of the Agent, each Reference Bank Quotation) confidential and not to disclose it to anyone, save to the extent permitted by clauses 24.21(b),
24.21(c) and 24.21(d). 

  

	 	(b)	The Agent may disclose: 

  

	 	(i)	any Funding Rate (but not, for the avoidance of doubt, any Reference Bank Quotation) to the relevant Borrower pursuant to clause 9.5 (Notification of rates of interest); and 

 

	 	(ii)	any Funding Rate or any Reference Bank Quotation to any person appointed by it to provide administration services in respect of one or more of the Finance Documents to the extent necessary to enable such service
provider to provide those services if the service provider to whom that information is to be given has entered into a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With
Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Agent and the relevant Lender or Reference Bank, as the case may be. 

 

	 	(c)	The Agent may disclose any Funding Rate or any Reference Bank Quotation, and each Obligor may disclose any Funding Rate, to: 

  

	 	(i)	any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives if any person to whom that Funding Rate or Reference Bank Quotation is to be
given pursuant to this clause 24.21(c)(i) is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional
obligations to maintain the confidentiality of that Funding Rate or Reference Bank Quotation or is otherwise bound by requirements of confidentiality in relation to it; 

 

	 	(ii)	any person to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any
relevant stock exchange or pursuant to any applicable law or regulation if the person to whom that Funding Rate or Reference Bank Quotation is to be given is informed in writing of its confidential nature and that it may be price-sensitive
information except that there shall be no requirement to so inform if, in the opinion of the Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances; 

 

	 	(iii)	any person to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes if the person to whom
that Funding Rate or Reference Bank Quotation is to be given is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of the Agent or
the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances; and 

  
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	 	(iv)	any person with the consent of the relevant Lender or Reference Bank, as the case may be. 

  

	 	(d)	The Agent’s obligations in this clause 24.21 relating to Reference Bank Quotations are without prejudice to its obligations to make notifications under clause 9.5 (Notification of rates of interest) provided that
(other than pursuant to clause 24.21(b)(i)) the Agent shall not include the details of any individual Reference Bank Quotation as part of any such notification. 

  

	24.22	Related obligations 

  

	 	(a)	The Agent and each Obligor acknowledge that each Funding Rate (and, in the case of the Agent, each Reference Bank Quotation) is or may be price-sensitive information and that its use may be regulated or prohibited by
applicable legislation including securities law relating to insider dealing and market abuse and the Agent and each Obligor undertake not to use any Funding Rate or, in the case of the Agent, any Reference Bank Quotation for any unlawful purpose.

  

	 	(b)	The Agent and each Obligor agree (to the extent permitted by law and regulation) to inform the relevant Lender or Reference Bank, as the case may be: 

 

	 	(i)	of the circumstances of any disclosure made pursuant to clause 24.21(c)(ii) except where such disclosure is made to any of the persons referred to in that clause during the ordinary course of its supervisory or
regulatory function; and 

  

	 	(ii)	upon becoming aware that any information has been disclosed in breach of clauses 24.21 and 24.22. 

  

	24.23	No Event of Default  

 No Event of Default will occur under clause 23.3 (Other
obligations) by reason only of an Obligor’s failure to comply with clauses 24.21 and 24.22. 
  

	25	Changes to the Obligors 

  

	25.1	Assignment and transfers by Obligors 

 No Obligor may assign any of its rights or
transfer any of its rights or obligations under the Finance Documents. 
  

	25.2	Additional Borrowers 

  

	 	(a)	Subject to compliance with the provisions of clause 20.8(c) (Know your customer checks) and clause 20.8(d) (Know your customer checks), the Parent may request that any of its wholly owned Subsidiaries becomes an
Additional Borrower. The Subsidiary shall become an Additional Borrower if: 

  

	 	(i)	that Subsidiary: 

  

	 	(A)	is a limited liability company incorporated in England; 

  

	 	(B)	is a U.S. Guarantor and formed or incorporated in a jurisdiction that is the same as a jurisdiction in which an existing U.S. Borrower is formed or incorporated; or 

  
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	 	(C)	all the Lenders approve the addition of that Subsidiary; 

  

	 	(ii)	the Obligors’ Agent delivers to the Agent a duly completed and executed Accession Letter; 

  

	 	(iii)	the Subsidiary is (or becomes) a Guarantor prior to or concurrently with becoming a Borrower; 

  

	 	(iv)	(if applicable) the Subsidiary is in compliance with the Non-Qualifying Bank Rules prior to or concurrently with becoming a Swiss Obligor; 

 

	 	(v)	the Obligors’ Agent confirms that no Default is continuing or would occur as a result of that Subsidiary becoming an Additional Borrower; and 

 

	 	(vi)	the Agent has received all of the documents and other evidence listed in part 2 of schedule 2 (Conditions precedent) in relation to that Additional Borrower, each in form and substance satisfactory to the Agent.

  

	 	(b)	The Agent shall notify the Obligors’ Agent and the Lenders promptly upon being satisfied that it has received (in form and substance satisfactory to it) all the documents and other evidence listed in part 2 of
schedule 2 (Conditions precedent). 

  

	25.3	Resignation of a Borrower 

  

	 	(a)	The Parent may request that a Borrower (other than itself) ceases to be a Borrower by delivering to the Agent a Resignation Letter. 

  

	 	(b)	The Agent shall accept a Resignation Letter and notify the Parent and the Lenders of its acceptance if: 

  

	 	(i)	no Default is continuing or would result from the acceptance of the Resignation Letter (and the Parent has confirmed this is the case); and 

 

	 	(ii)	the Borrower is under no actual or contingent obligations as a Borrower under any Finance Documents, 

whereupon that company shall cease to be a Borrower and shall have no further rights or obligations under the Finance Documents. 

 

	25.4	Additional Guarantors 

  

	 	(a)	Subject to compliance with the provisions of clause 20.8(c) (Know your customer checks) and clause 20.8(d) (Know your customer checks), the Parent may request that any of its wholly owned Subsidiaries become an
Additional Guarantor. That Subsidiary shall become an Additional Guarantor if: 

  

	 	(i)	the Parent delivers to the Agent a duly completed and executed Accession Letter; and 

  

	 	(ii)	the Agent has received all of the documents and other evidence listed in part 2 of schedule 2 (Conditions precedent) in relation to that Additional Guarantor, each in form and substance satisfactory to the Agent.

  
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	 	(b)	The Agent shall notify the Parent and the Lenders promptly upon being satisfied that it has received (in form and substance satisfactory to it) all the documents and other evidence listed in part 2 of schedule 2
(Conditions precedent). 

  

	25.5	Repetition of Representations 

 Delivery of an Accession Letter constitutes confirmation
by the relevant Subsidiary that the Repeating Representations are true and correct in relation to it as at the date of delivery as if made by reference to the facts and circumstances then existing. 

 

	25.6	Resignation of a Guarantor 

  

	 	(a)	The Parent may request that a Guarantor (other than the Parent or Innospec Finance) ceases to be a Guarantor by delivering to the Agent a Resignation Letter. 

 

	 	(b)	The Agent shall accept a Resignation Letter and notify the Parent and the Lenders of its acceptance if: 

  

	 	(i)	no Default is continuing or would result from the acceptance of the Resignation Letter (and the Parent has confirmed this is the case); 

 

	 	(ii)	all the Lenders have consented to the Parent’s request; and 

  

	 	(iii)	the provisions of clause 22.18(b) (Guarantors and security) would be complied with immediately after the acceptance of the Resignation Letter (and the Parent has confirmed this is the case together with supporting
confirmation from its auditors). 

  

	26	Role of the Agent, Security Agent and the Arranger 

  

	26.1	Appointment of the Agent 

  

	 	(a)	Each of the Arranger and the Lenders appoints the Agent to act as its agent under and in connection with the Finance Documents. 

  

	 	(b)	Each of the Arranger and the Lenders authorises the Agent to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Agent under or
in connection with the Finance Documents together with any other incidental rights, powers, authorities and discretions. 

  

	26.2	Duties of the Agent and Security Agent 

  

	 	(a)	The Agent and the Security Agent shall promptly forward to a Party the original or a copy of any document which is delivered to it in its capacity as Agent or Security Agent for that Party by any other Party.

  

	 	(b)	Subject to clause 26.2(c) below, the Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Agent for that Party by any other Party. 

 

	 	(c)	Without prejudice to clause 24.7 (Copy of Transfer Certificate, Assignment Agreement or Increase Confirmation to Parent), clause 26.2(b) shall not apply to any Transfer Certificate, any Assignment Agreement or any
Increase Confirmation. 

  
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	 	(d)	If the Agent or the Security Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the other Finance
Parties. 

  

	 	(e)	If the Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than the Agent, the Arranger or the Security
Agent) under this Agreement, it shall promptly notify the other Finance Parties. 

  

	 	(f)	The Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance Documents to which it is expressed to be a party (and no others shall be implied). 

 

	26.3	Role of the Arrangers 

 Except as specifically provided in the Finance Documents, no
Arranger has any obligations of any kind to any other Party under or in connection with any Finance Document. 
  

	26.4	No fiduciary duties 

  

	 	(a)	Nothing in any Finance Document constitutes the Agent or the Arranger as a trustee or fiduciary of any other person. 

  

	 	(b)	Neither the Agent nor the Arranger nor the Security Agent shall be bound to account to any Lender, Bilateral Bank or Hedging Banks for any sum or the profit element of any sum received by it for its own account.

  

	 	(c)	The Security Agent shall not have or be deemed to have any duty, obligation or responsibility to, or a relationship of trust or agency with any Obligor. 

 

	26.5	Appointment of the Security Agent and certain Security held on Trust 

  

	 	(a)	Each of the Arrangers, the Lenders and the other Finance Parties appoint the Security Agent to act as security agent under and in connection with the Finance Documents, provided that in relation to the Swiss Share
Pledges, the Lenders appoint the Security Agent also as their direct representative (direkter Stellvertreter) acting in their name and for their account. 

  

	 	(b)	The Security Agent declares that it shall hold the Transaction Security on trust for the Finance Parties on the terms contained in this Agreement. 

 

	 	(c)	Each of the Parties agrees that the Security Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance Documents to which it is a party (and no others shall be implied).

  

	 	(d)	The Finance Parties shall not have any independent power to enforce, or have recourse to, any of the Transaction Security or to exercise any rights or powers pursuant to the Security Documents except through the
Security Agent. 

  

	 	(e)	The rights, powers and discretions conferred upon the Security Agent by this Agreement shall be supplemental to the Trustee Act 1925 and the Trustee Act 2000 and in addition to any which may be vested in the Security
Agent by general law or otherwise. 

  
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	26.6	Disapplication 

 Section 1 of the Trustee Act 2000 shall not apply to the duties of
the Security Agent in relation to the trusts constituted by this Agreement. Where there are any inconsistencies between the Trustee Act 1925 and the Trustee Act 2000 and the provisions of this Agreement, the provisions of this Agreement shall, to
the extent allowed by law, prevail and, in the case of any inconsistency with the Trustee Act 2000, the provisions of this Agreement shall constitute a restriction or exclusion for the purposes of that Act. 

 

	26.7	Business with the Group 

 The Agent and the Arranger may accept deposits from, lend money
to and generally engage in any kind of banking or other business with any member of the Group. 
  

	26.8	Rights and discretions of the Agent and Security Agent 

  

	 	(a)	The Agent and Security Agent may: 

  

	 	(i)	rely on any representation, communication, notice or document believed by it to be genuine, correct and appropriately authorised; 

  

	 	(ii)	assume that: 

  

	 	(A)	any instructions received by it from the Majority Lenders, any Lenders or any group of Lenders are duly given in accordance with the terms of the Finance Documents; and 

 

	 	(B)	unless it has received notice of revocation, that those instructions have not been revoked; and 

  

	 	(iii)	rely on a certificate from any person: 

  

	 	(A)	as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that person; or 

  

	 	(B)	to the effect that such person approves of any particular dealing, transaction, step, action or thing, 

as sufficient evidence that that is the case and, in the case of paragraph (A) above, may assume the truth and accuracy of that
certificate. 
  

	 	(b)	The Agent and the Security Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders or, as trustee or security agent for the Finance Parties) that: 

 

	 	(i)	no Default has occurred (unless, in the case of the Agent, it has actual knowledge of a Default arising under clause 23.1 (Non-payment)); 

 

	 	(ii)	any right, power, authority or discretion vested in any Party or any group of Lenders has not been exercised; and 

  

	 	(iii)	any notice or request made by the Obligors’ Agent (including, without limitation, any Utilisation Request) is made on behalf of and with the consent and knowledge of all the Obligors. 

  
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	 	(c)	If the Security Agent receives any instructions or directions from the Agent to take any action in relation to the Transaction Security, the Security Agent may assume that all applicable conditions under the Finance
Documents for taking that action have been satisfied. 

  

	 	(d)	The Agent and the Security Agent may engage, pay for and rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional or experts. 

 

	 	(e)	Without prejudice to the generality of clause 26.8(d) or clause 26.8(f), the Agent and Security Agent may at any time engage and pay for the services of any lawyers to act as independent counsel to the Agent or the
Security Agent (as applicable) (and so separate from any lawyers instructed by the Lenders) if the Agent or the Security Agent (as applicable) in its reasonable opinion deems this to be desirable. 

 

	 	(f)	The Agent and the Security Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts (whether obtained by the Agent or the Security Agent (as
applicable) or by any other Party) and shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying. 

 

	 	(g)	The Agent and the Security Agent may act in relation to the Finance Documents through its officers, employees and agents and the Agent and the Security Agent shall not: 

 

	 	(i)	be liable for any error of judgment made by any such person; or 

  

	 	(ii)	be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct, omission or default on the part, of any such person, 

unless such error or such loss was directly caused by the Agent’s or the Security Agent’s gross negligence or wilful misconduct.

  

	 	(h)	Unless a Finance Document expressly provides otherwise, the Agent and the Security Agent may disclose to any other Party any information it reasonably believes it has received as Agent or Security Agent under this
Agreement. 

  

	 	(i)	Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent nor the Arranger nor the Security Agent is obliged to do or omit to do anything if it would or might in its reasonable
opinion constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. 

  

	 	(j)	Notwithstanding any provision of any Finance Document to the contrary, the Agent is not obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or
responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it.

  

	26.9	Instructions 

  

	 	(a)	The Agent and the Security Agent shall: 

  
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	 	(i)	unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right, power, authority or discretion vested in it as Agent or as Security Agent in accordance with any instructions
given to it by: 

  

	 	(A)	all Lenders if the relevant Finance Document stipulates the matter is an all Lender decision; and 

  

	 	(B)	in all other cases, the Majority Lenders; and 

  

	 	(ii)	not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with clause 26.9(a)(i). 

  

	 	(b)	The Agent and the Security Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority Lenders (or, if the relevant Finance Document stipulates the matter is a decision for
any other Lender or group of Lenders, from that Lender or group of Lenders) as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or discretion and the Agent or the Security Agent may refrain
from acting unless and until it receives any such instructions or clarification that it has requested. 

  

	 	(c)	Save in the case of decisions stipulated to be a matter for any other Lender or group of Lenders under the relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given
to the Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all Finance Parties save for the Security Agent. 

 

	 	(d)	The Agent and the Security Agent may refrain from acting in accordance with the instructions of the Majority Lenders (or, if appropriate, a group of Lenders or, if appropriate, the Majority Creditors) (including any
instruction to begin any legal actions or proceedings arising out of or in connection with the Finance Documents) until it has received any indemnification and/or security that it may in its absolute discretion require (whether by way of payment in
advance or otherwise) for all costs, losses and liabilities which it may incur in bringing such action or proceedings. 

  

	 	(e)	In the absence of instructions from the Majority Lenders, (or, if appropriate, the Lenders or, if appropriate, the Majority Creditors) the Agent may act (or refrain from taking action) as it considers to be in the best
interest of the Lenders. 

  

	 	(f)	The Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s consent) in any legal or arbitration proceedings relating to any Finance Document. This clause 26.9(f) shall not apply
to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Transaction Security Documents or enforcement of the Transaction Security or Transaction Security Documents. 

 

	 	(g)	The Security Agent may, in the absence of any instructions to the contrary, take such action in the exercise of any of its duties under the Finance Documents which in its absolute discretion it considers to be for the
protection and benefit of all of the Finance Parties. 

  

	 	(h)	The Security Agent may, and shall if so directed by the Agent at any time after receipt by the Security Agent of notice pursuant to clause 23.18 (Acceleration), enforce the Transaction Security in accordance with the
terms of the Security Documents. The Security Agent may take such action as in its sole discretion it thinks fit to enforce the Transaction Security. 

  
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	26.10	Responsibility for documentation 

 Neither the Agent nor the Arrangers nor the Security
Agent is responsible or liable for: 
  

	 	(a)	the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Agent, the Arranger, the Security Agent, an Obligor or any other person given in or in connection with any Finance
Document or the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; 

 

	 	(b)	is responsible for the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the Transaction Security or any other agreement, arrangement or document entered into, made or executed in
anticipation of, under or in connection with any Finance Document or the Transaction Security; or 

  

	 	(c)	is responsible or liable for the exercise of, or the failure to exercise, any judgment, discretion or power given to it by or in connection with any of the Finance Documents, the Transaction Security or any other
agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, the Finance Documents or the Transaction Security. 

 

	26.11	Excluded Obligations 

 Notwithstanding anything to the contrary expressed or implied in
the Finance Documents, the Security Agent shall not: 
  

	 	(a)	be bound to enquire as to (i) whether or not any Default has occurred or (ii) the performance, default or any breach by an Obligor of its obligations under any of the Finance Documents; 

 

	 	(b)	subject to clause 28 (Sharing among the Finance Parties) and clause 29.17 (Equalisation Payments), be bound to account to any other Finance Party for any sum or the profit element of any sum received by it for its own
account; 

  

	 	(c)	be bound to disclose to any other person (including but not limited to any Finance Party) (i) any confidential information or (ii) any other information if disclosure would, or might in its reasonable opinion,
constitute a breach of any law or be a breach of fiduciary duty; 

  

	 	(d)	be under any obligations other than those which are specifically provided for in the Finance Documents; or 

  

	 	(e)	have or be deemed to have any duty, obligation or responsibility to, or relationship of trust or agency with, any Obligor. 

  

	26.12	Exclusion of liability 

  

	 	(a)	Without limiting clause 26.12(b) (and without prejudice to any other provision of any Finance Document excluding or limiting the liability of the Agent or the Security Agent), neither the Agent nor the Security Agent
will be liable (including, without limitation, for negligence or any other category of liability whatsoever) for: 

  
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	 	(i)	any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of taking or not taking any action under or in connection with any Finance Document or the Transaction
Security, unless directly caused by its gross negligence or wilful misconduct; 

  

	 	(ii)	exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with, any Finance Document, the Transaction Security or any other agreement, arrangement or document entered
into, made or executed in anticipation of, under or in connection with, any Finance Document or the Transaction Security; or 

  

	 	(iii)	without prejudice to the generality of clause 26.12(a)(i) and 26.12(a)(ii), any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of: 

 

	 	(A)	any act, event or circumstance not reasonably within its control; or 

  

	 	(B)	the general risks of investment in, or the holding of assets in, any jurisdiction, 

 including
(in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of: nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or
fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Disruption Event); breakdown, failure or malfunction of any third party transport, telecommunications, computer services or
systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action. 
  

	 	(b)	No Party (other than the Agent or the Security Agent) may take any proceedings against any officer, employee or agent of the Agent or the Security Agent, in respect of any claim it might have against the Agent or
Security Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document or any Transaction Document and any officer, employee or agent of the Agent or the Security Agent, may rely on
this clause. Any third party referred to in this clause 26.12(b) may enjoy the benefit of and enforce the terms of this paragraph in accordance with the provisions of the Contracts (Rights of Third Parties) Act 1999. 

 

	 	(c)	The Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by the Agent if the Agent has taken all necessary steps as
soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Agent for that purpose. 

 

	 	(d)	The Security Agent shall not be liable for any shortfall which arises on the enforcement of any of the Transaction Security. 

  

	 	(e)	The Security Agent shall not be liable for any failure to: 

  

	 	(i)	require the deposit with it of any deed or document certifying, representing or constituting the title of any Obligor to any of the Charged Property; 

  
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	 	(ii)	obtain any licence, consent or other authority for the execution, delivery, legality, validity, enforceability or admissibility in evidence of any of the Finance Documents or the Transaction Security; 

 

	 	(iii)	register, file or record or otherwise protect any of the Security (or the priority of any of the Transaction Security) under any applicable laws in any jurisdiction or to give notice to any person of the execution of
any of the Finance Documents or of the Transaction Security; 

  

	 	(iv)	take, or to require any of the Obligors to take, any steps to perfect its title to any of the Charged Property or to render the Transaction Security effective or to secure the creation of any ancillary Security under
the laws of any jurisdiction; or 

  

	 	(v)	require any further assurances in relation to any of the Security Documents. 

  

	 	(f)	Nothing in this Agreement shall oblige the Agent to carry out any “know your customer” or other checks in relation to any person or any check on the extent to which the transaction contemplated by this
Agreement might be unlawful for any Lender, on behalf of any Finance Party and each Finance Party confirms to the Agent that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in
relation to such checks made by the Agent. 

  

	 	(g)	Without prejudice to any provision of any Finance Document excluding or limiting the Agent’s or the Security Agent’s liability, any liability of the Agent or the Security Agent arising under or in connection
with any Finance Document or the Transaction Security shall be limited to the amount of actual loss which has been finally judicially determined to have been suffered (as determined by reference to the date of default of the Agent or the Security
Agent or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Agent or the Security Agent at any time which increase the amount of that loss. In no
event shall the Agent or the Security Agent be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Agent or the Security
Agent has been advised of the possibility of such loss or damages. 

  

	26.13	Lenders’ and Bilateral Banks’ indemnity to the Agent/Security Agent 

  

	 	(a)	Each Lender and Bilateral Bank shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero)
indemnify the Agent or the Security Agent (as the case may be), within three Business Days of demand, against any cost, loss or liability incurred by the Agent or the Security Agent (as the case may be) (otherwise than by reason of the Agent’s
(or, as the case may be, the Security Agent’s) gross negligence or wilful misconduct) in acting as Agent or Security Agent under the Finance Documents (unless the Agent or Security Agent has been reimbursed by an Obligor pursuant to a Finance
Document). In this clause 26.13 Total Commitments shall include the Bilateral Commitments. 

  

	 	(b)	Subject to clause 26.13(c), the Parent shall immediately on demand reimburse any Lender or any Bilateral Bank for any payment that Lender or Bilateral Bank makes to the Agent pursuant to clause 26.13(a).

  
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	 	(c)	Clause 26.13(b) shall not apply to the extent that the indemnity payment in respect of which the Lender or Bilateral Blank claims reimbursement relates to a liability of the Agent to an Obligor. 

 

	26.14	Resignation of the Agent/Security Agent 

  

	 	(a)	The Agent may resign and appoint one of its Affiliates acting through an office in the United Kingdom as successor by giving notice to the Lenders and the Parent. 

 

	 	(b)	Each of the Agent and the Security Agent may resign by giving 30 days’ notice to the Lenders and the Obligors’ Agent, in which case the Majority Lenders (after consultation with the Parent) may appoint a
successor Agent or Security Agent (as the case may be). 

  

	 	(c)	If the Majority Lenders have not appointed a successor Agent or Security Agent (as the case may be) in accordance with paragraph (b) above within 30 days after notice of resignation was given, the Agent (after
consultation with the Obligors’ Agent) may appoint a successor Agent or Security Agent (as the case may be) (acting through an office in the United Kingdom). 

 

	 	(d)	The retiring Agent or retiring Security Agent (as the case may be) shall, at its own cost, make available to the successor Agent or Security Agent (as the case may be) such documents and records and provide such
assistance as the successor Agent or Security Agent (as the case may be) may reasonably request for the purposes of performing its functions as Agent or Security Agent (as the case may be) under the Finance Documents. 

 

	 	(e)	The Agent’s or the Security Agent’s resignation notice shall only take effect upon the appointment of a successor. 

  

	 	(f)	Upon the appointment of a successor, the retiring Agent or Security Agent (as the case may be) shall be discharged from any further obligation as Agent or Security Agent (as the case may be) in respect of the Finance
Documents (other than its obligations under clause 26.14(d) but shall remain entitled to the benefit of this clause 26. Its successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had
if such successor had been an original Party. 

  

	 	(g)	After consultation with the Obligors’ Agent, the Majority Lenders may, by giving 30 days notice to the Agent or Security Agent (as applicable), require it to resign in accordance with paragraph (b) above. In
this event, the Agent or Security Agent (as applicable) shall resign in accordance with paragraph (b) above and the provisions of paragraphs (d) to (f) (inclusive) above shall apply. 

 

	 	(h)	The Majority Lenders may, by notice to the Security Agent, require it to resign in accordance with paragraph (b) above. In this event, the Security Agent shall resign in accordance with paragraph (b) above and
the provisions of paragraphs (d) to (f) (inclusive) above shall apply. 

  

	 	(i)	The Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable, shall use reasonable endeavours to appoint a successor Agent pursuant to paragraph (c) above) if on or after the
date which is three months before the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents, either: 

  
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	 	(i)	the Agent fails to respond to a request under clause 13.8 (FATCA Information) and the Parent or a Lender reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that
FATCA Application Date; 

  

	 	(ii)	the information supplied by the Agent pursuant to clause 13.8 (FATCA Information) indicates that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or

  

	 	(iii)	the Agent notifies the Company and the Lenders that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date, 

and (in each case) the Parent or a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be
required if the Agent were a FATCA Exempt Party, and the Parent or that Lender, by notice to the Agent, requires it to resign. 
  

	26.15	Confidentiality 

  

	 	(a)	In acting as agent or trustee for the Finance Parties, the Agent shall be regarded as acting through its agency division and the Security Agent shall be regarded as acting through its trustee division (if separate from
its agency division) each of which shall be treated as a separate entity from any other of its divisions or departments. 

  

	 	(b)	If information is received by another division or department of the Agent or Security Agent, it may be treated as confidential to that division or department and the Agent or (as the case may be) the Security Agent
shall not be deemed to have notice of it. 

  

	 	(c)	Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent, the Security Agent nor the Arranger are obliged to disclose to any other person (i) any confidential information or
(ii) any other information if the disclosure would or might in its reasonable opinion constitute a breach of any law or a breach of a fiduciary duty. 

  

	26.16	Relationship with the Lenders, Bilateral Banks and Hedging Banks 

  

	 	(a)	The Agent and Security Agent may treat each Lender as a Lender, entitled to payments under this Agreement and acting through its Facility Office unless it has received not less than five Business Days’ prior notice
from that Lender to the contrary in accordance with the terms of this Agreement. 

  

	 	(b)	Each Lender shall supply the Agent with any information that the Security Agent may reasonably specify (through the Agent) as being necessary or desirable to enable the Security Agent to perform its functions as
Security Agent. Each Lender shall deal with the Security Agent exclusively through the Agent and shall not deal directly with the Security Agent. 

  

	 	(c)	The Agent and Security Agent may treat each Bilateral Bank as a Bilateral Bank entitled to payments in respect of the relevant Bilateral Facility unless it has (in its capacity as Agent or Security Agent) received
notice in writing to the contrary from that Bilateral Bank. 

  
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	 	(d)	The Agent and Security Agent may treat each Hedging Bank as a Hedging Bank entitled to payments in respect of the relevant Hedging Agreement unless it has (in its capacity as Agent or Security Agent) received notice in
writing to the contrary from that Hedging Bank. 

  

	 	(e)	Any Lender may by notice to the Agent appoint a person to receive on its behalf all notices, communications, information and documents to be made or despatched to that Lender under the Finance Documents. Such notice
shall contain the address, fax number and (where communication by electronic mail or other electronic means is permitted under clause 31.6 (Electronic communication)) electronic mail address and/or any other information required to enable the
transmission of information by that means (and, in each case, the department or officer, if any, for whose attention communication is to be made) and be treated as a notification of a substitute address, fax number, electronic mail address (or such
other information), department and officer by that Lender for the purposes of clause 31.2 (Addresses) and clause 31.6(a)(ii) (Electronic communication) and the Agent shall be entitled to treat such person as the person entitled to receive all such
notices, communications, information and documents as though that person were that Lender. 

  

	26.17	Credit appraisal by the Lenders 

 Without affecting the responsibility of any Obligor for
information supplied by it or on its behalf in connection with any Finance Document, each Finance Party confirms to the Agent, the Security Agent and each Arranger that it has been, and will continue to be, solely responsible for making its own
independent appraisal and investigation of all risks arising under or in connection with any Finance Document including but not limited to: 
  

	 	(a)	the financial condition, status and nature of each member of the Group; 

  

	 	(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, any Transaction Security and any other agreement, arrangement or document entered into, made or executed in anticipation of,
under or in connection with any Finance Document or any Transaction Security; 

  

	 	(c)	whether that Lender has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Finance Document, the transactions contemplated by the
Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; 

 

	 	(d)	the adequacy, accuracy and/or completeness of any information provided by the Agent, any Party or by any other person under or in connection with any Finance Document, the transactions contemplated by the Finance
Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and 

 

	 	(e)	the right or title of any person in or to, or the value or sufficiency of any part of, the Charged Property, the priority of any Transaction Security or the existence of any Security affecting the Charged Property.

  

	26.18	Role of Reference Banks 

  

	 	(a)	No Reference Bank is under any obligation to provide a quotation or any other information to the Agent. 

  
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	 	(b)	No Reference Bank will be liable for any action taken by it under or in connection with any Finance Document, or for any Reference Bank Quotation, unless directly caused by its gross negligence or wilful misconduct.

  

	 	(c)	No Party (other than the relevant Reference Bank) may take any proceedings against any officer, employee or agent of any Reference Bank in respect of any claim it might have against that Reference Bank or in respect of
any act or omission of any kind by that officer, employee or agent in relation to any Finance Document, or to any Reference Bank Quotation, and any officer, employee or agent of each Reference Bank may rely on this clause 26.18 subject to clause 1.4
(Third party rights) and the provisions of the Third Parties Act. 

  

	 	(d)	A Reference Bank which is not a Party may rely on this clause 26.18, clause 35.2(b) and 35.2(c) (Exceptions) and clauses 24.21, 24.22 and 24.23 subject to clause 1.4 (Third party rights) and the provisions of the Third
Parties Act. 

  

	26.19	Deduction from amounts payable by the Agent 

 If any Party owes an amount to the Agent
under the Finance Documents the Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Agent would otherwise be obliged to make under the Finance Documents and apply the
amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be regarded as having received any amount so deducted. 

 

	26.20	Insurance by Security Agent  

 The Security Agent shall not be under any obligation to
insure any of the Charged Property, to require any other person to maintain any insurance or to verify any obligation to arrange or maintain insurance contained in the Finance Documents. The Security Agent shall not be responsible for any loss which
may be suffered by any person as a result of the lack of or inadequacy of any such insurance. Where the Security Agent is named on any insurance policy as an insured party, it shall not be responsible for any loss which may be suffered by reason of,
directly or indirectly, its failure to notify the insurers of any material fact relating to the risk assumed by such insurers or any other information of any kind, unless any Finance Party shall have requested it to do so in writing and the Security
Agent shall have failed to do so within 14 days after receipt of that request. 
  

	26.21	Manner of enforcement of Security 

 Each of the Obligors waives, to the extent permitted
under applicable law, all rights it may otherwise have to require that the Transaction Security be enforced in any particular order or manner or at any particular time or that any sum received or recovered from any person, or by virtue of the
enforcement of any Transaction Security or any other Security, which is capable of being applied in or towards discharge of any of the Secured Obligations is so applied. 
  

	26.22	Winding-up of Trust and Perpetuity Period 

 If
the Security Agent, with the approval of the Majority Lenders, determines that (a) all of the Secured Obligations and all other obligations secured by any of the Security Documents, have been fully and finally discharged and (b) none of
the Finance Parties is under any commitment, obligation or liability (whether actual or contingent) to make Loans or provide other financial accommodation to any Obligor pursuant to the Finance Documents, the trusts set out in this Agreement shall
be wound up. At that time unless already released, the 

  
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Security Agent shall release, without recourse or warranty, all of the Transaction Security then held by it and the rights of the Security
Agent under each of the Security Documents, at which time each of the Security Agent, the Agent, the Finance Parties and the Obligors shall be released from its obligations in respect of these trusts and the Transaction Security (save for those
which arose prior to such winding-up). The perpetuity period under the rule against perpetuities, if applicable to this Agreement, shall be the period of 125 years from the date of this Agreement. 

 

	26.23	Other Provisions relating to Security Agent 

  

	 	(a)	The Security Agent shall be entitled to carry out all dealings with the Finance Parties through the Agent, to give to the Agent any notice or other communication required to be given by the Security Agent to the Finance
Parties and to rely on a certificate from the Agent as to the amount owed to any of the Finance Parties or by any Obligor. 

  

	 	(b)	The Security Agent may place (at the cost of the Obligors) any of the Finance Documents and any other documents relating to the Transaction Security in any safe custody selected by the Security Agent or with any
financial institution, any company whose business includes the safe custody of documents or any firm of lawyers of good repute and the Security Agent shall not be responsible for, or be required to insure against, any loss incurred in connection
with that deposit. 

  

	 	(c)	The Security Agent may accept without enquiry, and shall not be obliged to investigate, such right and title as each of the Obligors may have to any of the Charged Property and shall not be liable for or bound to
require any Obligor to remedy any defect in its right or title. 

  

	 	(d)	The Security Agent may refrain from doing anything which in its opinion will or may be contrary to any relevant law, directive or regulation of any jurisdiction which would or might otherwise render it liable to any
person, and the Security Agent may do anything which is, in its opinion, necessary to comply with any such law, directive or regulation. 

  

	26.24	Delegation and Additional Trustees 

  

	 	(a)	The Security Agent may at any time delegate by power of attorney or otherwise to any person for any period, all or any of the rights, powers and discretions vested in it by any of the Finance Documents and such
delegation may be made upon such terms and conditions (including the power to sub-delegate) and subject to such restrictions as the Security Agent may think fit in the interest of the Finance Parties and it
shall not be bound to supervise, or be in any way responsible for any loss incurred by reason of any misconduct or default on the part of any such delegate or sub-delegate; and 

 

	 	(b)	The Security Agent may at any time appoint (and subsequently remove) any person to act as a separate trustee or as a co-trustee jointly with it (i) if it considers such
appointment to be in the interests of the Finance Parties or (ii) for the purposes of conforming to any legal requirements, restrictions or conditions which the Security Agent deems to be relevant or (iii) for obtaining or enforcing any
judgment in any jurisdiction, and the Security Agent shall give prior notice to the Obligors’ Agent and the Agent of any such appointment. Any person so appointed (subject to the terms of this Agreement) shall have such rights, powers and
discretions (not exceeding those conferred on the Security Agent by this Agreement) and such duties and obligations as are conferred or imposed by the instrument of appointment. The remuneration the Security Agent may pay to any such person, and any
costs and expenses incurred by such person in performing its functions pursuant to that appointment shall, for the purposes of this Agreement, be treated as costs and expenses incurred by the Security Agent. 

  
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	26.25	Agent’s/Security Agent’s Management Time 

 Any amount payable to the Agent
under clause 15.3 (Indemnity to the Agent), clause 15.4 (Indemnity to the Security Agent), clause 17 (Costs and expenses) and clause 26.13 (Lenders’ and Bilateral Banks’ indemnity to the Agent/Security Agent)
shall include the cost of utilising the Agent’s or Security Agent’s management time or other resources and will be calculated on the basis of such reasonable daily or hourly rates as the Agent or Security Agent (as applicable) may notify
to the Parent and the Lenders, and is in addition to any fee paid or payable to the Agent or Security Agent (as applicable) under clause 12 (Fees). 
  

	27	Conduct of business by the Finance Parties 

 No provision of this Agreement will: 

 

	 	(a)	interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit; 

  

	 	(b)	oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or 

 

	 	(c)	oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax. 

 

	28	Sharing among the Finance Parties 

  

	28.1	Payments to Lenders 

 If a Finance Party (Recovering Finance Party) receives or
recovers any amount from an Obligor other than in accordance with clause 29 (Payment mechanics) (Recovered Amount) and applies that amount to a payment due under the Finance Documents then: 

 

	 	(a)	the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery, to the Agent; 

  

	 	(b)	the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or recovery been received or made by the Agent and distributed in
accordance with clause 29 (Payment mechanics), without taking account of any Tax which would be imposed on the Agent in relation to the receipt, recovery or distribution; and 

 

	 	(c)	the Recovering Finance Party shall, within three Business Days of demand by the Agent, pay to the Agent an amount (Sharing Payment) equal to such receipt or recovery less any amount which the Agent determines may
be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with clause 29.6 (partial payments). 

  
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	28.2	Redistribution of payments 

 The Agent shall treat the Sharing Payment as if it had been
paid by the relevant Obligor and distribute it between the Finance Parties (other than the Recovering Finance Party) in accordance with clause 29.6 (partial payments). 
  

	28.3	Recovering Finance Party’s rights 

 On a distribution by the Agent under clause 28.2
of a payment received by a Recovering Finance Party from an Obligor, as between the relevant Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid by that
Obligor. 
  

	28.4	Reversal of redistribution 

 If any part of the Sharing Payment received or recovered by
a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then: 
  

	 	(a)	each Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the account of that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with
an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party is required to pay) (Redistributed Amount); and 

 

	 	(b)	as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the relevant Redistributed Amount will be treated as not having been paid by that Obligor. 

 

	28.5	Exceptions 

  

	 	(a)	This clause 28 shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to this clause, have a valid and enforceable claim against the relevant Obligor.

  

	 	(b)	A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if:

  

	 	(i)	it notified the other Finance Parties of the legal or arbitration proceedings; and 

  

	 	(ii)	the other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having received notice or did not take separate legal or
arbitration proceedings. 

  

	 	(c)	This clause 28 shall not apply to the extent that the Recovering Finance Party is a Bilateral Bank or a Hedging Bank and the amounts recovered are amounts which are owing under a Bilateral Facility or, as the case may
be, a Hedging Agreement and are received at a time when no notice has been served by the Agent under clause 23.18 (Acceleration). 

  
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	29	Payment mechanics 

  

	29.1	Payments to the Agent 

  

	 	(a)	On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that Obligor or Lender shall make the same available to the Agent (unless a contrary indication appears in a Finance
Document) for value on the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of transactions in the relevant currency in the place of payment. 

 

	 	(b)	Payment shall be made to such account in the principal financial centre of the country of that currency (or, in relation to euro, in a principal financial centre in such Participating Member State or London as specified
by the Agent) with such bank as the Agent, in each case, specifies. 

  

	29.2	Distributions by the Agent 

 Each payment received by the Agent under the Finance
Documents for another Party shall, subject to clause 29.3 and clause 29.4 be made available by the Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a Lender, for
the account of its Facility Office), to such account as that Party may notify to the Agent by not less than five Business Days’ notice with a bank as specified by that Party in the principal financial centre of the country of that currency (or,
in relation to euro, in the principal financial centre of a Participating Member State or London as specified by that Party). 
  

	29.3	Distributions to an Obligor 

 The Agent may (with the consent of the Obligor or in
accordance with clause 30 (Set-off)) apply any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under
the Finance Documents or in or towards purchase of any amount of any currency to be so applied. 
  

	29.4	Clawback 

  

	 	(a)	Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent is not obliged to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has
been able to establish to its satisfaction that it has actually received that sum. 

  

	 	(b)	Unless clause 29.4(c) applies, if the Agent pays an amount to another Party and it proves to be the case that the Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any
related exchange contract) was paid by the Agent shall on demand refund the same to the Agent together with interest on that amount from the date of payment to the date of receipt by the Agent, calculated by the Agent to reflect its cost of funds.

  

	 	(c)	If the Agent has notified the Lenders that it is willing to make available amounts for the account of a Borrower before receiving funds from the Lenders then if and to the extent that the Agent does so but it proves to
be the case that it does not then receive funds from a Lender in respect of a sum which it paid to a Borrower: 

  
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	 	(i)	the Borrower to whom that sum was made available shall on demand refund it to the Agent; and 

  

	 	(ii)	the Lender by whom those funds should have been made available or, if that Lender fails to do so, the Borrower to whom that sum was made available, shall on demand pay to the Agent the amount (as certified by the Agent)
which will indemnify the Agent against any funding cost incurred by it as a result of paying out that sum before receiving those funds from that Lender. 

  

	29.5	[Intentionally blank] 

  

	29.6	Partial payments 

  

	 	(a)	Save in the circumstances described in clause 29.6(c), if the Agent receives a payment that is insufficient to discharge all the amounts then due and payable by an Obligor under the Finance Documents, the Agent shall
apply that payment towards the obligations of that Obligor under the Finance Documents in the following order: 

  

	 	(i)	first, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent, the Security Agent and the Arranger under the Finance Documents; 

 

	 	(ii)	secondly, in or towards payment pro rata of any accrued interest or commission due but unpaid under this Agreement; 

  

	 	(iii)	thirdly, in or towards payment pro rata of any principal due but unpaid under this Agreement; and 

  

	 	(iv)	fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents. 

  

	 	(b)	The Agent shall, if so directed by the Majority Lenders, vary the order set out in clause 29.6(a)(ii) to clause 29.6(a)(iv). 

  

	 	(c)	If after the service of a notice by the Agent under clause 23.18 (Acceleration) or pursuant to the provisions of clause 29.12 the Agent receives a payment that is insufficient to discharge all the amounts then due and
payable by an Obligor or a Bilateral Borrower (other than an Obligor) under the Finance Documents, the Agent shall apply that payment towards the obligations of that Obligor or Bilateral Borrower (other than an Obligor), as the case may be, under
the Finance Documents in the following order: 

  

	 	(i)	first, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent, the Security Agent and the Arranger under the Finance Documents; 

 

	 	(ii)	secondly, in or towards payment pro rata of any accrued interest or commission due but unpaid under the Finance Documents; 

  

	 	(iii)	thirdly, in or towards payment pro rata of any principal due but unpaid under the Finance Documents (including without limitation provisions of cash cover in respect of contingent liabilities and payments due
under the Bilateral Facilities and Hedging Agreements); and 

  
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	 	(iv)	fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents, 

provided that the amount applied by the Agent in respect of the obligations of the Bilateral Borrowers incorporated in the U.S. shall not
exceed the aggregate amount received by the Agent from, or in respect of the assets of, the Obligors incorporated in the U.S. 
  

	 	(d)	The Agent shall, if so directed by the Majority Creditors, vary the order set out in clause 29.6(c)(iii) to 29.6(c)(iv) above provided that any such variation shall be subject to the proviso to clause 29.6(c).

  

	 	(e)	Paragraphs 29.6(a), 29.6(b), 29.6(c) and 29.6(d) above will override any appropriation made by an Obligor. 

  

	29.7	No set-off by Obligors 

 All payments to be made
by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim. 

 

	29.8	Business Days 

  

	 	(a)	Any payment under the Finance Documents which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if
there is not). 

  

	 	(b)	During any extension of the due date for payment of any principal or an Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date. 

 

	29.9	Currency of account 

  

	 	(a)	Subject to paragraphs (b) to (e) below, the Base Currency is the currency of account and payment for any sum due from an Obligor under any Finance Document. 

 

	 	(b)	A repayment of a Loan or Unpaid Sum or a part of a Loan or Unpaid Sum shall be made in the currency in which that Loan or Unpaid Sum is denominated pursuant to this Agreement on its due date. 

 

	 	(c)	Each payment of interest shall be made in the currency in which the sum in respect of which the interest is payable was denominated when that interest accrued. 

 

	 	(d)	Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred. 

 

	 	(e)	Any amount expressed to be payable in a currency other than the Base Currency shall be paid in that other currency. 

  

	 	(f)	For the purpose of or pending the discharge of any of the Secured Obligations the Security Agent may convert any monies received or recovered by it from one currency to another, at the spot rate at which the Security
Agent is able to purchase the currency in which the Secured Obligations are due with the amount received. The obligations of any Obligor to pay in the due currency shall only be satisfied to the extent of the amount of the due currency purchased
after deducting the costs of conversion. 

  
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	29.10	Change of currency 

  

	 	(a)	Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised by the central bank of any country as the lawful currency of that country, then: 

 

	 	(i)	any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that country
designated by the Agent (after consultation with the Parent); and 

  

	 	(ii)	any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or
down by the Agent (acting reasonably). 

  

	 	(b)	If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting reasonably and after consultation with the Parent) specifies to be necessary, be amended to comply with any generally
accepted conventions and market practice in the London interbank market and otherwise to reflect the change in currency. 

  

	29.11	Disruption to Payment Systems etc 

 If either the Agent determines (in its discretion)
that a Disruption Event has occurred or the Agent is notified by the Parent that a Disruption Event has occurred: 
  

	 	(a)	the Agent may, and shall if requested to do so by the Parent, consult with the Parent with a view to agreeing with the Parent such changes to the operation or administration of the Facilities as the Agent may deem
necessary in the circumstances; 

  

	 	(b)	the Agent shall not be obliged to consult with the Parent in relation to any changes mentioned in paragraph (a) if, in its opinion, it is not practicable to do so in the circumstances and, in any event, shall have
no obligation to agree to such changes; 

  

	 	(c)	the Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph (a) but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the circumstances;

  

	 	(d)	any such changes agreed upon by the Agent and the Parent shall (whether or not it is finally determined that a Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the case may be,
waiver of) the terms of the Finance Documents notwithstanding the provisions of clause 35 (Amendments and waivers); 

  

	 	(e)	the Agent shall not be liable for any damages, costs or losses whatsoever (including, without limitation for negligence, gross negligence or any other category of liability whatsoever but not including any claim based
on the fraud of the Agent) arising as a result of its taking, or failing to take, any actions pursuant to or in connection with this clause 29.11; and 

  

	 	(f)	the Agent shall notify the Finance Parties of all changes agreed pursuant to clause 29.11(d). 

  
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	29.12	Application of Proceeds by Security Agent 

 All monies from time to time received or
recovered by the Security Agent or Receiver (a) in connection with the realisation or enforcement of all or any part of the Transaction Security or (b) pursuant to a Recovery by a Relevant Bilateral Bank pursuant to clause 29.17 shall be
held by the Security Agent on trust to apply them as soon as the Security Agent in its sole discretion determines to be reasonably practicable, to the extent permitted by applicable law (subject to the provisions of this clause and notwithstanding
any purported appropriation by any Obligor), in the following order of priority: 
  

	 	(a)	in discharging any sums owing to the Security Agent (in its capacity as trustee), any Receiver or any Delegate; 

  

	 	(b)	in payment to the Agent, on behalf of the Finance Parties, for application towards the discharge of all sums due and payable by any Obligor or Bilateral Borrower (other than an Obligor) under any of the Finance
Documents in the order set out in clause 29.6(c); 

  

	 	(c)	if none of the Obligors or Bilateral Borrowers (other than Obligors), is under any further actual or contingent liability under any Finance Document, in payment to any person to whom the Security Agent is obliged to pay
in priority to any Obligor or Bilateral Borrower (other than an Obligor); and 

  

	 	(d)	the balance, if any, in payment to the relevant Obligor. 

  

	29.13	Investment of Proceeds by Security Agent 

 Prior to the application of the proceeds of
the Transaction Security in accordance with clause 29.12 the Security Agent may, at its discretion, hold all or part of those proceeds in an interest bearing suspense or impersonal account(s) in the name of the Security Agent or Agent with such
financial institution (including itself) for so long as the Security Agent shall think fit (the interest being credited to the relevant account) pending the application from time to time of those monies at the Security Agent’s discretion in
accordance with the provisions of this clause 29. 
  

	29.14	Permitted Deductions by Security Agent 

 The Security Agent shall be entitled (a) to
set aside by way of reserve amounts required to meet and (b) to make and pay, any deductions and withholdings (on account of Taxes or otherwise) which it is or may be required by any applicable law to make from any distribution or payment made
by it under this Agreement, and to pay all Taxes which may be assessed against it in respect of any of the Charged Property, or as a consequence of performing its duties, or by virtue of its capacity as Security Agent under any of the Finance
Documents or otherwise (other than in connection with its remuneration for performing its duties under this Agreement). 
  

	29.15	Discharge of Secured Obligations 

 Each of the Obligors agrees that the Secured
Obligations shall only be discharged to the extent of the receipts by or recoveries of the Security Agent pursuant to the enforcement of the Transaction Security. Any payment to be made in respect of the Secured Obligations by the Security Agent may
be made to the Agent and any payment so made shall be a good discharge to the extent of such payment, to the Security Agent. 

  
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	29.16	Sums received by Obligors 

 If any of the Obligors receives any sum which, pursuant to
any of the Finance Documents, should have been paid to the Security Agent, that sum shall be held by that Obligor on trust for the Finance Parties and shall promptly be paid to the Security Agent for application in accordance with this clause. 

 

	29.17	Equalisation Payments 

  

	 	(a)	If at any time after the delivery of a notice by the Agent under clause 23.18 (Acceleration) any Relevant Bilateral Bank makes a Recovery in respect of any sum owed by the relevant Bilateral Borrower whether directly or
by set-off or by any other means which, if such sum had been recovered by the Relevant Bilateral Bank from an Obligor, would have fallen to be dealt with under clause 29.12 then: 

 

	 	(i)	such Relevant Bilateral Bank will notify details of such Recovery to the Security Agent within three Business Days; 

  

	 	(ii)	the Security Agent will then determine in good faith the amount by which such Recovery exceeds the amount which such Relevant Bilateral Bank would have received had such Recovery been affected by the Security Agent from
an Obligor pursuant to the Security Documents and applied as provided in clause 29.12; 

  

	 	(iii)	such Relevant Bilateral Bank will pay an amount (Equalisation Sharing Payment) equal to the excess to the Security Agent, retaining the balance in pro tanto satisfaction of the amount due to it; and

  

	 	(iv)	the Security Agent shall treat the excess as if it were a Recovery from an Obligor pursuant to the relevant Security Documents and shall deal with it in accordance with clause 29.12 (taking into account the amount
withheld by the Relevant Bilateral Bank in clause 29.17(a)(iii)). 

  

	 	(b)	On a distribution by the Security Agent under paragraph (a), the Relevant Bilateral Bank will be subrogated to the rights of the Finance Parties which have shared in the redistribution. 

 

	 	(c)	If and to the extent that the Relevant Bilateral Bank is not able to rely on its rights under paragraph (b) above, the relevant Obligor shall be liable to the Relevant Bilateral Bank for a debt equal to the
Equalisation Sharing Payment which is immediately due and payable. 

  

	30	Set-off 

 Save as otherwise provided in clause
22.9 (Hedging Arrangements), a Finance Party may set off any matured obligation due from an Obligor under the Finance Documents (to the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party
to that Obligor, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of
business for the purpose of the set-off. 

  
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	31	Notices 

  

	31.1	Communications in writing 

 Any communication to be made under or in connection with the
Finance Documents shall be made in writing and, unless otherwise stated, may be made by fax or letter. 
  

	31.2	Addresses 

 The address and fax number (and the department or officer, if any, for whose
attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the Finance Documents is: 
  

	 	(a)	in the case of the Parent and Innospec Finance, that identified with its name below; 

  

	 	(b)	in the case of each Finance Party or any other Original Obligor, that notified in writing to the Agent on or prior to the date on which it becomes a Party; and 

 

	 	(c)	in the case of the Agent and the Security Agent, that identified with its name below, 

 or any
substitute address, fax number or department or officer as the Party may notify to the Agent (or the Agent may notify to the other Parties, if a change is made by the Agent) by not less than five Business Days’ notice. 

 

	31.3	Delivery 

  

	 	(a)	Any communication or document made or delivered by one person to another under or in connection with the Finance Documents will only be effective: 

 

	 	(i)	if by way of fax, when received in legible form; or 

  

	 	(ii)	if by way of letter, when it has been left at the relevant address or five Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that address, 

and, if a particular department or officer is specified as part of its address details provided under clause 31.2, if addressed to that
department or officer. 
  

	 	(b)	Any communication or document to be made or delivered to the Agent or the Security Agent will be effective only when actually received by the Agent or the Security Agent (as the case may be) and then only if it is
expressly marked for the attention of the department or officer identified with the Agent’s (or, as applicable, Security Agent’s) signature below (or any substitute department or officer as the Agent or the Security Agent (as the case may
be) shall specify for this purpose). 

  

	 	(c)	All notices from or to an Obligor shall be sent through the Agent. 

  

	 	(d)	Any communication or document made or delivered to the Obligors’ Agent in accordance with this clause will be deemed to have been made or delivered to each of the Obligors. 

 

	 	(e)	All notices to a Lender from the Security Agent shall be sent through the Agent. 

  
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	 	(f)	Any communication or document which becomes effective in accordance with clause 31.3(a) to 31.3(d), after 5.00 pm in the place of receipt shall be deemed only to become effective on the following day. 

 

	31.4	Notification of address and fax number 

 Promptly upon receipt of notification of an
address and fax number or change of address or fax number pursuant to clause 31.2 or changing its own address or fax number the Agent shall notify the other Parties. 
  

	31.5	[Intentionally blank] 

  

	31.6	Electronic communication 

  

	 	(a)	Any communication to be made between any two Parties under or in connection with the Finance Documents may be made by electronic mail or other electronic means (including, without limitation, by way of posting to a
secure website) if those two Parties: 

  

	 	(i)	notify each other in writing of their electronic mail address and/or any other information required to enable the transmission of information by that means; and 

 

	 	(ii)	notify each other of any change to their address or any other such information supplied by them by not less than 5 Business Days’ notice. 

 

	 	(b)	Any such electronic communication as specified in clause 31.6(a) to be made between an Obligor and a Finance Party may only be made in that way to the extent that those two Parties agree that, unless and until notified
to the contrary, this is to be an accepted form of communication. 

  

	 	(c)	Any such electronic communication as specified in clause 31.6(a) made between any two Parties will be effective only when actually received (or made available) in readable form and in the case of any electronic
communication made by a Party to the Agent or the Security Agent only if it is addressed in such a manner as the Agent or Security Agent shall specify for this purpose. 

 

	 	(d)	Any electronic communication which becomes effective, in accordance with clause 31.6(c), after 5.00 pm in the place in which the Party to whom the relevant communication is sent or made available has its address for the
purpose of this Agreement shall be deemed only to become effective on the following day. 

  

	 	(e)	Any reference in a Finance Document to a communication being sent or received shall be construed to include that communication being made available in accordance with this clause 31.6. 

 

	31.7	English language 

  

	 	(a)	Any notice given under or in connection with any Finance Document must be in English. 

  

	 	(b)	All other documents provided under or in connection with any Finance Document must be: 

  

	 	(i)	in English; or 

  
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	 	(ii)	if not in English, and if so required by the Agent, accompanied by a certified English translation and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other
official document. 

  

	32	Calculations and certificates 

  

	32.1	Accounts 

 In any litigation or arbitration proceedings arising out of or in connection
with a Finance Document, the entries made in the accounts maintained by a Finance Party are prima facie evidence of the matters to which they relate. 
  

	32.2	Certificates and determinations 

 Any certification or determination by a Finance Party
of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates. 
  

	32.3	Day count convention 

 Any interest, commission or fee accruing under a Finance Document
will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days or, in any case where the practice in the London interbank market differs, in accordance with that market practice. 

 

	33	Partial invalidity 

 If, at any time, any provision of the Finance Documents is or
becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of
any other jurisdiction will in any way be affected or impaired. 
  

	34	Remedies and waivers 

 No failure to exercise, nor any delay in exercising, on the part
of any Finance Party, any right or remedy under a Finance Document shall operate as a waiver of any such right or remedy or constitute an election to affirm any Finance Document. No election to affirm any Finance Document on the part of any Finance
Party shall be effective unless it is in writing. No single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in each Finance
Document are cumulative and not exclusive of any rights or remedies provided by law. 
  

	35	Amendments and waivers 

  

	35.1	Required consents 

  

	 	(a)	Subject to clause 35.2 any term of the Finance Documents (other than the Security Documents, the Bilateral Facilities and the Hedging Agreements) may be amended or waived only with the consent of the Majority Lenders
and the Obligors and any such amendment or waiver will be binding on all Parties. 

  

	 	(b)	The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this clause. 

  

	 	(c)	Clause 24.11(b) (Pro rata interest settlement) shall apply to this clause 35. 

  
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	35.2	Exceptions 

  

	 	(a)	An amendment or waiver that has the effect of changing or which relates to: 

  

	 	(i)	the definition of Majority Lenders or Majority Creditors in clause 1.1 (Definitions); 

  

	 	(ii)	the definition of Screen Rate in clause 1.1 (Definitions); 

  

	 	(iii)	the definitions of Sanctions Authority, OFAC, Restricted Party, Sanctions and Sanctions List in clause 1.1 (Definitions); 

 

	 	(iv)	an extension to the date of payment of any amount under the Finance Documents; 

  

	 	(v)	a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or commission payable; 

  

	 	(vi)	an increase in any Commitment or the Total Commitments including an increase under clause 2.4 (Accordion Facility), an extension of any Availability Period or any requirement that a cancellation of Commitments reduces
the Commitments of the Lenders rateably under the relevant Facility; 

  

	 	(vii)	(other than as expressly permitted by the provisions of any Finance Document) the nature or scope of: 

  

	 	(A)	the guarantee and indemnity granted under clause 18 (Guarantee and indemnity); 

  

	 	(B)	the Charged Property; or 

  

	 	(C)	the manner in which the proceeds of enforcement of the Transaction Security are distributed, 

(except in the case of clauses 35.2(a)(vii)(B) and (C), insofar as it relates to a sale or disposal of an asset which is the subject of the
Transaction Security where such sale or disposal is expressly permitted under this Agreement or any other Finance Document); 
  

	 	(viii)	a change to the Borrowers or Guarantors other than in accordance with clause 25 (Changes to the Obligors); 

  

	 	(ix)	a release of any Security Documents other than in accordance with the terms of the Finance Documents; 

  

	 	(x)	any provision which expressly requires the consent of all the Lenders; 

  

	 	(xi)	clause 2.3 (Finance Parties’ rights and obligations), clause 2.4 (Accordion Facility), clause 5.1 (Delivery of a Utilisation Request), clause 8.1 (Illegality) to clause 8.3 (Disposals) (inclusive), clause 24
(Changes to the Finance Parties), clause 25 (Changes to the Obligors), this clause 35, clause 40 (Governing law) or clause 41 (Enforcement); 

  

	 	(xii)	clause 19.22 (Sanctions) and clause 22.24 (Sanctions); or 

  
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	 	(xiii)	clause 28 (Sharing among the Finance Parties), 29.12 (Application of Proceeds by Security Agent) and clause 29.17 (Equalisation Payments), 

shall not be made without the prior consent of all the Lenders. 
  

	 	(b)	An amendment or waiver which has the effect of changing or which relates to any provision in this Agreement relating to the terms of any Bilateral Facility or Hedging Agreement or the rights of a Bilateral Bank or
Hedging Bank thereunder may not be affected without the consent of the relevant Bilateral Bank or Hedging Bank (as the case may be). 

  

	 	(c)	An amendment or waiver which relates to the rights or obligations of the Agent, the Security Agent or the Arranger may not be made without the consent of the Agent, the Security Agent or the Arranger (as the case may
be). 

  

	 	(d)	An amendment or waiver that has the effect of changing or which relates to any provision which expressly requires the consent of the Majority Creditors, shall not be made without the prior consent of the Majority
Creditors. 

  

	35.3	Replacement of Screen Rate 

 Subject to clauses 35.2(b) and 35.2(c) if any Screen Rate is
not available for a currency which can be selected for a Loan, any amendment or waiver which relates to providing for another benchmark rate to apply in relation to that currency in place of that Screen Rate (or which relates to aligning any
provision of a Finance Document to the use of that other benchmark rate) may be made with the consent of the Lenders and the Parent. 
  

	35.4	[Intentionally blank] 

  

	35.5	Amendments to Security Documents 

 Subject to clause 35.2(a)(vii), the Security Agent
may, if authorised by the Majority Lenders, amend the terms of, waive any of the requirements of, or grant consents under, any of the Security Documents, any such amendment, waiver or consent being binding on all the Parties. 

 

	35.6	[Intentionally blank] 

  

	35.7	Releases by Security Agent 

 Upon a disposal of any of the Charged Property
(a) pursuant to the enforcement of the Transaction Security by a Receiver or the Security Agent or (b) if such disposal is permitted by clause 22.4(a) (Disposals) of this Agreement or any other provision of the Finance Documents, the
Security Agent shall (at the cost of the Obligor) release that property from the Transaction Security and is authorised to execute, without the need for any further authority from the Finance Parties, any release of the Transaction Security or other
claim over that asset and to issue any certificates of non-crystallisation of floating charges that may be required or desirable. 
  

	35.8	Amendments by Obligors’ Agent 

 The Obligors’ Agent (acting on behalf of each
of the Obligors) may agree any amendment to or modification of the provisions of any of the Finance Documents or any schedule thereto, or grant any waiver or consent in relation thereto and the Obligors will be bound by any such amendment or
modification. 

  
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	35.9	[Intentionally blank] 

  

	35.10	[Intentionally blank] 

  

	35.11	[Intentionally blank] 

  

	36	Obligors’ Agent 

  

	 	(a)	Each Obligor by its execution of this Agreement or an Accession Letter irrevocably authorises the Obligors’ Agent to act on its behalf as its agent in relation to the Finance Documents and irrevocably authorises:

  

	 	(i)	the Obligors’ Agent on its behalf to supply all information concerning itself, its financial condition and otherwise to the relevant persons contemplated under this Agreement and to give all notices and
instructions (including, in the case of a Borrower (and without limitation), Utilisation Requests) to execute on its behalf any Accession Letter, to make such agreements and to effect the relevant amendments, supplements and variations capable of
being given, made or effected by any Obligor notwithstanding that they may affect the Obligor, without further reference to or the consent of that Obligor; and 

  

	 	(ii)	each Finance Party to give any notice, demand or other communication to be given to or served on such Obligor pursuant to the Finance Documents to the Obligors’ Agent on its behalf, 

and in each such case such Obligor will be bound thereby as though such Obligor itself had supplied such information, given such notice and
instructions (including, without limitation, any Utilisation Requests) or executed or made the agreements or effected the amendments, supplements or variations, or received the relevant notice, demand or other communication. 

 

	 	(b)	Every act, omission, agreement, undertaking, settlement, waiver, amendment, supplement, variation, notice or other communication given or made by the Obligors’ Agent or given to the Obligors’ Agent under any
Finance Document on behalf of another Obligor or in connection with any Finance Document (whether or not known to any other Obligor and whether occurring before or after such other Obligor became an Obligor under any Finance Document) shall be
binding for all purposes on that Obligor as if that Obligor had expressly made, given or concurred with it. In the event of any conflict between any notices or other communications of the Obligors’ Agent and any other Obligor, those of the
Obligors’ Agent shall prevail. 

  

	37	USA Patriot Act 

 Each Lender hereby notifies each Obligor that pursuant to the
requirements of the USA Patriot Act, such Lender is required to obtain, verify and record information that identifies such Obligor, which information includes the name and address of such Obligor and other information that will allow such Lender to
identify such Obligor in accordance with the USA Patriot Act. 
  

	38	Counterparts 

 Each Finance Document may be executed in any number of counterparts, and
this has the same effect as if the signatures on the counterparts were on a single copy of the Finance Document. 

  
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	39	Publicity 

 All publicity in connection with the Facilities shall be managed by the
Arrangers in consultation with the Parent. No publicity in connection with the Facilities shall be released without the prior approval of the Parent and the Arrangers. If any member of the Group is obliged as a matter of applicable law or regulation
to disclose any information relating to the Facilities it shall be permitted to do so and shall provide to the Agent details of that disclosure prior to making that disclosure. 

 

	40	Governing law 

 This Agreement and any
non-contractual obligations arising out of or in connection with it are governed by English law. 
  

	41	Enforcement 

  

	41.1	Jurisdiction of English courts 

  

	 	(a)	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with any Finance Document (including a dispute relating to the existence, validity or termination of that Finance
Document and any non-contractual obligations arising out of or in connection with any Finance Document regarding the existence, validity or termination of that Finance Document or the consequence of its
nullity) (a Dispute). 

  

	 	(b)	The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary. 

 

	 	(c)	Notwithstanding clause 41.2(a) above, no Finance Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Finance Parties may take
concurrent proceedings in any number of jurisdictions. 

  

	41.2	Service of process 

  

	 	(a)	Without prejudice to any other mode of service allowed under any relevant law, each Obligor (other than an Obligor incorporated in England and Wales): 

 

	 	(i)	irrevocably appoints Innospec Finance (whose address for service is “Innospec Manufacturing Park, Oil Sites Road, Ellesmere Port, Cheshire CH65 4EY, Fax: 0151 348 5756”) as its agent for service of process in
relation to any proceedings before the English courts in connection with any Finance Document; and 

  

	 	(ii)	agrees that failure by a process agent to notify the relevant Obligor of the process will not invalidate the proceedings concerned. 

  

	 	(b)	If any person appointed as an agent for service of process is unable for any reason to act as agent for service of process, the Obligors’ Agent (on behalf of all the Obligors) must immediately (and in any event
within 5 days of such event taking place) appoint another agent on terms acceptable to the Agent. Failing this, the Agent may appoint another agent for this purpose. 

 

	 	(c)	Innospec Finance expressly agrees and consents to the provisions of this clause 41 and clause 40 (Governing law). 

  
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	42	Waiver of jury trial 

 Each of the parties to the Finance Documents irrevocably waives a
jury trial in any action or proceeding with respect to any Finance Document. 
 This Agreement has been entered into on the date stated at the
beginning of this Agreement. 

  
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Schedule 1 
 The
Original Parties 
 Part 1 - The Original Obligors 
  

			
	Name of Original Borrower	  	Jurisdiction of Incorporation and registration number (or equivalent, if any)
		
	Innospec Limited	  	England, 344359
		
	Innospec Fuel Specialties Limited	  	England, 3316334
		
	Innospec Finance Limited	  	England, 5330706
		
	Innospec Developments Limited	  	England, 3516662
		
	Innospec Active Chemicals Limited	  	England, 4181366
		
	Innospec Fuel Specialties LLC	  	Delaware, U.S.A.
		
	Name of Original Guarantor	  	Jurisdiction of Incorporation and registration number (or equivalent, if any)
		
	Innospec Limited	  	England, 344359
		
	Innospec Fuel Specialties Limited	  	England, 3316334
		
	Innospec Developments Limited	  	England, 3516662
		
	OboAdler Company Limited	  	England, 3760777
		
	Innospec Trading Limited	  	England, 3516648
		
	Innospec Holdings Limited	  	England, 4109325
		
	Innospec International Limited	  	England, 3316194
		
	Innospec (Plant) Limited	  	England, 873396
		
	Innospec Finance Limited	  	England, 5330706
		
	Innospec Active Chemicals Limited	  	England, 4181366
		
	Innospec GmbH	  	Switzerland, CHE-110.356.189 (former register number CH-170.4.004.635-1)
		
	Alcor Chemie Vertriebs GmbH	  	Switzerland, CHE-105.631.378 (former register number
CH-170.4.002.974-7)

  
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	Innospec Fuel Specialties LLC	  	Delaware, U.S.A.
		
	Innospec Oil Field Chemicals LLC	  	Delaware, U.S.A.
		
	Innospec Strata Holdings LLC	  	Delaware, U.S.A.
		
	Innospec Active Chemicals LLC	  	Georgia, U.S.A.
		
	Strata Control Services, Inc.	  	Louisiana, U.S.A.
		
	Innospec Performance Chemicals Europe Limited	  	England, 10327773
		
	Independence Oilfield Chemicals, LLC	  	Delaware, U.S.A.

  
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Part 2 - The Original Lenders 
  

																	
	 Name of Original
 Lender
	  	Revolving Facility
Commitment ($)	 	  	Term Facility
Commitment ($)	 	  	Uncommitted
initial amount of
pro rata share
of Accordion
Facility ($)	 	  	Treaty Passport
scheme reference
number and
jurisdiction of tax
residence (if
applicable)	 
	 Barclays Bank PLC
	  	 	36,000,000	  	  	 	19,800,000	  	  	 	9,000,000	  	  			
	 Lloyds Bank plc
	  	 	36,000,000	  	  	 	19,800,000	  	  	 	9,000,000	  	  			
	 National Westminster Bank Plc
	  	 	36,000,000	  	  	 	19,800,000	  	  	 	9,000,000	  	  			
	 Credit Suisse (Switzerland) Ltd
	  	 	20,000,000	  	  	 	11,000,000	  	  	 	5,000,000	  	  			
	 U.S. Bank National Association
	  	 	36,000,000	  	  	 	19,800,000	  	  	 	9,000,000	  	  			
	 Wells Fargo Bank N.A.
	  	 	36,000,000	  	  	 	19,800,000	  	  	 	9,000,000	  	  			
	 TOTAL
	  	 	200,000,000	  	  	 	110,000,000	  	  	 	50,000,000	  	  			

  
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Part 3 - The Original Bilateral Banks 

Name of Original Bilateral Bank 
 Barclays Bank PLC 

Credit Suisse (Switzerland) Ltd 
 Lloyds Bank plc 

National Westminster Bank Plc 

  
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Part 4 - The Hedging Banks 
 Name
of Original Hedging Bank 
 Barclays Bank PLC 
 Lloyds Bank
plc 
 The Royal Bank of Scotland plc 
 Wells Fargo Bank N.A.

 Wells Fargo Securities International Limited 

  
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Schedule 2 

Conditions Precedent 

Part 1 - Conditions Precedent to Initial Utilisation 

THE CONDITIONS PRECEDENT IN PART 1 OF SCHEDULE 2 WERE EITHER WAIVED OR SATISFIED ON 14 DECEMBER 2011. 

 

	1	Corporate Documents 

  

	1.1	A copy of the constitutional documents of each Original Obligor. 

  

	1.2	A copy of a resolution of the board of directors (or equivalent thereof) of each Original Obligor: 

  

	 	(a)	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute the Finance Documents to which it is a party; 

 

	 	(b)	authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and 

  

	 	(c)	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, any Utilisation Request) to be signed and/or despatched by it under or in connection
with the Finance Documents to which it is a party. 

  

	1.3	A copy of a resolution signed by all the holders of the issued shares in each Original Guarantor (other than any US Guarantor), approving the terms of, and the transactions contemplated by, the Finance Documents to
which that Original Guarantor is a party. 

  

	1.4	If applicable, a copy of a resolution of the board of directors of each corporate shareholder in each Original Guarantor, approving the terms of the resolution referred to in paragraph (c) above. 

 

	1.5	In respect of each Swiss Obligor a copy of a resolution of its general meeting of quotaholders approving the execution and the terms of, and the transactions contemplated by, the Finance Documents. 

 

	1.6	A specimen of the signature of each person authorised by the resolution referred to in paragraph (b) above. 

  

	1.7	A certificate of each Original Obligor (signed by a member of Management or a director) confirming that borrowing or guaranteeing, as appropriate, the Total Commitments would not cause any borrowing, guaranteeing or
similar limit binding on any Original Obligor to be exceeded (each certificate to remain true and correct up to and on the first Utilisation Date (unless notified to the contrary by the relevant Original Obligor)). 

 

	1.8	To the extent not otherwise provided above, the constitutive documents of any member of the Group incorporated in England and Wales or the U.S. whose shares are subject to Security under any of the Security Documents
together with any resolutions of the shareholders of such member of the Group adopting such changes to the constitutive documents of such member of the Group as the Agent shall have reasonably required (prior to the date of this Agreement) to, among
other things, remove any restriction on any transfer of shares or partnership interests (or equivalent) in such member of the Group pursuant to any enforcement of any of such Security Documents. 

  
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	1.9	A copy of a good standing certificate with respect to each U.S. Group Member which is an Original Guarantor, issued as of a recent date by the Secretary of State or other appropriate official of such U.S. Group
Member’s jurisdiction of incorporation or organisation. 

  

	1.10	A certificate of an authorised signatory of the relevant Original Obligor certifying that each copy document relating to it specified in this paragraph 1 of part 1 of schedule 2 is correct, complete and in full force
and effect as at a date no earlier than the date of this Agreement. 

  

	2	Finance Documents 

 The Fee Letters, duly executed. 

 

	3	Legal opinions 

  

	3.1	A legal opinion of Allen & Overy LLP, legal advisers to the Arranger and the Agent in England as to English law, substantially in the form distributed to the Original Lenders prior to signing this Agreement.

  

	3.2	A legal opinion of Mayer Brown LLP, legal advisers to the Obligors as to the laws of Delaware, U.S., substantially in the form distributed to the Original Lenders prior to signing this Agreement. 

 

	3.3	A legal opinion of Mayer Brown LLP, legal advisers to the Obligors as to the laws of New York, U.S., substantially in the form distributed to the Original Lenders prior to signing this Agreement. 

 

	3.4	A legal opinion of Alston & Bird LLP, U.S. (Georgia), legal advisers to the Obligors as to the laws of the Georgia, U.S., substantially in the form distributed to the Original Lenders prior to signing this
Agreement. 

  

	3.5	A legal opinion of Bär & Karrer AG, the legal advisers to the Arranger and the Agent as to Swiss law, substantially in the form distributed to the Original Lenders prior to signing this Agreement.

  

	4	Security 

  

	4.1	The Debentures, duly executed. 

  

	4.2	The Swiss Assignment Agreement, duly executed. 

  

	4.3	The U.S. Security Documents, duly executed. 

  

	4.4	The English Share Pledge, duly executed. 

  

	4.5	The Swiss Share Pledges, duly executed. 

  

	5	Perfection of Security 

  

	5.1	Key Properties – Registration: 

  

	 	(a)	The results of the Land Registry searches in favour of the Agent on the appropriate forms against all of the registered titles comprising each Key Property giving not less than 21 days priority beyond the date each Key
Property became subject to the terms of the relevant Finance Documents and showing no adverse entries. 

  
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	 	(b)	An undertaking from DWF LLP (legal counsel to the Parent) to (subject to receipt of (A) the original Key Property Debenture following registration at Companies House (B) evidence of registration of the Key
Property Debenture at Companies House and (C) executed releases of the existing Security relating to the Original Facilities Agreement): (I) within the priority periods afforded by the Land Registry searches (or such longer periods as granted
by the Land Registry) make applications to the Land Registry on the appropriate forms together with the payment of the Land Registry fees to release such existing Security and to register the Security created in respect of each Key Property under
the Finance Documents (including the restrictions and obligations to make further advances referred to in the Key Property Debenture) against the relevant title number for each Key Property (II) give notice of the Key Property Debentures to the
landlords of all leasehold Key Properties (III) use reasonable endeavours to deal promptly with any requisitions raised by the Land Registry in connection with the applications mentioned above and (IV) hold any title deeds that come into
their possession to the order of the Security Agent. 

  

	5.2	All original share certificates and related stock transfer forms executed in blank in relation to shares subject to the Security Documents to the extent appropriate under applicable law. 

 

	5.3	Executed notices of assignment/charge (to be dated the date that is the first Utilisation Date) of any contracts specifically identified in the Security Documents and any bank accounts listed in the Security Documents.

  

	5.4	All insurance policies relating to Material Insurances in force as at the date of the first Utilisation under this Agreement or, if not available, broker’s letters confirming the matters specified in clause 22.7
(Insurance). 

  

	6	Other documents and evidence 

  

	6.1	The Original Financial Statements of the Parent. 

  

	6.2	The Group Structure Chart. 

  

	6.3	Information Package. 

  

	6.4	A copy of the Disclosure Letter. 

  

	6.5	Evidence that upon the date that the first Loan is made: 

  

	 	(a)	all Financial Indebtedness arising under or in connection with the Original Facilities Agreement will be immediately repaid in full and all commitments under the Original Facilities Agreement irrevocably cancelled; and

  

	 	(b)	all of the existing Security relating to the Original Facilities Agreement will be immediately released and the relevant reassignments have been made. 

 

	6.6	Evidence that the fees, costs and expenses then due pursuant to clause 12 (Fees) and clause 17 (Costs and expenses) have been paid or will be paid. 

 

	6.7	A certificate of solvency signed by the chief financial officer of each Original Obligor incorporated in the U.S. 

  
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	 	6.8	Evidence that the Original Guarantors satisfy the requirements of clause 22.18(b) (Guarantors and security) (by reference to the EBITDA and gross asset analysis based on the forecast used in the Information Package).

  

	 	6.9	A Compliance Certificate for the Relevant Period ending 30 September 2011. 

  

	 	6.10	Documentation and other evidence as is reasonably requested by the Agent or the Lenders in order for the Agent and the Lenders to carry out and be satisfied with the results of all necessary “know your
customer” or other checks on each Obligor pursuant to the transactions contemplated in the Finance Documents. 

  
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Part 2 - Conditions Precedent required to be delivered by an Additional Obligor 

 

	1	An Accession Letter, duly executed by the Additional Obligor and the Parent. 

  

	2	A copy of the constitutional documents of the Additional Obligor. 

  

	3	A copy of a resolution of the board of directors of the Additional Obligor: 

  

	 	(a)	approving the terms of, and the transactions contemplated by, the Accession Letter and the Finance Documents and resolving that it execute the Accession Letter; 

 

	 	(b)	authorising a specified person or persons to execute the Accession Letter and other Finance Documents on its behalf; and 

  

	 	(c)	authorising a specified person or persons, on its behalf, to sign and/or despatch all other documents and notices (including, in relation to an Additional Borrower, any Utilisation Request ) to be signed and/or
despatched by it under or in connection with the Finance Documents. 

  

	4	A specimen of the signature of each person authorised by the resolution referred to in paragraph 3 above. 

  

	5	Where the Agent’s relevant counsel deems such to be either necessary or desirable either in place of or in addition to the resolution referred to in paragraph (b) above, a certificate or extract from a public
commercial registry or other evidence setting out the names and signatures of the persons authorised to sign, on behalf of the Additional Obligor, each Finance Document to which such company is or is to be a party and any documents to be delivered
by such company pursuant to any of the Finance Documents. 

  

	6	Where the Agent’s relevant counsel deems such to be either necessary or desirable, either a copy of a resolution signed by all the holders of the issued shares in such company or a resolution of the supervisory
board, work council or equivalent supervisory body of the Additional Obligor, approving the terms of, and the transactions contemplated by, the Finance Documents to which that company is a party. 

 

	7	A certificate of the Additional Obligor (signed by a director) confirming that borrowing or guaranteeing or securing, as appropriate, the Total Commitments would not cause any borrowing, guarantee, security or similar
limit binding on it to be exceeded. 

  

	8	A certificate of an authorised signatory of the Additional Obligor certifying that each copy document listed in this part 2 of schedule 2 is correct, complete and in full force and effect and has not been amended or
superseded as at a date no earlier than the date of the Accession Letter. 

  

	9	A copy of any other Authorisation or other document, opinion or assurance which the Agent considers to be necessary or desirable in connection with the entry into and performance of the transactions contemplated by the
Accession Letter or for the validity and enforceability of any Finance Document. 

  

	10	If available, the latest audited financial statements of the Additional Obligor. 

  

	11	A legal opinion of the legal advisers to the Arranger and the Agent in England. 

  
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	12	If the Additional Obligor is incorporated in a jurisdiction other than England and Wales, a legal opinion of the legal advisers to the Arranger and the Agent in the jurisdiction in which the Additional Obligor is
incorporated. 

  

	13	If the proposed Additional Obligor is incorporated in a jurisdiction other than England and Wales, evidence that the process agent specified in clause 41.2 (Service of process), if not an Obligor, has accepted its
appointment in relation to the proposed Additional Obligor. 

  

	14	Security Document(s) executed by the Additional Obligor in favour of the Security Agent for the benefit of the Finance Parties (or, if applicable, directly in favour of the Finance Parties) as the Agent shall have
required in accordance with the provisions of clause 22.18 (Guarantors and security). 

  

	15	(To the extent permissible under applicable law) an executed Security Document by the immediate Holding Company of such Additional Obligor over the entire issued share capital of such Additional Obligor held by such
Holding Company. 

  

	16	If the Additional Obligor is formed in any state of the United States of America, a certificate of solvency signed by the Chief Financial Officer of such Additional Obligor and a copy of a good standing certificate with
respect to that Additional Obligor issued as of a recent date by the Secretary of State or other appropriate official of that Additional Obligor’s jurisdiction of formation. 

 

	17	Where the Agent’s relevant counsel reasonably deems such to be either necessary or advisable and to the extent practicable (taking into account the commercial benefit for the Finance Parties and the burden on the
Obligors), any recordings, filings or other action required to perfect the Security purported to be created by the Security Documents referred to above (including, without limitation, delivery of share certificates and stock transfer forms executed
in blank in relation to pledged shares, noting of pledges on share registers, application for registration of security and notices of assignment). 

  

	18	The constitutive documents of any member of the Group whose shares are subject to Security under any of the Security Documents referred to above in the form required by the Agent together with any resolutions of the
shareholders of such member of the Group adopting such changes to the constitutive documents of such member of the Group as the Agent shall have reasonably required to, among other things, remove any restriction on any transfer of shares or
partnership interests (or equivalent) in such member of the Group pursuant to any enforcement of any of such Security Documents. 

  
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Schedule 3 

[Intentionally blank] 

  
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Schedule 4 

Requests and Notices 

Part 1 - Form of Utilisation Request 
  

	From:	[Borrower/Obligors’ Agent] 

  

	To:	[Agent] 

  

	Dated:	• 

 Dear Sirs 

Innospec Inc. – U.S.$310,000,000 Facilities Agreement originally dated 14 December 2011 (as subsequently amended and restated from time to time)
(the Facilities Agreement) 
  

	1	We refer to the Facilities Agreement. This is a Utilisation Request. Terms defined in the Facilities Agreement have the same meaning in this Utilisation Request unless given a different meaning in this Utilisation
Request. 

  

	2	We wish [Name of Borrower] to borrow a Loan on the following terms: 

  

			
	Proposed Utilisation Date:	  	• (or, if that is not a Business Day, the next Business Day)
		
	Facility to be utilised	  	[Term Facility] [Revolving Facility]
		
	Currency of Loan:	  	•
		
	Amount:	  	• or, if less, the Available Facility
		
	Interest Period:	  	•

  

	3	We confirm that each condition specified in clause 4.2 (Further conditions precedent) is satisfied on the date of this Utilisation Request. 

 

	4	The proceeds of this Loan should be credited to [account]. 

  

	5	This Utilisation Request is irrevocable. 

 Yours faithfully 

                          
                             

authorised signatory for 
 [the Obligors’ Agent on behalf
of] 
 [name of relevant Borrower] 

  
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Part 2 - Selection Notice 

Applicable to the Term Facility Loan 
  

	From:	Parent/Obligors’ Agent* 

  

	To:	[Agent] 

 Dated: 

Dear Sirs 
 Innospec Inc. – U.S.$310,000,000 Facilities
Agreement originally dated 14 December 2011 (as subsequently amended and restated from time to time) (the Facilities Agreement) 
  

	1	We refer to the Facilities Agreement. This is a Selection Notice. Terms defined in the Facilities Agreement have the same meaning in this Selection Notice unless given a different meaning in this Selection Notice.

  

	2	We request that the next Interest Period for the Term Facility Loan is •. 

  

	3	This Selection Notice is irrevocable. 

 Yours faithfully 

                          
                                   

authorised signatory for 
 [the Obligors’ Agent on behalf
of] [Parent] ** 
 NOTES: 
  

	*	Amend as appropriate. The Selection Notice can be given by the Obligors’ Agent or the Parent. 

	**	Amend as appropriate. The Selection Notice can be given by the Obligors’ Agent or the Parent. 

  
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Schedule 5 
 Form of
Transfer Agreements 
 Part 1 - Form of Assignment Agreement 

 

	To:	• as Agent and • as Security Agent 

  

	From:	[The Existing Lender] (Existing Lender) and [The New Lender] New Lender) 

  

	Dated:	• 

 Innospec Inc. – U.S.$310,000,000 Facilities Agreement originally dated 14 December 2011
(as subsequently amended and restated from time to time) (the Facilities Agreement) 
  

	1	We refer to the Facilities Agreement. This is an Assignment Agreement. Terms defined in the Facilities Agreement have the same meaning in this Assignment Agreement unless given a different meaning in this Assignment
Agreement. 

  

	2	In accordance with the terms of the Facilities Agreement: 

  

	 	(a)	the Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender specified in the schedule together with a proportional interest under each Security Document; 

 

	 	(b)	the New Lender assumes obligations equivalent to those obligations of the Existing Lender under the Facilities Agreement specified in the schedule; 

 

	 	(c)	to the extent the obligations referred to in paragraph (b) above are effectively assumed by the New Lender, the Existing Lender is released from its obligations under the Facilities Agreement specified in the
schedule; and 

  

	 	(d)	the New Lender becomes a Lender under the Facilities Agreement and is bound by the terms of the Facilities Agreement as a Lender. 

  

	3	The proposed Transfer Date is •. 

  

	4	The administrative details of the New Lender for the purposes of the Facilities Agreement are set out in the schedule. 

  

	5	The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out clause 24.5(c) (Limitation of responsibility of Existing Lenders) in respect of this Assignment Agreement contained
in the Facilities Agreement. 

  

	6	The New Lender and the Existing Lender expressly acknowledge that the Security granted by the Security Documents will be preserved for the benefit of the New Lender, the Agent and the remaining Lenders.

  

	7	The New Lender confirms, for the benefit of the Agent and without liability to any Obligor, that it is: 

  

	 	(a)	[a Qualifying Lender (other than a Treaty Lender);] 

  

	 	(b)	[a Treaty Lender;] 

  
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	 	(c)	[not a Qualifying Lender]. 

  

	8	[The New Lender confirms that the person beneficially entitled to interest payable to that Lender in respect of an advance under a Finance Document is either: 

 

	 	(a)	a company resident in the United Kingdom for United Kingdom tax purposes; 

  

	 	(b)	a partnership each member of which is: 

  

	 	(i)	a company so resident in the United Kingdom; or 

  

	 	(ii)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account in computing its chargeable profits (within the meaning of
section 19 of the CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the CTA; or 

  

	 	(c)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account interest payable in respect of that advance in computing the
chargeable profits (within the meaning of section 19 of the CTA) of that company.] 

  

	9	[The New Lender confirms that it holds a passport under the HMRC DT Treaty Passport scheme (reference number •) and is tax resident in •*, so that interest
payable to it by borrowers is generally subject to full exemption from UK withholding tax and requests that the Obligors’ Agent notify: 

  

	 	(a)	each Borrower which is a Party as a Borrower as at the Transfer Date; and 

  

	 	(b)	each Additional Borrower which becomes an Additional Borrower after the Transfer Date, 

 that it
wishes that scheme to apply to the Facilities Agreement.]** 
  

	10	This Assignment Agreement acts as notice to the Agent (on behalf of each Finance Party) and, upon delivery in accordance with clause 24.7 (Copy of Transfer Certificate or Assignment Agreement or Increase Confirmation to
Parent), to the Parent (on behalf of each Obligor) of the assignment referred to in this Agreement. 

  

	11	This Assignment Agreement may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of the Transfer Certificate. 

 

	12	This Assignment Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law. 

 

	* 	Insert jurisdiction of tax residence. 

	** 	Include if the New Lender holds a passport under the HMRC DT Treaty Passport scheme and wishes that scheme to apply to the Facilities Agreement. 

  
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The Schedule 

Commitment/rights and obligations to be transferred by assignment, release and accession 

[insert relevant details] 

[Facility Office address, fax number and attention details for notices and account details for payments] 

 

			
	[Existing Lender]	  	[New Lender]
		
	By:	  	By:

 This Assignment Agreement is accepted by the Agent as an Assignment Agreement and the Transfer Date is confirmed as •.

 Signature of this Assignment Agreement by the Agent constitutes confirmation by the Agent of receipt of notice of the assignment referred to in this
Assignment Agreement, which notice the Agent receives on behalf of each Finance Party. 
 [Agent] 

By: 
 [Security Agent] 

By: 
  

	Note:	The execution of this Assignment Agreement may not transfer a proportionate share of the Existing Lender’s interest in the Transaction Security in all jurisdictions. It is the responsibility of the New Lender to
ascertain whether any other documents or other formalities are required to perfect a transfer of such a share in the Existing Lender’s Transaction Security in any jurisdiction and, if so, to arrange for execution of those documents and
completion of those formalities. 

  
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Part 2 - Form of Transfer Certificate 
  

	To:	• as Agent and • as Security Agent 

  

	From:	[The Existing Lender] (Existing Lender) and [The New Lender] (New Lender) 

  

	Dated:	• 

 Innospec Inc. – U.S.$310,000,000 Facilities Agreement originally dated 14 December 2011
(as subsequently amended and restated from time to time) (the Facilities Agreement) 
 We refer to the Facilities Agreement. This is a Transfer
Certificate. Terms defined in the Facilities Agreement have the same meaning in this Transfer Certificate unless given a different meaning in this Transfer Certificate. 
  

	1	The Existing Lender transfers by novation to the New Lender the Existing Lender’s rights and obligations referred to in the schedule below in accordance with the terms of the Facilities Agreement together with a
proportional interest under each Security Document. 

  

	2	The proposed Transfer Date is •. 

  

	3	The administrative details of the New Lender for the purposes of the Facilities Agreement are set out in the schedule. 

  

	4	The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out in clause 24.5(c) (Limitation of responsibility of Existing Lenders) in respect of this Transfer Certificate
contained in the Facilities Agreement. 

  

	5	The New Lender confirms, for the benefit of the Agent and without liability to any Obligor, that it is: 

  

	 	(a)	[a Qualifying Lender (other than a Treaty Lender);] 

  

	 	(b)	[a Treaty Lender;] 

  

	 	(c)	[not a Qualifying Lender]. 

  

	6	[The New Lender confirms that the person beneficially entitled to interest payable to that Lender in respect of an advance under a Finance Document is either: 

 

	 	(a)	a company resident in the United Kingdom for United Kingdom tax purposes; 

  

	 	(b)	a partnership each member of which is: 

  

	 	(i)	a company so resident in the United Kingdom; or 

  

	 	(ii)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account in computing its chargeable profits (within the meaning of
section 19 of the CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the CTA; or 

  

	 	(c)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account interest payable in respect of that advance in computing the
chargeable profits (within the meaning of section 19 of the CTA) of that company.] 

  
 170 

 Conformed copy 
  

 

	7	[The New Lender confirms that it holds a passport under the HMRC DT Treaty Passport scheme (reference number •) and is tax resident in •*, so that interest
payable to it by borrowers is generally subject to full exemption from UK withholding tax and requests that the Parent notify: 

  

	 	(a)	each Borrower which is a Party as a Borrower as at the Transfer Date; and 

  

	 	(b)	each Additional Borrower which becomes an Additional Borrower after the Transfer Date, 

 that it
wishes that scheme to apply to the Facilities Agreement.]** 
  

	8	This Transfer Certificate may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of the Transfer Certificate. 

 

	9	This Transfer Certificate and any non-contractual obligations arising out of or in connection with it are governed by English law. 

 

	* 	Insert jurisdiction of tax residence. 

	** 	Include if the New Lender holds a passport under the HMRC DT Treaty Passport scheme and wishes that scheme to apply to the Facilities Agreement. 

  
 171 

 Conformed copy 
  

The Schedule 
 Rights and
obligations to be transferred 
 [insert relevant details, including applicable Commitment (or part)] 

Administrative details of the New Lender 

[insert details of Facility Office, address for notices and payment details etc.] 

 

			
	[Existing Lender]	  	[New Lender]
		
	By:	  	By:

 The Transfer Date is confirmed by the Agent as •. 

 

			
	[Agent]	  	[Security Agent]
		
	By:	  	By:

 As Agent, for and on behalf of 

each of the parties to the Facilities Agreement 
 (other than the
Existing Lender and 
 the New Lender) 
  

	Note:	The execution of this Transfer Certificate may not transfer a proportionate share of the Existing Lender’s interest in the Transaction Security in all jurisdictions. It is the responsibility of the New Lender to
ascertain whether any other documents or other formalities are required to perfect a transfer of such a share in the Existing Lender’s Transaction Security in any jurisdiction and, if so, to arrange for execution of those documents and
completion of those formalities. 

  
 172 

 Conformed copy 
  

Schedule 6 
 Form of
Accession Letter 
  

	To:	• as Agent 

  

	From:	[Subsidiary] and [Parent]/[Bilateral Bank]/[Hedging Bank] 

  

	Dated:	• 

 Dear Sirs 

Innospec Inc. – U.S.$310,000,000 Facilities Agreement originally dated 14 December 2011 (as subsequently amended and restated from time to time)
(the Facilities Agreement) 
  

	1	We refer to the Facilities Agreement. This is an Accession Letter. Terms defined in the Facilities Agreement have the same meaning in this Accession Letter. 

 

	2	[Subsidiary]/[Bilateral Bank]/[Hedging Bank] agrees to become an Additional [Borrower]/[Guarantor]/[Bilateral Bank]/[Hedging Bank] [Lender] and to be bound by the terms of the Facilities Agreement as an Additional
[Borrower]/[Guarantor]/[Bilateral Bank]/[Hedging Bank]/[Lender] pursuant to clause [25.2 (Additional Borrowers)]/[clause 25.4 (Additional Guarantors)]/[24.14 (Accession of Bilateral Banks)]/[24.15 (Accession of Hedging Banks) of the Facilities
Agreement. [Subsidiary]/[Bilateral Bank]/[Hedging Bank] is a company duly incorporated under the laws of [name of relevant jurisdiction]. 

  

	3	[Incorporate wording limiting the guarantee to the extent appropriate to satisfy any local legal requirements regarding corporate benefit, financial assistance etc and to avoid any material risk of legal liability of a
director of the proposed Guarantor.] 

  

	4	[Subsidiary’s]/[Bilateral Bank’s]/[Hedging Bank’s] administrative details are as follows: 

Address: 
 Fax No: 

Attention: 
  

	5	This Accession Letter and any non-contractual obligations arising out of or in connection with it is governed by English law. 

This Accession Letter is entered into by a deed. 
  

			
	[Parent]	  	[Subsidiary]/[Bilateral Bank]/[Hedging Bank]

  
 173 

 Conformed copy 
  

Schedule 7 
 Form of
Resignation Letter 
  

	To:	• as Agent 

  

	From:	[resigning Obligor] and [Parent] 

  

	Dated:	• 

 Dear Sirs 

Innospec Inc. – U.S.$310,000,000 Facilities Agreement originally dated 14 December 2011 (as subsequently amended and restated from time to time)
(the Facilities Agreement) 
  

	1	We refer to the Facilities Agreement. This is a Resignation Letter. Terms defined in the Facilities Agreement have the same meaning in this Resignation Letter unless given a different meaning in this Resignation Letter.

  

	2	Pursuant to [clause 25.3 (Resignation of a Borrower)]/[clause 25.6 (Resignation of a Guarantor)] of the Facilities Agreement, we request that [resigning Obligor] be released from its obligations as a
[Borrower]/[Guarantor] under the Facilities Agreement. 

  

	3	We confirm that: 

  

	 	(a)	no Default is continuing or would result from the acceptance of this request; and 

  

	 	(b)	•1 

  

	4	This letter and any non-contractual obligations arising out of or in connection with it is governed by English law. 

 

			
	[Parent]	  	[Subsidiary]
		
	By:	  	By:

  
  

	1 	Insert any other conditions required by the Facilities Agreement 

  
 174 

 Conformed copy 
  

Schedule 8 
 Form of
Compliance Certificate 
  

	To:	• as Agent 

  

	From:	[Parent] 

  

	Dated:	• 

 Dear Sirs 

Innospec Inc. – U.S.$310,000,000 Facilities Agreement originally dated 14 December 2011 (as subsequently amended and restated from time to time)
(the Facilities Agreement) 
  

	1	We refer to the Facilities Agreement. This is a Compliance Certificate. Terms defined in the Facilities Agreement shall have the same meaning in this Compliance Certificate. 

 

	2	We confirm that: 

  

	 	(a)	The ratio of Total Net Debt on [Quarter Date] to EBITDA for the Relevant Period ending on such Quarter Date was • and therefore we are [in compliance/not in compliance] with this financial covenant.

  

	 	(b)	The ratio of EBITDA to Net Interest in respect of each Relevant Period ending on such Quarter Date was not less than 4.0:1 and therefore we are [in compliance/not in compliance] with this financial covenant.

  

	3	On the basis of the above, we confirm that the Margin in respect of Loans after your receipt of this Compliance Certificate will be •% per annum. 

 

	4	[We also confirm that: 

  

	 	(a)	the aggregate (without double counting) EBITDA of the Guarantors for the Relevant Period ending on • was •% of the consolidated EBITDA of the Group for that Relevant Period; 

 

	 	(b)	the aggregate gross assets (without double counting) of the Guarantors as at • was •% of the consolidated gross assets of the Group as at such date; 

 

	 	(c)	Guarantors representing at least 65% of consolidated EBITDA of the Group for that relevant period and at least 65% of the consolidated gross assets of the Group as at [insert date of Relevant Period] have provided
Transaction Security which continue to be in place ; and 

  

	 	(d)	the Material Group Companies are as follows: 

 •. [Note: This paragraph 4 is to be
given only with annual statements] 
  

	5	[We confirm that no Default is continuing.] [If this statement cannot be made, this certificate should identify the Default and the steps, if any, being taken to remedy it.] 

  
 175 

 Conformed copy 
  

					
	Signed:                                    
                                         
                   	 		 	Signed:                                    
                                         
                   
			
	[Director/member of Management]	 		 	[Director/member of Management]
	 Of
 [Parent]
	 		 	 of
 [Parent]

  
 176 

 Conformed copy 
  

Schedule 9 
 Form of
Increase Confirmation 
  

	To:	• as Agent and • as Security Agent 

  

	From:	[the Accordion Lender] (the Accordion Lender) 

  

	Dated:	• 

 Dear Sirs 

Innospec Inc. – U.S.$310,000,000 Facilities Agreement originally dated 14 December 2011 (as subsequently amended and restated from time to time)
(the Facilities Agreement) 
  

	1	We refer to the Facilities Agreement. This is an Increase Confirmation. Terms defined in the Facilities Agreement have the same meaning in this Increase Confirmation unless given a different meaning in this Increase
Confirmation. 

  

	2	We refer to clause 2.4 (Accordion Facility) of the Facilities Agreement. 

  

	3	The Accordion Lender agrees to assume and will assume all of the obligations corresponding to the Commitment specified in the schedule (Relevant Commitment) as if it was an Original Lender under the Facilities
Agreement. 

  

	4	The proposed date on which the increase in relation to the Accordion Lender and the Relevant Commitment is to take effect (Increase Date) is •. 

 

	5	[On the Increase Date, the Accordion Lender becomes party to the relevant Finance Documents as a Lender.]2 

 

	6	[The Facility Office and address, fax number and attention details for notices to the Accordion Lender for the purposes of clause 31 (Notices) are set out in the
schedule.]3 

  

	7	[The Accordion Lender expressly acknowledges the limitations on the Lenders’ obligations referred to in clause 2.4(f) (Accordion Facility).] 

 

	8	The Accordion Lender confirms, for the benefit of the Agent and without liability to any Obligor, that it is: 

  

	 	(a)	[a Qualifying Lender (other than a Treaty Lender);] 

  

	 	(b)	[a Treaty Lender;] 

  

	 	(c)	[not a Qualifying Lender]. 

  

	9	[The Accordion Lender confirms that the person beneficially entitled to interest payable to that Accordion Lender in respect of an advance under a Finance Document is either: 

 

	2 	Include if a New Commitments Lender. 

	3 	Include if a New Commitments Lender. 

  
 177 

 Conformed copy 
  

	 	(a)	a company resident in the United Kingdom for United Kingdom tax purposes; or 

  

	 	(b)	a partnership each member of which is: 

  

	 	(i)	a company so resident in the United Kingdom; or 

  

	 	(ii)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account in computing its chargeable profits (within the meaning of
section 19 of the CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the CTA; or 

  

	 	(c)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account interest payable in respect of that advance in computing the
chargeable profits (within the meaning of section 19 of the CTA) of that company.] 

  

	10	[The Accordion Lender confirms that it holds a passport under the HMRC DT Treaty Passport scheme (reference number •) and is tax resident in •4, so that
interest payable to it by borrowers is generally subject to full exemption from UK withholding tax and requests that the Obligors’ Agent notify: 

  

	 	(a)	each Borrower which is a Party as a Borrower as at the Increase Date; and 

  

	 	(b)	each Additional Borrower which becomes an Additional Borrower after the Increase Date, 

 that it
wishes that scheme to apply to the Facilities Agreement.5] 
  

	11	[This Increase Confirmation acts as notice to the Agent (on behalf of each Finance Party) and, upon delivery in accordance with clause 24.7 (Copy of Transfer Certificate or Assignment Agreement or Increase Confirmation
to Parent), to the Parent (on behalf of each Obligor) of the accession referred to in this Increase Confirmation.]6 

 

	12	This Increase Confirmation may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Increase Confirmation. 

 

	13	This Increase Confirmation and any non-contractual obligations arising out of or in connection with it are governed by English law. 

 

	14	This Increase Confirmation has been entered into on the date stated at the beginning of this Increase Confirmation. 

 

	4 	Insert jurisdiction of tax residence. 

	5 	This confirmation must be included if the New Commitments Lender holds a passport under the HMRC DT Treaty Passport scheme and wishes that scheme to apply to the Facilities Agreement. 

	6 	 Include if New Commitments Lender. 

  
 178 

 Conformed copy 
  

 

	Note:	The execution of this Increase Confirmation may not be sufficient for the New Commitments Lender to obtain the benefit of the Transaction Security in all jurisdictions. It is the responsibility of the New Commitments
Lender to ascertain whether any other documents or other formalities are required to obtain the benefit of the Transaction Security in any jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities.

  
 179 

 Conformed copy 
  

The Schedule 
 Relevant
Commitment/rights and obligations to be assumed by the [Increase/Accordion] 
 Lender 

[insert relevant details] 
 [Facility office
address, fax number and attention details for notices and account details for payments] 
 Accordion Lender 

By: 
 This Increase Confirmation is accepted as an Increase
Confirmation for the purposes of the Facilities Agreement by the Agent. 
 The Increase Date is confirmed as •. 

Agent 
 By: 

Security Agent 
 By: 

  
 180 

 Conformed copy 
  

Schedule 10 

Timetables 
  

									
	 	  	Loans in
euro	  	Loans in
dollars	  	Loans in
sterling	  	Loans in
other
currencies
	 Agent notifies the Parent if a currency is approved as an Optional Currency in accordance with
clause 4.3 (Conditions relating to Optional Currencies)
	  	—  	  	—  	  	—  	  	U-4
	 Delivery of a duly completed Utilisation Request (clause 5.1 (Delivery of a Utilisation
Request))
	  	U-3
 9.00 a.m.
	  	U-3
 9.00 a.m.
	  	U-1
 9.00 a.m.
	  	U-3
 9.00 a.m.

	 Agent determines (in relation to a Utilisation) the Base Currency Amount of a Loan, if required
under clause 5.4 (Lenders’ participation)
	  	U-3
 11.00 a.m.
	  	U-3
 11.00 a.m.
	  	U-1
 11.00 a.m.
	  	U-3
 11.00 a.m.

	 Agent notifies the Lenders of a Loan in accordance with clause 5.4 (Lenders’
participation)
	  	U-3
 3.00 p.m.
	  	U-3
 3.00 p.m.
	  	U-1
 3.00 p.m.
	  	U-3
 3.00 p.m.

	 Agent receives a notification from a Lender under clause 6.2 (Unavailability of a
currency)
	  	U-3
 5.00 p.m.
	  	U-3
 5.00 p.m.
	  	U-1
 5.00 p.m.
	  	U-3
 5.00 p.m.

	 Agent gives notice in accordance with clause 6.2 (Unavailability of a currency)
	  	U-2
 9.30 a.m.
	  	U-2
 9.30 a.m.
	  	U
 9.30 a.m.
	  	U-2
 9.30 a.m.

  
 181 

 Conformed copy 
  

 

									
	 LIBOR/EURIBOR
 is fixed
	  	 Quotation

Day as of
 11.00

a.m.
 London

time in
 respect of

LIBOR
	  	Quotation Day as of 11.00 a.m. London time in respect of LIBOR	  	Quotation Day as of 11.00 a.m.	  	Quotation Day as of 11.00 a.m.
					
		  	 Quotation

Day as of
 11.00

a.m.
 Brussels

time in
 respect of

EURIBOR
	  		  		  	

 U = date of utilisation 

U-X = X Business Days prior to date of utilisation 

  
 182 

 Conformed copy 
  

SIGNATURES 
 THE PARENT 

INNOSPEC INC. 
  

			
	By:	 	Patrick S Williams
		
	Address:    	 	Innospec Manufacturing Park
		 	Oil Sites Road
		 	Ellesmere Port
		 	Cheshire
		 	CH65 4EY
		
	Fax:	 	0151 348 5837

 THE ORIGINAL BORROWERS 

INNOSPEC LIMITED 
  

			
	By:	 	Brian Watt
		
	Address:    	 	Innospec Manufacturing Park
		 	Oil Sites Road
		 	Ellesmere Port
		 	Cheshire
		 	CH65 4EY
		
	Fax:	 	0151 348 5837

 INNOSPEC FUEL SPECIALTIES LIMITED 
  

			
	By:	 	Brian Watt
		
	Address:    	 	Innospec Manufacturing Park
		 	Oil Sites Road
		 	Ellesmere Port
		 	Cheshire
		 	CH65 4EY
		
	Fax:	 	0151 348 5837

 INNOSPEC FINANCE LIMITED 
  

			
	By:	 	Brian Watt
		
	Address:    	 	Innospec Manufacturing Park
		 	Oil Sites Road
		 	Ellesmere Port
		 	Cheshire
		 	CH65 4EY
		
	Fax:	 	0151 348 5837

  
 13 

 Conformed copy 
  

INNOSPEC DEVELOPMENTS LIMITED 
  

			
	By:	 	Brian Watt
		
	Address:    	 	Innospec Manufacturing Park
		 	Oil Sites Road
		 	Ellesmere Port
		 	Cheshire
		 	CH65 4EY
		
	Fax:	 	0151 348 5837

 INNOSPEC INC. 
  

			
	By:	 	Patrick S Williams
		
	Address:    	 	Innospec Manufacturing Park
		 	Oil Sites Road
		 	Ellesmere Port
		 	Cheshire
		 	CH65 4EY
		
	Fax:	 	0151 348 5837

 INNOSPEC FUEL SPECIALTIES LLC 
  

			
	By:	 	Patrick S Williams
		
	Address:    	 	Innospec Manufacturing Park
		 	Oil Sites Road
		 	Ellesmere Port
		 	Cheshire
		 	CH65 4EY
		
	Fax:	 	0151 348 5837

 INNOSPEC ACTIVE CHEMICALS LIMITED 
  

			
	By:	 	Brian Watt
		
	Address:    	 	Innospec Manufacturing Park
		 	Oil Sites Road
		 	Ellesmere Port
		 	Cheshire
		 	CH65 4EY
		
	Fax:	 	0151 348 5837

  
 14 

 Conformed copy 
  

THE ORIGINAL GUARANTORS 
 INNOSPEC LIMITED 

 

			
	By:	 	Brian Watt
		
	Address:    	 	Innospec Manufacturing Park
		 	Oil Sites Road
		 	Ellesmere Port
		 	Cheshire
		 	CH65 4EY
		
	Fax:	 	0151 348 5837

 INNOSPEC FUEL SPECIALTIES LIMITED 
  

			
	By:	 	Brian Watt
		
	Address:    	 	Innospec Manufacturing Park
		 	Oil Sites Road
		 	Ellesmere Port
		 	Cheshire
		 	CH65 4EY
		
	Fax:	 	0151 348 5837

 INNOSPEC DEVELOPMENTS LIMITED 
  

			
	By:	 	Brian Watt
		
	Address:    	 	Innospec Manufacturing Park
		 	Oil Sites Road
		 	Ellesmere Port
		 	Cheshire
		 	CH65 4EY
		
	Fax:	 	0151 348 5837

 INNOSPEC INC. 
  

			
	By:	 	Patrick S Williams
		
	Address:    	 	Innospec Manufacturing Park
		 	Oil Sites Road
		 	Ellesmere Port
		 	Cheshire
		 	CH65 4EY
		
	Fax:	 	0151 348 5837

  
 15 

 Conformed copy 
  

OBOADLER COMPANY LIMITED 
  

			
	By:	 	Brian Watt
		
	Address:    	 	Innospec Manufacturing Park
		 	Oil Sites Road
		 	Ellesmere Port
		 	Cheshire
		 	CH65 4EY
		
	Fax:	 	0151 348 5837

 INNOSPEC TRADING LIMITED 
  

			
	By:	 	Brian Watt
		
	Address:    	 	Innospec Manufacturing Park
		 	Oil Sites Road
		 	Ellesmere Port
		 	Cheshire
		 	CH65 4EY
		
	Fax:	 	0151 348 5837

 INNOSPEC HOLDINGS LIMITED 
  

			
	By:	 	Brian Watt
		
	Address:    	 	Innospec Manufacturing Park
		 	Oil Sites Road
		 	Ellesmere Port
		 	Cheshire
		 	CH65 4EY
		
	Fax:	 	0151 348 5837

 INNOSPEC INTERNATIONAL LIMITED 
  

			
	By:	 	Brian Watt
		
	Address:    	 	Innospec Manufacturing Park
		 	Oil Sites Road
		 	Ellesmere Port
		 	Cheshire
		 	CH65 4EY
		
	Fax:	 	0151 348 5837

  
 16 

 Conformed copy 
  

ALCOR CHEMIE VERTRIEBS GMBH 
  

			
	By:	 	Andre Richiger and Martin Kammerbauer
		
	Address:    	 	Innospec Manufacturing Park
		 	Oil Sites Road
		 	Ellesmere Port
		 	Cheshire
		 	CH65 4EY
		
	Fax:	 	0151 348 5837

 INNOSPEC (PLANT) LIMITED 
  

			
	By:	 	Brian Watt
		
	Address:    	 	Innospec Manufacturing Park
		 	Oil Sites Road
		 	Ellesmere Port
		 	Cheshire
		 	CH65 4EY
		
	Fax:	 	0151 348 5837

 INNOSPEC FINANCE LIMITED 
  

			
	By:	 	Brian Watt
		
	Address:    	 	Innospec Manufacturing Park
		 	Oil Sites Road
		 	Ellesmere Port
		 	Cheshire
		 	CH65 4EY
		
	Fax:	 	0151 348 5837

 INNOSPEC GMBH 
  

			
	By:	 	Andre Richiger and Martin Kammerbauer
		
	Address:    	 	Innospec Manufacturing Park
		 	Oil Sites Road
		 	Ellesmere Port
		 	Cheshire
		 	CH65 4EY
		
	Fax:	 	0151 348 5837

  
 17 

 Conformed copy 
  

INNOSPEC FUEL SPECIALTIES LLC 
  

			
	By:	  	Patrick S Williams
		
	Address:    	  	Innospec Manufacturing Park
		  	Oil Sites Road
		  	Ellesmere Port
		  	Cheshire
		  	CH65 4EY
		
	Fax:	  	0151 348 5837

 INNOSPEC ACTIVE CHEMICALS LLC 
  

			
	By:	  	Patrick S Williams
		
	Address:    	  	Innospec Manufacturing Park
		  	Oil Sites Road
		  	Ellesmere Port
		  	Cheshire
		  	CH65 4EY
		
	Fax:	  	0151 348 5837

 INNOSPEC ACTIVE CHEMICALS LIMITED 
  

			
	By:	  	Brian Watt
		
	Address:    	  	Innospec Manufacturing Park
		  	Oil Sites Road
		  	Ellesmere Port
		  	Cheshire
		  	CH65 4EY
		
	Fax:	  	0151 348 5837

 INNOSPEC OIL FIELD CHEMICALS, LLC 
  

			
	By:	  	Patrick S Williams
		
	Address:    	  	2711 Canterville Road
		  	Ste. 400
		  	Wilmington, DE 19808
		  	USA
		
	Fax:	  	+1 303 792 5668

 INNOSPEC STRATA HOLDINGS, LLC 
  

			
	By:	  	Patrick S Williams
		
	Address:    	  	2711 Canterville Road
		  	Ste. 400
		  	Wilmington, DE 19808
		  	USA
		
	Fax:	  	+1 303 792 5668

  
 18 

 Conformed copy 
  

STRATA CONTROL SERVICES, INC. 
  

			
	By:	  	Patrick S Williams
		
	Address:    	  	2711 Canterville Road
		  	Ste. 400
		  	Wilmington, DE 19808
		  	USA
		
	Fax:	  	+1 303 792 5668

 INDEPENDENCE OILFIELD CHEMICALS, LLC 
  

			
	By:	  	Corbin Barnes
		
	Address:    	  	2711 Canterville Road
		  	Ste. 400
		  	Wilmington, DE 19808
		  	USA
		
	Fax:	  	+1 303 792 5668

  
 19 

 Conformed copy 
  

THE ARRANGERS 
 BARCLAYS BANK PLC 

 

			
	By:	  	Clare Morgan

 CREDIT SUISSE (SWITZERLAND) LTD 
  

			
	By:	  	Peter Zimmerli and Simon Hagmann

 LLOYDS BANK PLC 
  

			
	By:	  	Robert Abraham

 THE ROYAL BANK OF SCOTLAND PLC 
  

			
	By:	  	David Noden

 WELLS FARGO BANK N.A. 
  

			
	By:	  	Luis M. Noriega

 U.S. BANK NATIONAL ASSOCIATION 
  

			
	By:	  	Greg Blanchard

  
 20 

 Conformed copy 
  

THE ORIGINAL LENDERS 
 BARCLAYS BANK PLC 

 

			
	By:	  	Clare Morgan

 CREDIT SUISSE (SWITZERLAND) LTD 
  

			
	By:	  	Peter Zimmerli and Simon Hagmann

 LLOYDS BANK PLC 
  

			
	By:	  	Robert Abraham

 NATIONAL WESTMINSTER BANK PLC 
  

			
	By:	  	David Noden

 WELLS FARGO BANK N.A. 
  

			
	By:	  	Luis M. Noriega

 U.S. BANK NATIONAL ASSOCIATION 
  

			
	By:	  	Greg Blanchard

  
 21 

 Conformed copy 
  

THE ORIGINAL BILATERAL BANKS 
 BARCLAYS BANK PLC

  

			
	By:	  	Clare Morgan

 CREDIT SUISSE (SWITZERLAND) LTD 
  

			
	By:	  	Peter Zimmerli and Simon Hagmann

 LLOYDS BANK PLC 
  

			
	By:	  	Robert Abraham

 NATIONAL WESTMINSTER BANK PLC 
  

			
	By:	  	David Noden

  
 22 

 Conformed copy 
  

THE ORIGINAL HEDGING BANKS 
 BARCLAYS BANK PLC 

 

			
	By:	  	Clare Morgan

 LLOYDS BANK PLC 
  

			
	By:	  	Robert Abraham

 THE ROYAL BANK OF SCOTLAND PLC 
  

			
	By:	  	David Noden

 WELLS FARGO BANK N.A. 
  

			
	By:	  	Romona Lingerfelt

 WELLS FARGO SECURITIES INTERNATIONAL LIMITED 
  

			
	By:	  	Romona Lingerfelt

  
 23 

 Conformed copy 
  

THE DOCUMENT CO-ORDINATOR 

BARCLAYS BANK PLC 
  

			
	By:	  	Clare Morgan

  
 24 

 Conformed copy 
  

THE AGENT 
 LLOYDS BANK PLC 

 

			
	By:	  	Andrew Butt
		
		  	Contact details in respect of operational matters (such as Utilisation Requests, interest rate fixing, interest rate/fee calculations and payments):
		
	Attention:    	  	Loans Operations
		
	Address:	  	 Citymark
 150 Fountainbridge

Edinburgh
 EH3 9PE

		
	Fax:	  	+44 (0)20 7158 3204
		
		  	Contact details in respect of non-operational matters (such as documentation, covenant compliance, amendments and waivers):
		
	Attention:	  	Agency
		
	Address:	  	 Lloyds Bank plc
 4th Floor, Citymark

150 Fountainbridge
 Edinburgh

EH3 9PE

		
	Fax:	  	+44 (0)131 222 0234

  
 25 

 Conformed copy 
  

THE SECURITY AGENT 
 LLOYDS BANK PLC 

 

			
	By:	  	Andrew Butt
		
	Attention:    	  	Agency
		
	Address:	  	Lloyds Bank plc
		  	4th Floor, Citymark
		  	150 Fountainbridge
		  	Edinburgh
		  	EH3 9PE
		
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 26Exhibit

Exhibit 4.1

THE SCOTTS MIRACLE-GRO COMPANY, as Issuer
THE GUARANTORS PARTY HERETO, as Guarantors
AND
U.S. BANK NATIONAL ASSOCIATION,
as Trustee

5.250% SENIOR NOTES DUE 2026
INDENTURE DATED AS OF
December 15, 2016

TABLE OF CONTENTS

	
				
	 
	 
	Page
	

	ARTICLE I

	DEFINITIONS AND INCORPORATION BY REFERENCE

	 
	 
	 

	SECTION 1.01.
	Definitions
	1
	

	SECTION 1.02.
	Other Definitions
	21
	

	SECTION 1.03.
	Incorporation by Reference of Trust Indenture Act
	21
	

	SECTION 1.04.
	Rules of Construction
	22
	

	 
	 
	 

	ARTICLE II

	THE NOTES

	 
	 
	 

	SECTION 2.01.
	Form and Dating
	22
	

	SECTION 2.02.
	Execution and Authentication
	23
	

	SECTION 2.03.
	Registrar, Paying Agent and Depositary
	23
	

	SECTION 2.04.
	Paying Agent to Hold Money in Trust
	24
	

	SECTION 2.05.
	Holder Lists; Communications With Other Holders
	24
	

	SECTION 2.06.
	Transfer and Exchange
	25
	

	SECTION 2.07.
	Replacement Notes
	34
	

	SECTION 2.08.
	Outstanding Notes
	35
	

	SECTION 2.09.
	[Reserved]
	35
	

	SECTION 2.10.
	Temporary Notes
	35
	

	SECTION 2.11.
	Cancellation
	36
	

	SECTION 2.12.
	Defaulted Interest
	36
	

	SECTION 2.13.
	CUSIP, ISIN or Common Code Numbers
	37
	

	SECTION 2.14.
	Issuance of Additional Notes
	37
	

	 
	 
	 

	ARTICLE III

	REDEMPTION AND PREPAYMENT

	 
	 
	 

	SECTION 3.01.
	Optional Redemption
	37
	

	SECTION 3.02.
	Election to Redeem; Notice to Trustee
	38
	

	SECTION 3.03.
	Selection by Trustee Of Notes to be Redeemed
	38
	

	SECTION 3.04.
	Notice of Redemption
	39
	

	SECTION 3.05.
	Deposit of Redemption Price
	39
	

	SECTION 3.06.
	Notes Payable on Redemption Date
	39
	

	SECTION 3.07.
	Notes Redeemed in Part
	39
	

	SECTION 3.08.
	Mandatory Redemption
	40
	

	SECTION 3.09.
	Repurchase at the Option of Holders
	40
	

	 
	 
	 

	ARTICLE IV

	COVENANTS

	 
	 
	 

	SECTION 4.01.
	Payment of Notes
	41
	

-i-

	
				
	SECTION 4.02.
	Maintenance of Office or Agency
	41
	

	SECTION 4.03.
	Reports
	42
	

	SECTION 4.04.
	Intentionally Omitted
	42
	

	SECTION 4.05.
	Limitation on Sale and Leaseback Transactions
	42
	

	SECTION 4.06.
	Payments for Consent
	42
	

	SECTION 4.07.
	Restricted Investments
	43
	

	SECTION 4.08.
	Dividend and Other Payment Restrictions Affecting Subsidiaries
	44
	

	SECTION 4.09.
	Incurrence of Indebtedness and Issuance of Preferred Stock
	45
	

	SECTION 4.10.
	Limitation on Asset Sales
	48
	

	SECTION 4.11.
	Transactions with Affiliates
	50
	

	SECTION 4.12.
	Liens
	51
	

	SECTION 4.13.
	Offer to Repurchase upon Change of Control
	51
	

	SECTION 4.14.
	Corporate Existence
	52
	

	SECTION 4.15.
	Additional Subsidiary Guarantees
	52
	

	SECTION 4.16.
	Covenant Suspension
	52
	

	 
	 
	 

	ARTICLE V

	CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

	 
	 
	 

	SECTION 5.01.
	Merger, Consolidation or Sale of Assets
	53
	

	SECTION 5.02.
	Successor Corporation Substituted
	54
	

	 
	 
	 

	ARTICLE VI

	DEFAULTS AND REMEDIES

	 
	 
	 

	SECTION 6.01.
	Events of Default
	54
	

	SECTION 6.02.
	Acceleration of Maturity; Rescission and Annulment
	56
	

	SECTION 6.03.
	Collection of Indebtedness and Suits for Enforcement by Trustee
	56
	

	SECTION 6.04.
	Trustee May File Proofs of Claim
	57
	

	SECTION 6.05.
	Trustee May Enforce Claims Without Possession of Debt Securities
	57
	

	SECTION 6.06.
	Application of Money Collected
	58
	

	SECTION 6.07.
	Limitation on Suits
	58
	

	SECTION 6.08.
	Unconditional Right of Holders to Receive Principal, Premium and Interest
	58
	

	SECTION 6.09.
	Restoration of Rights and Remedies
	58
	

	SECTION 6.10.
	Rights and Remedies Cumulative
	59
	

	SECTION 6.11.
	Delay or Omission Not Waiver
	59
	

	SECTION 6.12.
	Control by Holders
	59
	

	SECTION 6.13.
	Waiver of Past Defaults
	59
	

	SECTION 6.14.
	Undertaking for Costs
	59
	

	SECTION 6.15.
	Waiver of Stay or Extension Laws
	60
	

	 
	 
	 

	ARTICLE VII

	TRUSTEE

	 
	 
	 

	SECTION 7.01.
	Certain Duties and Responsibilities
	60
	

	SECTION 7.02.
	Notice of Defaults
	61
	

-ii-

	
				
	SECTION 7.03.
	Certain Rights of Trustee
	61
	

	SECTION 7.04.
	Not Responsible for Recitals or Issuance of Notes
	62
	

	SECTION 7.05.
	May Hold Notes
	62
	

	SECTION 7.06.
	Money Held in Trust
	62
	

	SECTION 7.07.
	Compensation and Reimbursement
	62
	

	SECTION 7.08.
	Qualification; Conflicting Interests
	63
	

	SECTION 7.09.
	Corporate Trustee Required; Eligibility
	63
	

	SECTION 7.10.
	Resignation and Removal; Appointment of Successor
	63
	

	SECTION 7.11.
	Acceptance of Appointment by Successor
	64
	

	SECTION 7.12.
	Merger, Conversion, Consolidation or Succession to Business
	64
	

	SECTION 7.13.
	Preferential Collection of Claims Against Company
	65
	

	SECTION 7.14.
	Appointment of Authenticating Agent
	65
	

	SECTION 7.15.
	intentionally omitted
	66
	

	SECTION 7.16.
	Reports by Trustee
	66
	

	 
	 
	 

	ARTICLE VIII

	DISCHARGE OF INDENTURE; DEFEASANCE

	 
	 
	 

	SECTION 8.01.
	Satisfaction and Discharge of Indenture
	67
	

	SECTION 8.02.
	Application of Trust Money
	68
	

	SECTION 8.03.
	Option to Effect Legal Defeasance or Covenant Defeasance
	68
	

	SECTION 8.04.
	Legal Defeasance and Discharge
	68
	

	SECTION 8.05.
	Covenant Defeasance
	68
	

	SECTION 8.06.
	Conditions to Legal or Covenant Defeasance
	69
	

	SECTION 8.07.
	Deposited Money and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous Provisions
	70
	

	SECTION 8.08.
	Repayment to Company
	70
	

	SECTION 8.09.
	Reinstatement
	70
	

	SECTION 8.10.
	Survival
	70
	

	 
	 
	 

	ARTICLE IX

	SUPPLEMENTAL INDENTURES

	 
	 
	 

	SECTION 9.01.
	Supplemental Indentures Without Consent of Holders
	71
	

	SECTION 9.02.
	Supplemental Indentures With Consent of Holders
	71
	

	SECTION 9.03.
	Execution of Supplemental Indentures
	72
	

	SECTION 9.04.
	Effect of Supplemental Indentures
	72
	

	SECTION 9.05.
	Conformity With Trust Indenture Act
	72
	

	SECTION 9.06.
	Reference in Notes to Supplemental Indentures
	73
	

	SECTION 9.07.
	Notice of Supplemental Indenture
	73
	

	 
	 
	 

	ARTICLE X

	NOTE GUARANTEES

	 
	 
	 

	SECTION 10.01.
	Unconditional Guarantee
	73
	

	SECTION 10.02.
	Execution and Delivery of Guarantee
	74
	

-iii-

	
				
	SECTION 10.03.
	Limitation on Guarantors’ Liability
	75
	

	SECTION 10.04.
	Release of Guarantors from Guarantee
	75
	

	SECTION 10.05.
	Guarantor Contribution
	75
	

	 
	 
	 

	ARTICLE XI

	MISCELLANEOUS

	 
	 
	 

	SECTION 11.01.
	Trust Indenture Act Controls
	76
	

	SECTION 11.02.
	Notices
	76
	

	SECTION 11.03.
	intentionally omitted
	77
	

	SECTION 11.04.
	Certificate and Opinion as to Conditions Precedent
	77
	

	SECTION 11.05.
	Statements Required in Certificate or Opinion
	77
	

	SECTION 11.06.
	Rules by Trustee, Paying Agents
	77
	

	SECTION 11.07.
	Business Days
	77
	

	SECTION 11.08.
	Governing Law
	77
	

	SECTION 11.09.
	No Personal Liability of Directors, Officers, Employees and Stockholders
	78
	

	SECTION 11.10.
	Note Purchases by Company and Affiliates.
	78
	

	SECTION 11.11.
	No Security Interest Created.
	78
	

	SECTION 11.12.
	Successors
	78
	

	SECTION 11.13.
	Multiple Originals
	78
	

	SECTION 11.14.
	Table of Contents; Headings
	78
	

	SECTION 11.15.
	Severability
	78
	

	SECTION 11.16.
	No Adverse Interpretation of Other Agreements
	78
	

	SECTION 11.17.
	Force Majeure
	79
	

EXHIBITS
EXHIBIT A – FORM OF GLOBAL NOTE
EXHIBIT B – FORM OF CERTIFICATE OF TRANSFER
EXHIBIT C – FORM OF CERTIFICATE OF EXCHANGE
EXHIBIT D – FORM OF CERTIFICATE FROM ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR
EXHIBIT E – FORM OF NOTATION OF GUARANTEE

-iv-

CROSS-REFERENCE TABLE

	
		
	TIA Section
	Indenture Section

	310(a)(1)
	7.09

	   (a)(2)
	7.09

	   (a)(3)
	N.A.

	   (a)(4)
	N.A.

	   (a)(5)
	7.09

	   (b)
	7.08

	   (c)
	N.A.

	311(a)
	7.13

	   (b)
	7.13

	   (c)
	N.A.

	312(a)
	2.05

	   (b)
	2.05

	   (c)
	2.05

	313(a)
	7.16

	   (b)(1)
	7.16

	   (b)(2)
	7.16

	   (c)
	7.16; 11.02

	   (d)
	7.16

	314(a)
	4.03

	   (a)(4)
	11.05

	   (b)
	N.A.

	   (c)(1)
	11.04

	   (c)(2)
	11.04

	   (c)(3)
	N.A.

	   (d)
	N.A.

	   (e)
	11.05

	   (f)
	N.A.

	315(a)
	7.01

	   (b)
	7.02; 11.01

	   (c)
	7.01

	   (d)
	7.01

	   (e)
	6.14

	316(a)(last sentence)
	2.08

	   (a)(1)(A)
	6.12

	   (a)(1)(B)
	6.13

	   (a)(2)
	N.A.

	   (b)
	6.08

	   (c)
	N.A.

	317(a)(1)
	6.03

	   (a)(2)
	6.04

	   (b)
	2.04

	318(a)
	11.01

-v-

	
		
	   (b)
	N.A.

	   (c)
	1.03

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

-vi-
        

INDENTURE dated as of December 15, 2016 (this “Indenture”), is by and among The Scotts Miracle-Gro Company, an Ohio corporation (such corporation and any successor, the “Company”), the Guarantors (as defined below) and U.S. Bank National Association, a national banking association, as trustee (such corporation and any successor, the “Trustee”).
Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of (i) the Company’s 5.250% Senior Notes due 2026 issued on the Closing Date (the “Initial Notes”), (ii) any Additional Notes (as defined herein) that may be issued on any other Issue Date and (iii) if and when issued pursuant to the Registration Rights Agreement (as defined herein), any Exchange Notes (as defined herein) issued in exchange for Initial Notes or Additional Notes (all such Notes in clauses (i), (ii) and (iii) being referred to collectively as the “Notes”).
NOW, THEREFORE, THIS INDENTURE WITNESSETH, for and in consideration of the premises and the purchase of Notes by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of Notes, as follows:
ARTICLE I 
DEFINITIONS AND INCORPORATION BY REFERENCE
		
	SECTION 1.01.
	DEFINITIONS.

“2018 Notes Issue Date” means January 14, 2010.
“2023 Notes” means those certain 6.000% senior notes due 2023 issued by the Company to certain holders thereof under the 2023 Notes Indenture on the 2023 Notes Issue Date.
“2023 Notes Indenture” means that certain indenture among the Company, the Guarantors and the Trustee, dated as of October 13, 2015, as amended, supplemented and modified by that certain First Supplemental Indenture dated as of May 26, 2016, as may be further amended, supplemented and modified.
“2023 Notes Issue Date” means October 13, 2015.
“Acquired Debt” means, with respect to any specified Person:
		
	(1)
	Indebtedness of any other Person existing at the time such other Person is merged with or into or became a Subsidiary of such specified Person, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging with or into, or becoming a Subsidiary of, such specified Person; and

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

“Additional Interest” has the meaning set forth in the Registration Rights Agreement.
 “Additional Notes” means Notes issued in accordance with Section 2.14.
“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person.  For purposes of this definition, “control,” as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise.  For purposes of this definition, the terms “controlling,” “controlled by” and “under common control with” shall have correlative meanings.
 “Agent” means any Registrar, Paying Agent, co-registrar or additional paying agent.
“Applicable Premium” means, with respect to a Note at any Redemption Date, the greater of (i) 1.0% of the principal amount of such Note and (ii) the excess of (A) the present value at such time of (1) the Redemption Price of such Note at December 15, 2021 (such Redemption Price being set forth in the table in Section 3.01) plus (2) all required interest payments due on such Note (excluding accrued and unpaid interest to such Redemption Date) through December 15, 2021, computed using a discount rate equal to the Treasury Rate plus 50 basis points, over (B) the principal amount of such Note.

“Applicable Procedures” means, with respect to any transfer, redemption or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer, redemption or exchange at the relevant time.
“Asset Sale” means:
		
	(1)
	the sale, lease, conveyance or other disposition of any assets or rights, including by means of a Sale and Leaseback Transaction, but other than sales of inventory in the ordinary course of business consistent with past practices; provided that the sale, conveyance or other disposition of all or substantially all of the assets of the Company and its Restricted Subsidiaries taken as a whole will be governed by the provisions of Section 4.13 and/or Article V and not by the provisions of Section 4.10; and

		
	(2)
	the issuance of Equity Interests by any of the Company’s Restricted Subsidiaries or the sale of Equity Interests in any of its Subsidiaries.

Notwithstanding the preceding, the following items shall not be deemed to be Asset Sales:
		
	(1)
	any single transaction or series of related transactions that:  (a) involves assets having an aggregate fair market value of less than $100.0 million; or (b) results in aggregate net proceeds to the Company and its Subsidiaries of less than $100.0 million;

		
	(2)
	a transfer of assets (a) between or among the Company and its Restricted Subsidiaries, (b) by a Restricted Subsidiary to the Company or any of its Restricted Subsidiaries or (c) by the Company or any of its Restricted Subsidiaries to any Restricted Subsidiary of the Company that is not a Restricted Subsidiary if, in the case of this clause (c), the Company or the Restricted Subsidiary, as the case may be, either retains title to or ownership of the assets being transferred or receives consideration at the time of such transfer at least equal to the fair market value of the transferred assets;

		
	(3)
	an issuance of Equity Interests by a Restricted Subsidiary to the Company or to a Restricted Subsidiary;

		
	(4)
	the sale, transfer or discount of any receivables pursuant to a Receivables Financing that is otherwise permitted by this Indenture;

		
	(5)
	any Permitted Investment or any Restricted Investment that is permitted by Section 4.07;

		
	(6)
	a disposition of inventory in the ordinary course of business or a disposition of obsolete equipment or equipment that is no longer useful in the conduct of the business of the Company and its Restricted Subsidiaries and that is disposed of in the ordinary course of business;

		
	(7)
	the sale, lease, conveyance, disposition or other transfer of all or substantially all of the assets of the Company governed by, and made in accordance with, Section 5.01;

		
	(8)
	the grant of Liens permitted by Section 4.12;

		
	(9)
	the surrender or waiver of contractual rights or the settlement, release or surrender of contract, tort or other claims of any kind; and

		
	(10)
	any restructuring, regardless of whether accomplished by liquidation, contribution, distribution, merger or any other technique, whereby the ownership of Foreign Subsidiaries is changed, so long as each such Foreign Subsidiary that is a Restricted Subsidiary of the Company prior to such restructuring remains, directly or indirectly, a Restricted Subsidiary of the Company after such restructuring.

 “Attributable Indebtedness,” when used with respect to any Sale and Leaseback Transaction, means, as at the time of determination, the present value (discounted at a rate borne by the Notes, compounded on a semiannual basis) of the total obligations of the lessee for rental payments during the remaining term of the lease included in any such Sale and Leaseback Transaction.

-2-

“Authenticating Agent” has the meaning specified in Section 7.14.
“Average Net Indebtedness” means the average of the Net Indebtedness of the Company at the end of each of the four fiscal quarters comprising the Reference Period for which the Leverage Ratio is being calculated.
“Bankruptcy Law” means Title 11, U.S. Code, or any similar federal, state or foreign law for the relief of debtors.
“Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as such term is used in Section 13(d)(3) of the Exchange Act), such “person” shall be deemed to have beneficial ownership of all securities that such “person” has the right to acquire, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition.
“Board of Directors” means, as to any Person, the board of directors, manager, member or similar governing body of such Person or any duly authorized committee thereof.
“Board Resolution” means, with respect to any Person, a copy of a resolution certified by the Secretary or an Assistant Secretary of such Person to have been duly adopted by the Board of Directors of such Person (or any duly authorized committee thereof) and to be in full force and effect on the date of such certification, and delivered to the Trustee.
 “Broker-Dealer” means any broker-dealer that receives Exchange Notes for its own account in any Registered Exchange Offer in exchange for Notes that were acquired by such broker-dealer as a result of market-making or other trading activities.
“Business Day” means a day other than a Saturday, Sunday or other day on which banking institutions in New York are authorized or required by law to close.
“Capital Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP.
 “Capital Stock” means:
		
	(1)
	in the case of a corporation, corporate stock;

		
	(2)
	in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock;

		
	(3)
	in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and

		
	(4)
	any other ownership interest that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person.

“Cash Equivalents” means:
		
	(a)
	marketable direct obligations issued by, or unconditionally guaranteed by, the United States government or issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing within one year from the date of acquisition;

		
	(b)
	certificates of deposit, time deposits, eurodollar time deposits or overnight bank deposits having maturities of one year or less from the date of acquisition issued by any commercial bank organized (i) under the laws of the United States or any state thereof, (ii) under the laws of any member state of the European Union or political subdivision thereof or (iii) under the laws of any other sovereign nation or political subdivision thereof not targeted for sanctions by the Office of Foreign Assets Control of the U.S. Department of Treasury, in each case to the extent having combined capital and surplus of not less than $300,000,000;

-3-

		
	(c)
	commercial paper of an issuer rated at least A-1 by S&P or P-1 by Moody’s, or carrying an equivalent rating by a nationally recognized rating agency, if both of the two named rating agencies cease publishing ratings of commercial paper issuers generally, and maturing within one year from the date of acquisition;

		
	(d)
	repurchase obligations of any commercial bank satisfying the requirements of clause (b) of this definition, having a term of not more than 30 days, with respect to securities issued or fully guaranteed or insured by the United States government;

		
	(e)
	securities with maturities of one year or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States, by any political subdivision or taxing authority of any such state, commonwealth or territory or by any foreign government, the securities of which state, commonwealth, territory, political subdivision, taxing authority or foreign government (as the case may be) are rated at least A by S&P or A by Moody’s;

		
	(f)
	securities with maturities of one year or less from the date of acquisition backed by standby letters of credit issued by any commercial bank satisfying the requirements of clause (b) of this definition;

		
	(g)
	money market mutual or similar funds that invest exclusively in assets satisfying the requirements of clauses (a) through (f) of this definition; or

		
	(h)
	money market funds that (i) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940, as amended, (ii) are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5,000,000,000.

“Change of Control” means the occurrence of any of the following:
		
	(l)
	the sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Company and its Restricted Subsidiaries taken as a whole to any “person” (as such term is used in Section 13(d)(3) of the Exchange Act) other than a Principal or a Related Party of a Principal;

		
	(2)
	the adoption of a plan relating to the liquidation or dissolution of the Company;

		
	(3)
	the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as defined above), other than the Principals and their Related Parties, becomes the Beneficial Owner, directly or indirectly, of 50% or more of the Voting Stock of the Company, measured by voting power rather than number of shares; or

		
	(4)
	the consolidation or merger of the Company with or into any Person, or the consolidation or merger of any Person with or into the Company, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of the Company is converted into or exchanged for cash, securities or other property, excluding any such transaction where the Voting Stock of the Company outstanding immediately prior to such transaction is converted into or exchanged for Voting Stock (other than Disqualified Stock) of the surviving or transferee Person constituting a majority of the outstanding shares of such Voting Stock of such surviving or transferee Person (immediately after giving effect to such issuance).

“Clearstream” means Clearstream Banking, société anonyme, Luxembourg.
“Closing Date” means December 15, 2016.
“Code” means the Internal Revenue Code of 1986, as amended.
“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or if at any time after the execution of this instrument such Commission is not existing 

-4-

and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties on such date.
“Common Stock” means with respect to any Person, any and all shares, interests or other participations in, and other equivalents (however designated and whether voting or nonvoting) of such Person’s common stock whether or not outstanding on the Issue Date, and includes, without limitation, all series and classes of such common stock.
 “Company Request” and “Company Order” mean, respectively, a written request or order signed in the name of the Company by the Chairman of the Board of Directors, Chief Executive Officer, the President, the Chief Financial Officer or a Vice President and by the Treasurer, an Assistant Treasurer, the Controller, an Assistant Controller, the Secretary or an Assistant Secretary of the Company, and delivered to the Trustee.
“Consolidated Cash Flow” means, with respect to any Person for any period, the Consolidated Net Income of such Person for such period plus, without duplication:
		
	(1)
	provision for taxes based on income or profits of such Person and its Restricted Subsidiaries for such period, to the extent that such provision for taxes was deducted in computing such Consolidated Net Income; plus

		
	(2)
	consolidated net interest expense of such Person and its Restricted Subsidiaries for such period whether paid or accrued and whether or not capitalized (including, without limitation, amortization of original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component of all payments associated with Capital Lease Obligations and Attributable Indebtedness, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings, and net payments, if any, pursuant to Hedging Obligations but excluding amortization of debt issuance costs), to the extent that any such expense was deducted in computing such Consolidated Net Income; plus

		
	(3)
	depreciation, amortization (including amortization of goodwill and other intangibles but excluding amortization of prepaid cash expenses that were paid in a prior period) and other non-cash expenses (excluding any such non-cash expense to the extent that it represents an accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash expense that was paid in a prior period and any non-cash charge, expense or loss relating to write-offs, writedowns or reserves with respect to accounts receivable or inventory) of such Person and its Restricted Subsidiaries for such period to the extent that such depreciation, amortization and other non-cash expenses were deducted in computing such Consolidated Net Income; plus (or minus)

		
	(4)
	for purposes of calculating the Fixed Charge Coverage Ratio only, any non-recurring expenses or losses (or income or gains); minus

		
	(5)
	non-cash items increasing such Consolidated Net Income for such period, other than items that were accrued in the ordinary course of business, 

in each case, on a consolidated basis for such Person and its Restricted Subsidiaries and determined in accordance with GAAP.
Notwithstanding the preceding, the provision for taxes based on the income or profits of, and the depreciation and amortization and other non-cash charges of, a Restricted Subsidiary of the Company shall be added to Consolidated Net Income to compute Consolidated Cash Flow of the Company only to the extent that a corresponding amount would be permitted at the date of determination to be dividended to the Company by such Restricted Subsidiary without prior approval (that has not been obtained), pursuant to the terms of its charter and all agreements, instruments, judgments, decrees, orders, statutes, rules and governmental regulations applicable to that Subsidiary or its stockholders (other than restrictions in effect on the 2018 Notes Issue Date and other than restrictions that are created or exist in compliance with Section 4.08).

-5-

“Consolidated Net Income” means, with respect to any specified Person for any period, the aggregate of the Net Income of such Person and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; provided that:
		
	(1)
	the Net Income (but not loss) of any Person that is (i) accounted for by the equity method of accounting or is not a Restricted Subsidiary or (ii) an Unrestricted Subsidiary shall, in each case, be included only to the extent of the amount of dividends or distributions paid in cash to the specified Person or a Restricted Subsidiary thereof;

		
	(2)
	the Net Income of any Restricted Subsidiary shall be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of that Net Income is not at the date of determination permitted without any prior governmental approval (that has not been obtained) or, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders (other than restrictions in effect on the 2018 Notes Issue Date and other than restrictions that are created or exist in compliance with Section 4.08); and

		
	(3)
	the cumulative effect of a change in accounting principles shall be excluded.

“Consolidated Total Assets” of the Company as of any date means all amounts that would, in accordance with GAAP, be set forth opposite the caption “total assets” (or any like caption) on the consolidated balance sheet of the Company and its Restricted Subsidiaries on the last day of the fiscal quarter immediately preceding such date for which internal financial statements are available at the time of calculation, after giving pro forma effect to all transactions occurring subsequent to the end of such fiscal quarter and on or prior to such date of calculation which gave or gives rise to the need to calculate Consolidated Total Assets.
 “Corporate Trust Office” means the office of the Trustee specified in Section 11.02 or any other office specified by the Trustee from time to time pursuant to such Section.
“Credit Agreement” means that certain Fourth Amended and Restated Credit Agreement, dated as of October 29, 2015, by and among the Company, the subsidiary borrowers parties thereto and the banks and other financial institutions from time to time parties thereto as agents and lenders, and any related notes, guarantees, collateral documents, instruments and agreements executed in connection therewith, and in each case as amended, modified, renewed, refunded, replaced or refinanced from time to time.
“Credit Facility” means, with respect to the Company or any of its Restricted Subsidiaries:
		
	(1)
	the Credit Agreement; and

		
	(2)
	one or more debt facilities (which may be outstanding at the same time) or other financing arrangements (including, without limitation, commercial paper facilities or indentures) providing for revolving credit loans, term loans, letters of credit or other long-term indebtedness, including any notes, mortgages, guarantees, collateral documents, instruments and agreements executed in connection therewith, and, in each case, any amendments, supplements, modifications, extensions, renewals, restatements or refundings thereof and any indentures or credit facilities or commercial paper facilities that replace, refund or refinance any part of the loans, notes, other credit facilities or commitments thereunder, including any such replacement, refunding or refinancing facility or indenture that increases the amount permitted to be borrowed thereunder or alters the maturity thereof or adds Restricted Subsidiaries as additional borrowers or guarantors thereunder and whether by the same or any other agent, lender or group of lenders.

“Currency Protection Agreement” means any currency protection agreement entered into with one or more financial institutions in the ordinary course of business that is designed to protect the Person or entity entering into the agreement against fluctuations in currency exchange rates with respect to Indebtedness incurred and not for purposes of speculation.
“Default” means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default.

-6-

“Defaulted Interest” has the meaning specified in Section 2.12.
“Definitive Note” means one or more certificated Notes registered in the name of the Holder thereof, issued in accordance with Section 2.06, and in the form of Exhibit A hereto.
“Depositary” means, with respect to the Notes issuable or issued in whole or in part in global form, the person specified in or pursuant to Section 2.03 as the Depositary with respect to the Notes, until a successor shall have been appointed and become such pursuant to the applicable provisions of this Indenture, and thereafter, “Depositary” means or includes such successor.
“Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for which it is exchangeable, in each case at the option of the holder thereof), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder thereof, in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature.  Notwithstanding the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely because the holders thereof have the right to require the Company to repurchase such Capital Stock upon the occurrence of a change of control or an asset sale shall not constitute Disqualified Stock.
 “Distribution Compliance Period” means the 40-day Distribution Compliance Period provided for in Regulation S.
“Domestic Restricted Subsidiary” means, with respect to the Company, any Restricted Subsidiary that was formed under the laws of the United States of America, any State thereof or the District of Columbia.
“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock).
“Equity Offering” means a public or private sale for cash by the Company of its Common Stock (other than Disqualified Stock), or options, warrants or rights with respect to its Common Stock, other than public offerings with respect to the Company’s Common Stock, or options, warrants or rights, registered on Form S-4 or S-8.
 “Euroclear” means Euroclear Bank, S.A./N.V., or its successor, as operator of the Euroclear system.
“Event of Default” has the meaning specified in Section 6.01.
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“Exchange Notes” means, if and when issued pursuant to an Exchange Offer Registration Statement as provided in the Registration Rights Agreement, Notes of the Company registered under the Securities Act issued in exchange for Initial or Additional Notes with terms substantially identical in all material respects to the Initial Notes or Additional Notes for which such Notes were exchanged.
“Exchange Offer” means the exchange offer of the Exchange Notes for the Notes as provided in the Registration Rights Agreement.
“Exchange Offer Registration Statement” means a registration statement in respect of Exchange Notes prepared pursuant to the Registration Rights Agreement.
“Exclusive Agency and Marketing Agreement” means the Amended and Restated Exclusive Agency and Marketing Agreement between The Scotts Company LLC and Monsanto Company, dated as of September 30, 1998 (as amended as of March 10, 2005 and March 28, 2008 and by that certain Amendment to Amended and Restated Exclusive Agency and Marketing Agreement between The Scotts Company LLC and Monsanto Company, dated as of May 15, 2015), as the same may be amended, modified, restated, extended, renewed or replaced from time to time.
“Existing Indebtedness” means Indebtedness of the Company and its Restricted Subsidiaries (other than Indebtedness under the 2023 Notes and the Credit Agreement) in existence on the date of this Indenture, until such amounts are repaid.

-7-

 “fair market value” means, with respect to any asset or property, the price which could be negotiated in an arm’s-length, free market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction.
“Fixed Charge Coverage Ratio” means, with respect to any specified Person for any period (for purposes of this definition, the “Reference Period”), the ratio of Consolidated Cash Flow of such Person for the Reference Period to the Fixed Charges of such Person for the Reference Period.  In the event that the specified Person or any of its Restricted Subsidiaries incurs, assumes, Guarantees, redeems or otherwise repays any Indebtedness (other than the incurrence or repayment of Indebtedness in the ordinary course of business for working capital purposes pursuant to any revolving credit arrangement) or issues or redeems preferred stock, in each case, after the end of the Reference Period and on or prior to the date of the event for which the calculation of the Fixed Charge Coverage Ratio is made (for purposes of this definition, the “Calculation Date”), then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such incurrence, assumption, Guarantee, redemption or other repayment of Indebtedness, or such issuance or redemption of preferred stock and all other such incurrences, assumptions, Guarantees, redemptions, repayments or issuances that occurred after the first day of the Reference Period and on or prior to the Calculation Date, in each case, as if the same had occurred at the beginning of the Reference Period.
In addition, for purposes of calculating the Fixed Charge Coverage Ratio:
		
	(1)
	acquisitions, dispositions or Investments outside the ordinary course of business that have been made by the specified Person or any of its Restricted Subsidiaries, including through mergers or consolidations and including any related financing transactions, after the first day of the Reference Period and on or prior to the Calculation Date shall be deemed to have occurred on the first day of the Reference Period;

		
	(2)
	the Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, shall be excluded; and

		
	(3)
	the Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses disposed of prior to the Calculation Date, shall be excluded, but only to the extent that the obligations giving rise to such Fixed Charges will not be obligations of the specified Person or any of its Restricted Subsidiaries following the Calculation Date.

“Fixed Charges” means, with respect to any Person for any period, the sum, without duplication, of:
		
	(1)
	the consolidated net interest expense of such Person and its Restricted Subsidiaries for such period, whether paid or accrued, including, without limitation, amortization of original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component of all payments associated with Capital Lease Obligations and Attributable Indebtedness, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings, and net payments, if any, pursuant to Hedging Obligations, but excluding amortization of debt issuance costs and other non-cash amortization; plus

		
	(2)
	the consolidated interest of such Person and its Restricted Subsidiaries that was capitalized during such period; plus

		
	(3)
	any interest expense on Indebtedness of another Person that is Guaranteed by such Person or one of its Restricted Subsidiaries or secured by a Lien on assets of such Person or one of its Restricted Subsidiaries, whether or not such Guarantee or Lien is called upon; plus

		
	(4)
	the product of (a) all dividend payments, whether or not in cash, on any series of preferred stock of such Person or any of its Restricted Subsidiaries, other than dividend payments on Equity Interests payable solely in Equity Interests of the Company (other than Disqualified Stock) or to the Company or a Restricted Subsidiary of the Company, times (b) a fraction, the numerator of which is one and the denominator of which is one minus the then current combined federal, state and local statutory tax rate of such Person, expressed as a decimal, in each case, on a consolidated basis and in accordance with GAAP.

-8-

“Foreign Subsidiary” means, with respect to the Company, any Subsidiary that was not formed under the laws of the United States of America or any state thereof.
“GAAP” means generally accepted accounting principles in the United States of America as in effect on the Issue Date.
“Global Note Legend” means the legend set forth in Section 2.06(f)(ii), which is required to be placed on all Global Notes issued under this Indenture.
“Global Notes” means one or more Notes in the form attached hereto as Exhibit A issued under this Indenture that is deposited with or on behalf of and registered in the name of the Depositary or its nominee.
“Guarantee” means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness.
“Guarantors” means:
		
	(1)
	each Restricted Subsidiary of the Company on the date of this Indenture, except for Foreign Subsidiaries and AeroGrow International, Inc., a Nevada corporation; American Agritech, L.L.C., an Arizona limited liability company; Scotts Global Services, Inc., an Ohio corporation; Scotts Global Investments, Inc., a Delaware corporation; and Teak 2, Ltd., a Delaware corporation; and

		
	(2)
	any other Subsidiary of the Company that executes a Subsidiary Guarantee in accordance with the provisions of this Indenture;

and their respective successors and assigns, in each case, until such Person is released from its Subsidiary Guarantee in accordance with the terms of this Indenture.
“Hedging Obligations” of any Person means the obligations of such Person under swap, cap, collar, forward purchase or similar agreements or arrangements dealing with interest rates, currency exchange rates or commodity prices, either generally or under specific contingencies.
“Holder” means the Person in whose name a Note is registered on the Registrar’s books.
“IAI Global Note” means one or more Global Notes bearing the Private Placement Legend that will be issued in an aggregate principal amount equal to the aggregate principal amount of Initial Notes that may be resold to Institutional Accredited Investors on any Issue Date.
“Indebtedness” means at any time (without duplication), with respect to any Person, whether recourse is to all or a portion of the assets of such Person, or non-recourse, the following:
		
	(i)
	all indebtedness of such Person for money borrowed or for the deferred purchase price of property, excluding any trade payables or other current liabilities incurred in the ordinary course of business;

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

		
	(iii)
	all unpaid reimbursement obligations of such Person with respect to letters of credit, bankers’ acceptances or similar facilities issued for the account of such Person (other than to the extent secured by cash or Cash Equivalents);

		
	(iv)
	all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property or assets acquired by such Person (even if the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property or assets);

		
	(v)
	all Capital Lease Obligations of such Person (but excluding obligations under operating leases);

-9-

		
	(vi)
	the maximum fixed redemption or repurchase price of Disqualified Stock in such Person at the time of determination;

		
	(vii)
	any Hedging Obligations of such Person at the time of determination;

		
	(viii)
	any Attributable Indebtedness; and

		
	(ix)
	all obligations of the types referred to in clauses (i) through (viii) of this definition of another Person and all dividends and other distributions of another Person, the payment of which, in either case, (A) such Person has Guaranteed or (B) is secured by (or the holder of such Indebtedness or the recipient of such dividends or other distributions has an existing right, whether contingent or otherwise, to be secured by) any Lien upon the property or other assets of such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness, dividends or other distributions.

For purposes of the foregoing:
		
	(a)
	the maximum fixed repurchase price of any Disqualified Stock that does not have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Stock as if such Disqualified Stock was repurchased on any date on which Indebtedness shall be required to be determined pursuant to this Indenture; provided, however, that, if such Disqualified Stock is not then permitted to be repurchased, the repurchase price shall be the book value of such Disqualified Stock;

		
	(b)
	the amount outstanding at any time of any Indebtedness issued with original issue discount is the principal amount of such Indebtedness less the remaining unamortized portion of the original issue discount of such Indebtedness at such time as determined in conformity with GAAP, but such Indebtedness shall be deemed incurred only as of the date of original issuance thereof;

		
	(c)
	the amount of any Indebtedness described in clause (ix)(A) above shall be the maximum liability under any such Guarantee;

		
	(d)
	the amount of any Indebtedness described in clause (ix)(B) above shall be the lesser of (I) the maximum amount of the obligations so secured and (II) the fair market value of such property or other assets; and

		
	(e)
	interest, fees, premium, and expenses and additional payments, if any, will not constitute Indebtedness.

Notwithstanding the foregoing, in connection with the purchase or sale by the Company or any Restricted Subsidiary of any assets or business, the term “Indebtedness” will exclude (x) customary indemnification obligations and (y) post-closing payment adjustments to which the other party may become entitled to the extent such payment is determined by a final closing balance sheet or such payment is otherwise contingent; provided, however, that such amount would not be required to be reflected on the face of a balance sheet prepared in accordance with GAAP.
“Indirect Participant” means an entity that, with respect to any Depositary, clears through or maintains a direct or indirect, custodial relationship with a Participant.
“Initial Purchasers” means Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, Rabo Securities USA, Inc., U.S. Bancorp Investments, Inc., TD Securities (USA) LLC, Mizuho Securities USA Inc., Scotia Capital (USA) Inc., Citizens Capital Markets, Inc., BB&T Capital Markets, a division of BB&T Securities, LLC, Fifth Third Securities, Inc., BBVA Securities Inc. and SMBC Nikko Securities America, Inc.
 “Institutional Accredited Investor” means an institution that is an “accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act, that is not also a QIB.
“interest” means, with respect to the Notes, interest and Additional Interest, if any, on the Notes.

-10-

“Interest Payment Date” with respect to any Note means June 15 and December 15 of each year, commencing June 15, 2017, provided that if such Interest Payment Date is not a Business Day, interest due on such Interest Payment Date shall be payable on the next succeeding Business Day.
“Investment Grade Rating” means a debt rating of the Notes of BBB- or higher by S&P and Baa3 or higher by Moody’s or the equivalent of such ratings by S&P and Moody’s or in the event S&P or Moody’s shall cease rating the Notes and the Company shall select any other Rating Agency, the equivalent of such ratings by such other Rating Agency.
“Investments” means, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the forms of direct or indirect loans (including guarantees of Indebtedness or other obligations), advances or capital contributions (excluding commission, travel and similar advances to officers and employees made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP.  If the Company or any Subsidiary of the Company sells or otherwise disposes of any Equity Interests of any direct or indirect Subsidiary of the Company such that, after giving effect to any such sale or disposition, such Person is no longer a Subsidiary of the Company, the Company shall be deemed to have made an Investment on the date of any such sale or disposition equal to the fair market value of the Equity Interests of such Subsidiary not sold or disposed of in an amount determined as provided in Section 4.07(d). 
“Issue Date” means, in respect of Initial Notes of any series, the Closing Date or other date on which Initial Notes of such series are originally issued under this Indenture.
“Joint Venture” means any joint venture which is, directly or indirectly, engaged primarily in a Related Business, and the Equity Interests of which are owned by the Company and/or any of its Restricted Subsidiaries and/or one or more Persons other than the Company and/or any of its Affiliates.
“Letter of Transmittal” means the letter of transmittal to be prepared by the Company and sent to all Holders of the Notes for use by such Holders in connection with a Registered Exchange Offer.
“Leverage Ratio” means, with respect to any specified Person as of any date, the ratio of (i) Average Net Indebtedness of such Person on such date to (ii) Consolidated Cash Flow of such Person for the period of four consecutive fiscal quarters ending on such date (for purposes of this definition and the definition of Average Net Indebtedness, the “Reference Period”).  In the event that the specified Person or any of its Restricted Subsidiaries incurs, assumes, Guarantees, redeems or otherwise repays any Indebtedness (other than the incurrence or repayment of Indebtedness in the ordinary course of business for working capital purposes pursuant to any revolving credit arrangement), or issues or redeems preferred stock, or makes any Specified Payment, in each case, after the end of the Reference Period and on or prior to the date of the event for which the calculation of the Leverage Ratio is made (for purposes of this definition, the “Calculation Date”), then the Leverage Ratio shall be calculated giving pro forma effect to (x) such incurrence, assumption, Guarantee, redemption or other repayment of Indebtedness, or (y) such issuance or redemption of preferred stock, or (z) such Specified Payment (including the incurrence of Indebtedness (without duplication of any incurrence included pursuant to the foregoing clause (x)) or the use of cash to fund such Specified Payment) and (I) all other such incurrences, assumptions, Guarantees, redemptions, repayments or issuances that occurred after the first day of the Reference Period and on or prior to the Calculation Date and (II) all other Specified Payments that occurred after the end of the Reference Period and on or prior to the Calculation Date, in each case, as if the same had occurred at the beginning of the Reference Period.
In addition, for purposes of calculating the Leverage Ratio:
		
	(1)
	acquisitions, dispositions or Investments outside the ordinary course of business that have been made by the specified Person or any of its Restricted Subsidiaries, including through mergers or consolidations and including any related financing transactions, after the first day of the Reference Period and on or prior to the Calculation Date shall be deemed to have occurred on the first day of the Reference Period;

		
	(2)
	the Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, shall be excluded;

-11-

		
	(3)
	the Indebtedness attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses disposed of prior to the Calculation Date, shall be excluded, but only to the extent that the obligations giving rise to such Fixed Charges will not be obligations of the specified Person or any of its Restricted Subsidiaries following the Calculation Date; and

		
	(4)
	in giving pro forma effect to a Specified Payment, to the extent that the Specified Payment would have exceeded the amount of cash and Cash Equivalents of such Person and its Restricted Subsidiaries that would have been available to fund such Specified Payment as of any date that Net Indebtedness is calculated, the amount of such excess shall be deemed to have been funded by additional Indebtedness.

 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction.
 “Maturity” when used with respect to any Note means the date on which the principal of such Note or an installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption, repayment or repurchase at the option of the Holder thereof or otherwise.
“Moody’s” means Moody’s Investors Service, Inc. or any successor rating agency.
“Net Cash Proceeds” with respect to any issuance or sale of Capital Stock, means the cash proceeds of such issuance or sale net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, listing fees, discounts or commissions and brokerage, consultant and other fees and charges actually incurred in connection with such issuance or sale and net of taxes paid or payable as a result of such issuance or sale (after taking into account any available tax credit or deductions and any tax sharing arrangements).
“Net Income” means, with respect to any Person, the net income (loss) attributable to such Person and its Restricted Subsidiaries, determined in accordance with GAAP and before any reduction in respect of preferred stock dividends, excluding, however:
		
	(1)
	any extraordinary gain or loss, together with any related provision for taxes on such extraordinary gain or loss; and

		
	(2)
	any non-cash expenses attributable to grants or exercises of employee stock options.

“Net Indebtedness” means, in respect of any Person at any date, (a) the aggregate outstanding principal amount of all Indebtedness for borrowed money of such Person and its Restricted Subsidiaries at such date, plus (b) all other items which would properly be included as indebtedness, determined in accordance with GAAP, on a consolidated balance sheet of such Person and its Restricted Subsidiaries at such date, minus (c) unrestricted cash and Cash Equivalents set forth on the consolidated balance sheet of such Person and its Restricted Subsidiaries as at such date.
“Net Proceeds” means the aggregate cash proceeds received by the Company or any of its Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Sale), net of the direct costs relating to such Asset Sale, including, without limitation, legal, accounting and investment banking fees, and sales commissions, and any relocation expenses incurred as a result thereof, taxes paid or payable as a result thereof, in each case after taking into account any available tax credits or deductions and any tax sharing arrangements and amounts required to be applied to the repayment of Indebtedness secured by a Lien on the asset or assets that were the subject of such Asset Sale.
 “Non-Recourse Debt” means Indebtedness:
		
	(1)
	as to which neither the Company nor any of its Restricted Subsidiaries (a) provides credit support of any kind (including any undertaking, agreement or instrument that would constitute 

-12-

Indebtedness), (b) is directly or indirectly liable as a guarantor or otherwise, or (c) constitutes the lender;
		
	(2)
	no default with respect to which (including any rights that the holders thereof may have to take enforcement action against an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of any other Indebtedness (other than the Notes) of the Company or any of its Restricted Subsidiaries to declare a default on such other Indebtedness or cause the payment thereof to be accelerated or payable prior to its Stated Maturity; and

		
	(3)
	as to which the lenders have been notified in writing that they will not have any recourse to the stock or assets of the Company or any of its Restricted Subsidiaries.

“Non-U.S. Person” means any Person other than a U.S. Person.
“Note Register” means a register (the registers maintained in such office and in any other office or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Notes and of transfers and exchanges of Notes which the Company shall cause to be kept at the Corporate Trust Office of the Trustee (or at the appropriate office of any other Registrar appointed hereunder).
“Notes” has the meaning stated in the recital of this Indenture and more particularly means any Notes authenticated and delivered under this Indenture.  From and after the issuance of any Additional Notes (but not for purposes of determining whether such issuance is permitted hereunder), “Notes” shall include such Additional Notes for purposes of this Indenture from time to time issued with respect to any Initial Notes that constitute such Additional Notes.  All Notes, including any such Additional Notes, shall vote together as one series of Notes under this Indenture.
“Notes Custodian” means the custodian with respect to any Global Note (as appointed by the Depositary), or any successor entity thereto covered in Section 2.03.
“Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the documentation governing any Indebtedness.
“Offering Memorandum” means the offering memorandum dated December 12, 2016 relating to the issuance of $250,000,000 aggregate principal amount of Initial Notes.
“Officers” means any of the following:  the Chairman of the Board of Directors, the Chief Executive Officer, the Chief Financial Officer, the Chief Operating Officer, the President, a Vice President, the Treasurer, an Assistant Treasurer, the Controller, an Assistant Controller, the Secretary or an Assistant Secretary of the Company or a Guarantor.
“Officers’ Certificate” means a certificate signed on behalf of the Company by the Chairman of the Board of Directors, the Chief Executive Officer, the Chief Financial Officer, the Chief Operating Officer, the President or a Vice President and by the Treasurer, an Assistant Treasurer, the Controller, an Assistant Controller, the Secretary or an Assistant Secretary of the Company and delivered to the Trustee.
“Opinion of Counsel” means a written opinion from legal counsel, who may be internal counsel for the Company, or who is otherwise reasonably acceptable to the Trustee complying with the provisions in this Indenture.
“Outstanding Notes” has the meaning set forth in Section 2.08.
“Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream).
“Payment” means, with respect to the Notes and Guarantees, any payment, whether in cash or other assets or property, of interest, principal, premium, Additional Interest or any other amount on, of or in respect of the 

-13-

Notes, any other acquisition of Notes and any deposit into the trust described in Article VIII.  The verb “pay” has a correlative meaning.
“Permitted Additional Restricted Investment” means additional Restricted Investments made by the Company, if before and after giving pro forma effect to such Restricted Investment, the Leverage Ratio of the Company as of the end of the most recently ended fiscal quarter for which internal financial statements are available is less than 3.25:1.00.
“Permitted Investments” means:
		
	(1)
	any Investment in the Company or in a Restricted Subsidiary of the Company;

		
	(2) 
	any Investment in Cash Equivalents;

		
	(3)
	any Investment by the Company or any Restricted Subsidiary of the Company in a Person, if as a result of such Investment:

		
	(a)
	such Person becomes a Restricted Subsidiary of the Company; or

		
	(b)
	such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Company or a Restricted Subsidiary of the Company;

		
	(4)
	any Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance with Section 4.10;

		
	(5)
	any acquisition of assets solely in exchange for the issuance of Equity Interests (other than Disqualified Stock) of the Company;

		
	(6)
	investments in accounts or notes receivable acquired in the ordinary course of business;

		
	(7)
	[reserved]

		
	(8)
	any payment by the Company or any of its Restricted Subsidiaries pursuant to the Exclusive Agency and Marketing Agreement;

		
	(9)
	loans and advances to employees and officers of the Company and its Restricted Subsidiaries in the ordinary course of business for bona fide business purposes not in excess of $5.0 million at any one time outstanding;

		
	(10) 
	Investments in securities received in settlement of obligations of trade creditors or customers in the ordinary course of business or in satisfaction of judgments or pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of trade creditors or customers; and Investments made in settlement or exchange for extensions of trade credit (including trade receivables) by the Company and its Restricted Subsidiaries on commercially reasonable terms in accordance with normal trade practices of the Company or such Restricted Subsidiary, as the case may be;

		
	(11)
	workers’ compensation, utility, lease and similar deposits and prepaid expenses in the ordinary course of business and endorsements of negotiable instruments and documents in the ordinary course of business;

		
	(12)
	reclassification of any Investment initially made in the form of equity as a loan or advance, and reclassification of any Investment initially made in the form of a loan or advance as equity; provided in each case that the amount of such Investment is not increased thereby;

		
	(13)
	other Investments in any Person having an aggregate fair market value (measured on the date each such Investment was made and without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (13) that are at any time outstanding, not to exceed $200.0 million; and

-14-

		
	(14)
	Investments in Joint Ventures having an aggregate fair market value (measured on the date each such Investment was made and without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (14) that are at any time outstanding, not to exceed the greater of (x) $225.0 million and (y) 7.5% of Consolidated Total Assets.

“Permitted Liens” means:
		
	(1)
	Liens securing Indebtedness under Credit Facilities incurred pursuant to Section 4.09(b)(1); 

		
	(2)
	Liens in favor of the Company or the Guarantors;

		
	(3)
	Liens on property of a Person existing at the time such Person is merged with or into or consolidated with the Company or any Subsidiary of the Company; provided that such Liens were not entered into in contemplation of such merger or consolidation and do not extend to any assets other than those of the Person merged into or consolidated with the Company or the Subsidiary;

		
	(4)
	Liens on property existing at the time of acquisition thereof by the Company or any Subsidiary of the Company; provided that such Liens were not entered into in contemplation of such acquisition;

		
	(5)
	Liens to secure Indebtedness (including Capital Lease Obligations) permitted by Section 4.09(b)(4) covering only the assets financed with such Indebtedness and additions and improvements thereon;

		
	(6)
	Liens existing on the date of this Indenture;

		
	(7)
	Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith by appropriate proceedings promptly instituted and diligently concluded, provided that any reserve or other appropriate provision as shall be required in conformity with GAAP shall have been made therefor;

		
	(8)
	Liens securing Indebtedness or trade payables and any related obligations; provided that the aggregate amount of Indebtedness and trade payables secured by this clause (8) shall not exceed $100.0 million at any one time outstanding;

		
	(9)
	Liens securing Attributable Indebtedness under Sale and Leaseback Transactions incurred in compliance with Section 4.05; provided that the aggregate amount of Attributable Indebtedness secured by this clause (9) shall not exceed $100.0 million at any one time outstanding;

		
	(10)
	statutory Liens of landlords and Liens of carriers, warehousemen, mechanics, suppliers, materialmen, repairmen and other Liens imposed by law incurred in the ordinary course of business; Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods; and any other Liens imposed by operation of law which do not materially affect the Company’s ability to perform its obligations under the Notes and this Indenture;

		
	(11)
	Liens incurred or deposits made in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of social security or similar obligations, including any Lien securing letters of credit issued in the ordinary course of business consistent with past practice in connection therewith, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, performance and return-of-money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money);

		
	(12)
	judgment Liens not giving rise to an Event of Default so long as such Lien is adequately bonded and any appropriate legal proceedings which may have been duly initiated for the review of such judgment shall not have been finally terminated or the period within which such proceedings may be initiated shall not have expired;

-15-

		
	(13)
	easements, rights-of-way, zoning restrictions and other similar charges or encumbrances in respect of real property not interfering in any material respect with the ordinary conduct of the business of the Company or any of its Restricted Subsidiaries;

		
	(14)
	any interest or title of a lessor under any lease, whether or not characterized as capital or operating; provided that such Liens do not extend to any property or assets which is not leased property subject to such lease;

		
	(15)
	Liens upon specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods;

		
	(16)
	Liens securing reimbursement obligations with respect to letters of credit which encumber documents and other property relating to such letters of credit and products and proceeds thereof;

		
	(17)
	Liens encumbering deposits made to secure obligations arising from statutory, regulatory, contractual or warranty requirements of the Company or any of its Restricted Subsidiaries, including rights of offset and set-off;

		
	(18)
	leases or subleases granted to others not interfering in any material respect with the business of the Company or its Restricted Subsidiaries;

		
	(19)
	Liens arising out of consignment or similar arrangements for the sale of goods entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business;

		
	(20)
	rights of banks to set off deposits against debts owed to said bank; 

		
	(21)
	Liens on securities and cash securing Hedging Obligations incurred pursuant to Section 4.09(b)(7); 

		
	(22)
	Liens arising from licensing agreements granted in the ordinary course of business and consistent with past practices which do not materially interfere with the ordinary conduct of business of the Company and its Restricted Subsidiaries; and

		
	(23)
	Liens on accounts receivable originated by the Company and its Restricted Subsidiaries, any related assets and proceeds thereof that are sold, conveyed or otherwise transferred pursuant to a Receivables Financing permitted pursuant to Section 4.09(b)(10).

During any Suspension Period, the relevant clauses of Section 4.09 shall be deemed to be in effect solely for purposes of determining the amount available under clauses (1) and (5) above.
“Permitted Refinancing Indebtedness” means any Indebtedness of the Company or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund other Indebtedness of the Company or any of its Restricted Subsidiaries (other than intercompany Indebtedness) (such other Indebtedness, “Refinanced Indebtedness”); provided that:
		
	(1)
	the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount of (or accreted value, if applicable), plus accrued interest on, the Refinanced Indebtedness (plus the amount of reasonable expenses incurred in connection therewith including premiums paid, if any, to the holders thereof);

		
	(2)
	such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of the Refinanced Indebtedness, and the portion, if any, of the Permitted Refinancing Indebtedness that is scheduled to mature on or prior to the maturity date of the Notes has a Weighted Average Life to Maturity at the time such Permitted Refinancing Indebtedness is incurred that is equal to or greater than the Weighted Average Life to Maturity of the portion of the Refinanced Indebtedness that is scheduled to mature on or prior to the maturity date of the Notes;

		
	(3)
	if the Refinanced Indebtedness is subordinated in right of payment to the Notes, such Permitted Refinancing Indebtedness is subordinated in right of payment to the Notes on terms at least as 

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favorable to the Holders of Notes as those contained in the documentation governing the Refinanced Indebtedness;
		
	(4)
	such Indebtedness shall not be incurred by a Restricted Subsidiary that is not a Guarantor to refinance debt of the Company or a Guarantor; and

		
	(5)
	the proceeds of the Permitted Refinancing Indebtedness shall be used substantially concurrently with the incurrence thereof to redeem or refinance the Refinanced Indebtedness, unless, in the case of a redemption or refinancing, the Refinanced Indebtedness is not then due and is not redeemable or prepayable at the option of the obligor thereof or is redeemable or prepayable only with notice, in which case such proceeds shall be held in a segregated account of the obligor of the Refinanced Indebtedness until the Refinanced Indebtedness becomes due or redeemable or prepayable or such notice period lapses and then shall be used to refinance the Refinanced Indebtedness; provided that in any event the Refinanced Indebtedness shall be redeemed or refinanced within six months of the incurrence of the Refinancing Indebtedness.

“Person” means any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, estate or unincorporated organization or government or any agency or political subdivision thereof or any other entity (including any subdivision or ongoing business of any such entity, or substantially all of the assets of any such entity, subdivision or business).
“Place of Payment” when used with respect to the Notes means the Corporate Trust Office of the Trustee or such other location as may be established under Section 7.09.
“Predecessor Note” of any particular Note means every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 2.07 in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note.
“Principals” means the Hagedorn Partnership, L.P. and the general partners of the Hagedorn Partnership, L.P. on the Issue Date and, in the case of such individuals, their respective executors, administrators and heirs and their families and trusts for their benefit.
“Private Placement Legend” means the legend set forth in Section 2.06(f)(i) to be placed on all Notes issued under this Indenture except where specifically stated otherwise by the provisions of this Indenture.
“Purchase Agreement” means the Purchase Agreement dated December 12, 2016 for the purchase of $250,000,000 principal amount of Initial Notes among the Company, the Guarantors and the Initial Purchasers as such agreement may be amended, modified or supplemented from time to time in accordance with the terms thereof.
“QIB” means a “qualified institutional buyer” as defined in Rule 144A.
“Rating Agency” means each of S&P and Moody’s, or if S&P or Moody’s or both shall not make a rating on the Notes publicly available (for reasons outside the control of the Company), a statistical rating agency or agencies, as the case may be, nationally recognized in the United States and selected by the Company (as certified by a resolution of the Board of Directors) which shall be substituted for S&P’s or Moody’s, or both, as the case may be.
“Receivables Financing” means, with respect to the Company or any of its Restricted Subsidiaries, any discounting, factoring or securitization arrangement pursuant to which the Company or any Restricted Subsidiary sells, conveys or otherwise transfers to a Restricted Subsidiary or any other Person, or grants a security interest in, any accounts receivable originated by the Company or such Restricted Subsidiary, as the case may be, together with any related assets, or pursuant to which ownership interests in, or notes, commercial paper, certificates or other debt instruments may be secured by such accounts receivable and related assets.
 “Redemption Date” means the date fixed for redemption of any Note pursuant to this Indenture.
“Redemption Price” has the meaning specified in Section 3.01.

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“Registered Exchange Offer” means an offer made by the Company pursuant to an Exchange Offer Registration Statement under the Securities Act to exchange Exchange Notes for outstanding Initial Notes or Additional Notes substantially identical in all material respects to such Initial Notes or Additional Notes (except for the differences provided for therein).
“Registration Rights Agreement” means (i) with respect to the Initial Notes, the Registration Rights Agreement dated as of the Issue Date among the Company, the Guarantors and the Initial Purchasers, as such agreement may be amended, modified, or supplemented from time to time in accordance with the terms thereof, and (ii) with respect to any Additional Notes, one or more registration rights agreements among the Company, the Guarantors and the other parties thereto, as such agreements may be amended, modified, or supplemented from time to time in accordance with the terms thereof, relating to the rights given by the Company to the purchasers of Additional Notes to register such Additional Notes under the Securities Act.
“Regular Record Date” for the interest payable on the Notes on any Interest Payment Date means the June 1 or December 1 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date.
“Regulation S” means Regulation S promulgated under the Securities Act, as it may be amended from time to time, and any successor provision thereto.
“Regulation S Global Note” means one or more Global Notes issued in an aggregate principal amount equal to the aggregate principal amount of the Initial Notes sold in reliance on Rule 903 of Regulation S on any Issue Date.
“Related Business” means the business conducted (or proposed to be conducted) by the Company and its Subsidiaries as of the Issue Date and any and all businesses that in the good faith judgment of the Board of Directors of the Company are reasonably related thereto.
“Related Party” with respect to any Principal means any trust, corporation, partnership or other entity, the beneficiaries, stockholders, partners, owners or Persons beneficially holding an 80% or more controlling interest of which consist of such Principal.
“Restricted Definitive Note” means one or more Definitive Notes issued under this Indenture bearing the Private Placement Legend.
“Restricted Global Note” means one or more Global Notes bearing the Private Placement Legend, issued under this Indenture; provided, that in no case shall an Exchange Note issued in accordance with this Indenture and the terms of any Registration Rights Agreement be a Restricted Global Note.
“Restricted Investment” means an Investment other than a Permitted Investment.
“Restricted Notes” means Global Notes and Definitive Notes issued under this Indenture that bear or are required to bear the Private Placement Legend.
“Restricted Subsidiary” of a Person means any Subsidiary of the referent Person that is not an Unrestricted Subsidiary.
“Rule 144A” means Rule 144A promulgated under the Securities Act, as it may be amended from time to time, and any successor provision thereto.
“Rule 144A Global Note” means one or more Global Notes bearing the Private Placement Legend that will be issued in an aggregate principal amount equal to the aggregate principal amount of the Initial Notes to be resold by the Initial Purchasers in reliance on Rule 144A on any Issue Date.
“S&P” means Standard & Poor’s Rating Services, a division of McGraw Hill, Inc., a New York corporation, or any successor rating agency.
“Sale and Leaseback Transactions” means with respect to any Person an arrangement with any bank, insurance company or other lender or investor or to which such lender or investor is a party, providing for the leasing by such Person of any asset of such Person which has been or is being sold or transferred by such Person to 

-18-

such lender or investor or to any Person to whom funds have been or are to be advanced by such lender or investor on the security of such asset.
“SEC” means the United States Securities and Exchange Commission.
“Securities Act” means the Securities Act of 1933, as amended.
“Shelf Registration Statement” means a shelf registration statement prepared pursuant to the Registration Rights Agreement in respect of Initial Notes not previously registered for sale to the public under the Securities Act.
“Significant Subsidiary” means (1) any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Exchange Act, as such Regulation is in effect on the date hereof and (2) any Restricted Subsidiary that when aggregated with all other Restricted Subsidiaries that are not otherwise Significant Subsidiaries would constitute a Significant Subsidiary under clause (1) of this definition.
“Special Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 2.12.
“Specified Payments” means Permitted Investments pursuant to clauses (13) and (14) of the definition of “Permitted Investments” and any Restricted Investments pursuant to Section 4.07(a) and Section 4.07(b), in each case, to the extent made in cash.
“Stated Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the date on which such payment of interest or principal was scheduled to be paid in the original documentation governing such Indebtedness, and shall not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof.
“Subsidiary” means, with respect to any Person:
		
	(1)
	any corporation, association or other business entity (other than a partnership) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person (or a combination thereof); and

		
	(2)
	any partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or (b) the only general partners of which are such Person or of one or more Subsidiaries of such Person (or any combination thereof).

“TIA” means the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of this Indenture, except as stated in Section 9.03.
“Treasury Rate” means the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) which has become publicly available at least two Business Days prior to the Redemption Date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the Redemption Date to December 15, 2021; provided, however, that if the period from the Redemption Date to December 15, 2021 is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from the Redemption Date to December 15, 2021 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used.
“Trust Officer” means, when used with respect to the Trustee or Paying Agent, any officer within the corporate trust department of the Trustee or Paying Agent, as applicable, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee or Paying Agent who customarily performs functions similar to those performed by the persons who at the time shall be such 

-19-

officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture.
“Trustee” means the party named as such in this Indenture until a successor replaces it and, thereafter, means the successor.
“Uniform Commercial Code” means the New York Uniform Commercial Code as in effect from time to time.
“Unrestricted Definitive Note” means one or more Definitive Notes issued under this Indenture that do not bear and are not required to bear the Private Placement Legend.
“Unrestricted Global Note” means one or more Global Notes issued under this Indenture representing a series of Notes that does not bear and is not required to bear the Private Placement Legend.
“Unrestricted Note” means any Unrestricted Definitive Note or Unrestricted Global Note.
“Unrestricted Subsidiary” means any Subsidiary of the Company that is designated by the Board of Directors as an Unrestricted Subsidiary pursuant to a Board Resolution, but only to the extent that such Subsidiary:
		
	(1)
	has no Indebtedness other than Non-Recourse Debt;

		
	(2)
	is not party to any agreement, contract, arrangement or understanding with the Company or any Restricted Subsidiary of the Company unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to the Company or such Restricted Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of the Company;

		
	(3)
	is a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has any direct or indirect obligation (a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified of operating results; and

		
	(4)
	has not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Company or any of its Restricted Subsidiaries.

Any designation after the Issue Date of a Subsidiary of the Company as an Unrestricted Subsidiary shall be evidenced to the Trustee by filing with the Trustee a certified copy of the Board Resolution giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the preceding conditions and was permitted by Section 4.07. If, at any time, any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it shall thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary shall be deemed to be incurred by a Restricted Subsidiary of the Company as of such date and, if such Indebtedness is not permitted to be incurred as of such date under Section 4.09, the Company shall be in default of such covenant.  The Board of Directors of the Company may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that such designation shall be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of the Company of any outstanding Indebtedness of such Unrestricted Subsidiary and such designation shall only be permitted if (1) such Indebtedness is permitted under Section 4.09, calculated on a pro forma basis as if such designation had occurred at the beginning of the four-quarter reference period; and (2) no Default or Event of Default would be in existence following such designation.
If a Guarantor is designated as an Unrestricted Subsidiary, the Subsidiary Guarantee of that Guarantor shall be released.  If an Unrestricted Subsidiary becomes a Restricted Subsidiary, such Restricted Subsidiary shall become a Guarantor in accordance with the terms of this Indenture.
Notwithstanding the foregoing, no Subsidiary of the Company shall be designated an Unrestricted Subsidiary during any Suspension Period.

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“U.S. Dollar Equivalent” means, with respect to any monetary amount in a currency other than U.S. dollars, at any time for determination thereof, the amount of U.S. dollars obtained by converting such foreign currency involved in such computation into U.S. dollars at the spot rate for the purpose of U.S. dollars with the applicable foreign currency as published in The Wall Street Journal in the “Exchange Rates” column under the heading “Currency Trading” on the date two Business Days prior to such determination.
“U.S. Government Obligations” means direct non-callable obligations of, or guaranteed by, the United States of America for the payment of which guarantee or obligations the full faith and credit of the United States is pledged.
“U.S. Person” means a U.S. person as defined in Rule 902(o) under the Securities Act.
“Vice President” includes, with respect to the Company and the Trustee, any Vice President of the Company or the Trustee, whether or not designated by a number or word or words added before or after the title “Vice President.”
“Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person.
“Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing:
		
	(1)
	the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect thereof, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by

		
	(2)
	the then outstanding principal amount of such Indebtedness.

		
	SECTION 1.02.
	OTHER DEFINITIONS.

	
		
	Term
	Defined in Section

	“Authentication Order”   
	2.02

	“Change of Control Offer”   
	4.13

	“Covenant Defeasance”   
	8.05

	“DTC”   
	2.03

	“Funding Guarantor”   
	10.05

	“Initial Notes”   
	Preamble

	“Legal Defeasance”   
	8.04

	“Net Proceeds Offer”   
	4.10(c)

	“Offer Amount”   
	3.09(b)(4)

	“Offer to Purchase”   
	3.09(a)

	“Pari Passu Indebtedness”   
	4.10(c)

	“Paying Agent”   
	2.03

	“protected purchaser”   
	2.07

	“Purchase Date”   
	3.09(b)

	“Registrar”   
	2.03

	“Suspension Period”   
	4.16

		
	SECTION 1.03.
	INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT.

This Indenture is subject to the mandatory provisions of the TIA, which are incorporated by reference in and made a part of this Indenture.  The following TIA terms have the following meanings:
“indenture securities” means the Notes and the Guarantees.

-21-

“indenture security holder” means a Holder.
“indenture to be qualified” means this Indenture.
“indenture trustee” or “institutional trustee” means the Trustee.
“obligor” on the indenture securities means the Company, each Guarantor and any other obligor on the Notes.
All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by Commission rule and not otherwise defined herein have the meanings assigned to them by such definitions.
		
	SECTION 1.04.
	RULES OF CONSTRUCTION.

Unless the context otherwise requires:
(1)    a term has the meaning assigned to it;
(2)    an accounting term not otherwise defined herein has the meaning assigned to it in accordance with GAAP and all financial calculations and determinations contemplated by this Indenture shall be made in conformity with GAAP as in effect as of the Closing Date;
(3)    “or” is not exclusive;
(4)    “including” means “including without limitation”;
(5)    words in the singular include the plural and words in the plural include the singular;
(6)    the principal amount of any non-interest bearing or other discount security at any date shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.02;
 (7)    all references to “principal” of the Notes include redemption price and purchase price and all references to “interest” on the Notes include Additional Interest, if any, as well as interest accruing after the commencement of a proceeding under Title 11, U.S. Code or any similar federal or state law for the relief of debtors (including post-petition interest), whether or not allowed or allowable as a claim in any such proceeding;
(8)    all exhibits are incorporated by reference herein and expressly made a part of this Indenture;
(9)    all references to articles, sections and exhibits (and subparts thereof) are to this Indenture; 
(10)    all references to sections or rules under the Securities Act, the Exchange Act or the TIA shall be deemed to include substitute, replacement or successor sections or rules;
(11)    provisions apply to successive events and transactions; and 
(12)    the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision.
ARTICLE II 
THE NOTES
		
	SECTION 2.01.
	FORM AND DATING.

(a)    General.  The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A hereto.  The Notes may have notations, legends or endorsements required by law, stock exchange rule, usage or this Indenture.  Each Note shall be dated the date of its authentication.  The Notes shall be in denominations of $2,000 and integral multiples of $1,000.

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The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture and the Company, the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby.  However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling.
(b)    Global Notes.  Notes issued in global form shall be substantially in the form of Exhibit A attached hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto).  Notes issued in definitive form shall be substantially in the form of Exhibit A attached hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto).  Each Global Note shall represent such of the outstanding Notes as shall be specified therein and each shall provide that it shall represent the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges, redemptions or transfers of beneficial interests from one Global Note to another Global Note.  Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby shall be made by the Trustee or the Notes Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder or beneficial owner thereof as required by Section 2.06.
(c)    Form of Initial Notes, Etc.  All Initial Notes are being or will be offered and sold by the Initial Purchasers only (i) to persons reasonably believed to be QIBs (in which case they will be evidenced by a Rule 144A Global Note) or (ii) in reliance on Regulation S under the Securities Act (in which case they will be evidenced by a Regulation S Global Note).  After such initial offers and sales, Initial Notes that are evidenced by Restricted Global Notes or Restricted Definitive Notes may also be transferred to Institutional Accredited Investors (in which case they shall be evidenced by Definitive Notes or by an IAI Global Note).  All Additional Notes issued after the Closing Date shall be issued in such form, and shall be permitted to be resold, as shall be provided in the related Officers’ Certificate required by Section 2.14.
		
	SECTION 2.02.
	EXECUTION AND AUTHENTICATION.

The Notes shall be executed on behalf of the Company by its Chairman of the Board of Directors, its Chief Executive Officer, its President, its Chief Financial Officer, one of its Vice Presidents or its Treasurer, and attested by its Secretary or one of its Assistant Secretaries.  The signature of any of these officers may be manual or facsimile.
If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless be valid.  A Note shall not be valid until authenticated by the manual signature of the Trustee.  The signature shall be conclusive evidence that the Note has been authenticated under this Indenture.  The Trustee shall, upon a written order of the Company signed by an Officer (an “Authentication Order”), authenticate and, if requested therein, deliver (i) Initial Notes for original issuance up to the aggregate principal amount stated in such Authentication Order in such form as may be provided therein or in this Indenture, (ii) in accordance with Section 2.06(i), Exchange Notes, and (iii) Additional Notes; provided, that the aggregate principal amount of Notes outstanding at any time may not exceed $250,000,000, except in accordance with Section 2.14.  The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. An authenticating agent may authenticate Notes whenever the Trustee may do so.  Each reference in this Indenture to authentication by the Trustee includes authentication by such agent.  An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the Company.
		
	SECTION 2.03.
	REGISTRAR, PAYING AGENT AND DEPOSITARY.

The Company shall maintain an office or agency in the Borough of Manhattan, the City of New York, where Notes may be presented for registration of transfer or for exchange (“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”).  Until otherwise designated by the Company, the Company’s office or agency in New York shall be the office of the Trustee maintained for such purpose.  The Registrar shall keep a register of the Notes and of their transfer and exchange.  The Company may appoint one or more co-registrars and one or more additional paying agents.  The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent.  The Company shall enter into an appropriate agency agreement with any Registrar, Paying Agent or other Agent not a party to this Indenture, which shall incorporate the mandatory terms of the TIA not otherwise excluded hereunder.  The Company may change any 

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Paying Agent or Registrar without notice to any Holder.  The Registrar or Paying Agent may resign at any time upon not less than 10 Business Days’ prior written notice to the Company; provided, however, that the Trustee may resign as Paying Agent or Registrar only if the Trustee also resigns as Trustee in accordance with Section 7.10.
The Company shall notify the Trustee in writing of the name and address of any Agent not a party to this Indenture.  If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such.  The Company or any of its Subsidiaries may act as Paying Agent or Registrar.
The Company initially appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes.  The Company initially appoints the Trustee to act as the Registrar and Paying Agent and to act as Notes Custodian with respect to the Global Notes.
		
	SECTION 2.04.
	PAYING AGENT TO HOLD MONEY IN TRUST.

Principal of, premium, if any, and interest on the Notes will be payable at the office of the Paying Agent or, at the option of the Company, payment of interest may be made by check mailed to the Holders at their respective addresses set forth in the Note Register; provided, all payments or principal, premium, if any, and interest with respect to the Notes represented by one or more Global Notes registered in the name or held by the Depositary shall be made by wire transfer of immediately available funds to accounts specified by the Holder prior to 10:00 a.m., New York time, on each due date of the principal and interest on any Note.  The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium or interest on the Notes, and shall notify the Trustee in writing of any default by the Company in making any such payment.  While any such default continues, the Trustee may require a Paying Agent, and in such event any such Paying Agent shall have the obligation, to pay all money held by it to the Trustee.  The Company at any time may require a Paying Agent to pay all money held by it to the Trustee.  Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) shall have no further liability for such money.  If the Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent.  Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee shall serve as Paying Agent for the Notes.
Any money deposited with any Paying Agent, or then held by the Company or a domestic Subsidiary in trust for the payment of principal or interest on any Note and remaining unclaimed for two years after such principal and interest has become due and payable shall be paid to the Company at its request, or, if then held by the Company or a domestic Subsidiary, shall be discharged from such trust; and the Holders shall thereafter, as general unsecured creditors, look only to the Company for payment thereof, and all liability of the Paying Agent with respect to such money, and all liability of the Company or such permitted Subsidiary as trustee thereof, shall thereupon cease.
		
	SECTION 2.05.
	HOLDER LISTS; COMMUNICATIONS WITH OTHER HOLDERS.

(a)    The Company will furnish or cause to be furnished to the Trustee:
(i)    semi-annually on a date not more than 15 days after each Regular Record Date with respect to an Interest Payment Date, if any, for the Notes, a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders as of the date 15 days next preceding each such Regular Record Date; and 
(ii)    at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; 
provided, however, that if and so long as the Trustee shall be the Registrar for such series, no such list need be furnished.  
(b)    The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of Holders contained in the most recent list furnished to the Trustee as provided in Section 2.05(a) received by it in the capacity of Paying Agent (if so acting) hereunder.  

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The Trustee may destroy any list furnished to it as provided in Section 2.05(a) upon receipt of a new list so furnished, destroy any information received by it as Paying Agent (if so acting) hereunder upon delivering to itself as Trustee, not earlier than 45 days after an Interest Payment Date, a list containing the names and addresses of the Holders obtained from such information since the delivery of the next previous list, if any, and destroy any list delivered to itself as Trustee which was compiled from information received by it as Paying Agent (if so acting) hereunder upon the receipt of a new list so delivered.  
(c)    If three or more Holders (hereinafter referred to as “applicants”) apply in writing to the Trustee, and furnish to the Trustee reasonable proof that each such applicant has owned Notes for a period of at least six months preceding the date of such application, and such application states that the applicants desire to communicate with other Holders of Notes of a particular series (in which case the applicants must hold Notes) or with all Holders of Notes with respect to their rights under this Indenture or under the Notes and is accompanied by a copy of the form of proxy or other communication which such applicants propose to transmit, then the Trustee shall, within five Business Days after the receipt of such application, at its election, either 
(i)    afford such applicants access to the information preserved at the time by the Trustee in accordance with Section 2.05(b), or 
(ii)    inform such applicants as to the approximate number of Holders of Notes, as the case may be, whose names and addresses appear in the information preserved at the time by the Trustee in accordance with Section 2.05(b), and as to the approximate cost of mailing to such Holders the form of proxy or other communication, specified in such application.  
If the Trustee shall elect not to afford such applicants access to such information, the Trustee shall, upon written request of such applicants, mail to the Holders whose names and addresses appear in the information preserved at the time by the Trustee in accordance with Section 2.05(b), a copy of the form of proxy or other communication which is specified in such request, with reasonable promptness after a tender to the Trustee of the material to be mailed and of payment, or provision for the payment, of the reasonable expenses of mailing, unless within five days after such tender, the Trustee shall mail to such applicants and file with the Commission, together with a copy of the material to be mailed, a written statement to the effect that, in the opinion of the Trustee, such mailing would be contrary to the best interests of the Holders or would be in violation of applicable law.  Such written statement shall specify the basis of such opinion.  If the Commission, after opportunity for a hearing upon the objections specified in the written statement so filed, shall enter an order refusing to sustain any of such objections or if after the entry of an order sustaining one or more of such objections, the Commission shall find, after notice and opportunity for hearing, that all the objections so sustained have been met and shall enter an order so declaring, the Trustee shall mail copies of such material to all such Holders with reasonable promptness after the entry of such order and the renewal of such tender; otherwise the Trustee shall be relieved of any obligation or duty to such applicants respecting their application.  
(d)    Every Holder, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders in accordance with Section 2.05(c), regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing of any material pursuant to a request made under Section 2.05(c).
		
	SECTION 2.06.
	TRANSFER AND EXCHANGE.

(a)    Transfer and Exchange of Global Notes.  A Global Note may not be transferred as a whole except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary.  Beneficial interests in Global Notes will be exchanged by the Company for Definitive Notes, subject to any applicable laws, if (i) the Company delivers to the Trustee notice from the Depositary that it is unwilling or unable to continue to act as Depositary and a successor Depositary is not appointed by the Company within 90 days after the date of such written notice from the Depositary, or (ii) there shall have occurred and be continuing a Default with respect to the Notes and the Depositary shall have requested the issuance of Definitive Notes; provided that in no event shall any temporary Note that is a Global Note issued pursuant to Regulation S be exchanged by the Company for Definitive Notes prior to (A) the expiration of the Distribution Compliance Period and (B) the receipt by the Registrar of any certificate identified by the Company and its counsel to be required pursuant to Rule 903 or Rule 904 under the Securities Act.  In any such case, the Company will notify the Trustee 

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in writing that, upon surrender by the Participants and Indirect Participants of their interests in such Global Note, Definitive Notes will be issued to each Person that such Participants, Indirect Participants and DTC jointly identify as being the beneficial owner of the related Notes.  Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10.  Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10, shall be authenticated and delivered in the form of, and shall be, a Global Note.  A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a); however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b), (c), (d), (f) or (i).
(b)    Transfer and Exchange of Beneficial Interests in the Global Notes.  The transfer and exchange of beneficial interests in the Global Notes shall be effected through the Depositary, in accordance with the provisions hereof and the Applicable Procedures.  Beneficial interests in the Restricted Global Notes shall be subject to restrictions on transfer comparable to those set forth in this Indenture to the extent required in order for the Company to comply with the Securities Act.  Transfers and exchanges of beneficial interests in the Global Notes also shall require compliance with the applicable provisions below:
(i)    Transfer of Beneficial Interests in the Same Global Note; Transfers of Beneficial Interests in Unrestricted Global Notes for Interests in Other Unrestricted Global Notes.  Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend; provided, however, that prior to the expiration of the Distribution Compliance Period, no transfer of beneficial interests in a Regulation S Global Note may be made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser) unless permitted by applicable law and made in compliance with Section 2.06(b)(ii) and (iii) below.  Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note.  No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(i) unless specifically stated above.
(ii)    All Other Transfers and Exchanges of Beneficial Interests in Global Notes.  In connection with all transfers and exchanges of beneficial interests that are not subject to Section 2.06(b)(i), the transferor of such beneficial interest must deliver to the Registrar either (A) (1) an order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase or (B) (1) an order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (B)(1) above.  Upon consummation of a Registered Exchange Offer by the Company, the requirements of this Section 2.06(b)(ii) shall be deemed to have been satisfied upon receipt by the Registrar of the instructions contained in the Letter of Transmittal or similar document delivered by the Holder of such beneficial interests in the Restricted Global Notes and the other documents contemplated by the Registered Exchange Offer.  Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee or Notes Custodian shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(g).
(iii)    Transfer of Beneficial Interests to Another Restricted Global Note.  A beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of Section 2.06(b)(ii) and the Registrar receives the following:
(A)    if the transferee will take delivery in the form of a beneficial interest in the Rule 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof;

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(B)    if the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof;
(C)    if the transferee will take delivery in the form of a beneficial interest in the IAI Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications and certificates (including the certificate in the form of Exhibit D hereto) in item (3)(b) thereof, if applicable; or
(D)    if such beneficial interest is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof.
(iv)    Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global Note.  A beneficial interest in any Restricted Global Note may be exchanged for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)(ii) and:
(A)    such exchange or transfer is effected pursuant to the Registered Exchange Offer in accordance with the Registration Rights Agreement and the Holder of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a Broker-Dealer, (2) a Person participating in the distribution of the Exchange Notes or (3) a Person who is an “affiliate” (as defined in Rule 144) of the Company;
(B)    such transfer is effected pursuant to a Shelf Registration Statement in accordance with the Registration Rights Agreement and the Registrar receives a certificate from such Holder to such effect;
(C)    such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or
(D)    the Registrar receives the following: (1) if the Holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or (2) if the Holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; and, in each such case set forth in this subparagraph (D) (except in the case of a transfer contemplated by item (4)(a) or (d) of Exhibit B or by item (4)(b) of Exhibit B in the case of any transfer after the Distribution Compliance Period), an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.
If any such transfer is effected pursuant to subparagraph (B) or (D) above at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to subparagraph (B) or (D) above.  Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global Note.
(c)    Transfer or Exchange of Beneficial Interests for Definitive Notes.
(i)    Transfer or Exchange of Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes.  If any Holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes 

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delivery thereof in the form of a Restricted Definitive Note, then, upon receipt by the Registrar of the following documentation:
(A)    if the Holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof;
(B)    if such beneficial interest is being transferred to a QIB in accordance with Rule 144A under the Securities Act, a certificate from such Holder to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof;
(C)    if such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904 under the Securities Act, a certificate from such Holder to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof;
(D)    if such beneficial interest is being transferred to an Institutional Accredited Investor in reliance on an exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (C) above, a certificate from such Holder to the effect set forth in Exhibit B hereto, including the certifications required by item (3)(b) thereof, if applicable;
(E)    if such beneficial interest is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; the Trustee shall cause the aggregate principal amount of the applicable Restricted Global Note to be reduced accordingly pursuant to Section 2.06(g), and the Company shall execute and, upon receipt of an Authentication Order pursuant to Section 2.02, the Trustee shall authenticate and deliver to the Person designated in the certificate a Restricted Definitive Note in the appropriate principal amount.  Any Restricted Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized denomination or denominations as the Holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant.  The Trustee shall deliver such Restricted Definitive Notes to the Persons in whose names such Notes are so registered.  Any Restricted Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(i) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein.
(ii)    Transfer or Exchange of Beneficial Interests in Restricted Global Notes for Unrestricted Definitive Notes.  A Holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only if:
(A)    such exchange or transfer is effected pursuant to the Registered Exchange Offer in accordance with the Registration Rights Agreement and the Holder of such beneficial interest, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a Broker-Dealer, (2) a Person participating in the distribution of the Exchange Notes or (3) a Person who is an “affiliate” (as defined in Rule 144) of the Company;
(B)    such transfer is effected pursuant to a Shelf Registration Statement in accordance with the Registration Rights Agreement and the Registrar receives a certificate from such Holder to such effect;
(C)    such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or
(D)    the Registrar receives the following: (1) if the Holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Definitive Note 

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that does not bear the Private Placement Legend, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or (2) if the Holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of a Definitive Note that does not bear the Private Placement Legend, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; and, in each such case set forth in this subparagraph (D) (except in the case of a transfer contemplated by item (4)(a) or (d) of Exhibit B or by item (4)(b) of Exhibit B in the case of any transfer after the Distribution Compliance Period), an Opinion of Counsel in form, and from legal counsel, reasonably acceptable to the Registrar and the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.
(iii)    Transfer or Exchange of Beneficial Interests in Unrestricted Global Notes for Unrestricted Definitive Notes.  If any Holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for an Unrestricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.06(b)(ii), the Trustee shall cause the aggregate principal amount of the applicable Unrestricted Global Note to be reduced accordingly pursuant to Section 2.06(g), and the Company shall execute and, upon receipt of an Authentication Order pursuant to Section 2.02, the Trustee shall authenticate and deliver to the Person designated in the instructions an Unrestricted Definitive Note in the appropriate principal amount.  Any Unrestricted Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iii) shall be registered in such name or names and in such authorized denomination or denominations as the Holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant.  The Trustee shall deliver such Unrestricted Definitive Notes to the Persons in whose names such Notes are so registered.  Any Unrestricted Definitive Note issued in exchange for a beneficial interest in an Unrestricted Global Note pursuant to this Section 2.06(c)(iii) shall not bear the Private Placement Legend.
(d)    Transfer and Exchange of Definitive Notes for Beneficial Interests in Global Notes.
(i)    Transfer of Exchange of Restricted Definitive Notes for Beneficial Interests in Restricted Global Notes.  If any Holder of a Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation:
(A)    if the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof;
(B)    if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A under the Securities Act, a certificate from such Holder to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof;
(C)    if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904 under the Securities Act, a certificate from such Holder to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof;
(D)    if such Restricted Definitive Note is being transferred to an Institutional Accredited Investor in reliance on an exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (C) above, a certificate from such Holder to the effect set forth in Exhibit B, including the certifications required by item 3(b) thereof; or
(E)    if such Restricted Definitive Note is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof;

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the Trustee shall cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A), the appropriate Restricted Global Note, in the case of clause (B) above, the Rule 144A Global Note, in the case of clause (C) above, the Regulation S Global Note, and in all other cases, the IAI Global Note.
(ii)    Transfer or Exchange of Restricted Definitive Notes for Beneficial Interests in Unrestricted Global Notes.  A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if:
(A)    such exchange or transfer is effected pursuant to the Registered Exchange Offer in accordance with the Registration Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a Broker-Dealer, (2) a Person participating in the distribution of the Exchange Notes or (3) a Person who is an “affiliate” (as defined in Rule 144) of the Company;
(B)    such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement and the Registrar receives a certificate from such Holder to such effect;
(C)    such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or
(D)    the Registrar receives the following: (1) if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or (2) if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; and, in each such case set forth in this subparagraph (D) (except in the case of a transfer contemplated by item (4)(a) or (d) of Exhibit B or by item (4)(b) of Exhibit B in the case of any transfer after the Distribution Compliance Period), an Opinion of Counsel, in form and from legal counsel reasonably acceptable to the Registrar and the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.  Upon satisfaction of the conditions of any of the subparagraphs in this Section 2.06(d)(ii), the Trustee shall cancel the Restricted Definitive Notes so transferred or exchanged and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note.
(iii)    Transfer or Exchange of Unrestricted Definitive Notes for Beneficial Interests in Unrestricted Global Notes.  A Holder of an Unrestricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time.  Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes.
(iv)    Issuance of Unrestricted Global Notes.  If any such exchange or transfer from a Definitive Note to a beneficial interest in a Global Note is effected pursuant to subparagraphs (ii)(A), (ii)(B) or (iii) of this Section 2.06(d) at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so exchanged or transferred.
(e)    Transfer or Exchange of Definitive Notes for Definitive Notes.  Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar shall register the transfer or exchange of Definitive Notes.  Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by 

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a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing.  In addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e).
(i)    Transfer of Restricted Definitive Notes to Restricted Definitive Notes.  Any Restricted Definitive Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following:
(A)    if the transfer will be made pursuant to Rule 144A under the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof;
(B)    if the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof;
(C)    if such Restricted Definitive Note is being transferred to an Institutional Accredited Investor in reliance on an exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (A) and (B) above, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications required by item (3)(b) thereof, if applicable; or
(D)    if such Restricted Definitive Note is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof;
(ii)    Transfer or Exchange of Restricted Definitive Notes for Unrestricted Definitive Notes.  Any Restricted Definitive Note may be exchanged by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if:
(A)    such exchange or transfer is effected pursuant to the Registered Exchange Offer in accordance with the Registration Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a Broker-Dealer, (2) a Person participating in the distribution of the Exchange Notes or (3) a Person who is an “affiliate” (as defined in Rule 144) of the Company;
(B)    any such transfer is effected pursuant to a Shelf Registration Statement in accordance with the Registration Rights Agreement and the Registrar receives a certificate from such Holder to such effect;
(C)    any such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or
(D)    the Registrar receives the following: (1) if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or (2) if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; and, in each such case set forth in this subparagraph (D) (except in the case of a transfer contemplated by item (4)(a) or (d) of Exhibit B or by item (4)(b) of Exhibit B in the case of any transfer after the Distribution Compliance Period), an Opinion of Counsel in form, and from legal counsel, reasonably acceptable to the Registrar and the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.
(iii)    Transfer of Unrestricted Definitive Notes to Unrestricted Definitive Notes.  A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an 

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Unrestricted Definitive Note.  Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof.
(f)    Legends.  The following legends shall appear on the face of all Global Notes and Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions hereof.
(i)    Private Placement Legend.
(A)    Except as permitted by Section 2.06(f)(i)(B) below, each Global Note and each Definitive Note (and all Notes issued in exchange therefor or substitution thereof) shall bear a legend in substantially the following form:
“THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM.  EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.  THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) SUCH SECURITY MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (1)(a) INSIDE THE UNITED STATES TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT, (b) OUTSIDE THE UNITED STATES TO A NON-U.S. PERSON IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (c) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF APPLICABLE) OR (d) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY IF THE COMPANY SO REQUESTS), (2) TO THE COMPANY OR (3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THE SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN CLAUSE (A) ABOVE.  NO REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 FOR RESALE OF THE SECURITY EVIDENCED HEREBY.”
Each Global Note and each Definitive Note (and all Notes issued in exchange therefor or substitution thereof) shall also bear a legend in substantially the following form:
“THIS NOTE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE.  A HOLDER MAY OBTAIN THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE AND YIELD TO MATURITY  FOR SUCH NOTES BY SUBMITTING A REQUEST FOR SUCH INFORMATION TO THE ISSUER AT THE FOLLOWING ADDRESS: 14111 SCOTTSLAWN ROAD, MARYSVILLE, OHIO 43041, ATTENTION: CORPORATE TREASURER.”
(B)    Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs (b)(iv), (c)(ii), (c)(iii), (d)(ii), (d)(iii), (e)(ii) or (e)(iii) of this Section 

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2.06 (and all Notes issued in exchange therefor or substitution thereof) shall not bear the Private Placement Legend.
(ii)    Global Note Legend.  Each Global Note shall bear a legend in substantially the following form (unless otherwise specified by the Depositary):
“THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.  THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THE NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.”
(iii)    Regulation S Temporary Global Note Legend.  Each temporary Note that is a Global Note issued pursuant to Regulation S shall bear a legend in substantially the following form:
THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR DEFINITIVE NOTES, ARE AS SPECIFIED IN THE INDENTURE.  THE HOLDER OF THIS NOTE BY ACCEPTANCE HEREOF ALSO AGREES, REPRESENTS AND WARRANTS THAT IF IT IS A PURCHASER IN A SALE THAT OCCURS OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S OF THE SECURITIES ACT, IT ACKNOWLEDGES THAT, UNTIL EXPIRATION OF THE “40-DAY DISTRIBUTION COMPLIANCE PERIOD” WITHIN THE MEANING OF RULE 903 OF REGULATION S, ANY OFFER OR SALE OF THIS NOTE SHALL NOT BE MADE BY IT TO A U.S. PERSON TO OR FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON WITHIN THE MEANING OF RULE 902(k) UNDER THE SECURITIES ACT.
(g)    Cancellation and/or Adjustment of Global Notes.  At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or cancelled in whole and not in part, each such Global Note shall be returned to or retained and cancelled by the Trustee in accordance with Section 2.11 hereof.  At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, the principal amount of Notes represented by such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase.
(h)    General Provisions Relating to Transfers and Exchanges.
(i)    The Notes shall be transferable only upon the surrender of a Note for registration of transfer and in compliance with this Section 2.06.  When a Note is presented to the Registrar with a request to register a transfer, the Registrar shall register the transfer as requested if the requirements of Section 8-401 of the Uniform Commercial Code and this Section 2.06 are met.  When Notes are presented to the Registrar with a request to exchange them for an equal principal amount of Notes of other denominations, the Registrar shall make the exchange as requested if the same requirements are met.
(ii)    To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order.
(iii)    No service charge shall be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.10, 3.07 and 9.06).

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(iv)    The Registrar shall retain copies of all certificates, Opinions of Counsel, notices and other written communications received pursuant to this Section 2.06.  The Company shall have the right to inspect and make copies of all such certificates, Opinions of Counsel, notices or other written communications at any reasonable time upon the giving of reasonable written notice to the Registrar.
(v)    All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall be the valid obligations of the Company, evidencing the same indebtedness, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.
(vi)    The Company, Trustee and Registrar shall not be required (A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business on a Business Day 15 days before the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day of selection, (B) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part or (C) to register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date.
(vii)    Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Company may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of, premium, if any, and interest on such Notes, payment of the redemption price of the Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary.
(viii)    The Trustee shall authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02 hereof.
(ix)    All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile, with an original of such document to be sent promptly thereafter.
(x)    Notwithstanding anything herein to the contrary, as to any certifications and certificates delivered to the Registrar pursuant to this Section 2.06, the Registrar’s duties shall be limited to confirming that any such certifications and certificates delivered to it are in the form of Exhibits B, C and D attached hereto.  The Registrar shall not be responsible for confirming the truth or accuracy of representations made in any such certifications or certificates.
(i)    Exchange Offer.  Promptly after the expiration of the Registered Exchange Offer in accordance with the Registration Rights Agreement, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate (A) one or more Unrestricted Global Notes in an aggregate principal amount equal to the sum of (1) the principal amount of the beneficial interests in the Restricted Global Notes validly tendered for acceptance by Persons that certify in the applicable Letters of Transmittal that they are entitled to participate under the Registered Exchange Offer pursuant to the terms thereof, and accepted for exchange in the Registered Exchange Offer, and (2) the principal amount of Definitive Notes exchanged or transferred for beneficial interests in Unrestricted Global Notes in connection with the Registered Exchange Offer pursuant to Section 2.06(d)(ii), and (B) Unrestricted Definitive Notes in an aggregate principal amount equal to the principal amount of the Restricted Definitive Notes accepted for exchange in the Registered Exchange Offer (other than Definitive Notes described in clause (A)(2) immediately above).  Concurrently with the issuance of such Notes, the Trustee shall cause the aggregate principal amount of the applicable Restricted Global Notes to be reduced accordingly, and the Company shall execute and, upon receipt of an Authentication Order pursuant to Section 2.02, the Trustee shall authenticate and deliver to the Persons designated by the Holders of Definitive Notes so accepted Definitive Notes in the appropriate principal amount.
		
	SECTION 2.07.
	REPLACEMENT NOTES.

If a mutilated Note is surrendered to the Registrar or if the Holder of a Note claims that the Note has been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee shall authenticate a replacement Note if the requirements of Section 8-405 of the Uniform Commercial Code are met, such that the Holder (i) satisfies the Company or the Trustee within a reasonable time after he has notice of such loss, destruction or wrongful taking and the Registrar does not register a transfer prior to receiving such notification, (ii) makes such request to the 

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Company or the Trustee prior to the Note being acquired by a protected purchaser as defined in Section 8-303 of the Uniform Commercial Code (a “protected purchaser”) and (iii) satisfies any other reasonable requirements of the Trustee and the Company including evidence of the destruction, loss or theft of the Note.  Such Holder shall furnish an indemnity bond sufficient in the judgment of the Trustee to protect the Company, any Guarantor, the Trustee, the Paying Agent, and the Registrar from any loss that any of them may suffer if a Note is replaced.  The Company and the Trustee may charge the Holder for their expenses in replacing a Note including the payment of a sum sufficient to cover any tax or other governmental charge that may be required.  In the event any such mutilated, lost, destroyed or wrongfully taken Note has become or is about to become due and payable, the Company in its discretion may pay such Note instead of issuing a new Note in replacement thereof.
Every replacement Note is an additional obligation of the Company, whether or not the destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all of the benefits of this Indenture equally and proportionally with all other Notes duly issued hereunder.
The provisions of this Section 2.07 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, lost, destroyed or wrongfully taken Notes.
		
	SECTION 2.08.
	OUTSTANDING NOTES.

Outstanding Notes, means, as of the date of determination, all Notes theretofore authenticated and delivered under this Indenture, except:
(i)    Notes theretofore cancelled by the Trustee or delivered to the Trustee for cancellation, including Notes tendered and exchanged for other securities of the Company;
(ii)    Notes for which payment or redemption money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Notes; provided, however, that if such Notes are to be redeemed, then notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made and the date for such redemption has passed;
(iii)    Notes with respect to which the Company has effected defeasance as provided in Article VIII; and
(iv)    Notes paid pursuant to Section 2.07 and Notes in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture, other than any such Notes in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Notes are held by a bona fide purchaser in whose hands such Notes are valid obligations of the Company;
provided, however, that in determining whether the Holders of the requisite principal amount of Notes Outstanding have performed any Act hereunder, Notes owned by the Company or any other obligor upon the Notes or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding (provided, that in connection with any offer by the Company or any obligor to purchase or exchange Notes, Notes tendered by a Holder shall be Outstanding until the date of purchase or exchange), except that, in determining whether the Trustee shall be protected in relying upon any such Act, only Notes which a Trust Officer of the Trustee actually knows to be so owned shall be so disregarded.  Notes so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right to act with respect to such Notes and that the pledgee is not the Company or any other obligor upon the Notes or any Affiliate of the Company or of such other obligor.
		
	SECTION 2.09.
	[RESERVED].

		
	SECTION 2.10.
	TEMPORARY NOTES.

Until certificates representing Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination for the Notes.  Temporary Notes shall be substantially in the form of Definitive Notes but may have variations that the Company considers 

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appropriate for temporary Notes (as evidenced by the execution of the Notes by the Officers of the Company) and as shall be reasonably acceptable to the Trustee.  Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate Definitive Notes in exchange for temporary Notes.  Holders of temporary Notes shall be entitled to all of the benefits of this Indenture.
		
	SECTION 2.11.
	CANCELLATION.

All Notes surrendered for payment, redemption, transfer or exchange shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee at its Corporate Trust Office.  All Notes so delivered shall be promptly cancelled by the Trustee.  The Company may at any time deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Notes previously authenticated hereunder which the Company has not issued, and all Notes so delivered shall be promptly cancelled by the Trustee.  No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section, except as permitted by this Indenture.  All cancelled Notes held by the Trustee shall be delivered to the Company upon Company Request.  The acquisition of any Notes by the Company shall not operate as a redemption or satisfaction of the indebtedness represented thereby unless and until such Notes are surrendered to the Trustee for cancellation.  The Notes shall not be disposed of until exchanged in full for Definitive Notes or until payment thereon is made in full.
		
	SECTION 2.12.
	DEFAULTED INTEREST.

(a)    Any interest on any Note which is payable but is not punctually paid or duly provided for on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered Holder on the relevant Regular Record Date by virtue of his having been such registered Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (1) or (2) below:
(1)    The Company may elect to make payment of any Defaulted Interest to the Persons in whose names such Notes (or their respective Predecessor Note) are registered at the close of business on a special record date (the “Special Record Date”) for the payment of such Defaulted Interest, which shall be fixed in the following manner.  The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such Note and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee prior to 10:00 a.m., New York City time, an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided.  Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which date shall not be more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after receipt by the Trustee of the notice of the proposed payment.  The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to the Holders of such Notes at their addresses as they appear in the Note Register, not less than 10 days prior to such Special Record Date.  Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such Notes (or their respective Predecessor Note) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (2).
(2)    The Company may make payment of any Defaulted Interest on Notes in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Notes may be listed, and upon such notice as may be required by such exchange, if, after notice is given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.
(b)    Subject to the foregoing provisions of this Section, each Note delivered under this Indenture upon transfer of, in exchange for, or in lieu of, any other Note shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Note.

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	SECTION 2.13.
	CUSIP, ISIN OR COMMON CODE NUMBERS.

The Company in issuing the Notes may use “CUSIP,” “ISIN” or “Common Code” numbers (if then generally in use) and, if so, the Trustee shall use such numbers in notices of redemption or repurchase as a convenience to Holders; provided, however, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption or repurchase and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption or repurchase shall not be affected by any defect in or omission of such numbers.  The Company shall promptly notify the Trustee of any change in “CUSIP”, “ISIN” or “Common Code” numbers.
		
	SECTION 2.14.
	ISSUANCE OF ADDITIONAL NOTES.

If authorized by a Board Resolution, the Company shall be entitled to issue Additional Notes under this Indenture which shall have substantially identical terms as the Notes, other than with respect to the date of issuance, issue price, amount of interest payable on the first interest payment date applicable thereto or upon a registration default as provided under a registration rights agreement related thereto, if any (and if such Additional Notes shall be issued in the form of Unrestricted Notes, other than with respect to transfer restrictions); provided that such issuance shall be made in compliance with this Indenture; provided, however, that no Additional Notes may be issued at a price that would cause such Additional Notes to have “original issue discount” within the meaning of Section 1273 of the Code.  The Initial Notes issued on the Closing Date, any Additional Notes and all Exchange Notes issued in exchange for such Initial Notes or Additional Notes shall be treated as a single class for all purposes under this Indenture.
With respect to any Additional Notes, the Company shall set forth in an Officers’ Certificate, a copy of which shall be delivered to the Trustee, or in a supplemental indenture, the following information:
(1)    the aggregate principal amount of Notes outstanding immediately prior to the issuance of such Additional Notes;
(2)    the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture;
(3)    the issue price and the issue date of such Additional Notes and the amount of interest payable on the first interest payment date applicable thereto;
(4)    the “CUSIP”, “ISIN” or “Common Code” number, as applicable, of such Additional Notes; and
(5)    whether such Additional Notes shall be Restricted Notes, and in which form and pursuant to which exemptions from the Securities Act they may be issued and resold, or whether they shall be Unrestricted Notes issued pursuant to a registration statement under the Securities Act.
ARTICLE III 
REDEMPTION AND PREPAYMENT
		
	SECTION 3.01.
	OPTIONAL REDEMPTION.

(a)    On or after December 15, 2021, the Company may redeem all or a part of the Notes upon not less than 15 nor more than 60 days’ notice, at the Redemption Prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest to the applicable Redemption Date, if redeemed during the twelve-month period beginning on December 15 of the years indicated below:
	
			
	Redemption Year
	Redemption 
Price

	2021
	102.625
	%

	2022
	101.750
	%

	2023
	100.875
	%

	2024 and thereafter   
	100.000
	%

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(b)    Prior to December 15, 2019, the Company may on any one or more occasions redeem up to 35% of the aggregate principal amount of Notes issued under this Indenture with the Net Cash Proceeds of one or more Equity Offerings at a Redemption Price of 105.250% of the principal amount thereof, plus accrued and unpaid interest, if any, to the Redemption Date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date); provided that:
(1)    at least 65% of the aggregate principal amount of Notes issued under this Indenture remains outstanding after each such redemption; and
(2)    the redemption occurs within 60 days after the closing of such Equity Offering.
(c)    In addition, at any time prior to December 15, 2021, the Company may redeem all or a part of the Notes upon not less than 15 nor more than 60 days’ notice, at a Redemption Price equal to 100% of the principal amount thereof plus the Applicable Premium plus accrued and unpaid interest, if any, to the Redemption Date.
(d)    Notice of any redemption of Notes may, at the Company’s discretion, be subject to one or more conditions precedent. If such redemption is subject to satisfaction of one or more conditions precedent, such notice of redemption shall describe each such condition and, if applicable, shall state that, in the Company’s discretion, the Redemption Date may be delayed until such time as any or all of such conditions shall be satisfied (or waived by the Company in its sole discretion), or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied (or waived by the Company in its sole discretion) by the Redemption Date as stated in such notice, or by the Redemption Date as so delayed. The Company may provide in such notice that payment of the Redemption Price and performance of the Company’s obligations with respect to such redemption may be performed by another Person. The Company will provide prompt written notice to the Trustee rescinding any such conditional redemption in the event that any such condition precedent shall not have occurred, and thereafter such redemption and notice of redemption shall be rescinded and of no force or effect. Upon receipt of such notice from the Company rescinding such conditional redemption, the Trustee will promptly send a copy of such notice to the Holders of the Notes to be redeemed. 
(e)    If an optional Redemption Date is on or after a Regular Record Date and on or before the related Interest Payment Date, the accrued and unpaid interest, if any, will be paid to the Person in whose name the Note is registered at the close of business on such Regular Record Date, and no additional interest will be payable to Holders whose Notes will be subject to redemption by the Company.
		
	SECTION 3.02.
	ELECTION TO REDEEM; NOTICE TO TRUSTEE.

The election of the Company to redeem the Notes shall be evidenced by a Board Resolution.  The Company shall, not less than 15 (unless a shorter notice period is acceptable to the Trustee) nor more than 60 days before the Redemption Date fixed by the Company, notify the Trustee of such Redemption Date, the Redemption Price, the CUSIP numbers and the principal amount of Notes to be redeemed.
		
	SECTION 3.03.
	SELECTION BY TRUSTEE OF NOTES TO BE REDEEMED.

If less than all the Notes are to be redeemed at the election of the Company, the particular Notes to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee from the Outstanding Notes not previously called for redemption by the Trustee in the following manner: (1) if the Notes are listed, in compliance with the requirements of the principal national securities exchange on which the Notes are listed or; (2) if the Notes are not so listed, on a pro rata basis subject to adjustment for minimum denomination. The portions of the principal amount of Notes so selected for partial redemption shall be equal to the minimum authorized denominations for Notes pursuant to Section 2.01(a) in the currency in which the Notes are denominated or any integral multiple thereof.  In any case when more than one Note is registered in the same name, the Trustee, in its discretion, may treat the aggregate principal amount so registered as if it were represented by one Note.
The Trustee shall promptly notify the Company and the Depositary in writing of the Notes selected for redemption and, in the case of any Notes selected for partial redemption, the principal amount thereof to be redeemed.

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For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Notes shall relate, in the case of any Note redeemed or to be redeemed only in part, to the portion of the principal amount of such Note which has been or is to be redeemed.
		
	SECTION 3.04.
	NOTICE OF REDEMPTION.

Notice of redemption shall be given by the Company, or at the Company’s request, by the Trustee in the name and at the expense of the Company, not less than 15 days and not more than 60 days prior to the Redemption Date to the Holders of the Notes to be redeemed pursuant to this Article III, in the manner provided in Section 11.02.  Any notice so given shall be conclusively presumed to have been duly given, whether or not any such Holder receives such notice.  Failure to give such notice, or any defect in such notice to the Holder of any Note, in whole or in part, shall not affect the sufficiency of any notice of redemption with respect to the Holder of any other Note.
All notices of redemption shall state:
(a)    the Redemption Date,
(b)    the Redemption Price,
(c)    that Notes are being redeemed by the Company pursuant to provisions contained in this Indenture or the terms of the Notes, together with a brief statement of the facts permitting such redemption,
(d)    the amount of Outstanding Notes to be redeemed,
(e)    that on the Redemption Date the Redemption Price will become due and payable upon each such Note to be redeemed, and that interest thereon, if any, shall cease to accrue on and after said date, and
(f)    the Place or Places of Payment where such Notes are to be surrendered for payment of the Redemption Price.
		
	SECTION 3.05.
	DEPOSIT OF REDEMPTION PRICE.

On or prior to the Redemption Date for the Notes to be redeemed, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 2.04) an amount of money in the currency in which such Notes are denominated sufficient to pay the Redemption Price of such Notes which are to be redeemed on that date.
		
	SECTION 3.06.
	NOTES PAYABLE ON REDEMPTION DATE.

Notice of redemption having been given as aforesaid, any Notes so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price in the currency in which the Notes are payable, and from and after such date (unless the Company shall default in the payment of the Redemption Price) such Notes shall cease to bear interest.  Upon surrender of any such Note for redemption in accordance with said notice, such Note shall be paid by the Company at the Redemption Price; provided, however, that installments of interest on Notes which have a Stated Maturity on or prior to the Redemption Date for such Notes shall be payable according to the terms of such Notes and the provisions of Section 2.04 and Section 2.12.
If any Note called for redemption shall not be so paid upon surrender thereof for redemption, the principal (and premium, if any) shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Note.
		
	SECTION 3.07.
	NOTES REDEEMED IN PART.

Any Note which is to be redeemed only in part shall be surrendered at the Corporate Trust Office with, if the Company, the Depositary for the Notes or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company, the Depositary for the Notes and the Trustee duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing, and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Note without service charge, a new Note or Notes, of 

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like tenor and form, of any authorized denomination as requested by such Holder in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Note so surrendered.  In the case of a Note providing appropriate space for such notation, at the option of the Holder thereof, the Trustee, in lieu of delivering a new Note or Notes as aforesaid, may make a notation on such Note of the payment of the redeemed portion thereof.
		
	SECTION 3.08.
	MANDATORY REDEMPTION.

The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes.  The foregoing shall not affect the Company’s obligations under Sections 4.10 and 4.13.
		
	SECTION 3.09.
	REPURCHASE AT THE OPTION OF HOLDERS.

(a)    In the event that, pursuant to Section 4.10 or Section 4.13, the Company shall be required to commence an offer to all Holders to purchase Notes and, at the Company’s option, holders of other Pari Passu Indebtedness (each, an “Offer to Purchase”), it shall follow the procedures specified below.
(b)    Within 25 days following a Net Proceeds Offer Trigger Date and within 30 days following a Change of Control, the Company shall mail a notice to each Holder, with a copy to the Trustee, describing the transaction or transactions that triggered the Offer to Purchase and offering to purchase Notes on the date (the “Purchase Date”) specified in such notice. The notice shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Offer to Purchase.  The Offer to Purchase shall be made to all Holders.  The notice, which shall govern the terms of the Offer to Purchase, shall state:
(1)    that the Offer to Purchase is being made pursuant to this Section 3.09 and Section 4.10 or 4.13, as the case may be, and the length of time the Offer to Purchase shall remain open;
(2)    that either (a) in the case of a Change of Control Offer, a Change of Control has occurred and that such Holder has the right to require the Company to purchase such holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof or (b) in the case of a Net Proceeds Offer, there are Net Proceeds in an amount such that such Holder has the right to require the Company to purchase such Holder’s Notes at 100% of the principal amount thereof, in each case, plus accrued and unpaid interest, if any, to the Purchase Date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest on an Interest Payment Date that is on or prior to the date fixed for purchase);
(3)    the Purchase Date (which shall be a Business Day no earlier than 30 days nor later than 60 days following the applicable Net Proceeds Offer Trigger Date, in the case of a Net Proceeds Offer, or the date such notice is mailed, in the case of a Change of Control Offer);
(4)    the aggregate principal amount of Notes (and in the case of a Net Proceeds Offer, Pari Passu Indebtedness) being offered to be purchased (the “Offer Amount”), which shall be equal to the Net Proceeds Offer Amount in the case of a Net Proceeds Offer and the principal amount of all Notes outstanding in the case of a Change of Control Offer; information as to any other Pari Passu Indebtedness included in the Offer to Purchase (in the case of a Net Proceeds Offer); and the purchase price and the Purchase Date;
(5)    that any Note not tendered or accepted for payment shall continue to accrete or accrue interest;
(6)    that, unless the Company defaults in making such payment, any Note accepted for payment pursuant to the Offer to Purchase shall cease to accrue interest after the Purchase Date;
(7)    that Holders electing to have a Note purchased pursuant to any Offer to Purchase shall be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, or transfer by book-entry transfer, to the Company, a Depositary, if appointed by the Company, or a Paying Agent at the address specified in the notice at least three days before the Purchase Date;

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(8)    that Holders shall be entitled to withdraw their election if the Company, the Depositary or the Paying Agent, as the case may be, receives, not later than the second Business Day prior to the Purchase Date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased;
(9)    that, in the case of a Net Proceeds Offer, if the aggregate principal amount of Notes tendered by Holders into an Offer to Purchase exceeds the Offer Amount, the Trustee shall select the Notes to be purchased (i) if the Notes are listed, in compliance with the requirements of the principal national securities exchange on which the Notes are then listed or (ii) if the Notes are not so listed, on a pro rata basis (with such adjustments as may be deemed appropriate by the Company so that only Notes in denominations of $2,000, or integral multiples of $1,000, shall be purchased);
(10)    that Holders whose Notes were purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer); and
(11)    in the case of a Change of Control Offer, the circumstances and relevant facts regarding such Change of Control.
(c)    If the Purchase Date is on or after a Regular Record Date and on or before the related Interest Payment Date, any accrued and unpaid interest shall be paid to the Person in whose name a Note is registered at the close of business on such Regular Record Date, and no additional interest shall be payable to Holders who tender Notes pursuant to the Offer to Purchase
(d)    On or before the Purchase Date, the Company shall, to the extent lawful, accept for payment, in accordance with Section 3.09(b)(9), the Offer Amount of Notes or portions thereof tendered pursuant to the Offer to Purchase, or if less than the Offer Amount has been tendered, all Notes tendered, shall deposit with the Paying Agent an amount equal to the purchase price for all Notes so accepted for purchase and shall deliver to the Trustee an Officers’ Certificate stating that such Notes or portions thereof were accepted for payment by the Company in accordance with the terms of this Section 3.09.  The Company, the Depositary or the Paying Agent, as the case may be, shall promptly mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Company for purchase, and the Company shall promptly issue a new Note, and the Trustee, upon written request from the Company shall authenticate and mail or deliver such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered.  Any Note not so accepted shall be promptly mailed or delivered by the Company to the Holder thereof.  The Company shall publicly announce the results of the Offer to Purchase on or as soon as practicable after the Purchase Date.
ARTICLE IV 
COVENANTS
		
	SECTION 4.01.
	PAYMENT OF NOTES.

The Company shall pay or cause to be paid the principal of, premium, if any, and interest on, the Notes on the dates and in the manner provided in the Notes and in this Indenture.  Principal, premium, if any, and interest shall be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 11:00 a.m., New York time, on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due and the Paying Agent is not prohibited from paying such money to the Holders on that date.  Interest shall be computed on the basis of a 360-day year of twelve 30-day months.
		
	SECTION 4.02.
	MAINTENANCE OF OFFICE OR AGENCY.

(a)    The Company shall maintain an office or agency (which unless otherwise provided will be the office of the Trustee) where Notes may be presented or surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served.  The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency.  If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made 

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or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands.
(b)    The Company may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations.  The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.
(c)    The Company hereby designates the Corporate Trust Office of the Trustee, as one such office, drop facility or agency of the Company in accordance with Section 4.02(a).
		
	SECTION 4.03.
	REPORTS.

(a)    Whether or not required by the SEC, so long as any Notes are outstanding, the Company will furnish to the Holders of Notes, within the time periods specified in the SEC’s rules and regulations for a company subject to reporting under Section 13(a) or 15(d) of the Exchange Act:
(1)    all quarterly and annual financial information that would be required to be contained in a filing with the SEC on Forms 10-Q and 10-K if the Company were required to file such Forms, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and, with respect to the annual information only, a report on the annual financial statements by the Company’s certified independent accountants; and 
(2)    all current reports that would be required to be filed with the SEC on Form 8-K if the Company were required to file such reports.
(b)    In addition, whether or not required by the SEC, the Company will file a copy of all of the information and reports referred to in clauses (1) and (2) above with the SEC for public availability within the time periods specified in the SEC’s rules and regulations for a company subject to reporting under Section 13(a) or 15(d) of the Exchange Act (unless the SEC will not accept such a filing) and make such information available to securities analysts and prospective investors upon request.  Notwithstanding the foregoing, to the extent the Company files the information and reports referred to in clauses (1) and (2) above with the SEC and such information is publicly available on the Internet, the Company shall be deemed to be in compliance with its obligations to furnish such information to the Holders of the Notes and to make such information available to securities analysts and prospective investors.
		
	SECTION 4.04.
	INTENTIONALLY OMITTED.

		
	SECTION 4.05.
	LIMITATION ON SALE AND LEASEBACK TRANSACTIONS.

The Company shall not, and shall not permit any of its Restricted Subsidiaries to, enter into any Sale and Leaseback Transaction unless: 
(1)    the Company or such Restricted Subsidiary would be entitled to:
(A)    incur Indebtedness in an amount equal to the Attributable Indebtedness with respect to such Sale and Leaseback Transaction pursuant to Section 4.09; and
(B)    create a Lien on such property securing such Attributable Indebtedness without also securing the Notes or the applicable Guarantee pursuant to Section 4.12; and
(2)    such Sale and Leaseback Transaction is effected in compliance with Section 4.10.
		
	SECTION 4.06.
	PAYMENTS FOR CONSENT.

The Company will not, and will not permit any of its Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration to or for the benefit of any Holder of Notes for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless such consideration is 

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offered to be paid and is paid to all Holders of the Notes that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or amendment.
		
	SECTION 4.07.
	RESTRICTED INVESTMENTS

(a)    The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, make any Restricted Investment unless, at the time of and after giving pro forma effect to such Restricted Investment:
		
	(A)
	no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof;

		
	(B)
	the Company would, at the time of such Restricted Investment and after giving pro forma effect thereto as if such Restricted Investment had been made at the beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.09(a); and

		
	(C) 
	such Restricted Investment, together with the aggregate amount of all other Restricted Investments made by the Company and its Restricted Subsidiaries (excluding Restricted Investments permitted by Section 4.07(b)(1) and 4.07(b)(2)) after the 2018 Notes Issue Date, is less than the sum, without duplication, of:

		
	(i)
	50% of the Consolidated Net Income of the Company for the period (taken as one accounting period) commencing on the first day of the fiscal quarter in which the 2018 Notes Issue Date occurred to and ending on the last day of the fiscal quarter ended immediately prior to the date of such calculation for which internal financial statements are available at the time of such Restricted Investment (or, if such Consolidated Net Income for such period is a deficit, less 100% of such deficit); plus

		
	(ii)
	100% of the aggregate net proceeds (including the fair market value of property other than cash) received by the Company since the date of this Indenture as a contribution to its common equity capital or from the issue or sale of Equity Interests of the Company (other than Disqualified Stock) or from the issue or sale of Disqualified Stock or debt securities of the Company that have been converted into or exchanged for such Equity Interests (other than Equity Interests (or Disqualified Stock or debt securities) sold to a Subsidiary of the Company); plus

		
	(iii)
	to the extent that any Restricted Investment that was made after the date of this Indenture is sold for cash (other than a sale to the Company or a Restricted Subsidiary) or otherwise liquidated or repaid for cash, the lesser of (x) the cash return of capital with respect to such Restricted Investment (less the cost of disposition, if any) and (y) the initial amount of such Restricted Investment; plus

		
	(iv)
	upon redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary, the fair market value of such Subsidiary.

(b)    The provisions of Section 4.07(a) shall not prohibit:
(1)    Restricted Investments in an amount not to exceed $250.0 million outstanding at any time, provided that no Default shall have occurred and be continuing at the time of the making thereof and after giving pro forma effect thereto; and
(2)    Permitted Additional Restricted Investments; provided that no Default shall have occurred and be continuing at the time of the making thereof and after giving pro forma effect thereto.
(c)    The amount of all Restricted Investments (other than cash) shall be the fair market value on the date of the Restricted Investment of the asset(s) or securities in which the Company or its Restricted Subsidiary, as the case may be, proposes to invest. The fair market value of any assets or securities that are required to be valued by this covenant shall be approved in good faith by the Board of Directors whose resolution with respect thereto 

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shall be delivered to the Trustee. Not later than the date of a Permitted Additional Restricted Investment, the Company shall deliver to the Trustee an Officers’ Certificate stating that such Permitted Additional Restricted Investment is permitted and setting forth the basis upon which the calculations required by this Section 4.07 were computed.
(d)    The Board of Directors may designate any Restricted Subsidiary to be an Unrestricted Subsidiary in accordance with the definition of “Unrestricted Subsidiary” if the designation would not cause a Default.  All outstanding Investments owned by the Company and its Restricted Subsidiaries in the designated Unrestricted Subsidiary will be treated as an Investment made at the time of the designation and will reduce the amount available for Restricted Investments or Permitted Investments, as applicable.  All such outstanding Investments will be treated as Restricted Investments equal to the fair market value of such Investments at the time of the designation.  The designation will not be permitted if such Restricted Investment would not be permitted at that time and if such Restricted Subsidiary does not otherwise meet the definition of an Unrestricted Subsidiary.  The Board of Directors may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary in accordance with the definition of “Unrestricted Subsidiary.”
		
	SECTION 4.08.
	DIVIDEND AND OTHER PAYMENT RESTRICTIONS AFFECTING SUBSIDIARIES.

(a)    The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create or permit to exist or become effective any encumbrance or restriction on the ability of any Restricted Subsidiary to:
(1)    pay dividends or make any other distributions on its Capital Stock to the Company or any of the Company’s Restricted Subsidiaries, or with respect to any other interest or participation in, or measured by, its profits, or pay any indebtedness owed to the Company or any of the Company’s Restricted Subsidiaries;
(2)    make loans or advances to the Company or any of the Company’s Restricted Subsidiaries; or
(3)    transfer any of its properties or assets to the Company or any of the Company’s Restricted Subsidiaries.
(b)    Section 4.08(a) will not apply to encumbrances or restrictions existing under or by reason of:
(1)    Existing Indebtedness, the 2023 Notes, the 2023 Notes Indenture and the Credit Agreement as in effect on the date of this Indenture and any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings thereof, provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are not materially more restrictive, taken as a whole, with respect to such dividend and other payment restrictions than those contained in such Existing Indebtedness, the 2023 Notes, the 2023 Notes Indenture or the Credit Agreement, as in effect on the date of this Indenture;
(2)    this Indenture, the Notes and the Guarantees;
(3)    applicable law, rule, regulation, order, license, permit or similar restriction;
(4)    any instrument governing Indebtedness or Capital Stock of a Person acquired by the Company (including by way of merger) or any of its Restricted Subsidiaries as in effect at the time of such acquisition (except to the extent such Indebtedness was incurred in connection with or in contemplation of such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired, provided that, in the case of Indebtedness, such Indebtedness was permitted by the terms of this Indenture to be incurred;
(5)    customary non-assignment provisions in leases, licenses, contracts and other agreements entered into in the ordinary course of business and consistent with past practices;

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(6)    purchase money obligations for property acquired in the ordinary course of business that impose restrictions on the property so acquired of the nature described in Section 4.08(a)(3);
(7)    any agreement for the sale or other disposition of a Restricted Subsidiary that restricts distributions by such Restricted Subsidiary pending its sale or other disposition;
(8)    Permitted Refinancing Indebtedness, provided that the restrictions contained in the agreements governing such Permitted Refinancing Indebtedness are not materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being refinanced;
(9)    any agreement creating a Lien securing Indebtedness otherwise permitted to be incurred pursuant to Section 4.12, to the extent limiting the right of the Company or any of its Restricted Subsidiaries to dispose of the assets subject to such Lien;
(10)    provisions with respect to the disposition or distribution of assets or property in joint venture  
agreements and other similar agreements entered into in the ordinary course of business;
(11)    customary provisions applicable to Foreign Subsidiaries and other Non-Guarantors under terms of Indebtedness applicable thereto, in each case permitted to be incurred under this Indenture and in “support agreements” and Guarantees of any such Indebtedness, so long as, in the case of Non-Guarantors that are Domestic Restricted Subsidiaries, the Company determines in good faith that such restrictions or encumbrances will not adversely affect the Company’s ability to make payments of principal or interest on the Notes;
(12)    restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business;
(13)    customary restrictions under Receivables Financings permitted to be incurred under this Indenture;
(14)    any operating lease or Capital Lease Obligation, insofar as the provisions thereof limit the grant of a security interest in, or other assignment of, the related leasehold interest to any other Person; and
(15)    any other agreement governing Indebtedness entered into after the Issue Date that contains encumbrances and restrictions that are not materially more restrictive, taken as a whole, than those in effect on the Issue Date pursuant to agreements in effect on the Issue Date. 
		
	SECTION 4.09.
	INCURRENCE OF INDEBTEDNESS AND ISSUANCE OF PREFERRED STOCK.

(a)    The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and the Company will not issue any Disqualified Stock and will not permit any of its Restricted Subsidiaries that is not a Guarantor to issue any shares of preferred stock; provided, however, that the Company and any of its Restricted Subsidiaries may incur Indebtedness (including Acquired Debt) or issue Disqualified Stock, and Restricted Subsidiaries may issue preferred stock, if the Fixed Charge Coverage Ratio for the Company’s most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Stock or preferred stock is issued would have been at least 2.0 to 1.0, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom) as if the additional Indebtedness had been incurred, or the Disqualified Stock or preferred stock had been issued, as the case may be, at the beginning of such four-quarter period; provided further, that the amount of  Indebtedness (including Acquired Debt), Disqualified Stock or preferred stock that may be incurred or issued, as applicable, by Restricted Subsidiaries that are not Guarantors, pursuant to this Section 4.09(a), shall not exceed $250.0 million at any one time outstanding.
(b)    Section 4.09(a) will not prohibit the incurrence of any of the following items of Indebtedness (collectively, “Permitted Debt”):

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	(1)
	the incurrence by the Company and its Restricted Subsidiaries of Indebtedness and letters of credit under Credit Facilities in an aggregate amount (with letters of credit being deemed to have an amount equal to the maximum potential liability of the Company and its Restricted Subsidiaries thereunder) not to exceed $2.75 billion, less the sum of (i) the aggregate amount of all Net Proceeds of Asset Sales applied by the Company or any of its Restricted Subsidiaries to repay Indebtedness under Credit Facilities pursuant to Section 4.10 and (ii) the amount of Indebtedness in excess of $200.0 million incurred pursuant to clause (10) below;

		
	(2)
	the incurrence by the Company and its Restricted Subsidiaries of Existing Indebtedness;

		
	(3)
	the incurrence by the Company and the Guarantors of Indebtedness represented by the Notes (excluding any Additional Notes), the Subsidiary Guarantees of all Notes, the 2023 Notes and Subsidiary Guarantees of all 2023 Notes;

		
	(4)
	the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness represented by Capital Lease Obligations, mortgage financings or purchase money obligations, in each case, incurred for the purpose of financing all or any part of the purchase price or cost of construction or improvement of assets used in the business of the Company or such Restricted Subsidiary, or in respect of a Sale and Leaseback Transaction, in an aggregate principal amount, and all Indebtedness incurred to refund, refinance or replace any Indebtedness incurred pursuant to this clause (4), not to exceed $125.0 million at any time outstanding;

		
	(5)
	the incurrence by the Company or any of its Restricted Subsidiaries of Permitted Refinancing Indebtedness in exchange for, or the net proceeds of which are used to refund, refinance or replace, Indebtedness incurred under clause (2) or (3) above or this clause (5) or pursuant to Section 4.09(a);

		
	(6)
	the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness owed to the Company or any of its Restricted Subsidiaries; provided, however, that:

		
	(a)
	if the Company or any Guarantor is the obligor on such Indebtedness, and such Indebtedness is held by a Restricted Subsidiary that is not a Guarantor, such Indebtedness must be expressly subordinated to the prior payment in full in cash of all Obligations with respect to the Notes, in the case of the Company, or the Subsidiary Guarantee of such Guarantor, in the case of a Guarantor; and

		
	(b)
	(i) any subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person other than the Company or a Restricted Subsidiary thereof and (ii) any sale or other transfer of any such Indebtedness to a Person that is not either the Company or a Restricted Subsidiary thereof shall be deemed, in each case, to constitute an incurrence of such Indebtedness by the Company or such Restricted Subsidiary, as the case may be, that was not permitted by this clause (6);

		
	(7)
	Indebtedness under Hedging Obligations entered into for bona fide hedging purposes of the Company or any Restricted Subsidiary and not for the purpose of speculation; provided that in the case of Hedging Obligations relating to interest rates, (a) such Hedging Obligations relate to payment obligations on Indebtedness otherwise permitted to be incurred by this covenant and (b) the notional principal amount of such Hedging Obligations at the time incurred does not exceed the principal amount of the Indebtedness to which such Hedging Obligations relate;

		
	(8)
	the guarantee by the Company or any of its Restricted Subsidiaries of Indebtedness of the Company or a Restricted Subsidiary of the Company that was permitted to be incurred by another provision of this covenant and could have been incurred (in compliance with this covenant) by the Person so guaranteeing such Indebtedness;

		
	(9)
	the incurrence by any of the Company’s Foreign Subsidiaries of Indebtedness in an aggregate principal amount, including all Indebtedness incurred to refund, refinance or replace any Indebtedness incurred pursuant to this clause (9), not to exceed (x) $125.0 million at any time outstanding plus (y) $100.0 million at any time outstanding; provided that any Indebtedness 

-46-

under this subclause (y) shall be supported by a letter of credit incurred under one or more Credit Facilities pursuant to clause (1) of this Section 4.09(b);
		
	(10)
	the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness pursuant to a Receivables Financing;

		
	(11)
	Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently (except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is extinguished within five Business Days of incurrence;

		
	(12)
	Indebtedness of the Company or any of its Restricted Subsidiaries in respect of security for workers’ compensation claims, payment obligations in connection with self-insurance, performance bonds, surety bonds or similar requirements in the ordinary course of business;

		
	(13)
	indemnification, adjustment of purchase price, earn-out or similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition of any business or assets of the Company or any Restricted Subsidiary or Equity Interests of a Restricted Subsidiary, other than guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or Equity Interests for the purpose of financing or in contemplation of any such acquisition; provided that (a) any amount of such obligations included on the face of the balance sheet of the Company or any Restricted Subsidiary shall not be permitted under this clause (13) and (b) in the case of a disposition, the maximum aggregate liability in respect of all such obligations outstanding under this clause (13) shall at no time exceed the gross proceeds actually received by the Company and the Restricted Subsidiaries in connection with such disposition; and

		
	(14)
	the incurrence by the Company or any of its Restricted Subsidiaries of additional Indebtedness in an aggregate principal amount (or accreted value, as applicable) at any time outstanding, including all Indebtedness incurred to refund, refinance or replace any Indebtedness incurred pursuant to this clause (14), not to exceed $250.0 million.

(c)    For purposes of determining compliance with this Section 4.09, in the event that an item of proposed Indebtedness meets the criteria of more than one of the categories of Permitted Debt described in clauses (1) through (14) above, or is entitled to be incurred pursuant to the first paragraph of this covenant, the Company will be permitted to classify such item of Indebtedness on the date of its incurrence (or later reclassify such Indebtedness in whole or in part) in any manner that complies with this covenant.  In addition, the accrual of interest, accretion or amortization of original issue discount, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, and the payment of dividends on Disqualified Stock in the form of additional shares of the same class of Disqualified Stock will not be treated as an incurrence of Indebtedness; provided, in each such case, that the amount thereof is included in Fixed Charges of the Company as accrued.  Notwithstanding the foregoing, any Indebtedness outstanding pursuant to the Credit Agreement on the date of this Indenture will be deemed to have been incurred pursuant to clause (1) of the definition of “Permitted Debt.”
(d)    Notwithstanding the foregoing, the maximum amount of Indebtedness that may be incurred pursuant to this covenant shall not be deemed to be exceeded with respect to any outstanding Indebtedness due solely to the result of fluctuations in the exchange rates of currencies.
(e)    For purposes of determining compliance with any U.S. dollar denominated restriction on the incurrence of Indebtedness where the Indebtedness incurred is denominated in a different currency, the amount of such Indebtedness will be the U.S. Dollar Equivalent determined on the date of the incurrence of such Indebtedness; provided, however, that if any such Indebtedness denominated in a different currency is subject to a Currency Protection Agreement with respect to U.S. dollars covering all principal, premium, if any, and interest payable on such Indebtedness, the amount of such Indebtedness expressed in U.S. dollars will be as provided in such Currency Protection Agreement.  The principal amount of any Permitted Refinancing Indebtedness incurred in the same currency as the Indebtedness being refinanced will be the U.S. Dollar Equivalent of the Indebtedness refinanced, except to the extent that (1) such U.S. Dollar Equivalent was determined based on a Currency Protection Agreement, in which case the Permitted Refinancing Indebtedness will be determined in accordance with the preceding sentence, and (2) the principal amount of the Permitted Refinancing Indebtedness exceeds the 

-47-

principal amount of the Indebtedness being refinanced, in which case the U.S. Dollar Equivalent of such excess, as appropriate, will be determined on the date such Permitted Refinancing Debt is incurred.
(f)    Notwithstanding the provisions of clauses (a) through (e) of this Section 4.09, the Company will not, and will not permit any Restricted Subsidiary to, directly or indirectly, incur any Indebtedness that is or purports to be by its terms (or by the terms of any agreement governing such Indebtedness) subordinated in right of payment to any other Indebtedness of the Company or of such Restricted Subsidiary, as the case may be, unless such Indebtedness is also by its terms (or by the terms of any agreement governing such Indebtedness) made expressly subordinated in the right of payment to the Notes or the Subsidiary Guarantee of such Restricted Subsidiary, to the same extent and in the same manner as such Indebtedness is subordinated in right of payment to such other Indebtedness of the Company or such Restricted Subsidiary, as the case may be.
For purposes of this Section 4.09(f), no Indebtedness will be deemed to be subordinated in right of payment to any other Indebtedness of the Company or any Restricted Subsidiary solely by virtue of being unsecured or secured by a junior priority Lien or by virtue of the fact that the holders of such Indebtedness have entered into intercreditor agreements or other arrangements giving one or more of such holders priority over the other holders in the collateral held by them, including intercreditor agreements that contain customary provisions requiring turnover by holders of junior prior liens of proceeds of collateral in the event that the security interests in favor of the holders of the senior priority in such intended collateral are not perfected or invalidated and similar customary provisions protecting the holders of senior priority liens.
		
	SECTION 4.10.
	LIMITATION ON ASSET SALES.  

(a)    The Company will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless:
(1)    the Company (or the Restricted Subsidiary, as the case may be) receives consideration at the time of such Asset Sale at least equal to the fair market value of the assets or Equity Interests issued or sold or otherwise disposed of, as approved in good faith by the Company’s Board of Directors; and
(2)    at least 75% of the consideration therefor received by the Company or such Restricted Subsidiary is in the form of cash or Cash Equivalents.  For purposes of this provision only (and specifically not for the purposes of the definition of “Net Proceeds”), each of the following shall be deemed to be cash: 
(i)    any liabilities (as shown on the Company’s or such Restricted Subsidiary’s most recent balance sheet) of the Company or any Restricted Subsidiary (other than contingent liabilities and liabilities that are by their terms subordinated to the Notes or any Subsidiary Guarantee) that are assumed by the transferee of any such assets; and
(ii)    any securities, notes or other obligations received by the Company or any such Restricted Subsidiary from such transferee that within 180 days are converted by the Company or such Restricted Subsidiary into cash (to the extent of the cash received in that conversion); and
(iii)    the fair market value of (x) any assets (other than securities or current assets) received by the Company or any Restricted Subsidiary that will be used or useful in a Related Business, (y) Equity Interests in a Person that is a Restricted Subsidiary or in a Person engaged in a Related Business that shall become a Restricted Subsidiary immediately upon the acquisition of such Equity Interests by the Company or the applicable Restricted Subsidiary or (z) a combination of (x) and (y); provided that the determination of the fair market value of assets or Equity Interests in excess of $75.0 million received in any transaction or series of related transactions shall be evidenced by an Officers’ Certificate delivered to the Trustee.
(b)    Within a period of 450 days (commencing after the Issue Date) before or after the receipt of any Net Proceeds of any Asset Sale (provided that if during such 450-day period after the receipt of any such Net Proceeds the Company (or the applicable Restricted Subsidiary) enters into a definitive binding agreement committing it to apply such Net Proceeds in accordance with the requirements of clause (B), (D) or (E) of this paragraph after such 450th day, such 450-day period will be extended with respect to the amount of Net Proceeds so committed for a period not to exceed 180 days until such Net Proceeds are required to be applied in accordance 

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with such agreement (or, if earlier, until termination of such agreement)), the Company or such Restricted Subsidiary, at its option, may apply an amount equal to the Net Proceeds from such Asset Sale:
(A)    to repay, prepay, redeem or repurchase Indebtedness (other than securities) under Credit Facilities or Indebtedness of a Restricted Subsidiary that is not a Guarantor (other than Indebtedness of such Restricted Subsidiary owed to the Company or any of its Restricted Subsidiaries) and, in the case of any such Indebtedness under any revolving credit facility, effect a permanent reduction in the availability under such revolving credit facility (or effect a permanent reduction in the availability under such revolving credit facility regardless of the fact that no prepayment is required in order to do so (in which case no prepayment shall be required));
(B)    to acquire Equity Interests in a Person that is a Restricted Subsidiary or in a Person engaged in a Related Business that shall become a Restricted Subsidiary immediately upon the acquisition of such Equity Interests by the Company or the applicable Restricted Subsidiary;
(C)    to make capital expenditures;
(D)    to acquire other assets (other than securities or current assets) that will be used or useful in a Related Business; 
(E)    to make Investments in Joint Ventures pursuant to clauses (13) and (14) of the definition of “Permitted Investments”; or
(F)    to a combination of prepayment and investment permitted by the foregoing clauses (A), (B), (C), (D) and (E).
(c)    Pending the final application of such Net Proceeds, the Company or any Restricted Subsidiary may temporarily reduce borrowings under the Credit Facilities or any other revolving credit facility or Receivables Financings, if any, or otherwise invest such Net Proceeds in Cash Equivalents, in each case in a manner not prohibited by this Indenture.  Subject to the last sentence of this paragraph, on the 451st day (as extended pursuant to the provisions in Section 4.10(b)) after an Asset Sale or such earlier date, if any, as the Board of Directors of the Company or of such Restricted Subsidiary determines not to apply the Net Proceeds relating to such Asset Sale as set forth in clause (A), (B), (C), (D), (E) or (F) of Section 4.10(b) (each, a “Net Proceeds Offer Trigger Date”), such aggregate amount of Net Proceeds which have not been applied (or committed to be applied pursuant to a definitive agreement as described in Section 4.10(b)) on or before such Net Proceeds Offer Trigger Date as permitted in clause (A), (B), (C), (D), (E) or (F) of Section 4.10(b) (each a “Net Proceeds Offer Amount”) shall be applied by the Company or such Restricted Subsidiary to make an offer to purchase (the “Net Proceeds Offer”) on the Purchase Date, from all Holders (and, if required by the terms of any other Indebtedness of the Company ranking pari passu with the Notes in right of payment and which has similar provisions requiring the Company either to make an offer to repurchase or to otherwise repurchase, redeem or repay such Indebtedness with the proceeds from Asset Sales, including the 2023 Notes and the related Guarantees thereof (the “Pari Passu Indebtedness”), from the holders of such Pari Passu Indebtedness) on a pro rata basis (in proportion to the respective principal amounts or accreted value, as the case may be, of the Notes and any such Pari Passu Indebtedness) an aggregate principal amount of Notes (plus, if applicable, an aggregate principal amount or accreted value, as the case may be, of Pari Passu Indebtedness) equal to the Net Proceeds Offer Amount at a price equal to 100% of the principal amount of the Notes (or 100% of the principal amount or accreted value, as the case may be, of such Pari Passu Indebtedness), plus accrued and unpaid interest thereon, if any, to the Purchase Date; provided, however, that if at any time any non-cash consideration received by the Company or any Restricted Subsidiary, as the case may be, in connection with any Asset Sale is converted into or sold or otherwise disposed of for cash (other than interest received with respect to any such non-cash consideration), then such conversion or disposition shall be deemed to constitute an Asset Sale hereunder and the Net Proceeds thereof shall be applied in accordance with this covenant.  The Company may defer the Net Proceeds Offer until there is an aggregate unutilized Net Proceeds Offer Amount equal to or in excess of $125.0 million resulting from one or more Asset Sales (at which time the entire unutilized Net Proceeds Offer Amount, and not just the amount in excess of $125.0 million, shall be applied as required pursuant to this paragraph, and in which case the Net Proceeds Offer Trigger Date shall be deemed to be the earliest date that the Net Proceeds Offer Amount is equal to or in excess of $125.0 million).

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(d)    To the extent that the aggregate principal amount of Notes (plus, if applicable, the aggregate principal amount or accreted value, as the case may be, of Pari Passu Indebtedness) validly tendered pursuant to a Net Proceeds Offer by the Holders thereof and not withdrawn exceeds the Net Proceeds Offer Amount, Notes of tendering Holders (and, if applicable Pari Passu Indebtedness tendered by the holders thereof) will be purchased on a pro rata basis (based on the principal amount of the Notes and, if applicable, the principal amount or accreted value, as the case may be, of any such Pari Passu Indebtedness tendered and not withdrawn). To the extent that the aggregate amount of the Notes (plus, if applicable, the aggregate principal amount or accreted value, as the case may be, of any Pari Passu Indebtedness) tendered pursuant to a Net Proceeds Offer is less than the Net Proceeds Offer Amount, the Company may use such excess Net Proceeds Offer Amount for general corporate purposes or for any other purpose not prohibited by this Indenture. Upon completion of any such Net Proceeds Offer, the Net Proceeds Offer Amount shall be reset at zero. A Net Proceeds Offer shall remain open for a period of 20 Business Days or such longer period as may be required by law.
(e)    The Company or the applicable Restricted Subsidiary, as the case may be, will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of Notes pursuant to a Net Proceeds Offer.  To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 4.10 or Section 3.09, the Company or such Restricted Subsidiary shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Indenture by virtue thereof.
		
	SECTION 4.11.
	TRANSACTIONS WITH AFFILIATES.

(a)    The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, loan or guarantee with, or for the benefit of, any Affiliate of the Company or any of its Restricted Subsidiaries (each, an “Affiliate Transaction”) involving aggregate consideration in excess of $25.0 million, unless:
		
	(1)
	such Affiliate Transaction is on terms that are no less favorable to the Company or the relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction at such time by the Company or such Restricted Subsidiary with an unrelated Person; and

		
	(2)
	the Company delivers to the Trustee:

		
	(A)
	with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $50.0 million, a resolution of the Board of Directors set forth in an Officers’ Certificate certifying that such Affiliate Transaction complies with this covenant and that such Affiliate Transaction has been approved by a majority of the disinterested members of the Board of Directors; and

		
	(B)
	with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $100.0 million, an opinion as to the fairness to the Holders of such Affiliate Transaction from a financial point of view issued by an accounting, appraisal or investment banking firm of national standing.

(b)    The following items shall not be deemed to be Affiliate Transactions and, therefore, will not be subject to Section 4.11(a):
		
	(1)
	transactions between or among the Company and/or its Restricted Subsidiaries and transactions between or among Restricted Subsidiaries;

		
	(2)
	Restricted Investments that are permitted by Section 4.07;

		
	(3)
	customary transactions in connection with a Receivables Financing or an industrial revenue bond financing;

		
	(4)
	reasonable fees and compensation paid to (including issuances and grant of Equity Interests of the Company, employment agreements and stock option and ownership plans for the benefit of), and indemnity and insurance provided on behalf of, officers, directors, employees or consultants 

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of the Company or any Restricted Subsidiary in the ordinary course of business as approved in good faith by the Company’s Board of Directors or senior management;
		
	(5)
	(x) any agreement in effect on the Issue Date and disclosed in the Offering Memorandum (including by incorporation by reference), as in effect on the Issue Date or as thereafter amended or replaced in any manner, that, taken as a whole, is not more disadvantageous to the Holders or the Company in any material respect than such agreement as it was in effect on the Issue Date or (y) any transaction pursuant to any agreement referred to in the immediately preceding clause (x); or

		
	(6)
	loans or advances to employees and officers of the Company and its Restricted Subsidiaries permitted by clause (9) of the definition of “Permitted Investments.”

		
	SECTION 4.12.
	LIENS.

The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, (1) assign or convey any right to receive income on any asset now owned or hereafter acquired or (2) create, incur, assume or suffer to exist any Lien of any kind securing Indebtedness or trade payables on any asset now owned or hereafter acquired or on any income or profits therefrom except, in each case, Permitted Liens, unless the Notes and the Guarantees, as applicable, are
		
	(1)
	in the case of any Lien securing an obligation that ranks pari passu with the Notes or a Subsidiary Guarantee, effective provision is made to secure the Notes or such Subsidiary Guarantee, as the case may be, at least equally and ratably with or prior to such obligation with a Lien on the same assets of the Company or such Restricted Subsidiary, as the case may be; and

		
	(2)
	in the case of any Lien securing an obligation that is subordinated in right of payment to the Notes or a Subsidiary Guarantee, effective provision is made to secure the Notes or such Subsidiary Guarantee, as the case may be, with a Lien on the same assets of the Company or such Restricted Subsidiary, as the case may be, that is prior to the Lien securing such subordinated obligation,

in each case, for so long as such Obligation is secured by such Lien.
		
	SECTION 4.13.
	OFFER TO REPURCHASE UPON CHANGE OF CONTROL. 

(a)    If a Change of Control occurs, each Holder will have the right to require the Company to purchase all or a portion (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of such Holder’s Notes (the “Change of Control Offer”) at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest to the date of purchase (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on an Interest Payment Date that is on or prior to the date fixed for redemption).
(b)    Within 30 days following any Change of Control, the Company shall mail a notice to each Holder, with a copy to the Trustee, in accordance with the procedures set forth in Section 3.09, that a Holder must follow in order to have its Notes purchased.
(c)    The Company shall comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other securities laws or regulations in connection with the purchase of Notes pursuant to this Indenture.  To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture, the Company shall comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under any covenant of this Indenture by virtue of this compliance.
(d)    The Company will not be required to make a Change of Control Offer if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Company and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer.

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	SECTION 4.14.
	CORPORATE EXISTENCE.

Except as otherwise permitted by Article V, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence.
		
	SECTION 4.15.
	ADDITIONAL SUBSIDIARY GUARANTEES.

If, after the date of this Indenture, (a) any Domestic Restricted Subsidiary of the Company (including any newly formed, newly acquired or newly redesignated Domestic Restricted Subsidiary) (x) guarantees any revolving loans, term loans or capital markets Indebtedness of the Company or a Guarantor or (y) otherwise incurs any revolving loans, term loans or capital markets Indebtedness, in the case of either (x) or (y) above in an aggregate principal amount in excess of $50.0 million, (b) any Domestic Restricted Subsidiary of the Company (including any newly formed, newly acquired or newly redesignated Restricted Subsidiary) becomes a borrower or guarantor under any revolving loans, term loans or capital markets Indebtedness (including, without limitation, the Credit Agreement and any Credit Facility incurred pursuant to Section 4.09(b)(1)) or a guarantor under the 2023 Notes or (c) the Company otherwise elects to have any Restricted Subsidiary become a Guarantor, then, in the case of clauses (a) and (b) within 15 Business Days of the event under such clause occurring (so long as such Domestic Restricted Subsidiary was not a Guarantor immediately prior to such event) and in the case of clause (c) at the Company’s election, the Company shall cause such Restricted Subsidiary to:
		
	 (i)
	execute and deliver to the Trustee (a) a supplemental indenture in form and substance satisfactory to the Trustee pursuant to which such Restricted Subsidiary shall unconditionally guarantee all of the Company’s obligations under the Notes and this Indenture and (b) a notation of guarantee in respect of its Subsidiary Guarantee; and

		
	(ii)
	deliver to the Trustee one or more Opinions of Counsel that such supplemental indenture (a) has been duly authorized, executed and delivered by such Restricted Subsidiary and (b) constitutes a valid and legally binding obligation of such Restricted Subsidiary in accordance with its terms.

		
	SECTION 4.16.
	COVENANT SUSPENSION.

If on any date following the Issue Date the Notes have an Investment Grade Rating from both Rating Agencies and no Default or Event of Default has occurred and is continuing under this Indenture, then beginning on that day and subject to the provisions of the following paragraph, the provisions specifically listed under the following Sections in this Indenture will be suspended:
(1)    Section 4.07,
(2)    Section 4.08
(3)    Section 4.09,
(4)    Section 4.10,
(5)    Section 4.11, and 
(6)    clause (a)(ii) of Section 5.01
(collectively, the “Suspended Covenants”).  The period during which covenants are suspended pursuant to this Section is called the “Suspension Period.”
In the event that the Company and the Restricted Subsidiaries are not subject to the Suspended Covenants for any period of time as a result of the second preceding sentence and, subsequently, one of the Rating Agencies withdraws its ratings or downgrades the rating assigned to the Notes so that the Notes no longer have Investment Grade Ratings from both Rating Agencies or a Default or Event of Default occurs and is continuing, then the Company and the Restricted Subsidiaries will from such time and thereafter again be subject to the Suspended Covenants and compliance with the Suspended Covenants with respect to Restricted Investments made and Indebtedness incurred after the time of such withdrawal, Default or Event of Default will be calculated in accordance with the terms of Section 4.07 and Section 4.09 as though such covenant had been in effect during the 

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entire period of time from the Issue Date.  Notwithstanding the foregoing and any other provision of this Indenture, the Notes or the Guarantees, no Default or Event of Default shall be deemed to exist under this Indenture, the Notes or the Guarantees with respect to the Suspended Covenants based on, and none of the Company or any of the Subsidiaries shall bear any liability with respect to the Suspended Covenants for, (a) any actions taken or events occurring during a Suspension Period (including without limitation any agreements, Liens, preferred stock, obligations (including Indebtedness), or of any other facts or circumstances or obligations that were incurred or otherwise came into existence during a Suspension Period) or (b) any actions required to be taken at any time pursuant to any contractual obligation entered into during a Suspension Period, regardless of whether such actions or events would have been permitted if the applicable Suspended Covenants remained in effect during such period.
ARTICLE V 
CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 
		
	SECTION 5.01.
	MERGER, CONSOLIDATION OR SALE OF ASSETS.

(a)    The Company will not, directly or indirectly, in a single transaction or series of related transactions, consolidate or merge with or into any Person or sell, assign, transfer, lease, convey or otherwise dispose of (or cause or permit any Restricted Subsidiary of the Company to sell, assign, transfer, lease, convey or otherwise dispose of) all or substantially all of the Company’s assets (determined on a consolidated basis) for the Company and its Restricted Subsidiaries, whether as an entirety or substantially as an entirety, to any Person unless:
		
	(i)
	either:

		
	(1)
	the Company shall be the surviving or continuing corporation or

		
	(2)
	the Person (if other than the Company) formed by such consolidation or into which the Company is merged or the Person which acquires by sale, assignment, transfer, lease, conveyance or other disposition the properties and assets of the Company and its Restricted Subsidiaries as an entirety or substantially as an entirety (the “Surviving Entity”)

		
	(x)
	shall be a corporation organized and validly existing under the laws of the United States, any State thereof or the District of Columbia and

		
	(y)
	shall expressly assume, by supplemental indenture (in form and substance reasonably satisfactory to the Trustee), executed and delivered to the Trustee, the due and punctual payment of the principal of and premium, if any, and interest on all of the Notes and the performance of every covenant of the Notes, this Indenture and the Registration Rights Agreement on the part of the Company to be performed or observed;

		
	(ii)
	immediately after giving pro forma effect to such transaction or series of transactions and the assumption contemplated by clause (i)(2)(y) above (including giving effect to any Indebtedness and Acquired Debt, in each case, incurred or anticipated to be incurred in connection with or in respect of such transaction), the Company or such Surviving Entity, as the case may be, shall be able to incur at least $1.00 of additional Indebtedness (other than Permitted Debt) pursuant to Section 4.09; provided, however, that this clause (ii) shall not apply during any Suspension Period;

		
	(iii)
	immediately after giving pro forma effect to such transaction or series of transactions and the assumption contemplated by clause (i)(2)(y) above (including, without limitation, giving effect to any Indebtedness and Acquired Debt, in each case, incurred or anticipated to be incurred and any Lien granted in connection with or in respect of such transaction), no Default or Event of Default shall have occurred and be continuing; and

		
	(iv)
	the Company or such Surviving Entity, as the case may be, shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such 

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consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture complies with the applicable provisions of this Indenture and that all conditions precedent in this Indenture relating to such transaction have been satisfied.
Notwithstanding the foregoing, the merger of the Company with an Affiliate incorporated solely for the purpose of reincorporating the Company in another jurisdiction shall be permitted without regard to clause (ii) of the immediately preceding paragraph.  For purposes of the foregoing, the transfer (by lease, assignment, sale or otherwise, in a single transaction or series of transactions) of all or substantially all of the properties or assets of one or more Restricted Subsidiaries of the Company the Capital Stock of which constitutes all or substantially all of the properties and assets of the Company, shall be deemed to be the transfer of all or substantially all of the properties and assets of the Company.
(b)    Each Guarantor will not, and the Company will not cause or permit any Guarantor to, directly or indirectly, in a single transaction or series of related transactions, consolidate or merge with or into any Person other than the Company or any other Guarantor unless:
		
	(i)
	if the Guarantor was a corporation or limited liability company under the laws of the United States, any State thereof or the District of Columbia, the entity formed by or surviving any such consolidation or merger (if other than the Guarantor) is a corporation or limited liability company organized and existing under the laws of the United States, any State thereof or the District of Columbia;

		
	(ii)
	such entity assumes by supplemental indenture all of the obligations of the Guarantor on its Guarantee; and

		
	(iii)
	immediately after giving pro forma effect to such transaction, no Default or Event of Default shall have occurred and be continuing.

Notwithstanding the foregoing, the requirements of this Section 5.01(b) will not apply to any transaction pursuant to which such Guarantor is permitted to be released from its Subsidiary Guarantee in accordance with the provisions of Section 10.04.  
		
	SECTION 5.02.
	SUCCESSOR CORPORATION SUBSTITUTED.

Upon any consolidation or merger of the Company or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.01 in which the Company is not the continuing corporation, the successor Person formed by such consolidation or into which the Company is merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture, the Notes and the Registration Rights Agreement with the same effect as if such Surviving Entity had been named as such; provided, however, that the Company shall not be released from its obligations under this Indenture, the Notes or the Registration Rights Agreement in the case of a lease.
ARTICLE VI 
DEFAULTS AND REMEDIES
		
	SECTION 6.01.
	EVENTS OF DEFAULT.

Each of the following is an Event of Default:
(1)    default for 30 days in the payment when due of interest on the Notes;
(2)    failure by the Company to comply with its obligations under Section 5.01;
(3)    a default by the Company in the observance or performance of its obligations under Section 4.03, which default continues for a period of 90 days;

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(4)    a default in the observance or performance of any other covenant or agreement contained in this Indenture which default continues for a period of 60 days after the Company receives written notice specifying the default (and demanding that such default be remedied) from the Trustee or the Holders (with a copy to the Trustee) of at least 25% of the outstanding principal amount of the Notes;
(5)    the failure to pay at final stated maturity (giving effect to any applicable grace periods and any extensions thereof) the principal amount of any Indebtedness of the Company or any Significant Subsidiary of the Company, or any other default resulting in the acceleration of the final stated maturity of any such Indebtedness, if the aggregate principal amount of such Indebtedness, together with the principal amount of any other such Indebtedness in default for failure to pay principal at final maturity or which has been accelerated, aggregates $100.0 million or more at any time; provided that if any such default is cured or waived or any acceleration rescinded or such Indebtedness is repaid within a period of ten (10) days from the continuation of such default beyond any applicable grace period or the occurrence of such acceleration, as the case may be, such Event of Default under this Indenture and any consequential acceleration of the Notes shall automatically be rescinded so long as such rescission does not conflict with any judgment or decree;
(6)    one or more judgments in an aggregate amount in excess of $100.0 million (to the extent not covered by independent third party insurance as to which the insurer has not disclaimed coverage) shall have been rendered against the Company or any of its Significant Subsidiaries and such judgments remain undischarged, unpaid or unstayed for a period of 60 days after such judgment or judgments become final and nonappealable;
(7)    except as permitted by this Indenture, any Subsidiary Guarantee of any Significant Subsidiary shall be held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any Guarantor that is a Significant Subsidiary, or any Person acting on behalf of any such Guarantor, shall deny or disaffirm its obligations under its Subsidiary Guarantee;
(8)    default in payment when due of the principal of or premium, if any, on the Notes (including default in payment when due in connection with the purchase of Notes tendered pursuant to a Change of Control Offer or Net Proceeds Offer on the date specified for such payment in the applicable Offer to Purchase);
(9)    a court having jurisdiction in the premises enters (x) a decree or order for relief in respect of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or (y) a decree or order adjudging the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary under any applicable federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 60 consecutive days; or
(10)    the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary:
(i)    commences a voluntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or any other case or proceeding to be adjudicated a bankrupt or insolvent;
(ii)    consents to the entry of a decree or order for relief in respect of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary; 

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(iii)    files a petition, as debtor, or answer or consent seeking reorganization or relief under any applicable federal or state law; 
(iv)    consents to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or of any substantial part of its property;
(v)    makes an assignment for the benefit of creditors;
(vi)    admits in writing its inability to pay its debts generally as they become due; or
(vii)    takes corporate action in furtherance of any such action.
		
	SECTION 6.02.
	ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT.

If an Event of Default (other than an Event of Default described in clause (9) or (10) of Section 6.01) with respect to Notes at the time Outstanding occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Notes may declare the principal amount of all the Outstanding Notes to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount of the Notes (or specified amount) plus accrued and unpaid interest (and premium, if payable) shall become immediately due and payable.  Upon payment of such amount all obligations of the Company in respect of the payment of principal of the Notes shall terminate.
At any time after such a declaration of acceleration with respect to the Notes has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of at least a majority in principal amount of the Outstanding Notes, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if:
(1)    if the rescission would not conflict with any judgment or decree;
(2)    if all existing Events of Default with respect to the Notes have been cured or waived except nonpayment of principal or interest that has become due solely because of the acceleration;
(3)    to the extent the payment of such interest is lawful, interest on overdue installments of interest and overdue principal with respect to the Notes, which has become due otherwise than by such declaration of acceleration, has been paid; and
(4)    if the Company has paid the Trustee its reasonable compensation and reimbursed the Trustee for its expenses, disbursements and advances.
No such rescission and waiver shall affect any subsequent default or impair any right consequent thereon.
If an Event of Default described in clause (9) or (10) of Section 6.01 occurs with respect to the Company or any Significant Subsidiary, the principal of, premium, if any, and accrued interest on the Notes shall be due and payable immediately without any further action or notice.
		
	SECTION 6.03.
	COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE.

The Company covenants that, if:
(a)    default is made in the payment of any installment of interest on the Notes when such interest or payment becomes due and payable and such default continues for a period of 30 calendar days, or
(b)    default is made in the payment of principal of (or premium, if any, on) the Notes at the Maturity thereof,

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then the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of the Notes, the amount then due and payable on the Notes for the principal (and premium, if any) and interest, if any, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.
If the Company fails to pay such amount forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, and may prosecute such proceeding to judgment or final decree, and may enforce the same against the Company or any other obligor upon the Notes and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon the Notes wherever situated.
If an Event of Default with respect to the Notes occurs and is continuing, then the Trustee may, in its discretion, proceed to protect and enforce its rights and the rights of the Holders of Notes by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.
		
	SECTION 6.04.
	TRUSTEE MAY FILE PROOFS OF CLAIM.

In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceedings, or any voluntary or involuntary case under the federal Bankruptcy Laws, as now or hereafter constituted, relative to the Company or any Guarantor, or the property of the Company or of any Guarantor or their creditors, the Trustee (irrespective of whether the principal of the Notes shall then be due and payable as therein expressed or by declaration of acceleration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company or any Guarantor for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise,
(a)    to file and prove a claim for the whole amount of principal (and premium, if any) and interest owing and unpaid in respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and
(b)    to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same;
and any receiver, assignee, trustee, custodian, liquidator, sequestrator (or other similar official) in any such proceeding is hereby authorized by each such Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to such Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07.
Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.
		
	SECTION 6.05.
	TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF DEBT SECURITIES.

All rights of action and claims under this Indenture or the Notes or Guarantees set forth in this Indenture may be prosecuted and enforced by the Trustee without the possession of any of the Notes or Guarantees or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name, as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Notes in respect of which such judgment has been recovered.

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	SECTION 6.06.
	APPLICATION OF MONEY COLLECTED.

Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal (and premium, if any) or interest, upon presentation of the Notes and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:
FIRST:  To the payment of all amounts due the Trustee under Section 7.07;
SECOND:  To the payment of the amounts then due and unpaid for principal of (and premium, if any) and interest on the Notes ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal (and premium, if any) and interest, respectively; and
THIRD:  The balance, if any, to the Person or Persons entitled thereto.
		
	SECTION 6.07.
	LIMITATION ON SUITS.

No Holder of any Note shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture or the Guarantees, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:
(a)    such Holder has previously given written notice to the Trustee of a continuing Event of Default;
(b)    the Holders of not less than 25% in principal amount of the Outstanding Notes shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;
(c)    such Holder or Holders have offered to the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance with such request;
(d)    the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and
(e)    no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of at least a majority in principal amount of the Outstanding Notes;
it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture or the Guarantees to affect, disturb or prejudice the rights of any other such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture or the Guarantees, except in the manner herein provided and for the equal and ratable benefit of all of such Holders.  For the protection and enforcement of the provisions of this Section 6.07, each and every Holder of Notes and the Trustee shall be entitled to such relief as can be given at law or in equity.
		
	SECTION 6.08.
	UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL, PREMIUM AND INTEREST.

Notwithstanding any other provision in this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of (and premium, if any) and (subject to Section 2.04 and Section 2.12) interest on such Note on the respective Stated Maturity or Stated Maturities expressed in such Note (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment and interest thereon, and such right shall not be impaired without the consent of such Holder.
		
	SECTION 6.09.
	RESTORATION OF RIGHTS AND REMEDIES.

If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case the Company, the Trustee and the Holders shall, subject to any determination in such proceeding, be restored severally and respectively to their former 

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positions hereunder, and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.
		
	SECTION 6.10.
	RIGHTS AND REMEDIES CUMULATIVE.

Except as otherwise expressly provided elsewhere in this Indenture, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.
		
	SECTION 6.11.
	DELAY OR OMISSION NOT WAIVER.

No delay or omission of the Trustee or of any Holder to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or any acquiescence therein.  Every right and remedy given by this Indenture or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.
		
	SECTION 6.12.
	CONTROL BY HOLDERS.

The Holders of at least a majority in principal amount of the Outstanding Notes shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Notes, provided that:
(a)    such direction shall not be in conflict with any rule of law or with this Indenture;
(b)    subject to the provisions of Section 7.01, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Trust Officer or Trust Officers of the Trustee, determine that the proceeding so directed would be unjustly prejudicial to the Holders of Notes not joining in any such direction; and
(c)    the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction.
		
	SECTION 6.13.
	WAIVER OF PAST DEFAULTS.

The Holders of not less than a majority in aggregate principal amount of the Outstanding Notes, may, on behalf of the Holders of all the Notes, waive any past Default or Event of Default hereunder and its consequences, except a Default or Event of Default:
(a)    in the payment of the principal of (or premium, if any) or interest on any Note, or
(b)    in respect of a covenant or provision hereof which, pursuant to Article IX, cannot be modified or amended without the consent of the Holder of each Outstanding Note affected.
Upon any such waiver, such Default or Event of Default shall cease to exist, and such Default or Event of Default arising therefrom shall be deemed to have been cured for every purpose of the Notes under this Indenture, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.
		
	SECTION 6.14.
	UNDERTAKING FOR COSTS.

All parties to this Indenture agree, and each Holder of any Note by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit other than the Trustee of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party 

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litigant, but the provisions of this Section 6.14 shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder or group of Holders holding in the aggregate more than 10% in principal amount of the Outstanding Notes, or to any suit instituted by any Holder of a Note for the enforcement of the payment of the principal of (or premium, if any) or interest on such Note on or after the respective Stated Maturity or Stated Maturities expressed in such Note (or, in the case of redemption, on or after the Redemption Date).
		
	SECTION 6.15.
	WAIVER OF STAY OR EXTENSION LAWS.

The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.
ARTICLE VII 
TRUSTEE
		
	SECTION 7.01.
	CERTAIN DUTIES AND RESPONSIBILITIES.

(a)    Except during the continuance of an Event of Default,
(1)    the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and
(2)    in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture.
(b)    In case an Event of Default has occurred and is continuing, the Trustee shall, with respect to the Notes, exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.
(c)    No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that
(1)    this subsection shall not be construed to limit the effect of subsection (a) of this Section 7.01;
(2)    the Trustee shall not be liable for any error of judgment made in good faith, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts;
(3)    the Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to Notes in good faith in accordance with the direction of the Holders of at least a majority in principal amount of the Outstanding Notes relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture; and
(4)    the Trustee shall not be required to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

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(d)    Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 7.01.
		
	SECTION 7.02.
	NOTICE OF DEFAULTS.

Within 90 days after the occurrence of any Default hereunder with respect to the Notes, the Trustee shall give notice to all Holders of such Default hereunder known to the Trustee, unless such Default shall have been cured or waived; provided, however, that, except in the case of a Default in the payment of the principal of (or premium, if any) or interest on the Notes, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors or Trust Officers in good faith determine that the withholding of such notice is in the interest of the Holders; and provided, further, that in the case of any Default of the character specified in Section 6.01(4) with respect to the Notes no such notice to Holders shall be given until at least 30 days after the occurrence thereof.
Notice given pursuant to this Section 7.02 shall be transmitted by mail:
(a)    to all registered Holders, as the names and addresses of the registered Holders appear in the Note Register; and
(b)    to each Holder whose name and address appear in the information preserved at the time by the Trustee in accordance with Section 7.02(a) of this Indenture.
		
	SECTION 7.03.
	CERTAIN RIGHTS OF TRUSTEE.

Except as otherwise provided in Section 7.01:
(a)    the Trustee may rely, and shall be protected in acting or refraining from acting, upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;
(b)    any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order and any resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution;
(c)    whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officers’ Certificate;
(d)    the Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;
(e)    the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders of Notes pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction;
(f)    the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed by the Trustee to act hereunder;
(g)    the Trustee shall not be deemed to have notice of any Default or Event of Default except, (i) any Event of Default under Section 6.01(1) or (8) or (ii) any Default or Event of Default of which the Trustee shall have actually received written notice in accordance with Section 11.02 that references this Indenture and the Notes, or of which a Trust Officer shall have obtained actual knowledge;

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(h)    the Trustee shall not be liable for interest on any money received by it except as the Trustee may otherwise agree in writing with the Company;
(i)    the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney; and 
(j)    the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder.
		
	SECTION 7.04.
	NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF NOTES.

The recitals contained herein and in the Notes, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness.  The Trustee makes no representations as to the validity or sufficiency of this Indenture, the Guarantees or the Notes.  The Trustee shall not be accountable for the use or application by the Company of any Notes or the proceeds thereof.
		
	SECTION 7.05.
	MAY HOLD NOTES.

The Trustee, any Paying Agent, the Registrar or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Notes and, subject to Sections 7.08 and 7.13, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Paying Agent, Registrar or such other agent.
		
	SECTION 7.06.
	MONEY HELD IN TRUST.

Money in any currency held by the Trustee or any Paying Agent in trust hereunder need not be segregated from other funds except to the extent required by law.  Neither the Trustee nor any Paying Agent shall be under any liability for interest on any money received by it hereunder except as otherwise agreed with the Company.
		
	SECTION 7.07.
	COMPENSATION AND REIMBURSEMENT.

The Company agrees:
(a)    to pay to the Trustee from time to time reasonable compensation in Dollars for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);
(b)    except as otherwise expressly provided herein, to reimburse the Trustee in Dollars upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence or bad faith; and
(c)    to indemnify in Dollars the Trustee, the Paying Agent, the Authenticating Agent and their respective predecessors for, and to hold it harmless against, any loss, liability or expense incurred without negligence or bad faith on its part, arising out of or in connection with the acceptance or administration of this trust or performance of its duties hereunder, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder.
As security for the performance of the obligations of the Company under this Section 7.07, the Trustee shall have a claim prior to the Notes, upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of amounts due on the Notes.

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The obligations of the Company under this Section 7.07 to compensate and indemnify the Trustee and the other indemnified parties for expenses, disbursements and advances shall constitute additional Indebtedness under this Indenture and shall survive the satisfaction and discharge of this Indenture.
		
	SECTION 7.08.
	QUALIFICATION; CONFLICTING INTERESTS.

This Indenture shall always have a Trustee who satisfies the requirements of TIA §§ 310(a)(1), (2), and (5).  If the Trustee acquires any conflicting interest as described in the TIA, it must eliminate such conflict within 90 days, apply to the Commission for permission to continue or resign.  The Trustee shall be subject to TIA § 310(b).
		
	SECTION 7.09.
	CORPORATE TRUSTEE REQUIRED; ELIGIBILITY.

There shall at all times be a Trustee hereunder which shall be a corporation organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $100,000,000, subject to supervision or examination by Federal, State or District of Columbia authority.  If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.  Neither the Company nor any Affiliate of the Company shall serve as Trustee upon any Notes.
		
	SECTION 7.10.
	RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.

(a)    No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee under Section 7.11.
(b)    The Trustee may resign at any time with respect to the Notes by giving written notice thereof to the Company.  If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Notes.
(c)    The Trustee may be removed at any time with respect to the Notes and a successor Trustee appointed by Act of the Holders of at least a majority in principal amount of the Outstanding Notes, delivered to the Trustee and to the Company.
(d)    If at any time:
(1)    the Trustee shall fail to comply with Section 7.08 with respect to the Notes after written request therefor by the Company or by any Holder who has been a bona fide Holder for at least six months, or
(2)    the Trustee shall cease to be eligible under Section 7.09 with respect to the Notes and shall fail to resign after written request therefor by the Company or by any such Holder, or
(3)    the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation,
then, in any such case, (i) the Company, by a Board Resolution, may remove the Trustee with respect to the Notes, or (ii) subject to Section 6.14, any Holder who has been a bona fide Holder of such Note for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Notes.
(e)    If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Notes, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Notes and shall comply with the applicable requirements of Section 7.11.  If, within one year after such resignation, removal or incapability, or the occurrence 

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of such vacancy, a successor Trustee with respect to the Notes shall be appointed by Act of the Holders of at least a majority in principal amount of the Outstanding Notes delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee with respect to the Notes and, to that extent, supersede the successor Trustee appointed by the Company.  If no successor Trustee with respect to the Notes shall have been so appointed by the Company or the Holders of the Notes and accepted appointment in the manner hereinafter provided, any Holder who has been a bona fide Holder of such a Note for at least six months may, subject to Section 6.14, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Notes.
(f)    The Company shall give notice of each resignation and each removal of the Trustee with respect to the Notes and each appointment of a successor Trustee with respect to the Notes in the manner and to the extent provided in Section 11.02 to the Holders.  Each notice shall include the name of the successor Trustee with respect to the Notes and the address of its Corporate Trust Office.
		
	SECTION 7.11.
	ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.

(a)    In the case of an appointment hereunder of a successor Trustee with respect to all Notes, each such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee, but, on request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee, and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder, subject nevertheless to its claim, if any, provided for in Section 7.07.
(b)    In case of the appointment hereunder of a successor Trustee with respect to the Notes, the Company, the retiring Trustee and each successor Trustee with respect to the Notes shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Notes; and upon the execution and delivery of any such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Notes, but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Notes. 
(c)    Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (a) and (b) of this Section 7.11, as the case may be.
(d)    No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article.
		
	SECTION 7.12.
	MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS.

Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided that such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto.  In case any Notes shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor Trustee had itself authenticated such Notes.  In case any Notes shall not have been authenticated by such predecessor Trustee, any such successor Trustee may authenticate and deliver such Notes, in either its own name or that of its predecessor Trustee, with the full force and effect which this Indenture provides for the certificate of authentication of the Trustee.

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	SECTION 7.13.
	PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY.

The Trustee, in its capacity as Trustee hereunder, shall comply with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b).  A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein.
		
	SECTION 7.14.
	APPOINTMENT OF AUTHENTICATING AGENT.

As long as any Notes remain Outstanding, upon a Company Request, there shall be an authenticating agent (the “Authenticating Agent”) appointed, for such period as the Company shall elect, by the Trustee to act as its agent on its behalf and subject to its direction in connection with the authentication and delivery of the Notes.  Notes authenticated by such Authenticating Agent shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by such Trustee.  Wherever reference is made in this Indenture to the authentication and delivery of Notes by the Trustee or to the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of such Trustee by such Authenticating Agent, except that only the Trustee may authenticate Notes upon original issuance and pursuant to Section 2.07 hereof.  Such Authenticating Agent shall at all times be a corporation organized and doing business under the laws of the United States of America or of any state, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $10,000,000 and subject to supervision or examination by federal or state authority.  If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for purposes of this Section 7.14, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.  If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 7.14, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section 7.14.
Any corporation into which any Authenticating Agent may be merged or converted, or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which any Authenticating Agent shall be a party, or any corporation succeeding the corporate agency business of any Authenticating Agent, shall continue to be the Authenticating Agent with respect to the Notes for which it served as Authenticating Agent without the execution or filing of any paper or any further act on the part of the Trustee or such Authenticating Agent.  Any Authenticating Agent may at any time, and if it shall cease to be eligible shall, resign by giving written notice of resignation to the applicable Trustee and to the Company.
Upon receiving such a notice of resignation or upon such a termination, or in case at any time any Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 7.14 with respect to the Notes, the Trustee shall, upon Company Request, appoint a successor Authenticating Agent, and the Company shall provide notice of such appointment to all Holders of Notes in the manner and to the extent provided in Section 11.02.  Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with all rights, powers, duties and responsibilities of its predecessor hereunder, with like effect as if originally named as Authenticating Agent herein.  The Trustee agrees to pay to the Authenticating Agent from time to time reasonable compensation for its services and the Trustee shall be entitled to be reimbursed for such payment, subject to the provisions of Section 7.07.  The Authenticating Agent for the Notes shall have no responsibility or liability for any action taken by it as such at the direction of the Trustee.
If an appointment is made pursuant to this Section 7.14, the Notes may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form:

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This is one of the Notes designated therein referred to in the within mentioned Indenture.
	
	
	U.S. Bank National Association, As Trustee

	 

	By:_______________________________

	As Authenticating Agent

	 

	By:_______________________________

	Authorized Signatory

		
	SECTION 7.15.
	INTENTIONALLY OMITTED.

		
	SECTION 7.16.
	REPORTS BY TRUSTEE.

(a)    Within 60 days after May 15 of each year, commencing May 15, 2017, the Trustee shall, to the extent required by the TIA, transmit to all Holders of Notes, in the manner hereinafter provided in this Section 7.16, a brief report dated such date with respect to any of the following events which may have occurred within the previous 12 months (but if no such event has occurred within such period no report need be transmitted):  
(1)    any change to its eligibility under Section 7.09 and its qualifications under Section 7.08; 
(2)    the creation or any material change to a relationship specified in Section 310(b)(1)-(10) of the TIA;
(3)    the character and amount of any advances (and if the Trustee elects so to state, the circumstances surrounding the making thereof) made by the Trustee (as such) which remain unpaid on the date of such report, and for the reimbursement of which it claims or may claim a lien or charge, prior to that of the Notes, on any property or funds held or collected by it as Trustee, except that the Trustee shall not be required (but may elect) to report such advances if such advances so remaining unpaid aggregate not more than 1/2 of 1% of the principal amount of the Outstanding Notes on the date of such report; 
(4)    any change to the amount, interest rate and maturity date of all other indebtedness owing by the Company (or any other obligor on the Notes) to the Trustee in its individual capacity, on the date of such report, with a brief description of any property held as collateral security therefor, except an indebtedness based upon a creditor relationship arising in any manner described in Section 7.13;
(5)    any change to the property and funds, if any, physically in the possession of the Trustee as such on the date of such report; 
(6)    any additional issue of Notes which the Trustee has not previously reported; and 
(7)    any action taken by the Trustee in the performance of its duties hereunder which it has not previously reported and which in its opinion materially affects the Notes, except action in respect of a default, notice of which has been or is to be withheld by the Trustee in accordance with Section 7.02.  
(b)    The Trustee shall transmit by mail to all Holders of Notes, as hereinafter provided, a brief report with respect to the character and amount of any advances (and if the Trustee elects so to state, the circumstances surrounding the making thereof) made by the Trustee (as such) since the date of the last report transmitted pursuant to subsection (a) of this Section 7.16 (or if no such report has yet been so transmitted, since the date of execution of this instrument) for the reimbursement of which it claims or may claim a lien or charge, prior to that of the Notes, on property or funds held or collected by it as Trustee, and which it has not previously reported pursuant to this subsection, except that the Trustee shall not be required (but may elect) to report such advances if such advances remaining unpaid at any time aggregate 10% or less of the principal amount of the Outstanding Notes at such time, such report to be transmitted within 90 days after such time.  

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(c)    Reports pursuant to this Section 7.16 shall be transmitted by mail:  
(1)    to all Holders, as the names and addresses of such Holders appear in the Register; and 
(2)    except in the cases of reports pursuant to subsection (b) of this Section 7.16, to each Holder of a Note whose name and address appear in the information preserved at the time by the Trustee in accordance with Section 2.05.  
A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which any Notes are listed, with the Commission and also with the Company.  The Company will notify the Trustee when any Notes are listed on any stock exchange.
ARTICLE VIII 
DISCHARGE OF INDENTURE; DEFEASANCE
		
	SECTION 8.01.
	SATISFACTION AND DISCHARGE OF INDENTURE.

This Indenture, with respect to the Notes, shall be discharged and shall cease to be of further effect (except as to surviving rights of registration of transfer or exchange of such Notes, as expressly provided for herein) as to all outstanding Notes, when either:
		
	(a)
	all the Notes theretofore authenticated and delivered (except lost, stolen or destroyed Notes which have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company as provided in this Indenture) have been delivered to the Registrar for cancellation, and

(1)    the Company has paid all sums payable under this Indenture by the Company with respect to all Notes, and
(2)    the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel stating that all conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture with respect to all Notes have been complied with; or
		
	(b)
	the Company shall have given notice of redemption of all of the Notes, all of the Notes shall have otherwise become due and payable or all of the Notes will become due and payable, or may be called for redemption, within one year, and

		
	(i)
	the Company has irrevocably deposited or caused to be deposited with the Trustee or another trustee funds, in trust solely for the benefit of the Holders, U.S. legal tender, U.S. Government Obligations or a combination thereof, in such amounts as will be sufficient (without consideration of any reinvestment of interest) to pay and discharge the entire indebtedness (including all principal and accrued interest) on the Notes not theretofore delivered to the Trustee for cancellation, together with irrevocable instructions from the Company directing the Trustee to apply such funds to the payment thereof at maturity or redemption, as the case may be;

		
	(ii)
	no Default or Event of Default shall have occurred and be continuing on the date of such deposit or shall occur as a result of such deposit and such deposit will not result in a breach or violation of or default under any other instrument to which the Company is a party or by which it is bound;

		
	(iii)
	the Company has paid all other sums payable under this Indenture; and 

		
	(iv)
	the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel stating that all conditions precedent under this Indenture with respect to all Notes relating to the satisfaction and discharge of this Indenture have been complied with.

Notwithstanding the satisfaction and discharge of this Indenture with respect to the Notes, the obligations of the Company to the Trustee under Section 7.07, the obligations of the Trustee to any Authenticating Agent under 

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Section 7.14, the obligations of the Company under Section 4.01, and, if money shall have been deposited with the Trustee pursuant to clause (b) of this Section 8.01, the obligations of the Trustee under Section 8.02 shall survive.  
		
	SECTION 8.02.
	APPLICATION OF TRUST MONEY.

All money deposited with the Trustee pursuant to Section 8.01 shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee.
		
	SECTION 8.03.
	OPTION TO EFFECT LEGAL DEFEASANCE OR COVENANT DEFEASANCE.

The Company may, at the option of its Board of Directors evidenced by a resolution set forth in an Officers’ Certificate, at any time, elect to have either Section 8.04 or 8.05 applied to all Outstanding Notes upon compliance with the conditions set forth below in this Article VIII.
		
	SECTION 8.04.
	LEGAL DEFEASANCE AND DISCHARGE.

Upon the Company’s exercise under Section 8.03 of the option applicable to this Section 8.04 with respect the Notes, the Company shall, subject to the satisfaction of the conditions set forth in Section 8.06, be deemed to have been discharged from its obligations with respect to all Outstanding Notes (and all obligations of any Guarantors with respect to any Guarantees shall be discharged) on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”).  For this purpose, Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by the Outstanding Notes, which shall thereafter be deemed to be Outstanding only for the purposes of Section 8.07 and to have satisfied all its other obligations under such Outstanding Notes and any supplemental indenture relating thereto (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder: (a) the rights of Holders of Outstanding Notes to receive payments in respect of the principal of, premium, if any, and interest on such Notes when such payments are due from the trust referred to in Section 8.06, (b) the Company’s obligations with respect to the Notes concerning issuing temporary Notes, registration of Notes, mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in trust; (c) the rights, powers, trusts, duties and immunities of the Trustee, and the Company’s obligations in connection therewith and (d) the provisions of this Article VIII with respect to Legal Defeasance.  Subject to compliance with this Article VIII, the Company may exercise its option under this Section 8.04 notwithstanding the prior exercise of its option under Section 8.05.
		
	SECTION 8.05.
	COVENANT DEFEASANCE.

Upon the Company’s exercise under Section 8.03 of the option applicable to this Section 8.05, the Company shall, subject to the satisfaction of the conditions set forth in Section 8.06, be released from its obligations under the covenants contained in Sections 4.03, 4.05, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.15 and 5.01 with respect to the Outstanding Notes on and after the date the conditions set forth in Section 8.06 are satisfied (hereinafter, “Covenant Defeasance”), and the Events of Default set forth in Sections 6.01(2), 6.01(3), 6.01(5), and 6.01(6) of Indenture shall cease to apply, in each case, on and after the date the conditions set forth in Section 8.06 have been satisfied, and the Notes shall thereafter be deemed not Outstanding for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed Outstanding for all other purposes hereunder (it being understood that it is intended that such Notes shall not be deemed outstanding for accounting purposes) and the other terms of Covenant Defeasance specified in Section 8.06 shall apply to the Notes.  For this purpose, Covenant Defeasance means that, with respect to the Outstanding Notes, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default (other than Sections 6.01(1), 6.01(8), 6.01(9), and 6.01(10)) under Section 6.01 or the terms of any supplemental indenture, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby.

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	SECTION 8.06.
	CONDITIONS TO LEGAL OR COVENANT DEFEASANCE.

The following shall be the conditions to the application of either Section 8.04 or 8.05 to the Outstanding Notes:
In order to exercise either Legal Defeasance or Covenant Defeasance:
(a)    the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in United States dollars, U.S. Government Obligations, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal amount at maturity of, premium and interest on the Outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be;
(b)    in the case of an election under Section 8.04, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States of America reasonably acceptable to the Trustee confirming that (A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (B) since the applicable issue date with respect to such Notes, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Outstanding Notes will not recognize income, gain or loss for Federal income tax purposes as a result of such Legal Defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;
(c)    in the case of an election under Section 8.05, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States of America reasonably acceptable to the Trustee confirming that the Holders of the Outstanding Notes will not recognize income, gain or loss for Federal income tax purposes as a result of such Covenant Defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;
(d)    no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default or Event of Default resulting from the incurrence of Indebtedness all or a portion of the proceeds of which will be used to defease such Notes pursuant to this Article VIII concurrently with such incurrence and the grant of a Lien to secure such Indebtedness) or insofar as Section 6.01(9) or 6.01(10) is concerned, at any time in the period ending on the 91st day after the date of deposit;
(e)    such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under this Indenture or any supplemental indenture relating to such Notes (other than a Default or an Event of Default resulting from the borrowing of funds to be applied to such deposit and the grant of any Lien securing such borrowing) or any other material agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound;
(f)    the Company shall have delivered to the Trustee an Opinion of Counsel (which may be subject to customary exceptions) to the effect that after the 91st day following the deposit, the trust funds will not be subject to the effect of the preference provisions of Section 547 of the United States Federal Bankruptcy Code;
(g)    the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company or others;
(h)    the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with; and

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(i)    the Company shall have paid or duly provided for payment of all amounts then due to the Trustee pursuant to Section 7.07.
Notwithstanding the foregoing, the Opinion of Counsel required by clause (b) above with respect to a Legal Defeasance need not be delivered if all Notes not therefor delivered to the Trustee for cancellation (A) have become due and payable, or (B) will become due and payable on the maturity date within one year under arrangements satisfactory to the Trustee for giving of notice of redemption by the Trustee in the name, and at the expense, of the Company.
		
	SECTION 8.07.
	DEPOSITED MONEY AND U.S. GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST; OTHER MISCELLANEOUS PROVISIONS.

All cash and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.07, the “Trustee”) pursuant to Section 8.06 in respect of the Outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such cash and securities need not be segregated from other funds except to the extent required by law.
The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or U.S. Government Obligations deposited pursuant to Section 8.06 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the Outstanding Notes.
Anything in this Article VIII to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the request of the Company any money or U.S. Government Obligations held by it as provided in Section 8.06 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.06(a)), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.
		
	SECTION 8.08.
	REPAYMENT TO COMPANY.

Any cash or U.S. Government Obligations deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium, if any, or interest on, any Note and remaining unclaimed for two years after such principal, and premium, if any, or interest has become due and payable shall be paid to the Company on its request or (if then held by the Company) shall be discharged from such trust; and the Holder shall thereafter, as an unsecured creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such cash and securities, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in The New York Times and The Wall Street Journal (national edition), notice that such cash and securities remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such cash and securities then remaining will be repaid to the Company.
		
	SECTION 8.09.
	REINSTATEMENT.

If the Trustee or Paying Agent is unable to apply any cash or U.S. Government Obligations in accordance with Section 8.04 or 8.05, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.04 or 8.05 until such time as the Trustee or Paying Agent is permitted to apply all such cash and securities in accordance with Section 8.04 or 8.05, as the case may be; provided, however, that, if the Company makes any payment of principal of, premium, if any, or interest on any Note following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders to receive such payment from the cash and securities held by the Trustee or Paying Agent.

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	SECTION 8.10.
	SURVIVAL.

The Trustee’s rights under this Article VIII shall survive termination of this Indenture or the resignation of the Trustee.
ARTICLE IX 
SUPPLEMENTAL INDENTURES
		
	SECTION 9.01.
	SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS.

Without the consent of any Holders, the Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:
(1)    to cure any ambiguity, defect or inconsistency; or
(2)    to provide for uncertificated Notes in addition to or in place of certificated Notes; or
(3)    to provide for the assumption of the Company’s obligations to Holders in the case of a merger or consolidation or sale of all or substantially all of the Company’s assets; or 
(4)    to make any change that would provide any additional rights or benefits to the Holders or that does not adversely affect in any material respect the legal rights under this Indenture of any such Holder; or 
(5)    to add any Person as a Guarantor; or
(6)    to comply with any requirements of the Commission in order to effect or maintain the qualification of this Indenture under the TIA; or
(7)    to remove a Guarantor which, in accordance with the terms of this Indenture, ceases to be liable in respect of its Guarantee; or
(8)    to evidence and provide for the acceptance of appointment under this Indenture by a successor Trustee; or
(9)    to secure all of the Notes; or
(10)    to add to the covenants of the Company or any Guarantor for the benefit of the Holders or to surrender any right or power conferred upon the Company or any Guarantor; or
(11)    to conform this Indenture to the “Description of the Notes” contained in the Offering Memorandum.
		
	SECTION 9.02.
	SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS.

(a)    With respect to the Notes, subject to Sections 6.08 and 9.02(b), this Indenture, the Notes and the Guarantees may be amended or supplemented with the consent of the Holders of a majority in principal amount of Outstanding Notes (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, such Notes) and, subject to Sections 6.08 and 9.02(b), any past default or compliance with any provisions may be waived with the consent of the Holders of a majority in principal amount of Outstanding Notes (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, such Notes).
(b)    Notwithstanding Section 9.02(a), without the consent of each Holder affected, an amendment or waiver may not (with respect to any Notes held by a non-consenting Holder):

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(1)    reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver, including the waiver of Defaults or Events of Default, or to a rescission and cancellation of a declaration of acceleration of Notes;
(2)    reduce the rate of or change or have the effect of changing the time for payment of interest, including Defaulted Interest, on the Notes;
(3)    reduce the principal of or change or have the effect of changing the fixed maturity of the Notes, or change the date on which the Notes may be subject to redemption, or reduce the redemption price therefor;
(4)    make the Notes payable in money other than that stated in the Notes;
(5)    make any change in the provisions of this Indenture protecting the right of each Holder to receive payment of principal of and interest on the Notes on or after the due date thereof or to bring suit to enforce such payment;
(6)    waive a default in the payment of principal of or interest on the Notes; provided that this clause (6) shall not limit the right of the Holders of a majority in aggregate principal amount of the Outstanding Notes to rescind and cancel a declaration of acceleration of the Notes following delivery of an acceleration notice as described under Section 6.02;
(7)    contractually subordinate the Notes (or any related Guarantees) to any other Indebtedness;
(8)    modify any of the provisions of Section 9.02 or Section 6.13, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of Outstanding Notes affected thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this Section 9.02; or the deletion of this proviso, in accordance with the requirements of Section 7.11. 
(9)    change the price payable by the Company for Notes repurchased pursuant to Sections 4.10 and 4.13 or after the occurrence of a Change of Control, modify or change in any material respect the obligation of the Company to make and consummate a Change of Control Offer or modify any of the provisions or definitions with respect thereto; or
(10)    release any Guarantor that is a Significant Subsidiary from any of its obligations under its Subsidiary Guarantee or this Indenture, except as permitted by this Indenture;
(c)    It shall not be necessary for any act of Holders under this Section 9.02 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof
		
	SECTION 9.03.
	EXECUTION OF SUPPLEMENTAL INDENTURES.

In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.01) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture.  The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which adversely affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise in a material way.
		
	SECTION 9.04.
	EFFECT OF SUPPLEMENTAL INDENTURES.

Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and 

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every Holder of Notes affected thereby theretofore or thereafter authenticated and delivered hereunder shall be bound thereby.
		
	SECTION 9.05.
	CONFORMITY WITH TRUST INDENTURE ACT.

Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the TIA as then in effect.
		
	SECTION 9.06.
	REFERENCE IN NOTES TO SUPPLEMENTAL INDENTURES.

Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article and affected thereby may, and shall, if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture.  If the Company shall so determine, new Notes so modified as to conform, in the opinion of the Trustee and the Board of Directors, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Notes.
		
	SECTION 9.07.
	NOTICE OF SUPPLEMENTAL INDENTURE.

Promptly after the execution by the Company and the appropriate Trustee of any supplemental indenture pursuant to Section 9.02, the Company shall transmit to all Holders of the Notes affected thereby, a notice setting forth in general terms the substance of such supplemental indenture
ARTICLE X 
NOTE GUARANTEES
		
	SECTION 10.01.
	UNCONDITIONAL GUARANTEE.

(a)    Notwithstanding any provision of this Article to the contrary, the provisions of this Article shall be applicable only to, and inure solely to the benefit of, the Notes and any Additional Notes issued in accordance with Section 2.14.
(b)    For value received, each of the Guarantors hereby, jointly and severally, fully, unconditionally and absolutely Guarantees to the Holders and to the Trustee the due and punctual payment of the principal of, and premium, if any, and interest on the Notes and all other amounts due and payable under this Indenture and the Notes by the Company, when and as such principal, premium, if any, and interest shall become due and payable, whether at the stated maturity or by declaration of acceleration, call for redemption or otherwise, according to the terms of the Notes and this Indenture, subject to the limitations set forth in Section 10.03.
(c)    The Guarantee hereunder is intended to be a general, unsecured, senior obligation of each of the Guarantors and will rank pari passu in right of payment with all unsecured debt of such Guarantor that is not, by its terms, expressly subordinated in right of payment to the Guarantee.  Each of the Guarantors hereby agrees that its obligations hereunder are guarantees of payment and not of collection and shall be full, unconditional and absolute, irrespective of the validity, regularity or enforceability of the Notes, the Guarantee (including the Guarantee of any other Guarantor) or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Company or any other Guarantor, or any action to enforce the same or any other circumstances which might otherwise constitute a legal or equitable discharge or defense of the Guarantors.  Each of the Guarantors hereby agrees that in the event of a default in payment of the principal of, or premium, if any, or interest on the Notes, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise, legal proceedings may be instituted by the Trustee on behalf of the Holders or, subject to Section 6.07, by the Holders, on the terms and conditions set forth in this Indenture, directly against such Guarantor to enforce the Guarantee without first proceeding against the Company or any other Guarantor.
(d)    The obligations of each of the Guarantors under this Article shall be as aforesaid full, unconditional and absolute and shall not be impaired, modified, released or limited by any occurrence or condition whatsoever, including, without limitation, (A) any compromise, settlement, release, waiver, renewal, extension, indulgence or modification of, or any change in, any of the obligations and liabilities of the Company or any of the Guarantors contained in the Notes or this Indenture, (B) any impairment, modification, release or limitation of the 

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liability of the Company, any of the Guarantors or either of their estates in bankruptcy, or any remedy for the enforcement thereof, resulting from the operation of any present or future provision of any applicable bankruptcy law, or other statute or from the decision of any court, (C) the assertion or exercise by the Company, any of the Guarantors or the Trustee of any rights or remedies under the Notes or this Indenture or their delay in or failure to assert or exercise any such rights or remedies, (D) the assignment or the purported assignment of any property as security for the Notes, including all or any part of the rights of the Company or any of the Guarantors under this Indenture, (E) the extension of the time for payment by the Company or any of the Guarantors of any payments or other sums or any part thereof owing or payable under any of the terms and provisions of the Notes or this Indenture or of the time for performance by the Company or any of the Guarantors of any other obligations under or arising out of any such terms and provisions or the extension or the renewal of any thereof, (F) the modification or amendment (whether material or otherwise) of any duty, agreement or obligation of the Company or any of the Guarantors set forth in this Indenture, (G) the voluntary or involuntary liquidation, dissolution, sale or other disposition of all or substantially all of the assets, marshaling of assets and liabilities, receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of, or other similar proceeding affecting, the Company or any of the Guarantors or any of their respective assets, or the disaffirmance of the Notes, the Guarantee or this Indenture in any such proceeding, (H) the release or discharge of the Company or any of the Guarantors from the performance or observance of any agreement, covenant, term or condition contained in any of such instruments by operation of law, (I) the unenforceability of the Notes, the Guarantee or this Indenture or (J) any other circumstances (other than payment in full or discharge of all amounts guaranteed pursuant to the Guarantee) which might otherwise constitute a legal or equitable discharge of a surety or guarantor.
(e)    Each of the Guarantors hereby (A) waives diligence, presentment, demand of payment, filing of claims with a court in the event of the merger, insolvency or bankruptcy of the Company or any of the Guarantors, and all demands whatsoever, (B) acknowledges that any agreement, instrument or document evidencing the Guarantee may be transferred and that the benefit of its obligations hereunder shall extend to each holder of any agreement, instrument or document evidencing the Guarantee without notice to it and (C) covenants that the Guarantee will not be discharged except by complete performance of the Guarantee.  Each of the Guarantors further agrees that if at any time all or any part of any payment theretofore applied by any Person to the Guarantee is, or must be, rescinded or returned for any reason whatsoever, including without limitation, the insolvency, bankruptcy or reorganization of the Company or any of the Guarantors, the Guarantee shall, to the extent that such payment is or must be rescinded or returned, be deemed to have continued in existence notwithstanding such application, and the Guarantee shall continue to be effective or be reinstated, as the case may be, as though such application had not been made.
(f)    Each of the Guarantors shall be subrogated to all rights of the Holders and the Trustee against the Company in respect of any amounts paid by such Guarantor pursuant to the provisions of this Indenture, provided, however, that such Guarantor shall not be entitled to enforce or to receive any payments arising out of, or based upon, such right of subrogation until all of the Notes and the Guarantee shall have been paid in full or discharged.
		
	SECTION 10.02.
	EXECUTION AND DELIVERY OF GUARANTEE.

(a)    To further evidence the Guarantee set forth in Section 10.01, each of the Guarantors hereby agrees that a notation relating to such Guarantee, as set forth in Exhibit E, shall be endorsed on each Note entitled to the benefits of the Guarantee authenticated and delivered by the Trustee and executed by either manual or facsimile signature of an officer of such Guarantor, or in the case of a Guarantor that is a limited partnership, an officer of the general partner of each Guarantor.  Each of the Guarantors hereby agrees that the Guarantee set forth in Section 10.01 shall remain in full force and effect notwithstanding any failure to endorse on each Note a notation relating to the Guarantee.  If any officer of the Guarantor, or in the case of a Guarantor that is a limited partnership, any officer of the general partner of the Guarantor, whose signature is on this Indenture or a Note no longer holds that office at the time the Trustee authenticates such Note or at any time thereafter, the Guarantee of such Note shall be valid nevertheless.  The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantee set forth in this Indenture on behalf of the Guarantors.
(b)    The Trustee hereby accepts the trusts in this Indenture upon the terms and conditions herein set forth.

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	SECTION 10.03.
	LIMITATION ON GUARANTORS’ LIABILITY.

Each Guarantor and by its acceptance hereof each Holder of a Note entitled to the benefits of the Guarantee hereby confirms that it is the intention of all such parties that the guarantee by such Guarantor pursuant to its Guarantee not constitute a fraudulent transfer or conveyance for purposes of any Federal or state law.  To effectuate the foregoing intention, the Holders of a Note entitled to the benefits of the Guarantee and the Guarantors hereby irrevocably agree that the obligations of each Guarantor under its Guarantee shall be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Guarantor and to any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under its Guarantee, result in the obligations of such Guarantor under the Guarantee not constituting a fraudulent conveyance or fraudulent transfer under Federal or state law.
		
	SECTION 10.04.
	RELEASE OF GUARANTORS FROM GUARANTEE.

(a)    The Guarantee of a Guarantor will be released:
(1)    upon any sale or other disposition of all or substantially all of the assets of that Guarantor (including by way of merger or consolidation), in accordance with this Indenture, to any Person other than the Company or any Restricted Subsidiary; 
(2)    if such Guarantor merges with and into the Company, with the Company surviving such merger; 
(3)    if the Company exercises its Legal Defeasance option or Covenant Defeasance option pursuant to Section 8.03 or if the obligations under this Indenture are discharged in accordance with Section 8.01;
(4)    if such Guarantor is designated an Unrestricted Subsidiary in accordance with this Indenture or otherwise ceases to be a Restricted Subsidiary (including by way of liquidation or dissolution) in a transaction permitted by this Indenture; 
(5)    if such Guarantor ceases to be a Restricted Subsidiary and such Guarantor is not otherwise required to provide a Subsidiary Guarantee of the Notes pursuant to Section 4.15;
(6)    at the election of the Company following such Guarantor’s release as a guarantor under the Credit Agreement and the 2023 Notes, except a release by or as a result of the repayment of the Credit Agreement or the 2023 Notes; or 
(7)    if a Domestic Restricted Subsidiary required to become a Guarantor following the Issue Date by virtue of the provisions of Section 4.15 thereafter ceases to Guarantee or be a primary obligor with respect to (as applicable) the underlying obligation (other than the Credit Agreement or the 2023 Notes) initially giving rise to the creation of such Guarantee. 
(b)    The Trustee shall deliver an appropriate instrument evidencing any release of a Guarantor from the Guarantee upon receipt of a written request of the Company accompanied by an Officers’ Certificate and an Opinion of Counsel that the Guarantor is entitled to such release in accordance with the provisions of this Indenture.  Any Guarantor not so released remains liable for the full amount of principal of (and premium, if any, on) and interest on the Notes entitled to the benefits of such Guarantee as provided in this Indenture, subject to the limitations of Section 10.03.
		
	SECTION 10.05.
	GUARANTOR CONTRIBUTION.

In order to provide for just and equitable contribution among the Guarantors, the Guarantors hereby agree, inter se, that in the event any payment or distribution is made by any Guarantor (a “Funding Guarantor”) under its Guarantee, such Guarantor shall be entitled to a contribution from each other Guarantor (if any) in a pro rata amount based on the net assets of each Guarantor (including the Funding Guarantor) as of the most recently completed fiscal quarter of such Guarantor, for all payments, damages and expenses incurred by that Funding Guarantor in discharging the Company’ obligations with respect to the Notes or any other Guarantor’s obligations with respect to its Guarantee.

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ARTICLE XI 
MISCELLANEOUS
		
	SECTION 11.01.
	TRUST INDENTURE ACT CONTROLS.

If any provision of this Indenture limits, qualifies or conflicts with another provision which is required to be included in this Indenture by the TIA, the provision required by the TIA shall control.
		
	SECTION 11.02.
	NOTICES.

Any notice or communication by the Company or the Trustee to the other is duly given if in writing and delivered in person or mailed by first class mail (registered or certified, return receipt requested), facsimile or electronic transmission or overnight air courier guaranteeing next-day delivery, to the other’s address:
if to the Company:
The Scotts Miracle-Gro Company 
14111 Scottslawn Road 
Marysville, Ohio 43041 
Attention:      Ivan C. Smith, Executive Vice President, General Counsel, 
     Corporate Secretary and Chief Compliance Officer 
Facsimile No.:  (937) 578-5078
With a copy to:
Vorys, Sater, Seymour and Pease LLP 
52 E. Gay Street 
Columbus, Ohio 43215 
Facsimile:  (614) 719-5186 
Attention:  Adam L. Miller, Esq.
if to the Trustee:
U.S. Bank National Association 
10 West Broad Street, 12th Floor 
Columbus, Ohio 43215 
Attention:  Katherine Esber 
Facsimile No.:  (614) 232-8109
The Company or the Trustee, by notice to the other, may designate additional or different addresses for subsequent notices or communications.
All notices and communications (other than those sent to the Trustee or Holders) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if sent by facsimile transmission; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next-day delivery.  All notices and communications to the Trustee or Holders shall be deemed duly given and effective only upon receipt.
Any notice or communication to a Holder shall be mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next-day delivery to its address shown on the security register for the Notes.  Any notice or communication shall also be so mailed to any Person described in TIA § 313(c), to the extent required by the TIA.  Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders.
If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it.

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If the Company mails a notice or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time.
		
	SECTION 11.03.
	INTENTIONALLY OMITTED.

		
	SECTION 11.04.
	CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT.

Upon any request or application by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee:
(1)    an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 11.05) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been complied with; and
(2)    an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 11.05) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been complied with.
		
	SECTION 11.05.
	STATEMENTS REQUIRED IN CERTIFICATE OR OPINION.

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include:
(1)    a statement that the Person making such certificate or opinion has read such covenant or condition;
(2)    a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;
(3)    a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable such Person to express an informed opinion as to whether or not such covenant or condition has been complied with; and
(4)    a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied.
		
	SECTION 11.06.
	RULES BY TRUSTEE, PAYING AGENTS.

The Trustee may make reasonable rules for action by or at a meeting of Holders.  The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions.
		
	SECTION 11.07.
	BUSINESS DAYS.

Unless otherwise specified pursuant to this Indenture or in any Note, in any case where any Interest Payment Date, Redemption Date or Stated Maturity of the Notes shall not be a Business Day at any Place of Payment for such Notes, then (notwithstanding any other provision of this Indenture or of such Notes) payment of principal (and premium, if any) or interest need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date, Redemption Date or at the Stated Maturity, and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be, to such Business Day if such payment is made or duly provided for on such Business Day.
		
	SECTION 11.08.
	GOVERNING LAW.

THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE AND THE NOTES WITHOUT GIVING EFFECT TO APPLICABLE 

-77-

PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.
		
	SECTION 11.09.
	NO PERSONAL LIABILITY OF DIRECTORS, OFFICERS, EMPLOYEES AND STOCKHOLDERS.

No past, present or future director, officer, employee, incorporator or stockholder of the Company, any Guarantor or the Trustee, as such, shall have any liability for any obligations of the Company or of the Guarantors under the Notes, this Indenture, the Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation.  Each Holder by accepting a Note waives and releases all such liability.  The waiver and release are part of the consideration for issuance of the Notes.
		
	SECTION 11.10.
	NOTE PURCHASES BY COMPANY AND AFFILIATES.

The Company and its Affiliates shall be permitted to purchase Notes, whether through private purchase, open market purchase, tender offer, or otherwise. Such purchase or acquisition shall not operate as or be deemed for any purpose to be a redemption of the Indebtedness represented by such Notes. Any Notes purchased or acquired by the Company may be delivered to the Trustee and, upon such delivery the Indebtedness represented thereby shall be deemed to be satisfied. The proviso to the definition of “Outstanding Notes” shall be applicable to any Notes acquired by the Company and its Affiliates.
		
	SECTION 11.11.
	NO SECURITY INTEREST CREATED.

Nothing in this Indenture or in the Notes, express or implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect in any jurisdiction where property of the Company or its Subsidiaries is or may be located.
		
	SECTION 11.12.
	SUCCESSORS.

All agreements of the Company and each Guarantor in this Indenture and the Notes (including the Note Guarantee endorsements thereon) shall bind their successors.  All agreements of the Trustee in this Indenture shall bind its successors.
		
	SECTION 11.13.
	MULTIPLE ORIGINALS.

The parties may sign any number of copies of this Indenture.  Each signed copy shall be an original, but all of them together represent the same agreement.  One signed copy is enough to prove this Indenture.
		
	SECTION 11.14.
	TABLE OF CONTENTS; HEADINGS.

The table of contents, cross-reference sheet and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof.
		
	SECTION 11.15.
	SEVERABILITY.

In case any one or more of the provisions in this Indenture, in the Notes or in the Guarantees shall be held invalid, illegal or unenforceable, in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions shall not in any way be affected or impaired thereby, it being intended that all of the provisions hereof shall be enforceable to the full extent permitted by law.
		
	SECTION 11.16.
	NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS.

This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or any of its Subsidiaries.  Any such indenture, loan or debt agreement may not be used to interpret this Indenture.

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	SECTION 11.17.
	FORCE MAJEURE.

In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

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IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed and delivered all as of the day and year first written above.
	
	
	COMPANY:

THE SCOTTS MIRACLE-GRO COMPANY 

By: _/s/ THOMAS RANDAL COLEMAN___
Name:  Thomas Randal Coleman
Title:     Executive Vice President
and Chief  Financial Officer

SIGNATURE PAGE TO THE SCOTTS MIRACLE-GRO COMPANY INDENTURE

	
	
	GUARANTORS
GUTWEIN & CO., INC.
HYPONEX CORPORATION
MIRACLE-GRO LAWN PRODUCTS, INC.
ROD MCLELLAN COMPANY 
SANFORD SCIENTIFIC, INC.
SCOTTS MANUFACTURING COMPANY
SCOTTS PRODUCTS CO.  
SCOTTS PROFESSIONAL PRODUCTS CO.
SCOTTS-SIERRA INVESTMENTS LLC
SCOTTS TEMECULA OPERATIONS, LLC
SLS HOLDINGS, INC.
SMG GROWING MEDIA, INC.
SMGM LLC 
THE SCOTTS COMPANY LLC
By:_/s/ JAMES A. SCHROEDER_______________
Name:  James A. Schroeder
Title:    VP and Treasurer

	 

	GENSOURCE, INC.
By:_/s/ JAMES A. SCHROEDER_______________
Name:  James A. Schroeder
Title:    Treasurer

	 

	HGCI, INC.
By:_/s/ AIMEE M. DELUCA__________________
Name:  Aimee M. DeLuca
Title:    Vice President

	 

	HAWTHORNE HYDROPONICS LLC
THE HAWTHORNE GARDENING COMPANY
By:_/s/ IVAN C. SMITH______________________
Name:  Ivan C. Smith
Title:    Secretary

SIGNATURE PAGE TO THE SCOTTS MIRACLE-GRO COMPANY INDENTURE

	
	
	OMS INVESTMENTS, INC.
SWISS FARMS PRODUCTS, INC. 
By:_/s/ AIMEE M. DELUCA__________________
Name:  Aimee M. DeLuca
Title:    President & CEO

SIGNATURE PAGE TO THE SCOTTS MIRACLE-GRO COMPANY INDENTURE

	
	
	TRUSTEE:
U.S. BANK NATIONAL ASSOCIATION
By:_/s/ KATHERINE ESBER__________________
Name:  Katherine Esber
Title:    Vice President 

SIGNATURE PAGE TO THE SCOTTS MIRACLE-GRO COMPANY INDENTURE

EXHIBIT A
FORM OF [GLOBAL] NOTE
CUSIP No. [                     ]
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE SCOTTS MIRACLE-GRO COMPANY OR ITS AGENT FOR REGISTRATION OR TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNED HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.  THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THE NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.
[THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM.  EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.  THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) SUCH SECURITY MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (1)(a) INSIDE THE UNITED STATES TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT, (b) OUTSIDE THE UNITED STATES TO A NON-U.S. PERSON IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (c) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF APPLICABLE) OR (d) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY IF THE COMPANY SO REQUESTS), (2) TO THE COMPANY OR (3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THE SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN CLAUSE (A) ABOVE.  NO REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 FOR RESALE OF THE SECURITY EVIDENCED HEREBY.]1 
________________________
1   Insert for Restricted Global Note.

A-1

[THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR DEFINITIVE NOTES, ARE AS SPECIFIED IN THE INDENTURE.  THE HOLDER OF THIS NOTE BY ACCEPTANCE HEREOF ALSO AGREES, REPRESENTS AND WARRANTS THAT IF IT IS A PURCHASER IN A SALE THAT OCCURS OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S OF THE SECURITIES ACT, IT ACKNOWLEDGES THAT, UNTIL EXPIRATION OF THE “40-DAY DISTRIBUTION COMPLIANCE PERIOD” WITHIN THE MEANING OF RULE 903 OF REGULATION S, ANY OFFER OR SALE OF THIS NOTE SHALL NOT BE MADE BY IT TO A U.S. PERSON TO OR FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON WITHIN THE MEANING OF RULE 902(k) UNDER THE SECURITIES ACT.]2 
[THIS NOTE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE.  A HOLDER MAY OBTAIN THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE AND YIELD TO MATURITY  FOR SUCH NOTES BY SUBMITTING A REQUEST FOR SUCH INFORMATION TO THE ISSUER AT THE FOLLOWING ADDRESS: 14111 SCOTTSLAWN ROAD, MARYSVILLE, OHIO 43041, ATTENTION: CHIEF FINANCIAL OFFICER.]3 

________________________
2  Insert for Temporary Regulation S Global Note.
3   Insert for Notes issued with Original Issue Discount.

A-2

[FORM OF FACE OF NOTE]
No.    $[                      ]
CUSIP No. [                      ]
5.250% Senior Notes due 2026
The Scotts Miracle-Gro Company, an Ohio corporation, promises to pay to Cede & Co., or registered assigns, the principal sum of [          ] Dollars ($[            ]) on December 15, 2026.
Interest Payment Dates: June 15 and December 15, commencing June 15, 2017
Record Dates: June 1 and December 1.
Additional provisions of this Note are set forth on the other side of this Note.
THE SCOTTS MIRACLE-GRO COMPANY
		
	By:
	________________________________________ 
Name: 
Title:

Dated:
TRUSTEE’S CERTIFICATE OF 
AUTHENTICATION
U.S. BANK NATIONAL ASSOCIATION 
as Trustee, certifies that this is one of 
the Global Notes referred to in the within mentioned Indenture.
By:__________________________________
Authorized Signatory

A-3

[FORM OF REVERSE SIDE OF NOTE]
5.250% Senior Note Due 2026
1.    INTEREST
THE SCOTTS MIRACLE-GRO COMPANY, an Ohio corporation (the “Company”), promises to pay interest on the principal amount of this Note at the rate per annum shown above and shall pay Additional Interest, if any, payable pursuant to the Registration Rights Agreement.
The Company shall pay interest (including Additional Interest, if any) semi-annually in arrears on June 15 and December 15 of each year, or if such date is not a Business Day, on the next succeeding Business Day, commencing on June 15, 2017.  Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from December 15, 2016, with respect to this Note.  Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months.
2.    METHOD OF PAYMENT
The Company shall pay interest (except defaulted interest but including Additional Interest, if any) on the Notes to the Persons who are registered Holders of Notes at the close of business on the June 1 or December 1 immediately preceding the interest payment date even if Notes are canceled after the record date and on or before the interest payment date.  Holders must surrender Notes to a Paying Agent to collect principal payments.  The Company shall pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts.  However, all payments in respect of this Note (including principal, premium, if any, interest and Additional Interest, if any) must be made by wire transfer of immediately available funds to the accounts specified by the Holder hereof.
3.    PAYING AGENT AND REGISTRAR
Initially, U.S. BANK NATIONAL ASSOCIATION (the “Trustee”) shall act as Paying Agent and Registrar.  The Company may appoint and change any Paying Agent or Registrar without notice to the Holders.  The Company or any domestically organized Subsidiary may act as Paying Agent or Registrar.
4.    INDENTURE
The Company issued the Notes under an Indenture dated as of December 15, 2016 (the “Indenture”), among the Company, the Guarantors and the Trustee.  The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the TIA.  Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture.  The Notes are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of those terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.
The Notes are unsecured senior obligations of the Company.  Subject to the conditions set forth in the Indenture, the Company may issue Additional Notes in an unlimited principal amount.  This Note is one of the Notes referred to in the Indenture.  The Notes include the Initial Notes, the Additional Notes and any Exchange Notes issued in exchange for Additional Notes or Initial Notes pursuant to the Registration Rights Agreement and the Indenture.  The Initial Notes, the Additional Notes and the Exchange Notes are treated as a single class of Notes under the Indenture.  
5.    OPTIONAL REDEMPTION
Except as set forth below, the Company shall not be entitled to redeem the Notes prior to December 15, 2021.

A-4

At any time prior to December 15, 2021, the Company may redeem all or a part of the Notes (which includes Additional Notes, if any), at a Redemption Price equal to 100% of the principal amount of Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any, to the date of redemption (the “Redemption Date”), subject to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant interest payment date.
On or after December 15, 2021, the Company shall be entitled at its option to redeem all or a portion of the Notes at the Redemption Prices set forth below (expressed in percentages of principal amount) set forth below, plus accrued and unpaid interest, if any, thereon to the applicable Redemption Date (subject to the right of Holders of record on the relevant date to receive interest due on the relevant interest payment date), if redeemed during the twelve-month period beginning on December 15 on the years indicated below:
	
		
	Year
	Redemption 
Price

	2021
	102.625%

	2022
	101.750%

	2023
	100.875%

	2024 and thereafter   
	100.000%

In addition, at any time on or prior to December 15, 2019, the Company shall be entitled at its option on one or more occasions to redeem Notes in an aggregate principal amount not to exceed 35% of the aggregate principal amount of the Notes issued (which includes the Additional Notes, if any) at a Redemption Price of 105.250% of the principal amount, plus accrued and unpaid interest to the Redemption Date, with the Net Cash Proceeds from one or more Equity Offerings; provided, however, that (1) at least 65% of such aggregate principal amount of Notes (which includes the Additional Notes, if any) remains outstanding immediately after the occurrence of each such redemption (other than Notes held by the Company or its Subsidiaries); and (2) each such redemption occurs within 60 days after the date of the closing of the related Equity Offering
6.    NOTICES OF REDEMPTION
Notices of redemption shall be mailed by first-class mail at least 15 (unless a shorter notice is acceptable to the Trustee) days but not more than 60 days before the redemption date to each Holder of Notes to be redeemed at its registered address all in accordance with the Indenture.  If less than all of the Notes are to be redeemed at any time (other than pursuant to paragraph 5 above) the particular Notes to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Notes not previously called for redemption, by the Trustee in the following manner: (1) if the Notes are listed, in compliance with the requirements of the principal national securities exchange on which the Notes are listed or; (2) if the Notes are not listed, on a pro rata basis subject to adjustment for minimum denomination.  On and after the redemption date, interest ceases to accrue on Notes or portions of them called for redemption.
7.    REPURCHASE AT OPTION OF HOLDER
If a Change of Control occurs, each Holder shall have the right to require that the Company purchase all or a portion of such Holder’s Notes pursuant to the offer described in the Indenture (the “Change of Control Offer”), at a purchase price equal to 101% of the principal amount thereof plus accrued interest, if any, to the date of purchase (subject to the right of holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the date fixed for redemption).  Within 30 days following the date upon which the Change of Control occurred, the Company must send, by first class mail, a notice to each Holder, which notice shall govern the terms of the Change of Control Offer and shall be in compliance with the Indenture.  Holders electing to have a Note purchased pursuant to a Change of Control Offer shall be required to surrender the Note, with the form entitled 

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“Option of Holder to Elect Purchase” on the reverse of the Note completed, to the Paying Agent at the address specified in the notice.
8.    DENOMINATIONS; TRANSFER; EXCHANGE
The Notes are in registered form without coupons in denominations of $2,000 and whole multiples of $1,000.  A Holder may transfer or exchange Notes in accordance with the Indenture.  Upon any transfer or exchange, the Registrar and the Trustee may require a Holder, among other things, to furnish appropriate transfer documents and to pay any taxes and fees required by law or permitted by the Indenture.  The Registrar shall not be required (A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 calendar days before the day of any selection of Notes for redemption and ending at the close of business on the day of selection, (B) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part or (C) to register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date.
9.    PERSONS DEEMED OWNERS
The registered Holder of this Note may be treated as the owner of it for all purposes.
10.    UNCLAIMED MONEY
If money for the payment of principal or interest remains unclaimed for two years, the Paying Agent shall pay the money back to the Company at its request, or if then held by the Company or a domestic Subsidiary, shall be discharged from such trust (unless an abandoned property law designates another Person for payment thereof).  After any such payment, Holders entitled to the money must look only to the Company for payment thereof, and all liability of the Paying Agent with respect to such money, and all liability of the Company or such permitted Subsidiary as trustee thereof, shall thereupon cease.
11.    DISCHARGE AND DEFEASANCE
Subject to certain conditions set forth in the Indenture, the Company at any time may terminate some or all of its obligations under the Indenture with respect to the Notes if, among other things, the Company deposits with the Trustee funds for the payment of principal and interest on the Notes to redemption or maturity, as the case may be.
12.    AMENDMENT, WAIVER
Subject to certain exceptions, the Indenture, the Guarantees or the Notes may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the then outstanding Notes voting as a single class (including consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes), and any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium, if any, or interest on the Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of the Indenture, the Guarantees or the Notes may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes voting as a single class (including consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes).  Without the consent of any Holder, the Indenture, the Guarantees or the Notes may be amended to, among other things, cure any ambiguity, defect or inconsistency; to provide for uncertificated Notes in addition to or in place of certificated Notes; to provide for the assumption of the Company’s obligations to Holders of Notes in the case of a merger or consolidation or sale of all or substantially all of the Company’s assets; or to make any change that would provide any additional rights or benefits to the Holders of Notes or that does not adversely affect in any material respect the legal rights under the Indenture of any such Holder.

A-6

13.    DEFAULTS AND REMEDIES
If any Event of Default (as defined in the Indenture) occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare all the Notes to be due and payable by notice in writing to the Company and the Trustee specifying the respective Event of Default and that it is a “notice of acceleration,” and the same shall become immediately due and payable.  Holders may not enforce the Indenture or the Notes except as provided in the Indenture and the TIA.  Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power.  However, the Trustee may refuse to follow any direction that conflicts with law or that the Trustee determines may be unduly prejudicial to the rights of other Holders of Notes or that may involve the Trustee in personal liability.  The Company is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Company is required upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default.
14.    GUARANTEE
The full and punctual payment by the Company of the principal of, premium, if any, and interest on the Notes is fully and unconditionally guaranteed on a joint and several senior unsecured basis by each of the Guarantors.
15.    TRUSTEE DEALINGS WITH THE COMPANY
Subject to certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may make loans to accept deposits from, and perform services for, the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee.
16.    NO PERSONAL LIABILITY OF DIRECTORS, OFFICERS, EMPLOYEES AND STOCKHOLDERS
Any past, present, or future director, officer, employee, incorporator or stockholder, as such, of the Company, any Guarantors or the Trustee shall not have any liability for any obligations of the Company or any Guarantor under the Notes, the Indenture, the Guarantees or for any claim based on, in respect of or by reason of such obligations or their creation.  By accepting a Note, each Holder waives and releases all such liability.  The waiver and release are part of the consideration for the issue of the Notes.
17.    GOVERNING LAW
THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS NOTE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.
18.    AUTHENTICATION
This Note and the Subsidiary Guarantee endorsed hereon shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this Note.
19.    ABBREVIATIONS
Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act).

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20.    CUSIP NUMBERS
Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures the Company has caused CUSIP numbers to be printed on the Notes and has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders.  No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.
The Company will furnish to any Holder upon written request and without charge to the Holder a copy of the Indenture.  Requests may be made to:
The Scotts Miracle-Gro Company 
14111 Scottslawn Road 
Marysville, Ohio 43041 
Attention:      Ivan C. Smith, Executive Vice President, General Counsel, 
     Corporate Secretary and Chief Compliance Officer 
Facsimile No.:  (937) 578-5078

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ASSIGNMENT FORM
To assign this Note, fill in the form below:
I or we assign and transfer this Note to
    
(Print or type assignee’s name, address and zip code)
    
(Insert assignee’s soc. sec. or tax I.D. No.)
and irrevocably appoint ___________________ agent to transfer this Note on the books of the Company.  The agent may substitute another to act for him.
Date:  ________________ Your Signature:  _____________________
	
	
	Signature Guarantee:____________________________________________
(Signature must be guaranteed by a participant in recognized signature guarantee medallion program)

    
Sign exactly as your name appears on the other side of this Note.

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

A-9

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE
The following increases or decreases in this Global Note have been made:
	
					
	Date of Exchange
	Amount of decrease in Principal  Amount of this Global Note
	Amount of increase in Principal Amount of this Global Note
	Principal amount of this Global Note following such decrease or increase
	Signature of authorized signatory of Trustee or Notes Custodian

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

A-10

OPTION OF HOLDER TO ELECT PURCHASE
If you want to elect to have this Note purchased by the Company pursuant to either Section 4.10 or Section 4.13 of the Indenture, as applicable, check the corresponding box:
	
				
	Section 4.10
	 
	                                                  Section 4.13
	 

If you want to elect to have only part of this Note purchased by the Company pursuant to Section  4.10 or Section 4.13 of the Indenture, as applicable, state the amount in principal amount:  $______________

	
		
	Dated:_________________________________
	Your Signature:________________________________
(Sign exactly as your name appears on the other side of of this Note.)
 

	 
	 

	Signature Guarantee:___________________________________
(Signature must be guaranteed)

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

A-11

EXHIBIT B
FORM OF CERTIFICATE OF TRANSFER
U.S. BANK NATIONAL ASSOCIATION 
10 West Broad Street 
12th Floor 
Columbus, OH  43215
		
	Re:
	THE SCOTTS MIRACLE-GRO COMPANY (the “Company”)  
5.250% Senior Notes due 2026 (the “Notes”).

Reference is hereby made to that certain Indenture dated December 15, 2016 (the “Indenture”), among THE SCOTTS MIRACLE-GRO COMPANY, as Company (the “Company”), the Guarantors (as defined therein) and U.S. BANK NATIONAL ASSOCIATION, as trustee (the “Trustee”).  Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.
______________ (the “Transferor”) owns and proposes to transfer the Note[s] or interests in such Note[s] specified in Annex A hereto, in the principal amount of $___________ (the “Transfer”), to __________ (the “Transferee”), as further specified in Annex A hereto.  In connection with the Transfer, the Transferor hereby certifies that:
[CHECK ALL THAT APPLY]
1.     ̈  Check if Transferee will take delivery of a beneficial interest in the Rule 144A Global Note or a Definitive Note Pursuant to Rule 144A.  The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest in a Global Note or a Definitive Note is being transferred to a Person that the Transferor reasonably believed and believes is purchasing the beneficial interest in a Global Note or such Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States.  Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Rule 144A Global Note and/or the Definitive Note and in the Indenture and with the Securities Act.
2.     ̈  Check if Transferee will take delivery of a beneficial interest in the Regulation S Global Note or a Definitive Note pursuant to Regulation S.  The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts (as defined in Rule 902 of Regulation S) have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the Distribution Compliance Period (as provided in Rule 904 of Regulation S), the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser) and the interest transferred will be held immediately thereafter through Euroclear or Clearstream.  Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest in a Global Note or Definitive Note will be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the Definitive Note and in the Indenture and with the Securities Act.

B-1

3.     ̈  Check and complete if Transferee will take delivery of a beneficial interest in a IAI Global Note or a Restricted Definitive Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S.  The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one):
(a)     ̈  such Transfer is being effected to the Company or a subsidiary thereof; or
(b)     ̈  such Transfer is being effected to an Institutional Accredited Investor and pursuant to an exemption from the registration requirements of the Securities Act other than Rule 144A, Rule 144, Rule 903 or Rule 904, and the Transferor hereby further certifies that it has not engaged in any general solicitation within the meaning of Regulation D under the Securities Act and the Transfer complies with the transfer restrictions applicable to beneficial interests in a Restricted Global Note or Restricted Definitive Notes and the requirements of the exemption claimed, which certification is supported by (1) a certificate executed by the Transferee in the form of Exhibit D to the Indenture (attached hereto) and (2) if such transfer is in respect of an aggregate principal amount of less than $100,000, an Opinion of Counsel acceptable to the Company that such transfer is in compliance with the Securities Act.
Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on IAI Global Note or the Restricted Definitive Notes and in the Indenture and the Securities Act.
4.     ̈  Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note.
(a)     ̈  Check if Transfer is pursuant to Rule 144.  (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act.  Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest in a Global Note or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.
(b)     ̈  Check if Transfer is Pursuant to Regulation S.  (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act.  Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.
(c)     ̈  Check if Transfer is Pursuant to Other Exemption.  (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act.  Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest in a Global Note or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed 

B-2

on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture.  This certificate and the statements contained herein are made for your benefit and the benefit of the Company.
(d)     ̈  Check if Transfer is Pursuant to Registration Statement.  Such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with the prospectus delivery requirements of the Securities Act.
______________________
[Insert Name of Transferor]
By:___________________
Name:
Title:
Dated:____________

B-3

ANNEX A TO CERTIFICATE OF TRANSFER
1.    The Transferor owns and proposes to transfer the following:
[CHECK ONE OF (a) OR (b)]
(a)     ̈    a beneficial interest in the:
(i)     ̈    Rule 144A Global Note (CUSIP         ), or
(ii)     ̈    Regulation S Global Note (CUSIP ______), or
 (b)     ̈    a Restricted Definitive Note.
2.    After the Transfer the Transferee will hold:
[CHECK ONE]
(a)     ̈    a beneficial interest in the:
(i)     ̈    Rule 144A Global Note (CUSIP ______), or
(ii)     ̈    Regulation S Global Note (CUSIP ______), or
(iii)     ̈    Unrestricted Global Note (CUSIP ______); or
(b)     ̈    a Restricted Definitive Note; or
(c)     ̈    an Unrestricted Definitive Note,
in accordance with the terms of the Indenture.

B-4

EXHIBIT C
FORM OF CERTIFICATE OF EXCHANGE
U.S. BANK NATIONAL ASSOCIATION 
10 West Broad Street 
12th Floor 
Columbus, OH  43215
		
	Re:
	THE SCOTTS MIRACLE-GRO COMPANY (the “Company”)  
5.250% Senior Notes due 2026 (the “Notes”).

Reference is hereby made to that certain Indenture dated December 15, 2016 (the “Indenture”) among THE SCOTTS MIRACLE-GRO COMPANY, as Company (the “Company”), the Initial Guarantors (as defined therein) and U.S. BANK NATIONAL ASSOCIATION, as trustee (the “Trustee”).  Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.
____________ (the “Owner”) owns and proposes to exchange the Notes or beneficial interests in the Notes specified herein, in the principal amount of $____________ (the “Exchange”).  In connection with the Exchange, the Owner hereby certifies that:
1.    Exchange of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted Global Note
(a)     ̈    Check if Exchange is from beneficial interest in a Restricted Global Note to beneficial interest in an Unrestricted Global Note.  In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and pursuant to and in accordance with the United States Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.
(b)     ̈    Check if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted Definitive Note.  In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act, (iv) the Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States and (v) the conditions for issuance of Definitive Securities under the Indenture have been satisfied.
(c)     ̈    Check if Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global Note.  In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any relevant State of the United States.

C-1

(d)     ̈    Check if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note.  In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any relevant State of the United States.
2.    Exchange of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes
(a)     ̈    Check if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note.  In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without transfer.  Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act.  The conditions for issuance of Definitive Securities under the Indenture have been satisfied.
(b)     ̈    Check if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global Note.  In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the:  [CHECK ONE]  Rule 144A Global Note (only if the Owner is a QIB) or  Regulation S Global Note (only if the Owner is Non-U.S. Person) with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any relevant State of the United States.  Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act.
This certificate and the statements contained herein are made for your benefit and the benefit of the Company.
    
[Insert Name of Owner]	
	
	By:____________________________________
Name:
Title:

Dated:____________

C-2

EXHIBIT D
FORM OF CERTIFICATE FROM ACQUIRING 
INSTITUTIONAL ACCREDITED INVESTOR
U.S. BANK NATIONAL ASSOCIATION 
10 West Broad Street 
12th Floor 
Columbus, OH  43215
Ladies and Gentlemen:
This certificate is delivered to request a transfer of $           principal amount of the 5.250% Senior Notes due 2026 (the “Notes”) of The Scotts Miracle-Gro Company (the “Company”).
Upon transfer, the Notes would be registered in the name of the new beneficial owner as follows:
	
	
	Name:_____________________________________________

	 

	Address:___________________________________________

	 

	Taxpayer ID Number:_________________________________

The undersigned represents and warrants to you that:
1.    We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended (the “Securities Act”), an “Institutional Accredited Investor”), and we are acquiring the Notes not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act.  We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risk of our investment in the Notes and invest in or purchase securities similar to the Notes in the normal course of our business.  We and any accounts for which we are acting are each able to bear the economic risk of our or its investment.
2.    We understand that the Notes have not been registered under the Securities Act and, unless so registered, may not be sold except as permitted in the following sentence.  We agree, on our own behalf and on behalf of any accounts for which we are acting as hereinafter stated, that if we should sell the Notes or any interest therein, we will do so only (A)(i) in the United States, to a person who the seller reasonably believes is a Qualified Institutional Buyer (as defined in Rule 144A under the Securities Act) purchasing for its own account or for the account of a Qualified Institutional Buyer meeting the requirements of Rule 144A, (ii) outside the United States, in a transaction meeting the requirements of Rule 904 of Regulation S under the Securities Act, (iii) in a transaction meeting the requirements of Rule 144 under the Securities Act, (iv) to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of the Securities Act) that, prior to such transfer, furnishes the Trustee a signed letter containing certain representations and agreements (the form of which can be obtained from the Trustee) and, if such transfer is in respect of an aggregate principal amount of less than $100,000, an Opinion of Counsel acceptable to the Company that such transfer is in compliance with the Securities Act, or (v) in accordance with another exemption from the registration requirements of the Securities Act, provided that the Company shall have the right prior to any such offer, resale, assignment, pledge or transfer pursuant to clause (v) above to require the delivery of an Opinion (in form and substance satisfactory to the Company) of Counsel satisfactory to the Company, certification and/or other information satisfactory to the Company, (B) to the Company, or (C) pursuant to an effective registration statement under the Securities Act and, in each case, in accordance with any applicable securities laws of any state of the United States or any other applicable jurisdiction, and we further agree that we 

D-1

will, and each subsequent Holder is required to notify any purchaser from it of the security evidenced hereby of the resale restrictions set forth in (A) above.
3.    We understand that, on any proposed resale of the Notes or beneficial interest therein, we will be required to furnish to you and the Company such certifications, legal opinions and other information as you and the Company may reasonably require to confirm that the proposed sale complies with the foregoing restrictions.  We further understand that the Notes purchased by us will bear a legend to the foregoing effect.
4.    We are acquiring the Notes or beneficial interest therein purchased by us for our own account or for one or more accounts (each of which is an institutional “accredited investor”) as to each of which we exercise sole investment discretion.
You and the Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby.
    
[Insert Name of Owner]
	
	
	By:____________________________________
Name:
Title:

Dated:____________, _________

D-2

EXHIBIT E
[FORM OF NOTATION OF GUARANTEE]
GUARANTEE
For value received, each Guarantor (which term includes any successor Person under the Indenture), jointly and severally, unconditionally guarantees, to the extent set forth in and subject to the provisions in the Indenture, dated as of December 15, 2016 (the “Indenture”), among The Scotts Miracle-Gro Company, as issuer (the “Company”), the Guarantors from time to time party thereto and U.S. Bank National Association, as trustee (the “Trustee”), (a) the full and punctual payment of the principal of and interest on the Notes when due, whether at maturity, by acceleration, redemption or otherwise, and all other monetary obligations of the Company under the Indenture and the Notes and (b) the full and punctual performance within applicable grace periods of all other obligations of the Company under the Indenture and the Notes (all the foregoing being hereinafter collectively called the “Guaranteed Obligations”).  Each Guarantor further agrees that the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice or further assent from such Guarantor and that such Guarantor will remain bound hereunder notwithstanding any extension or renewal of any Guaranteed Obligation.
The obligations of the Guarantors to the Holders of Notes and to the Trustee pursuant to the Guarantee and the Indenture are expressly set forth in Article 10 of the Indenture and reference is hereby made such provisions for the precise terms of the Guarantee.  Each Holder, by accepting the same agrees to and shall be bound by such provisions.  This Guarantee is subject to release as and to the extent set forth in Sections 8.01, 8.04 and 10.04 of the Indenture.  Capitalized terms used herein and not defined are used herein as so defined in the Indenture.
[GUARANTOR]
	
	
	By:____________________________________
Name:
Title:

E-1

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