Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 SEVENTH
AMENDMENT 
 SEVENTH AMENDMENT, dated as of March 29, 2018 (this “Amendment”), to that certain Amended and
Restated Credit Agreement, dated as of December 18, 2012 (as amended by the First Amendment thereto dated as of December 18, 2012, the Second Amendment thereto dated as of May 8, 2015, the Third Amendment thereto dated as of
June 13, 2016, the Fourth Amendment thereto dated as of December 15, 2016, the Fifth Amendment thereto dated as of June 16, 2017 and the Sixth Amendment thereto dated as of November 28, 2017, the “Credit
Agreement”) among CINEMARK HOLDINGS, INC. (the “Parent”), CINEMARK USA, INC. (the “Borrower”), the several banks and other financial institutions party thereto (the
“Lenders”), BARCLAYS BANK PLC, as administrative agent for the Lenders (in such capacity, the “Administrative Agent”), and the other agents party thereto. Unless otherwise specifically defined herein, each
term used herein which is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement. 
 RECITALS:

 WHEREAS, the Borrower, the Lenders and others are party to the Credit Agreement. 

WHEREAS, the Borrower has engaged Barclays Bank PLC (“Barclays”), JPMorgan Chase Bank, N.A., Royal Bank of Canada,
Wells Fargo Securities, LLC and Webster Bank, N.A. to act as the joint lead arrangers and bookrunners in structuring and facilitating this Amendment. 

WHEREAS, the Borrower has requested that all of the outstanding Term Loans (the “Existing Term Loans”, and the Lenders
of such Existing Term Loans, collectively, the “Existing Term Lenders”) be refinanced and/or replaced with a new term loan facility (the “Amended Term Loan Facility”) by obtaining New Term Loan Commitments (as
defined herein). 
 WHEREAS, the penultimate paragraph of Section 10.1 of the Credit Agreement permits the Borrower to amend the
Credit Agreement with the written consent of the Administrative Agent, the Borrower and the Lenders providing Replacement Term Loans to refinance the Existing Term Loans with the proceeds of the Amended Term Loan Facility. 

WHEREAS, upon the occurrence of the Effective Date (as defined below), the new term loans under the Amended Term Loan Facility (such
new loans comprising the Continued Term Loans and the Additional Term Loans (each, as defined below), collectively, the “New Term Loans”) will replace and refinance the Existing Term Loans in their entirety. 

WHEREAS, each Existing Term Lender that executes and delivers a signature page to this Amendment in the form of Exhibit A-1 hereto (a “Continuing Term Lender Addendum (Cashless Roll)”), and in connection therewith agrees to continue all of its Existing Term Loans as New Term Loans (such continued Term Loans, the
“Continued Term Loans” and such Lenders, collectively, the “Continuing Term Lenders”), will thereby (i) agree to the terms of this Amendment and the Credit Agreement as amended by this Amendment (the
“Amended Credit Agreement”) and (ii) agree to continue all of its Existing Term Loans outstanding on the Effective Date as New Term Loans in a principal amount equal to the aggregate principal amount of such Existing Term Loans
so continued (or such lesser amount as notified to such Lender by Barclays prior to the Effective Date). 

  
 1 

 WHEREAS, subject to the preceding recitals, each Person (other than a Continuing Term
Lender in its capacity as such) that executes and delivers a signature page to this Amendment in the form of Exhibit A-2 hereto (each, an “Additional Term Lender Addendum”, and collectively
with each Continuing Term Lender Addendum (Cashless Roll), the “Lender Addenda”) and agrees in connection therewith to fund its New Term Loans (such New Term Loans, the “Additional Term Loans”, and the Lenders of
such Additional Term Loans, collectively, the “Additional Term Lenders”) will thereby (i) agree to the terms of this Amendment and the Amended Credit Agreement and (ii) commit to make Additional Term Loans to the Borrower
on the Effective Date as New Term Loans in a principal amount (not in excess of the maximum commitment offered by such Additional Term Lender) as is determined by Barclays and notified to such Additional Term Lender prior to the Effective Date. 

WHEREAS, upon the occurrence of the Effective Date, the proceeds of the Additional Term Loans will be used by the Borrower to repay in
full the outstanding principal amount of the Existing Term Loans that are not Continued Term Loans. 
 WHEREAS, the Borrower has
further requested certain other amendments to the Credit Agreement as set forth herein. 
 WHEREAS, the Continuing Term Lenders and
the Additional Term Lenders (collectively, the “New Term Lenders”) (i) are severally willing to continue their Existing Term Loans as New Term Loans and/or to make New Term Loans, as the case may be, and (ii) agree to the terms
of this Amendment. 
 WHEREAS, the Revolving Credit Lenders agree to the terms of this Amendment. 

NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto
agree as follows: 
 SECTION I. AMENDMENTS TO CREDIT AGREEMENT 

The Credit Agreement is hereby amended as follows: 

(a) On and after the Effective Date, all references to (i) “Term Loans” in the Credit Agreement shall be deemed to be
references to the “New Term Loans”, (ii) the “Term Loan Facility” in the Credit Agreement shall be deemed to be references to the “Amended Term Loan Facility” and (iii) the “Term Loan Lenders” in the
Credit Agreement shall be deemed to be references to the “New Term Lenders”, in each case, with such changes as are set forth in this Amendment, except as the context may otherwise require. 

(b) The Credit Agreement (excluding the schedules and exhibits thereto) is hereby amended in accordance with Exhibit B
hereto by deleting the stricken text (indicated textually in the same manner as the following example: stricken text) and by inserting the double-underlined text (indicated textually in the same manner as the following example:
double-underlined text), in each case in the place where such text appears therein. 

  
 2 

 (c) Schedule 6.9(b)-1 of the Credit
Agreement is hereby amended and restated in its entirety in the form attached hereto as Schedule 1. 
 SECTION II. NEW TERM LOANS 

(a) Subject to the terms and conditions set forth herein (i) each Continuing Term Lender agrees to continue all (or such
lesser amount as notified to such Lender by Barclays prior to the Effective Date) of its Existing Term Loans as a New Term Loan on the date requested by the Borrower to be the Effective Date in a principal amount equal to such Continuing Term
Lender’s New Term Loan Commitment (as defined below), (ii) each Additional Term Lender agrees to make a New Term Loan on such date to the Borrower in a principal amount equal to such Additional Term Lender’s New Term Loan Commitment and
(iii) each Continuing Term Lender and Additional Term Lender agrees to this Amendment and the terms of the Amended Credit Agreement. 

(b) For purposes hereof, a Person shall become a party to the Amended Credit Agreement and an Additional Term Lender as of the
Effective Date by executing and delivering to the Administrative Agent, on or prior to the Effective Date, an Additional Term Lender Addendum in its capacity as an Additional Term Lender. The Borrower shall give notice to the Administrative Agent of
the proposed Effective Date not later than one Business Day prior thereto, and the Administrative Agent shall notify each New Term Lender thereof. For the avoidance of doubt, the Existing Term Loans of a Continuing Term Lender must be continued in
whole and may not be continued in part unless approved by Barclays. 
 (c) Each Additional Term Lender will make its New Term
Loan on the Effective Date by making available to the Administrative Agent, in the manner contemplated by Section 2.2 of the Amended Credit Agreement, an amount equal to its New Term Loan Commitment. The “New Term Loan
Commitment” of (i) any Continuing Term Lender will be the amount of its Existing Term Loans as set forth in the Register as of the Effective Date (or such lesser amount as notified to such Lender by Barclays prior to the Effective
Date), which shall be continued as an equal principal amount of New Term Loans, and (ii) any Additional Term Lender will be such amount (not in excess of the maximum commitment offered by such Additional Term Lender) allocated to it by Barclays
and notified to it on or prior to the Effective Date. The commitments of the Additional Term Lenders and the continuation undertakings of the Continuing Term Lenders are several, and no such Lender will be responsible for any other such
Lender’s failure to make or acquire by continuation its New Term Loan. 
 (d) The obligation of each New Term Lender to
make, provide or acquire by continuation New Term Loans on the Effective Date is subject to the satisfaction of the conditions set forth in Section IV of this Amendment. 

  
 3 

 (e) The provisions of the Credit Agreement with respect to indemnification,
reimbursement of costs and expenses and increased costs shall continue in full force and effect with respect to, and for the benefit of, each Existing Term Lender in respect of such Lender’s Existing Term Loans. Notwithstanding the foregoing,
and notwithstanding Section 2.9(a) of the Credit Agreement, each Continuing Term Lender hereby waives any break funding payments in respect of such Lender’s Existing Term Loans, whether pursuant to Section 2.19 of the Credit Agreement
or otherwise. 
 (f) The continuation of Continued Term Loans may be implemented pursuant to other procedures specified by
Barclays, including by repayment of Continued Term Loans of a Continuing Term Lender followed by a subsequent assignment to it of New Term Loans in the same amount. 

(g) Each Lender with Existing Term Loans that are not continued as Continued Term Loans as contemplated hereby shall be repaid,
at par, on the Effective Date with the proceeds from New Term Loans provided by the Additional Term Lenders. 
 SECTION III. RELEASE OF CERTAIN
MORTGAGES. Upon the Effective Date, the Administrative Agent is hereby irrevocably authorized by each New Term Lender and each Revolving Credit Lender to release Mortgaged Properties existing immediately prior to the Effective Date to the extent
that the aggregate value of the remaining Mortgaged Properties (valued in accordance with Schedule 6.9(b)-1; such value to be demonstrated to the reasonable satisfaction of the Administrative Agent) after
giving effect to such release is at least 125% of the Assumed Loan Amount. Subject to the foregoing, the Borrower may select which Mortgages are to remain in place after giving effect to such release (the “Remaining Mortgages”; such
Mortgaged Properties, the “Remaining Mortgaged Properties”) and which Mortgages are to be released. 
 SECTION IV. CONDITIONS PRECEDENT
TO EFFECTIVENESS 
 This Amendment shall be effective on and as of the date hereof (the “Effective Date”) upon the
satisfaction of the following conditions: 
 (a) Agreements. Each of (i) the Borrower, the Parent and each
Revolving Credit Lender shall have delivered executed counterparts of this Amendment to the Administrative Agent and (ii) the Continuing Term Lenders (constituting at least the Required Lenders) and the Additional Term Lenders shall have
delivered the applicable Lender Addendum to the Administrative Agent. 
 (b) Acknowledgment. The Borrower, the Parent
and the other Loan Parties have each executed and delivered an acknowledgment in the form of Exhibit C hereto (the “Acknowledgment”). 

(c) Fees, Expenses and Costs. The Administrative Agent shall have received all fees required to be paid, and
reimbursement of all expenses for which invoices have been presented and which were supported by customary documentation (including reasonable fees, disbursements and other charges of counsel to the Agents), on or before the Effective Date. 

  
 4 

 (d) Resolutions. The Administrative Agent shall have received certified
resolutions from the board of directors, members or other similar body of each Loan Party authorizing the execution, delivery and performance of this Amendment. 

(e) Closing Certificate; Certified Certificate of Incorporation; Good Standing. The Administrative Agent shall have
received (i) a certificate of each Loan Party, dated the Effective Date, substantially in the form of Exhibit C to the Credit Agreement (including such modifications as are necessary to reflect the requirements of this Section IV), with
appropriate insertions and attachments including the certificate of incorporation or formation of each Loan Party certified by the relevant authority of the jurisdiction of organization of such Loan Party, and (ii) a long form good standing
certificate and bringdown good standings for each Loan Party from its jurisdiction of organization. 
 (f) Legal
Opinions. The Administrative Agent shall have received the legal opinion of Akin Gump Strauss Hauer & Feld LLP, counsel to the Loan Parties. Such legal opinion shall cover such customary matters relating to the Loan Parties, this
Amendment and other matters incidental to this Amendment as the Administrative Agent may reasonably request and shall be addressed to the Administrative Agent and the Lenders. 

(g) PATRIOT Act. The Lenders shall have received, sufficiently in advance of closing, all documentation and other
information required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the United States PATRIOT Act. 

(h) Representations and Warranties. The representations and warranties contained in the Loan Documents, as modified by
this Amendment, are and will be true and correct in all material respects on and as of the Effective Date to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an
earlier date, in which case they were true and correct in all material respects on and as of such earlier date. 
 (i) No
Default. No Default or Event of Default has occurred and is continuing on the Effective Date or will result from the consummation of the transactions contemplated by this Amendment. 

(j) Officer’s Certificate. The Administrative Agent shall have received a certificate signed by a Responsible
Officer of the Borrower certifying that the conditions specified in clauses (h) and (i) of this Section IV have been satisfied as of the Effective Date. 

(k) Flood Hazard Determinations. The Administrative Agent shall have received a completed
“Life-of-Loan” Federal Emergency Management Agency Standard Flood Hazard Determination with respect to each Remaining Mortgaged Property (together with a
notice about special flood hazard area status and flood 

  
 5 

 
disaster assistance duly executed by the Borrower and each Loan Party relating thereto) and, if any such Remaining Mortgaged Property is located in a special flood hazard area, evidence of flood
insurance in form reasonably satisfactory to the Administrative Agent and in such amounts as required by law, which evidence shall be provided by the Administrative Agent to the Lenders. 

SECTION V. MORTGAGE AMENDMENTS 
 Within
120 days after the Effective Date (as such time frame may be extended by the Administrative Agent in its sole discretion), the Administrative Agent shall have received: 

(a) with respect to each Remaining Mortgage, if local counsel in the applicable jurisdiction reasonably recommends to, or
reasonably advises the Borrower or the Administrative Agent to, record an amendment to such Remaining Mortgage in order to continue to secure the obligations under the Amended Credit Agreement or to reflect the changes under the Amended Credit
Agreement or to maintain the perfection and priority of the security interests and liens granted under the applicable Remaining Mortgage to secure the obligations under the Amended Credit Agreement, or if any Remaining Mortgage has a maturity date
prior to the Latest Maturity Date after giving effect to this Amendment, a fully executed counterpart of an amendment to each such Remaining Mortgage in form and substance reasonably satisfactory to the Administrative Agent and the Borrower (each a
“Mortgage Amendment”), together with evidence that counterparts of each Mortgage Amendment have been delivered to the Title Company or other service company for recording in all places where such Mortgage Amendments should be
recorded; 
 (b) with respect to each Remaining Mortgage in respect of which a Mortgage Amendment is executed and delivered
to the Administrative Agent pursuant to clause (a) above, if reasonably requested by the Administrative Agent, a title search showing no Liens other than Liens permitted by the Amended Credit Agreement and otherwise in form and substance
reasonably acceptable to Administrative Agent; and 
 (c) evidence reasonably acceptable to the Administrative Agent of
payment by the Borrower of all search and examination charges, mortgage recording taxes, fees, charges, costs and expenses required for the recording of the Mortgage Amendments and fees and expenses of counsel referred to above. 

The Administrative Agent and the Lenders party hereto hereby agree that, if reasonably requested by the Administrative Agent, a title search
with respect to each Remaining Mortgage in respect of which a Mortgage Amendment is executed and delivered to the Administrative Agent showing no Liens other than Liens permitted by the Amended Credit Agreement and otherwise in form and substance
reasonably acceptable to Administrative Agent shall be delivered in lieu of the documents described in Section V(b) of the Sixth Amendment, dated as of November 28, 2017, to the Credit Agreement. 

  
 6 

 SECTION VI. REPRESENTATIONS AND WARRANTIES 

The Parent and the Borrower hereby jointly and severally represent and warrant that: 

(a) Binding Obligation. Each of this Amendment and the Acknowledgment has been duly executed and delivered by each Loan
Party party thereto and constitutes a legal, valid and binding obligation of each such Loan Party enforceable against each such Loan Party in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, moratorium,
reorganization or other similar laws affecting creditors’ rights generally and except as enforceability may be limited by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at
law). 
 (b) Incorporation of Representations and Warranties. The representations and warranties contained in the Loan
Documents, as modified by this Amendment, are and will be true and correct in all material respects on and as of the Effective Date to the same extent as though made on and as of that date, except to the extent such representations and warranties
specifically relate to an earlier date, in which case they were true and correct in all material respects on and as of such earlier date. 

(c) No Default. No Default or Event of Default has occurred and is continuing on the Effective Date or will result from
the consummation of the transactions contemplated by this Amendment. 
 SECTION VII. MISCELLANEOUS 

(a) Binding Effect. This Amendment shall be binding upon the parties hereto and their respective
successors and assigns and shall inure to the benefit of the parties hereto and their successors and assigns. No party’s rights or obligations hereunder or any interest therein may be assigned or delegated by any party without the prior written
consent of all the Lenders. 
 (b) References to Agreements. On and after the Effective Date, each reference in the
Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to the “Credit
Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Amended Credit Agreement. 

(c) Effect on Loan Documents. Except as specifically amended by this Amendment, the Credit Agreement and the other Loan
Documents shall remain in full force and effect and are hereby ratified and confirmed. The parties hereto acknowledge and agree that this Amendment shall constitute a Loan Document. 

(d) Limitation of Amendment. The amendments set forth above shall be limited precisely as written and relate solely to
the modification of the provisions of the Credit Agreement in the manner and to the extent described above, and nothing in this Amendment shall be deemed to (a) constitute a waiver of compliance by the Borrower 

  
 7 

 
with respect to any other term, provision or condition of the Credit Agreement or any other instrument or agreement referred to therein; or (b) prejudice any right or remedy that the
Administrative Agent or any Lender may now have (except to the extent such right or remedy was based upon existing defaults or existing provisions, in each case, that will not exist after giving effect to this Amendment) or may have in the future
under or in connection with the Credit Agreement or the Amended Credit Agreement or any other instrument or agreement referred to therein. 

(e) GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND
SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 (f) Counterparts. This
Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument. 

(g) Revolving Credit Lenders. Each Revolving Credit Lender hereby agrees to the terms of this Amendment. 

[Remainder of page intentionally left blank. Signature pages follow.] 

  
 8 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their respective officers thereunto duly authorized as of the date first written above. 
  

			
	CINEMARK HOLDINGS, INC.
		
	By:	 	/s/ Michael D. Cavalier
		 	Name: Michael D. Cavalier
		 	 Title:   Executive Vice President-

            General Counsel and Secretary

	
	CINEMARK USA, INC.
		
	By:	 	/s/ Michael D. Cavalier
		 	Name: Michael D. Cavalier
		 	 Title:   Executive Vice President-

            General Counsel and Secretary

 [Signature Page to Seventh Amendment] 

 
			
	BARCLAYS BANK PLC,
	 as Administrative Agent and a Revolving Credit Lender

		
	By:	 	/s/ Chris Walton
		 	Name: Chris Walton
		 	Title:   Director

 [Signature Page to Seventh Amendment] 

 
			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

	as a Revolving Credit Lender
		
	By:	 	/s/ Nicholas Grocholski
		 	Name: Nicholas Grocholski
		 	Title: Director

 [Signature Page to Seventh Amendment] 

 
					
		 	
		 	JPMorgan Chase Bank, N.A.	 	,
		 	as a Revolving Credit Lender	 	
			
	By:	 	/s/ Peter Christensen	 	 
		 	Name: Peter Christensen	 	
		 	Title: Vice President	 	

 [Signature Page to Seventh Amendment] 

 
			
	WEBSTER BANK, NATIONAL ASSOCIATION,
	 as a Revolving Credit Lender

		
	By:	 	/s/ Daniel Ponzio
		 	Name: Daniel Ponzio
		 	Title: Vice President

 [Signature Page to Seventh Amendment] 

 
			
	Royal Bank of Canada,
	as a Revolving Credit Lender
		
	By:	 	/s/ Kevin Quan
		 	Name: Kevin Quan
		 	Title: Authorized Signatory

 [Signature Page to Seventh Amendment] 

 [Lender Addenda on file with the Administrative Agent] 

 EXHIBIT A-1 

CONTINUING TERM 
 LENDER
ADDENDUM 
 (CASHLESS ROLL) 

This Lender Addendum (this “Lender Addendum”) is referred to in, and is a signature page to, the Seventh Amendment (the
“Amendment”) to that certain Amended and Restated Credit Agreement, dated as of December 18, 2012 (as amended by the First Amendment thereto dated as of December 18, 2012, the Second Amendment thereto dated as of
May 8, 2015, the Third Amendment thereto dated as of June 13, 2016, the Fourth Amendment thereto dated as of December 15, 2016, the Fifth Amendment thereto dated as of June 16, 2017 and the Sixth Amendment thereto dated as of
November 28, 2017, the “Credit Agreement”) among CINEMARK HOLDINGS, INC., CINEMARK USA, INC., the several banks and other financial institutions party thereto (the “Lenders”), BARCLAYS BANK
PLC, as administrative agent for the Lenders, and the other agents party thereto. Capitalized terms used but not defined in this Lender Addendum have the meanings assigned to such terms in the Amendment or the Credit Agreement, as applicable.

 By executing this Lender Addendum as a Continuing Term Lender, the undersigned institution agrees (i) to the terms of the Amendment
and the Amended Credit Agreement, (ii) on the terms and subject to the conditions set forth in the Amendment and the Amended Credit Agreement, to continue its Existing Term Loans as New Term Loans pursuant to a cashless roll on the
Effective Date in the amount of its New Term Loan Commitment and (iii) that on and after the Effective Date, it is subject to, and bound by, the terms and conditions of the Amended Credit Agreement and the other Loan Documents as a Lender
thereunder and its New Term Loans will be “Term Loans” under the Amended Credit Agreement. 
  

	
	 Name of
Institution:                                       
                                         
                                         
                                       

  

			
	Executing as a Continuing Term Lender:
		
	By:	 	 
		 	Name:
		 	Title:
	
	For any institution requiring a second signature line:
		
	By:	 	 
		 	Name:
		 	Title:

 EXHIBIT A-2 

ADDITIONAL TERM 
 LENDER
ADDENDUM 
 This Lender Addendum (this “Lender Addendum”) is referred to in, and is a signature page to, the Seventh
Amendment (the “Amendment”) to that certain Amended and Restated Credit Agreement, dated as of December 18, 2012 (as amended by the First Amendment thereto dated as of December 18, 2012, the Second Amendment thereto dated
as of May 8, 2015, the Third Amendment thereto dated as of June 13, 2016, the Fourth Amendment thereto dated as of December 15, 2016, the Fifth Amendment thereto dated as of June 16, 2017 and the Sixth Amendment thereto dated as
of November 28, 2017, the “Credit Agreement”) among CINEMARK HOLDINGS, INC., CINEMARK USA, INC., the several banks and other financial institutions party thereto (the “Lenders”), BARCLAYS BANK
PLC, as administrative agent for the Lenders, and the other agents party thereto. Capitalized terms used but not defined in this Lender Addendum have the meanings assigned to such terms in the Amendment or the Credit Agreement, as applicable.

 By executing this Lender Addendum as an Additional Term Lender, the undersigned institution agrees (i) to the terms of the Amendment
and the Amended Credit Agreement, (ii) on the terms and subject to the conditions set forth in the Amendment and the Amended Credit Agreement, to make and fund New Term Loans on the Effective Date in the amount of such Additional Term
Lender’s New Term Loan Commitment and (iii) that on and after the Effective Date, it is subject to, and bound by, the terms and conditions of the Amended Credit Agreement and the other Loan Documents as a Lender thereunder and its New Term
Loans will be “Term Loans” under the Amended Credit Agreement. 
  

	
	Name of
Institution:                                       
                                         
                                         
                                     
	
	 Maximum offered
 commitment in respect
of                                        
                                         
                                         
                          

Additional Term Loans:

  

			
	Executing as an Additional Term Lender:
		
	By:	 	 
		 	Name:
		 	Title:
	
	For any institution requiring a second signature line:
		
	By:	 	 
		 	Name:
		 	Title:

  

 EXHIBIT B 

AMENDED CREDIT AGREEMENT 

CONFORMED VERSION 
  

 
  

$800,000,000 
 AMENDED
AND RESTATED CREDIT AGREEMENT1 
 among 

CINEMARK HOLDINGS, INC., 

as the Parent 
 CINEMARK
USA, INC., 
 as the Borrower, 

The Several Lenders 

from Time to Time Parties Hereto, 

BARCLAYS BANK PLC 
 as
Lead Arranger, 
 BARCLAYS, 

DEUTSCHE BANK SECURITIES INC., 

MORGAN STANLEY SENIOR FUNDING, INC., 

and 
 WELLS FARGO
SECURITIES, LLC 
 as Joint Bookrunners, 

MORGAN STANLEY SENIOR FUNDING, INC., 

as Syndication Agent, 

DEUTSCHE BANK SECURITIES INC., 

WELLS FARGO SECURITIES, LLC, 

and 
 WEBSTER BANK, N.A.,

 as Co-Documentation Agents, 

and 
 BARCLAYS BANK PLC,

 as Administrative Agent 

Dated as of December 18, 2012 
  

 
  

 

	1 	Conformed to reflect amendments made pursuant to the First Amendment, dated as of December 18, 2012, the Second Amendment, dated as of May 8, 2015, the Third Amendment, dated as of June 13, 2016, the
Fourth Amendment, dated as of December 15, 2016, the Fifth Amendment, dated as of June 16, 2017, and the Sixth Amendment, dated as of November 28, 2017, and the
Seventh Amendment, dated as of March 29, 2018. 

 TABLE OF CONTENTS 
  

									
	 	  	 Page
	 
	 SECTION 1. DEFINITIONS
	  	 	1	 
		  	1.1	  	 Defined Terms
	  	 	1	 
		  	1.2	  	 Other Definitional Provisions
	  	 	35	 
		
	 SECTION 2. AMOUNT AND TERMS OF COMMITMENTS
	  	 	36	 
		  	2.1	  	Term Loan Commitments	  	 	36	 
		  	2.2	  	Procedure for Term Loan Borrowing	  	 	36	 
		  	2.3	  	Repayment of Term Loans	  	 	37	 
		  	2.4	  	Revolving Credit Commitments	  	 	38	 
		  	2.5	  	Procedure for Revolving Credit Borrowing	  	 	38	 
		  	2.6	  	Repayment of Loans; Evidence of Debt	  	 	39	 
		  	2.7	  	Commitment Fees, etc	  	 	40	 
		  	2.8	  	Termination or Reduction of Revolving Credit Commitments	  	 	40	 
		  	2.9	  	Optional Prepayments	  	 	40	 
		  	2.10	  	Mandatory Prepayments	  	 	41	 
		  	2.11	  	Conversion and Continuation Options	  	 	4142	 
		  	2.12	  	Minimum Amounts and Maximum Number of Eurodollar Tranches	  	 	42	 
		  	2.13	  	Interest Rates and Payment Dates	  	 	42 43	 
		  	2.14	  	Computation of Interest and Fees	  	 	43	 
		  	2.15	  	Inability to Determine Interest Rate	  	 	44	 
		  	2.16	  	Pro Rata Treatment and Payments	  	 	45	 
		  	2.17	  	Requirements of Law	  	 	4546	 
		  	2.18	  	Taxes	  	 	4748	 
		  	2.19	  	Indemnity	  	 	4950	 
		  	2.20	  	Illegality	  	 	5051	 
		  	2.21	  	Change of Lending Office	  	 	5051	 
		  	2.22	  	Replacement of Lenders under Certain Circumstances	  	 	5051	 
		  	2.23	  	Addition of Peso Subfacility	  	 	5152	 
		  	2.24	  	Defaulting Lenders	  	 	5354	 
		  	2.25	  	Prepayments Below Par	  	 	5455	 
		  	2.26	  	Increase in Commitments	  	 	5657	 
		  	2.27    	  	Future Extensions	  	 	5758	 
		
	 SECTION 3. LETTERS OF CREDIT
	  	 	62	 
		  	3.1	  	L/C Commitment	  	 	62	 
		  	3.2	  	Procedure for Issuance of Letter of Credit	  	 	6162	 
		  	3.3	  	Fees and Other Charges	  	 	6162	 
		  	3.4	  	L/C Participations	  	 	6263	 
		  	3.5	  	Reimbursement Obligation of the Borrower	  	 	6364	 
		  	3.6	  	Obligations Absolute	  	 	6364	 
		  	3.7	  	Letter of Credit Payments	  	 	6465	 
		  	3.8	  	Applications	  	 	6465	 

  
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	 	  	 Page
	 
		
	 SECTION 4. REPRESENTATIONS AND WARRANTIES
	  	 	6465	 
		  	4.1	  	Financial Condition	  	 	6465	 
		  	4.2	  	No Change	  	 	6566	 
		  	4.3	  	Corporate Existence; Compliance with Law	  	 	6566	 
		  	4.4	  	Corporate Power; Authorization; Enforceable Obligations	  	 	6566	 
		  	4.5	  	No Legal Bar	  	 	6567	 
		  	4.6	  	No Material Litigation	  	 	6667	 
		  	4.7	  	No Default	  	 	6667	 
		  	4.8	  	Ownership of Property; Liens	  	 	6667	 
		  	4.9	  	Intellectual Property	  	 	6667	 
		  	4.10	  	Taxes	  	 	6667	 
		  	4.11	  	Federal Regulations	  	 	68	 
		  	4.12	  	Labor Matters	  	 	6768	 
		  	4.13	  	ERISA	  	 	6768	 
		  	4.14	  	Investment Company Act; Other Regulations	  	 	69	 
		  	4.15	  	Subsidiaries	  	 	6869	 
		  	4.16	  	Use of Proceeds	  	 	6869	 
		  	4.17	  	Environmental Matters	  	 	6869	 
		  	4.18	  	Accuracy of Information, etc	  	 	6970	 
		  	4.19	  	Security Documents	  	 	6970	 
		  	4.20	  	Solvency	  	 	7071	 
		  	4.21	  	 Senior Indebtedness
70[Reserved]
	  	 	71	 
		  	4.22	  	Regulation H	  	 	7071	 
		  	4.23	  	Anti-Corruption Laws and Sanctions	  	 	7071	 
		  	4.24    	  	EEA Financial Institutions	  	 	7172	 
		
	 SECTION 5. CONDITIONS PRECEDENT
	  	 	7172	 
		  	5.1	  	Conditions to Initial Extension of Credit	  	 	7172	 
		  	5.2	  	Conditions to Each Extension of Credit	  	 	7374	 
		
	 SECTION 6. AFFIRMATIVE COVENANTS
	  	 	7374	 
		  	6.1	  	Financial Statements	  	 	75	 
		  	6.2	  	Certificates; Other Information	  	 	7475	 
		  	6.3	  	Payment of Obligations	  	 	7677	 
		  	6.4	  	Conduct of Business and Maintenance of Existence; Compliance	  	 	7677	 
		  	6.5	  	Maintenance of Property; Insurance	  	 	78	 
		  	6.6	  	Inspection of Property; Books and Records; Discussions	  	 	7778	 
		  	6.7	  	Notices	  	 	7778	 
		  	6.8	  	Environmental Laws	  	 	7879	 
		  	6.9	  	Additional Collateral, etc.	  	 	7879	 
		  	6.10	  	Further Assurances	  	 	8182	 
		  	6.11	  	Designation of Restricted and Unrestricted Subsidiaries	  	 	8182	 
		  	6.12	  	Maintenance of Separate Existence	  	 	83	 
		  	6.13	  	Post-Restatement Closing Date Actions	  	 	85	 
		
	 SECTION 7. NEGATIVE COVENANTS
	  	 	8485	 

  
 -ii- 

									
	 	  	 Page
	 
		  	7.1	  	 Consolidated Net Senior Secured Leverage Ratio
	  	 	86	 
		  	7.2	  	 Limitation on Indebtedness
	  	 	86	 
		  	7.3	  	 Limitation on Liens
	  	 	8990	 
		  	7.4	  	 Limitation on Fundamental Changes
	  	 	94	 
		  	7.5	  	 Limitation on Disposition of Property
	  	 	9394	 
		  	7.6	  	 Limitation on Restricted Payments
	  	 	96	 
		  	7.7	  	 Limitation on Capital Expenditures
	  	 	9798	 
		  	7.8	  	 Limitation on Investments
	  	 	99	 
		  	7.9	  	 Limitation on Optional Payments and Modifications of Debt Instruments; Amendments to Certificate
of Incorporation
	  	 	101	 
		  	7.10	  	 Limitation on Transactions with Affiliates
	  	 	100101	 
		  	7.11	  	 Limitation on Changes in Fiscal Periods
	  	 	102103	 
		  	7.12	  	 Limitation on Negative Pledge Clauses
	  	 	102103	 
		  	7.13	  	 Limitation on Restrictions on Subsidiary Distributions
	  	 	103104	 
		  	7.14	  	 Limitation on Lines of Business
	  	 	105	 
		  	7.15	  	 Limitation on Activities of the Parent and Intermediate Holdcos
	  	 	105	 
		  	7.16	  	 Limitation on Hedge Agreements
	  	 	105106	 
		  	7.17    	  	 Use of Proceeds
	  	 	107	 
		
	 SECTION 8. EVENTS OF DEFAULT
	  	 	107	 
		  	8.1	  	 Events of Default
	  	 	107	 
		  	8.2	  	 Borrower’s Right to Cure
	  	 	109110	 
		
	 SECTION 9. THE AGENTS
	  	 	110111	 
		  	9.1	  	 Appointment
	  	 	110111	 
		  	9.2	  	 Delegation of Duties
	  	 	110111	 
		  	9.3	  	 Exculpatory Provisions
	  	 	110111	 
		  	9.4	  	 Reliance by Agents
	  	 	112	 
		  	9.5	  	 Notice of Default
	  	 	111112	 
		  	9.6	  	 Non-Reliance on Agents and Other Lenders
	  	 	113	 
		  	9.7	  	 Indemnification
	  	 	113	 
		  	9.8	  	 Agent in Its Individual Capacity
	  	 	114	 
		  	9.9	  	 Successor Agents
	  	 	114	 
		  	9.10	  	 Authorization to Release Liens and Guarantees
	  	 	114	 
		  	9.11	  	 The Agents
	  	 	114	 
		
	 SECTION 10. MISCELLANEOUS
	  	 	114	 
		  	10.1	  	 Amendments and Waivers
	  	 	114	 
		  	10.2	  	 Notices
	  	 	117	 
		  	10.3	  	 No Waiver; Cumulative Remedies
	  	 	119	 
		  	10.4	  	 Survival of Representations and Warranties
	  	 	119	 
		  	10.5	  	 Payment of Expenses and Taxes
	  	 	119	 
		  	10.6	  	 Successors and Assigns; Participations and Assignments
	  	 	121	 
		  	10.7	  	 Adjustments; Set-off
	  	 	125	 
		  	10.8	  	 Counterparts
	  	 	126	 
		  	10.9	  	 Severability
	  	 	126	 

  
 -iii- 

  

									
	 	  	 Page
	 
		  	10.10    	  	 Integration
	  	 	126	 
		  	10.11	  	 GOVERNING LAW
	  	 	126	 
		  	10.12	  	 Submission To Jurisdiction; Waivers
	  	 	126	 
		  	10.13	  	 Acknowledgments
	  	 	127	 
		  	10.14	  	 Confidentiality
	  	 	127	 
		  	10.15	  	 Release of Collateral and Guarantee Obligations
	  	 	128	 
		  	10.16	  	 Accounting Changes
	  	 	129	 
		  	10.17	  	 WAIVERS OF JURY TRIAL
	  	 	130	 
		  	10.18	  	 USA Patriot Act
	  	 	130	 
		  	10.19	  	 No Novation
	  	 	130	 
		  	10.20	  	 Acknowledgement and Consent to Bail-In of EEA Financial
Institutions
	  	 	130	 
		  	10.21	  	 Certain ERISA Matters
	  	 	131	 

  
 -iv- 

			
	ANNEX:
	A	  	Pricing Grid
	
	SCHEDULES:
		
	1.1A	  	Existing Letters of Credit
	1.1B	  	Mortgaged Properties
	1.1C	  	Commitments
	4.4	  	Consents, Authorizations, Filings and Notices
	4.6	  	Litigation
	4.13	  	ERISA
	4.15(a)	  	Subsidiaries
	4.15(b)	  	Agreements Affecting Capital Stock
	4.19(a)	  	UCC Filing Jurisdictions
	4.19(b)	  	Mortgage Filing Jurisdictions
	6.9(b)-1	  	Real Property Valuation
	6.9(b)-2	  	Certain Non-Mortgaged Real Property
	6.13(b)	  	Local Counsel Opinions
	7.2(d)	  	Existing Indebtedness
	7.2(k)	  	Class II Restricted Subsidiary Intercompany Indebtedness
	7.3(f)	  	Existing Liens
	7.5(k)	  	Permitted Dispositions
	7.10	  	Transactions with Affiliates
	
	EXHIBITS:
		
	A	  	Form of Guarantee and Collateral Agreement
	B	  	Form of Compliance Certificate
	C	  	Form of Closing Certificate
	D	  	Form of Mortgage
	E	  	Form of Assignment and Assumption
	F-1	  	Form of Legal Opinion of Akin, Gump, Strauss, Hauer & Feld, L.L.P.
	F-2	  	Form of Legal Opinion of Local Counsel
	G-1	  	Form of Term Note
	G-2	  	Form of Revolving Credit Note
	H-1	  	Form of U.S. Tax Compliance Certificate
	H-2	  	Form of U.S. Tax Compliance Certificate
	H-3	  	Form of U.S. Tax Compliance Certificate
	H-4	  	Form of U.S. Tax Compliance Certificate
	I	  	Form of Borrowing Notice
	J	  	Form of Reaffirmation Agreement

  
 -v- 

 AMENDED AND RESTATED CREDIT AGREEMENT, dated as of December 18, 2012, among CINEMARK
HOLDINGS, INC., a Delaware corporation (together with any of its permitted successors and assigns, the “Parent”), CINEMARK USA, INC., a Texas corporation (together with any of its permitted successors and assigns, the
“Borrower”), the several banks and other financial institutions or entities from time to time parties to this Agreement (the “Lenders”) and BARCLAYS BANK PLC, as administrative agent (in such capacity, the
“Administrative Agent”). 
 W I T N E S S E T H: 

WHEREAS, the Borrower entered into the existing Credit Agreement, dated as of October 5, 2006 (the “Existing Credit
Agreement”), with the several lenders party thereto, Barclays Bank PLC, as administrative agent, and certain other parties; 

WHEREAS, the Required Lenders under the Existing Credit Agreement along with the parties hereto have agreed to amend and restate the Existing
Credit Agreement as provided in this Agreement, which Agreement shall become effective upon the satisfaction of the conditions set forth in Section 5.1; 

WHEREAS, the Borrower has requested that the Lenders extend credit to the Borrower in the form of (i) Term Loans (as this and other
capitalized terms used in these preliminary statements are defined in Section 1.1 below) in an initial aggregate amount of $700,000,000 and (ii) a Revolving Credit Facility in an initial aggregate amount of $100,000,000; 

WHEREAS, the proceeds of the Term Loans made on the Restatement Closing Date, together with other funds, will be used to refinance certain
existing indebtedness of the Borrower, for general corporate purposes, and to pay fees and expenses related to any of the foregoing (collectively, the “Transactions”); 

WHEREAS, the proceeds of the Revolving Credit Loans will be used for general corporate purposes; and 

WHEREAS, the Lenders have indicated their willingness to lend on the terms and subject to the conditions set forth herein. 

NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto hereby
agree that on the Restatement Closing Date the Existing Credit Agreement shall be amended and restated in its entirety as follows: 

SECTION 1. DEFINITIONS 
 1.1
Defined Terms. As used in this Agreement, the terms listed in this Section 1.1 shall have the respective meanings set forth in this Section 1.1. 

 “4.875% Senior Note Indenture”: the Indenture entered into by the Borrower and
the subsidiary guarantors from time to time party thereto in connection with the issuance of the 4.875% Senior Notes, together with all instruments and other agreements entered into by the Borrower or any subsidiary guarantor party thereto in
connection therewith, as the same may be amended, supplemented or otherwise modified from time to time or refinanced pursuant to Section 7.2(t). 

“4.875% Senior Notes”: $755,000,000 aggregate outstanding principal amount of the Borrower’s 4.875% Senior Notes due
2023, as the same may be amended, supplemented or otherwise modified from time to time or refinanced pursuant to Section 7.2(t). 

“5.125% Senior Note Indenture”: the Indenture entered into by the Borrower and the subsidiary guarantors from time to time
party thereto in connection with the issuance of the 5.125% Senior Notes, together with all instruments and other agreements entered into by the Borrower or any subsidiary guarantor party thereto in connection therewith, as the same may be amended,
supplemented or otherwise modified from time to time or refinanced pursuant to Section 7.2(u). 
 “5.125% Senior
Notes”: $400,000,000 aggregate outstanding principal amount of the Borrower’s 5.125% Senior Notes due 2022, as the same may be amended, supplemented or otherwise modified from time to time or refinanced pursuant to Section 7.2(u).

 “Acceptable Discount”: as defined in Section 2.25(c). 

“Adjustment Date”: as defined in the Pricing Grid. 

“Administrative Agent”: as defined in the preamble hereto. 

“Affiliate”: as to any Person, any other Person that, directly or indirectly, is in control of, is controlled by, or is under
common control with, such Person. For purposes of this definition, “control” of a Person means the power, directly or indirectly, either to (a) vote 10% or more of the securities having ordinary voting power for the election of
directors (or individuals performing similar functions) of such Person or (b) direct or cause the direction of the management and policies of such Person, whether by contract or otherwise. 

“Affiliate Transaction”: as defined in Section 7.10. 

“Agents”: the collective reference to the Administrative Agent and any other agent identified on the cover page of this
Agreement, including, for the avoidance of doubt, the Arranger and the Bookrunners. 
 “Aggregate Exposure”: with respect
to any Lender at any time, an amount equal to the sum of (i) the aggregate then unpaid principal amount of such Lender’s Term Loans and (ii) the amount of such Lender’s Revolving Credit Commitment then in effect or, if the
Revolving Credit Commitments have been terminated, the amount of such Lender’s Revolving Extensions of Credit then outstanding. 

“Aggregate Exposure Percentage”: with respect to any Lender at any time, the ratio (expressed as a percentage) of such
Lender’s Aggregate Exposure at such time to the sum of the Aggregate Exposures of all Lenders at such time. 

  
 2 

 “Aggregate Special Prepayment Face Amount Limit”: as defined in
Section 2.25(a). 
 “Agreement”: this amended and restated Credit Agreement, as amended, supplemented or otherwise
modified from time to time. 
 “Annualized Theatre”: for any period, any newly constructed theatre owned, operated or
managed by the Borrower or any of its Restricted Subsidiaries which has completed at least one full quarter of operations as of the last day of such period, but less than four full quarters of operations as of the last day of such period, in each
case as identified to the Administrative Agent. 
 “Anti-Corruption Laws”: all laws, rules, and regulations of any
jurisdiction applicable to the Parent, Borrower or any of its Subsidiaries from time to time concerning or relating to bribery or corruption. 

“Applicable Amount”: as of any date of determination (the “Determination Date”), the Restatement Date
Applicable Amount plus, without duplication, the amount (but in no event less than zero) equal to (a) the sum of (i) the aggregate amount of cash and the fair market value of non-cash items
received by the Parent or the Borrower as common equity after the Restatement Closing Date and on or prior to such Determination Date, (ii) the amount of the net reduction after the Restatement Closing Date and on or prior to such Determination
Date, in Investments held by the Parent, any Intermediate Holdco, the Borrower and its Class I Restricted Subsidiaries in Class II Restricted Subsidiaries, Unrestricted Subsidiaries and other entities that are not Class I Restricted
Subsidiaries made after the Original Closing Date resulting from proceeds realized on the sale or other Disposition of such Investments, proceeds representing the return of capital, including redemptions, dividends and distributions, the amount of
all guarantees released, all payments of principal of, or interest on, Indebtedness and other obligations that constitute such Investments, and the fair market value (not in excess of the amount previously subtracted under clause (b)(ii) below) of
any Unrestricted Subsidiary redesignated as a Class I Restricted Subsidiary, (iii) Consolidated EBITDA minus 1.75 times Consolidated Interest Expense for the fiscal quarter in which the Restatement Closing Date occurs and for each full
fiscal quarter completed since the Restatement Closing Date and prior to the Determination Date for which financial statements have been delivered pursuant to Section 6.1(a) or 6.1(b), as applicable, (iv) to the extent deducted in
computing the Consolidated EBITDA specified in clause (iii) above and not included in clause (ii) above, any net gains on sales of assets outside the ordinary course of business (including, without limitation, any such gains that are
extraordinary gains) and (v) (A) in the case of expenditures made pursuant to Sections 7.7(c) and 7.8(h) and the designation on or after the Restatement Closing Date of any Class I Restricted Subsidiaries of the Parent (other than CFC
Holdcos) as Unrestricted Subsidiaries, $275,000,000 in the aggregate, and (B) in the case of expenditures made pursuant to Section 7.9(a)(ii), $200,000,000 in the aggregate, minus (b) the sum of (i) the portion of such sum
expended on and after the Restatement Closing Date and on or prior to such Determination Date pursuant to Sections 7.6(i), 7.7(c), 7.8(h) and 7.9(a)(ii) and (ii) the fair market value (as of the date of such designation) of any Class I
Restricted Subsidiaries of the Parent designated as Unrestricted Subsidiaries on or after the Restatement Closing Date (the fair market value of any CFC Holdco being deemed for this purpose to be the value of the cash and Cash Equivalents

  
 3 

 
held directly by such CFC Holdco at the time of such designation without taking into account the value of any other assets or properties of such CFC Holdco). Expenditures made pursuant to
Sections 7.7(c), 7.8(h) and 7.9(a)(ii) and in connection with the designation of a Class I Restricted Subsidiary as an Unrestricted Subsidiary shall be deemed to utilize the amounts in clause (a)(v)(A) above or (a)(v)(B) above, as applicable,
prior to utilization of the amounts in clauses (a)(i) through (a)(iv) above. 
 “Applicable Consolidated EBITDA Amount”: on
any date of determination, an amount equal to the product of (x) Consolidated EBITDA for the Fiscal Year ended immediately prior to such date of determination for which financial statements have been delivered pursuant to Section 6.1(a)
multiplied by (y) the Capital Expenditure Percentage for the Fiscal Year in which such determination date occurs. 

“Applicable Margin”: for each Type of Loan under each Facility, the rate per annum set forth opposite such Facility under the
relevant column heading below: 
  

									
	 	  	Base Rate Loans	 	 	Eurodollar Loans	 
	 Term Loan Facility
	  	 	1.000.75	% 	 	 	2.001.75	% 
	 Revolving Credit Facility
	  	 	0.50	% 	 	 	1.50	% 

 provided that, from and after the first Adjustment Date occurring after the completion of two full fiscal quarters of
the Borrower after the Sixth Amendment Effective Date, the Applicable Margin with respect to the Revolving Credit Loans will be determined pursuant to the Pricing Grid. 

“Application”: an application, in such form as the relevant Issuing Lender may specify from time to time, requesting such
Issuing Lender to issue a Letter of Credit. 
 “Arranger”: as defined in the preamble hereto. 

“ASC 840-40-55”: Accounting Standards
Codification 840-40-55 (formerly Emerging Issues Task Force Regulation 97-10). 

“ASC 840-40-55 Capital Leases”: any lease
that is classified as a “capital lease” under GAAP, but which would not be so classified if not for the application of ASC 840-40-55 and similar principles.

 “Asset Sale”: any Disposition of Property or series of related Dispositions of Property (including any such Dispositions
pursuant to Section 7.5(l)(ii) and (o), but excluding any such Dispositions permitted by Section 7.5(a) through (k), (l)(i), (m) and (n)) which yields gross proceeds to the Parent, the Borrower or any of its Class I Restricted
Subsidiaries (valued at the initial principal amount thereof in the case of non-cash proceeds consisting of notes or other debt securities and valued at fair market value as reasonably determined by the board
of directors of the Borrower in the case of other non-cash proceeds) in excess of $25,000,000. 

“Assignee”: as defined in Section 10.6(c). 

  
 4 

 “Assignment and Assumption”: an Assignment and Assumption, substantially in the
form of Exhibit E. 
 “Assignor”: as defined in Section 10.6(c). 

“Assumed Loan Amount”: at any time, an amount equal to the sum of (i) the aggregate unpaid principal amount of the Term
Loans then outstanding plus (ii) the Total Revolving Credit Commitments then in effect or, if the Revolving Credit Commitments have been terminated, the Total Revolving Extensions of Credit then outstanding. 

“Available Revolving Credit Commitment”: with respect to any Revolving Credit Lender at any time, an amount equal to the
excess, if any, of (a) such Lender’s Revolving Credit Commitment then in effect over (b) such Lender’s Revolving Extensions of Credit then outstanding. 

“Bail-In Action”: the exercise of any Write-Down and Conversion Powers by the
applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“Bail-In Legislation”: with respect to any EEA Member Country implementing Article 55
of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation
Schedule. 
 “Bankruptcy Event”: with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency
proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith
determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment, provided that a Bankruptcy Event shall not result solely by virtue
of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, provided, further, that such ownership interest does not result in or provide such Person with immunity
from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm
any contracts or agreements made by such Person. 
 “Barclays Entity”: any of Barclays Bank PLC or any of its Affiliates.

 “Base Rate”: for any day, a rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to the
greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus, in the case of this clause (b),  1⁄2 of 1% and (c) the Eurodollar Rate on such day (or, if such day is not a Business Day, the next preceding Business Day) for a deposit in Dollars with a maturity of one month plus, in the case of this
clause (c), 1%. 

  
 5 

 “Base Rate Loans”: Loans for which the applicable rate of interest is based upon
the Base Rate. 
 “Benefit Plan” means any of (a) an “employee
benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise
for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”. 

“Benefitted Lender”: as defined in Section 10.7(a). 

“Board”: the Board of Governors of the Federal Reserve System of the United States (or any successor). 

“Bookrunners”: as defined in the preamble hereto. 

“Borrower”: as defined in the preamble hereto. 

“Borrowing Date”: any Business Day specified by the Borrower as a date on which the Borrower requests the relevant Lenders to
make Loans hereunder. 
 “Borrowing Notice”: with respect to any request for borrowing of Loans hereunder, a notice from
the Borrower, substantially in the form of, and containing the information prescribed by, Exhibit I, delivered to the Administrative Agent. 

“Brazilco”: Cinemark Brasil S.A. 

“Business Day”: (a) for all purposes other than as covered by clause (b) below, a day other than a Saturday, Sunday
or other day on which commercial banks in New York City are authorized or required by law to close and (b) with respect to all notices and determinations in connection with, and payments of principal and interest on, Eurodollar Loans, any day
which is a Business Day described in clause (a) and which is also a day for trading by and between banks in Dollar deposits in the interbank eurodollar market. 

“Capital Expenditure Percentage”: 40% during each Fiscal Year. 

“Capital Expenditures”: for any period, with respect to any Person, the aggregate of all cash expenditures by such Person for
the acquisition or leasing (pursuant to a capital lease (other than an ASC 840-40-55 Capital Lease)) of fixed or capital assets or additions to equipment (including
replacements, capitalized repairs and improvements during such period) which are required to be capitalized under GAAP on a balance sheet of such Person, provided that, “Capital Expenditures” shall exclude (a) the portion of
the purchase price paid in connection with a Permitted Acquisition which is required to be capitalized under GAAP on a balance sheet of such Person and (b) any cash expenditures incurred by such Person under any Digital Cinema Equipment Lease
with DCIP that is required to be classified under GAAP on a balance sheet of such Person as a capital lease; provided further that, for the purposes of Section 7.7, “Capital Expenditures” shall exclude expenditures associated
with replacements, capitalized repairs and improvements. For the purposes of this definition, the purchase price of 

  
 6 

 
equipment which is purchased by a Person contemporaneously with the trade in of existing equipment owned by such Person or with insurance proceeds shall be included in the determination of
Capital Expenditures only to the extent of cash paid in excess of the credit granted with respect to the equipment which is being traded in or the amount of such insurance proceeds, as the case may be. 

“Capital Lease Obligations”: with respect to any Person, the obligations of such Person to pay rent or other amounts under
any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP;
and, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP. 

“Capital Stock”: any and all shares, interests, participations or other equivalents (however designated) of capital stock of
a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing, but excluding any debt securities convertible into any of the foregoing.

 “Cash Equivalents”: (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 six months or less from the date of acquisition and demand deposits, in each case issued by (A) (i) any Lender, (ii) any commercial bank organized under the laws of the United
States of America or any state thereof having combined capital and surplus of not less than $100,000,000, or (iii) overseas branches of commercial banks incorporated under the laws of the United States of America, any state thereof, the
District of Columbia, Canada or any province or territory thereof having combined capital and surplus and undivided profits in excess of $100,000,000 or any commercial bank or similar entity organized under the laws of any other country that is a
member of the Organization of Economic Cooperation and Development (“OECD”) and has total assets in excess of $100,000,000 or (B) with respect to any Foreign Subsidiary, (i) any entity described in the foregoing
clause (A) or (ii) any commercial bank or similar entity organized under the laws of the jurisdiction in which such Foreign Subsidiary maintains an office or engages in business provided that, in the case of deposits under this
clause (b)(B)(ii), such deposits are made in the ordinary course of business for cash management purposes; (c) commercial paper of an issuer rated at least A-2 by S&P or P-2 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 nine months from the date of acquisition; (d) repurchase obligations of any Lender or 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, province, commonwealth or territory of
the United States or Canada, by any political subdivision or taxing authority of any such state, province, commonwealth or territory or by any foreign government, the securities of which state, province, commonwealth, territory, political
subdivision, taxing authority or foreign government (as the case may be) are rated at least A by 

  
 7 

 
S&P or A by Moody’s; (f) securities with maturities of six months or less from the date of acquisition backed by standby letters of credit issued by any Lender or any commercial
bank satisfying the requirements of clause (b) of this definition; (g) shares of money market mutual or similar funds whichthat invest
exclusively95% or more of their assets in assets satisfying the requirements of clauses (a) through (f) of this definition; and (h) with respect to any
Foreign Subsidiary having its principal operations in Mexico only, (i) Certificados de la Tesoreria de la Federación (Cetes), Bonos de Desarrollo del Gobierno Federal (Bondes) or Bonos Adjustables del Gobierno
Federal (Adjustabonos), in each case, issued by the Mexican government, and (ii) any other instruments issued or guaranteed by Mexico and denominated and payable in Pesos; provided, that, in each case, such investments under this
clause (h) are made in the ordinary course of business for cash management purposes. 
 “CFC Class II
Holdco”: any CFC Holdco substantially all of whose assets consist of Capital Stock of one or more Class II Restricted Subsidiaries, cash and Cash Equivalents. 

“CFC Holdco”: any Subsidiary, substantially all of whose assets consist of Capital Stock of one or more Foreign Subsidiaries,
cash and Cash Equivalents, that is designated by the Borrower as a CFC Holdco by notice to the Administrative Agent. 
 “Change of
Control”: the occurrence of any of the following events: 
 (a) any “person” or “group” (as such terms are used
in Sections 13(d) and 14(d) of the Exchange Act), excluding the Permitted Investors, shall become, or obtain rights (whether by means or warrants, options or otherwise) to become, the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act), directly or indirectly, of more than 35% of the voting power of the outstanding common stock of the Parent; 

(b) (i) at any time prior to the occurrence of a Specified Reorganization, the Parent shall cease to own and control, of record and
beneficially, directly, 100% of each class of outstanding Capital Stock of the Borrower free and clear of all Liens and (ii) at any time after the occurrence of a Specified Reorganization, the Parent shall cease to own and control, directly or
indirectly through one or more Intermediate Holdcos, 100% of each class of outstanding Capital Stock of the Borrower free and clear of all Liens (in each case, except Liens permitted under Section 7.3(a) or (h) hereof); or 

(c) a Specified Change of Control. 

“Class I Restricted Subsidiary”: any Restricted Subsidiary which is not a Class II Restricted
Subsidiary. 
 “Class II Restricted Subsidiaries”: (a) the Subsidiaries listed as “Class II
Restricted Subsidiaries” on Schedule 4.15(a) and any Subsidiary of a Class II Restricted Subsidiary other than an Unrestricted Subsidiary and (b) any Unrestricted Subsidiary designated as a Class II Restricted Subsidiary
in accordance with Section 6.11. 
 “Code”: the Internal Revenue Code of 1986, as amended from time to time. 

“Co-Documentation Agents”: as defined in the preamble hereto. 

  
 8 

 “Collateral”: all Property of the Loan Parties, now owned or hereafter acquired,
upon which a Lien is purported to be created by any Security Document. 
 “Commitment”: with respect to any Lender, each of
the Term Loan Commitment and the Revolving Credit Commitment of such Lender. 
 “Commitment Fee”: as defined in
Section 2.7. 
 “Commitment Fee Rate”: 0.150% per annum; provided that, from and after the first Adjustment
Date occurring after the completion of two full fiscal quarters of the Borrower after the Sixth Amendment Effective Date, the Commitment Fee Rate will be determined pursuant to the Pricing Grid. 

“Commodity Exchange Act”: the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any
successor statute. 
 “Commonly Controlled Entity”: an entity, whether or not incorporated, that is under common control
with the Borrower within the meaning of Section 4001 of ERISA or is part of a group that includes the Borrower and that is treated as a single employer under Section 414 of the Code. 

“Compliance Certificate”: a certificate duly executed by a Responsible Officer, substantially in the form of Exhibit B.

 “Confidential Information Memorandum”: the Confidential Information Memorandum dated December 2012 and furnished to the
initial Lenders in connection with the syndication of the Facilities. 
 “Consolidated EBITDA”: for any period, without
duplication, Consolidated Net Income for such period (excluding from Annualized Theatres) plus, to the extent reflected as a charge in the statement of such Consolidated Net Income for such period, the sum of (a) expenses for taxes based
on income or capital, including franchise and similar taxes, (b) Consolidated Interest Expense, amortization or write-off of debt discount and debt issuance costs and commissions, discounts and other fees
and charges associated with Indebtedness, (c) depreciation and amortization expense, (d) amortization, impairment, write-down or write-off of intangibles (including, but not limited to, goodwill) and
organization costs, (e) any extraordinary, unusual or non-recurring expenses (including, without limitation, expenses for severance, non-recurring retention
bonuses, payments to employees of acquired entities under stock option plans or similar incentive plans such as long term incentive plans, relocation and restructuring costs related to acquisitions) or losses (including, whether or not otherwise
includable as a separate item in the statement of such Consolidated Net Income for such period, (x) net losses on sales of assets outside of the ordinary course of business and (y) losses or costs arising from lease dispositions), (f) any
call premium (or original issue discount) expenses associated with the repurchase or repayment of Indebtedness, (g) to the extent actually reimbursed by a third party (other than the Parent or any of its Subsidiaries) and not otherwise added
back in the computation of Consolidated Net Income, expenses incurred for payments under indemnification provisions in any agreement for an acquisition or an Asset Sale, (h) any 

  
 9 

 
other non-cash charges (including foreign exchange losses not included in operating income but deducted from earnings in determining Consolidated Net
Income), (i) any reasonable expense related to any equity offering, Permitted Acquisition, Investment, recapitalization, Asset Sale or Indebtedness permitted to be incurred under this Agreement (in each case, whether or not successful), (j) letter
of credit fees and annual agency fees paid to the Administrative Agent, (k) to the extent covered by insurance under which the insurer has been properly notified and has not denied or contested coverage, expenses with respect to liability or
casualty events or business interruption and (l) costs incurred in connection with the closing or Disposition of any theatre or screen within a theatre, and minus, to the extent included in the statement of such Consolidated Net Income
for such period, the sum of, (a) any extraordinary, unusual or non-recurring income or gains (including, whether or not otherwise includable as a separate item in the statement of such Consolidated Net
Income for such period, net gains on sales of assets outside of the ordinary course of business) and (b) any other non-cash income or gains (including foreign exchange gains not included in operating
income but otherwise included in earnings in determining Consolidated Net Income) (other than the amortization of prepaid cash income), all as determined on a consolidated basis, and plus, except to the extent already included in the
computation of Consolidated Net Income, any cash dividend paid on the Capital Stock of NCM Holdings or National CineMedia, LLC (other than any NCM Recapitalization Dividend) during such period, and plus any Pro Forma Cost Savings for such
period minus any Pro Forma Cost Savings added to Consolidated EBITDA during any prior period to the extent that such Pro Forma Cost Savings were not achieved within 18 months of the closing date of any Permitted Acquisition; provided
that for purposes of calculating Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for any period: 
 (i)
the Consolidated EBITDA of any Person or theatre or theatres acquired by the Borrower or its Restricted Subsidiaries or of any Annualized Theatres during such period shall be included on a pro forma basis for such period (assuming the consummation
of such acquisition or the operations of such Annualized Theatre and, in any such case, the incurrence or assumption of any Indebtedness in connection therewith had occurred on the first day of such period and without giving effect to
clause (a) of the proviso set forth in the definition of Consolidated Net Income in this Section 1.1) if, in the case of an acquisition of a Person, the consolidated balance sheet of such acquired Person and its consolidated Subsidiaries
as at the end of the period preceding the acquisition of such Person and the related consolidated statements of income and stockholders’ equity and of cash flows for the period in respect of which Consolidated EBITDA is to be calculated
(x) have been previously provided to the Administrative Agent and (y) either (1) have been reported on without a qualification arising out of the scope of the audit by independent certified public accountants of nationally recognized
standing or (2) have been found reasonably acceptable by the Administrative Agent; 
 (ii) the Consolidated EBITDA of
any Person or theatre or theatres Disposed of by the Borrower or its Restricted Subsidiaries during such period shall be excluded for such period (assuming the consummation of such Disposition and the repayment of any Indebtedness in connection
therewith had occurred on the first day of such period); and 
 (iii) any redesignation of an Unrestricted Subsidiary as a
Restricted Subsidiary and any designation of a Restricted Subsidiary as an Unrestricted Subsidiary which occurred during such period shall be deemed to have occurred on the first day of such period. 

  
 10 

 “Consolidated Interest Expense”: for any period, total cash interest expense
(including that attributable to Capital Lease Obligations) of the Borrower and its Restricted Subsidiaries for such period with respect to all outstanding Indebtedness of the Borrower and its Restricted Subsidiaries (including, without limitation,
all commissions, discounts and other fees and charges owed by the Borrower with respect to letters of credit and bankers’ acceptance financing and net costs of the Borrower under Hedge Agreements in respect of interest rates to the extent such
net costs are allocable to such period in accordance with GAAP) other than intercompany Indebtedness owed to the Parent, any Intermediate Holdco, the Borrower or any Restricted Subsidiary, except to the extent paid in cash by the Borrower or any
Restricted Subsidiary to the Parent or any Intermediate Holdco. 
 “Consolidated Net Income”: for any period, the
consolidated net income (or loss) of the Borrower and its Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP; provided, that in calculating Consolidated Net Income of the Borrower and its
Restricted Subsidiaries for any period, there shall be excluded (a) the income (or deficit) of any Person accrued prior to the date it becomes a Restricted Subsidiary of the Borrower or is merged into or consolidated with the Borrower or any of
its Restricted Subsidiaries, (b) the income (or deficit) of any Person (other than a Restricted Subsidiary of the Borrower) in which the Borrower or any of its Restricted Subsidiaries has an ownership interest, except to the extent that any
such income is actually received by the Borrower or such Restricted Subsidiary in the form of dividends or similar distributions or payment of principal or interest of intercompany Indebtedness, (c) the undistributed earnings of any Restricted
Subsidiary of the Borrower to the extent that the declaration or payment of dividends or similar distributions by such Restricted Subsidiary is not at the time permitted by the terms of any Contractual Obligation (other than under any Loan Document)
or Requirement of Law applicable to such Restricted Subsidiary and (d) the cumulative effect of a change in accounting principles during such period to the extent included in Consolidated Net Income. There shall be excluded from Consolidated
Net Income for any period the effects of adjustments due to the application of the acquisition method of accounting to property and equipment, software and other intangible assets required or permitted by GAAP and related authoritative
pronouncements, as a result of any acquisition. 
 “Consolidated Net Senior Secured Leverage Ratio”: as of the last day of
any period of four consecutive fiscal quarters of the Borrower, the ratio of (a) Consolidated Senior Secured Debt on such day less the aggregate amount of cash and Cash Equivalents owned by the Borrower or any Restricted Subsidiary on
such day (in each case, free and clear of all Liens (other than Liens permitted under Sections 7.3(a), (h), (j) or (n))) to (b) Consolidated EBITDA for such period. 

“Consolidated Net Tangible Assets”: means, as of any date of determination, the consolidated total assets of the Borrower and
its consolidated Restricted Subsidiaries determined in accordance with GAAP as of the end of the Borrower’s most recent fiscal quarter by reference to the then most recent date for which the Borrower has delivered (or was required to deliver,
if such delivery has not been made) its financial statements under Section 6.1 or, if the Borrower 

  
 11 

 
has not yet been required to deliver financial statements under Section 6.1, determined as of September 30, 2012, less all goodwill, trade names, trademarks, patents, organization
expense, unamortized debt discount and expense and other similar intangibles properly classified as intangibles in accordance with GAAP. 

“Consolidated Senior Secured Debt”: all Consolidated Total Debt that is secured by a Lien on any assets of the Parent, the
Borrower or any of its Restricted Subsidiaries. 
 “Consolidated Total Debt”: at any date, the aggregate principal amount
of all Funded Debt of the Borrower and its Restricted Subsidiaries at such date, determined on a consolidated basis in accordance with GAAP. 

“Consolidated Total Leverage Ratio”: as of the last day of any period of four consecutive fiscal quarters of the Borrower,
the ratio of (a) Consolidated Total Debt on such day to (b) Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for such period. 

“Contractual Obligation”: as to any Person, any provision of any security issued by such Person or of any agreement,
instrument or other undertaking to which such Person is a party or by which it or any of its Property is bound. 
 “Credit
Party”: the Administrative Agent, the Issuing Lender or any other Lender. 
 “DCIP”: Digital Cinema Implementation
Partners LLC, a Delaware limited liability company, its Subsidiaries, and any other Person with a primary business purpose of facilitating the implementation of digital cinemas in theatres and agreements and arrangements with respect to the
financing of digital cinema and any Person that is a direct or indirect parent entity thereof and has no material independent operations. 

“Default”: any of the events specified in Section 8.1, whether or not any requirement for the giving of notice, the
lapse of time, or both, has been satisfied. 
 “Defaulting Lender”: any Lender that has (a) failed, within two
Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or (iii) pay over to any Credit Party any other
amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s good faith determination
that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) notified the Borrower or any Credit Party in writing, or has made a public statement to the effect,
that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a condition
precedent (specifically identified and including the particular default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) failed, within
three Business Days after request by a Credit Party, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able

  
 12 

 
to meet such obligations) to fund prospective Loans and participations in then outstanding Letters of Credit under this Agreement, provided that such Lender shall cease to be a Defaulting Lender
pursuant to this clause (c) upon such Credit Party’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or (d) become the subject of a Bankruptcy Event or a Bail-In Action. 
 “Derivatives Counterparty”: as defined in Section 7.6. 

“Digital Cinema Equipment Lease”: any lease arrangement pursuant to which the Borrower or any of its Subsidiaries is granted
the right to use digital cinema equipment. 
 “Digital Projector Financing”: any financing arrangement in respect of
digital projector equipment for use in the ordinary course of business in theatres owned, leased or operated by the Borrower and its Subsidiaries. For the avoidance of doubt, Digital Projector Financing does not include any Digital Cinema Equipment
Lease. 
 “Discount Range”: as defined in Section 2.25(a). 

“Disposition”: with respect to any Property, any sale, lease, sale and leaseback, assignment, conveyance, transfer or other
disposition thereof (but excluding the granting of a Lien); and the terms “Dispose” and “Disposed of” shall have correlative meanings. 

“Disqualified Stock”: 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), or upon the happening of any event, (1) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, (2) is convertible or exchangeable for Indebtedness or Disqualified Stock
(excluding Capital Stock which is convertible or exchangeable solely at the option of the Borrower or a Restricted Subsidiary), or (3) is redeemable at the option of the holder of the Capital Stock, in whole or in part, in each case on or prior
to the date which is 90 days after the seventh anniversary of the Restatement Closing Date. Notwithstanding the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely because the holders of the Capital Stock have the
right to require the Borrower to repurchase or redeem such Capital Stock upon the occurrence of a change of control or an asset sale will not constitute Disqualified Stock if the terms of such Capital Stock (and all such securities into which it is
convertible or for which it is exchangeable) provide that the Borrower may not repurchase or redeem any such Capital Stock (and all such securities into which it is convertible or for which it is exchangeable) pursuant to such provisions unless such
repurchase or redemption complies with Section 7 herein. 
 “Dollars” and “$”: lawful currency of the
United States of America. 
 “Domestic Subsidiary”: any Subsidiary of the Borrower organized under the laws of any
jurisdiction within the United States of America. 
 “EEA Financial Institution”: (a) any credit institution or investment
firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this
definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

  
 13 

 “EEA Member Country”: any of the member states of the European Union, Iceland,
Liechtenstein, and Norway. 
 “EEA Resolution Authority”: any public administrative authority or any Person entrusted with
public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Environmental Laws”: any and all laws, rules, orders, regulations, statutes, ordinances, codes, decrees, or other legally
enforceable requirements (including, without limitation, common law) of any international authority, foreign government, the United States, or any state, local, municipal or other governmental authority, regulating, relating to or imposing liability
or standards of conduct concerning protection of the environment or of human health. 
 “Environmental Permits”: any and
all permits, licenses, approvals, registrations, notifications, exemptions and other authorizations required under any Environmental Law. 

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

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

“Eurocurrency Reserve Requirements”: for any day, the aggregate (without duplication) of the maximum rates (expressed as a
decimal fraction) of reserve requirements in effect on such day (including, without limitation, basic, supplemental, marginal and emergency reserves) under any regulations of the Board or other Governmental Authority having jurisdiction with respect
thereto dealing with reserve requirements prescribed for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board) maintained by a member bank of the Federal Reserve System. 

“Eurodollar Base Rate”: for any Interest Period as to any Eurodollar Loan, (i) the rate per annum determined by the
Administrative Agent to be the offered rate which appears on the page of the Reuters Screen which displays the London interbank offered rate administered by ICE Benchmark Administration Limited (such rate under this clause (i) or, if necessary,
clause (ii), the “LIBO Rate”) (such page currently being the LIBOR01 page) for deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period in Dollars, determined as of
approximately 11:00 a.m. (London, England time), two Business Days prior to the commencement of such Interest Period, or (ii) in the event the rate referenced in the preceding clause (i) does not appear on such page or service or if such
page or service shall cease to be available, the rate determined by the Administrative Agent to be the offered rate on such other page or other service which displays the LIBO Rate for deposits (for delivery on the first

  
 14 

 
day of such Interest Period) with a term equivalent to such Interest Period in Dollars, determined as of approximately 11:00 a.m. (London, England time) two Business Days prior to the
commencement of such Interest Period; provided that if LIBO Rates are quoted under either of the preceding clauses (i) or (ii), but there is no such quotation for the Interest Period elected, the Eurodollar Base Rate shall be equal to
the Interpolated Rate; and provided, further, that if any such rate determined pursuant to the preceding clauses (i) or (ii) is below zero, the Eurodollar Base Rate will be deemed to be zero. 

“Eurodollar Loans”: Loans for which the applicable rate of interest is based upon the Eurodollar Rate. 

“Eurodollar Rate”: with respect to each day during each Interest Period, a rate per annum determined for such day in
accordance with the following formula (rounded upward to the nearest 1/100th of 1%): 
  

					
		  	              Eurodollar Base Rate              	  	
		  	1.00 - Eurocurrency Reserve Requirements	  	

 “Eurodollar Tranche”: the collective reference to Eurodollar Loans under a particular
Facility the then current Interest Periods with respect to all of which begin on the same date and end on the same later date (whether or not such Loans shall originally have been made on the same day). 

“Event of Default”: any of the events specified in Section 8.1, provided that any requirement for the giving of
notice, the lapse of time, or both, has been satisfied. 
 “Exchange Act”: the Securities Exchange Act of 1934 and the
rules and regulations promulgated thereunder, in each case as amended from time to time. 
 “Excluded Foreign
Subsidiaries”: any Foreign Subsidiary in respect of which either (a) the pledge of all of the Capital Stock of such Subsidiary as Collateral or (b) the guaranteeing by such Subsidiary of the Obligations, would, in the good faith
judgment of the Borrower, result in adverse tax consequences to the Borrower. 
 “Excluded Swap Obligation”: with respect
to any Guarantor, any Swap Obligation if, and to the extent that, and only for so long as, all or a portion of the guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, as applicable, such Swap Obligation
(or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such
Guarantor’s failure to constitute an “eligible contract participant,” as defined in the Commodity Exchange Act and the regulations thereunder, at the time the guarantee of (or grant of such security interest by, as applicable) such
Guarantor becomes or would become effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one Swap, such exclusion shall apply only to the portion of such Swap Obligation that is
attributable to Swaps for which such guarantee or security interest is or becomes illegal. 

  
 15 

 “Existing Credit Agreement”: the Credit Agreement, dated as of October 5,
2006, among the Borrower, the several lenders parties thereto and Barclays Bank PLC, as administrative agent, as amended and otherwise modified prior to the date hereof. 

“Existing Letters of Credit”: the Letters of Credit listed on Schedule 1.1A. 

“Existing Term Loans”: “Term Loans” outstanding under the Existing Credit Agreement immediately prior to the
Restatement Closing Date. 
 “Extended Revolving Credit Commitment”: as defined in Section 2.27(a). 

“Extending Revolving Credit Lender”: as defined in Section 2.27(a). 

“Extended Term Loans”: as defined in Section 2.27(a). 

“Extending Term Lender”: as defined in Section 2.27(a). 

“Extension”: as defined in Section 2.27(a). 

“Extension Amendment”: as defined in Section 2.27(c). 

“Extension Offer”: as defined in Section 2.27(a). 

“Facility”: each of (a) the Term Loan Commitments and the Term Loans made thereunder (the “Term Loan
Facility”) and (b) the Revolving Credit Commitments and the extensions of credit made thereunder (the “Revolving Credit Facility”). 

“FATCA”: Sections 1471 through 1474 of the Code as of the date of this Agreement (or any amended version that is
substantively comparable) and any current or future regulations or official interpretations thereof, and any agreements entered into pursuant to Section 1471(b)(1) of the Code and any law, regulation, rule, promulgation, or official agreement
implementing an official government agreement with respect to the foregoing. 
 “Federal Funds Effective Rate”: for any
day, the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of
New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for the day of such transactions received by the Administrative Agent from three federal funds brokers of recognized standing
selected by it. 
 “Fifth Amendment Effective Date”: June 16, 2017. 

“Fiscal Year”: the fiscal year of the Borrower. 

“Fixed Discount”: as defined in Section 2.25(a). 

“Foreign Subsidiary”: any Subsidiary of the Borrower that is not a Domestic Subsidiary. 

  
 16 

 “Fourth Amendment Effective Date”: December 15, 2016. 

“Funded Debt”: with respect to any Person, without duplication, all Indebtedness of such Person of the types described in
clauses (a) through (e) of the definition of “Indebtedness” in this Section, excluding (i) obligations arising under any ASC 840-40-55 Capital Leases
and obligations of the types described in Section 7.2(c)(ii), (ii) any intercompany Indebtedness owed to the Parent, any Intermediate Holdco, the Borrower or a Guarantor, (iii) Capital Lease Obligations and obligations permitted under
Section 7.2(c)(v) outstanding on the relevant date of determination in an aggregate amount (excluding amounts covered by other clauses of this definition) not to exceed $300,000,000, (iv) Capital Lease Obligations acquired or assumed by a Loan
Party in connection with the Rave Acquisition, provided that such obligations were not created in contemplation of the Rave Acquisition and (v) any obligations under any Digital Cinema Equipment Lease with DCIP. 

“Funding Office”: the office specified from time to time by the Administrative Agent as its funding office by notice to the
Borrower and the Lenders. 
 “GAAP”: generally accepted accounting principles in the United States of America as in effect
from time to time, subject to Section 10.16. 
 “Governmental Authority”: any nation or government, any state or other
political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government,
any securities exchange and any self-regulatory organization (including the National Association of Insurance Commissioners). 

“Guarantee and Collateral Agreement”: the Guarantee and Collateral Agreement, dated as of the Original Closing Date, executed
and delivered by the Parent, the Borrower and each Subsidiary Guarantor, substantially in the form of Exhibit A, as the same may be amended, supplemented or otherwise modified from time to time. 

“Guarantee Obligation”: as to any Person (the “guaranteeing person”), any obligation of (a) the
guaranteeing person or (b) another Person (including, without limitation, any bank under any letter of credit), if to induce the creation of such obligation of such other Person the guaranteeing person has issued a reimbursement,
counterindemnity or similar obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other third Person (the “primary
obligor”) in any manner, whether directly or indirectly, including, without limitation, any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any Property constituting
direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain
the net worth or solvency of the primary obligor, (iii) to purchase Property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such
primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided, however, that the term Guarantee Obligation shall not include endorsements of
instruments for deposit or 

  
 17 

 
collection in the ordinary course of business. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or
determinable amount of the primary obligation in respect of which such Guarantee Obligation is made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee
Obligation, unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum
reasonably anticipated liability in respect thereof as determined by the Borrower in good faith. 
 “Guarantors”: the
collective reference to the Parent, any Intermediate Holdcos and the Subsidiary Guarantors. 
 “Hedge Agreements”: all
interest rate or currency swaps, caps or collar agreements, foreign exchange agreements, commodity contracts or similar arrangements entered into by the Borrower or its Restricted Subsidiaries providing for protection against fluctuations in or to
reduce overall costs with respect to interest rates, currency exchange rates, commodity prices or the exchange of nominal interest obligations, either generally or under specific contingencies. For avoidance of doubt, Hedge Agreements shall include
any interest rate swap or similar agreement that provides for the payment by the Borrower or any of its Subsidiaries of amounts based upon a floating rate in exchange for receipt by the Borrower or such Subsidiary of amounts based upon a fixed rate.

 “Indebtedness”: of any Person at any date, without duplication, (a) all indebtedness of such Person for borrowed
money, (b) all obligations of such Person for the deferred purchase price of Property or services (other than (i) trade payables incurred in the ordinary course of such Person’s business and (ii) any earn-out obligation or post-closing payment adjustments of such Person), (c) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (d) all indebtedness created
or arising under any conditional sale or other title retention agreement with respect to Property acquired by such Person (even though 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, provided that, in such event, the amount of such Indebtedness shall be deemed to be the lesser of the value of the Property covered by such agreement and the aggregate principal amount of such
Indebtedness), (e) all Capital Lease Obligations of such Person, (f) all obligations of such Person, contingent or otherwise, as an account party or applicant under acceptance, letter of credit or similar facilities, (g) all
obligations of such Person, contingent or otherwise, to purchase, redeem, retire or otherwise acquire for value (whether on the scheduled date thereof or any earlier required date) any Capital Stock of such Person on or prior to the date which is 90
days after the seventh anniversary of the Restatement Closing Date (other than for consideration consisting solely of common stock of the Parent), (h) all Guarantee Obligations of such Person (other than Guarantee Obligations arising out of
Digital Cinema Equipment Leases with DCIP) in respect of obligations of the kind referred to in clauses (a) through (g) above, (i) all obligations of the kind referred to in clauses (a) through (h) above secured by (or for
which the holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien on Property owned by such Person, whether or not such Person has assumed or become liable for the payment of such obligation to the extent
of the value of the Property subject to such Lien and (j) for the purposes of Section 8.1(e) only, all obligations of such Person in respect of Hedge Agreements. 

  
 18 

 “Indemnified Liabilities”: as defined in Section 10.5. 

“Indemnitee”: as defined in Section 10.5. 

“Insolvency”: with respect to any Multiemployer Plan, the condition that such Plan is insolvent within the meaning of
Section 4245 of ERISA. 
 “Insolvent”: pertaining to a condition of Insolvency. 

“Intellectual Property”: the collective reference to all rights, priorities and privileges relating to intellectual property,
whether arising under United States, multinational or foreign laws or otherwise, including, without limitation, copyrights, copyright licenses, patents, patent licenses, trademarks, trademark licenses, technology,
know-how and processes, and all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom. 

“Interest Payment Date”: (a) as to any Base Rate Loan, the last day of each March, June, September and December to occur
while such Loan is outstanding and the final maturity date of such Loan, (b) as to any Eurodollar Loan having an Interest Period of three months or shorter, the last day of such Interest Period, (c) as to any Eurodollar Loan having an
Interest Period longer than three months, each day that is three months, or a whole multiple thereof, after the first day of such Interest Period and the last day of such Interest Period and (d) as to any Loan (other than any Revolving Credit
Loan that is a Base Rate Loan), the date of any repayment or prepayment made in respect thereof. 
 “Interest Period”: as
to any Eurodollar Loan, (a) initially, the period commencing on the Borrowing Date or conversion date, as the case may be, with respect to such Eurodollar Loan and ending one, two, three or six or (with the consent of all Lenders under the
relevant Facility, as determined by such Lenders in their sole discretion) nine or twelve months thereafter, as selected by the Borrower in its Borrowing Notice or notice of conversion, as the case may be, given with respect thereto; and
(b) thereafter, each period commencing on the last day of the next preceding Interest Period applicable to such Eurodollar Loan and ending one, two, three or six or (with the consent of all Lenders under the relevant Facility, as determined by
such Lenders in their sole discretion) nine or twelve months thereafter, as selected by the Borrower by irrevocable notice to the Administrative Agent not less than three Business Days prior to the last day of the then current Interest Period with
respect thereto; provided that, all of the foregoing provisions relating to Interest Periods are subject to the following: 

(i) if any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to
the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period shall end on the immediately preceding Business Day; 

  
 19 

 (ii) any Interest Period that would otherwise extend beyond the Revolving Credit
Termination Date or beyond the date final payment is due on the Term Loans shall end on the Revolving Credit Termination Date or such due date, as applicable; and 

(iii) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no
numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period. 

“Investments”: as defined in Section 7.8. 

“Intermediate Holdco”: as defined in the definition of “Specified Reorganization”. 

“Interpolated Rate”: in relation to the LIBO Rate, the rate which results from interpolating on a linear basis between: 

 

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

 

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

each as of approximately 11:00 a.m. (London, England time) two Business Days prior to the commencement of such Interest Period of that Loan.

 “Issuing Lender”: any Revolving Credit Lender from time to time designated by the Borrower as an Issuing Lender with the
consent of such Revolving Credit Lender and notice to the Administrative Agent. 
 “Latest Maturity Date”: at any date of
determination, the latest maturity or expiration date applicable to any Loan or Commitment hereunder at such time, including the latest maturity or expiration date of any Term Loan. 

“L/C Commitment”: $35,000,000; provided, that with the consent of the relevant Issuing Lender and the consent of the
Administrative Agent (such consent not to be unreasonably withheld), the L/C Commitment may be increased by up to $25,000,000 if it is necessary to support, with a Letter of Credit issued hereunder, the obligations of the borrower under the Peso
Subfacility or the Third-Party Peso Loans, as the case may be. 
 “L/C Fee Payment Date”: the last day of each March, June,
September and December and the last day of the Revolving Credit Commitment Period. 
 “L/C Exposure”: at any time, the
total L/C Obligations. The L/C Exposure of any Revolving Credit Lender at any time shall be its Revolving Credit Percentage of the total L/C Exposure at such time. 

  
 20 

 “L/C Obligations”: at any time, an amount equal to the sum of (a) the
aggregate then undrawn and unexpired amount of the then outstanding Letters of Credit and (b) the aggregate amount of drawings under Letters of Credit that have not then been reimbursed pursuant to Section 3.5. 

“L/C Participants”: with respect to any Letter of Credit, the collective reference to all the Revolving Credit Lenders other
than the Issuing Lender that issued such Letter of Credit. 
 “Lender Parent”: with respect to any Lender, any Person as to
which such Lender is, directly or indirectly, a Subsidiary. 
 “Lenders”: as defined in the preamble hereto. 

“Letters of Credit”: as defined in Section 3.1(a). 

“LIBO Rate”: as defined in the definition of Eurodollar Base Rate. 

“Lien”: any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge
or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, any conditional sale or other title retention agreement and any capital
lease having substantially the same economic effect as any of the foregoing). 
 “Loan”: any loan made by any Lender
pursuant to this Agreement. 
 “Loan Documents”: this Agreement, the Security Documents, the Applications, the Notes and
any amendment, waiver, supplement or other modification to any of the foregoing. 
 “Loan Parties”: the Parent, any
Intermediate Holdcos, the Borrower and each Restricted Subsidiary of the Borrower that is a party to a Loan Document. 
 “Majority
Facility Lenders”: with respect to any Facility, the holders of more than 50% of (a) in the case of the Term Loan Facility, the aggregate unpaid principal amount of the Term Loans or (b) in the case of the Revolving Credit
Facility, prior to any termination of the Revolving Credit Commitments, the Total Revolving Credit Commitments (or, if the Revolving Credit Commitments are no longer in effect, the Total Revolving Extensions of Credit then outstanding). 

“Majority Revolving Credit Facility Lenders”: the Majority Facility Lenders in respect of the Revolving Credit Facility. 

“Material Adverse Effect”: a material adverse effect on (a) the business, assets, property, operations, condition,
financial condition or prospects of the Borrower and its Subsidiaries taken as a whole or (b) the validity or enforceability of this Agreement or any of the other Loan Documents or the material rights or remedies of the Agents or the Lenders
hereunder or thereunder. 

  
 21 

 “Material Environmental Amount”: an amount or amounts payable by the Borrower
and/or any of its Class I Restricted Subsidiaries, in the aggregate in excess of $5,000,000, for: costs to bring an environmental condition into compliance with any Environmental Laws; costs of any investigation, and any remediation, of any
Material of Environmental Concern; and compensatory damages (including, without limitation damages to natural resources), punitive damages, fines, and penalties pursuant to any Environmental Law. 

“Materials of Environmental Concern”: any gasoline or petroleum (including crude oil or any fraction thereof) or petroleum
products, polychlorinated biphenyls, urea-formaldehyde insulation, asbestos, pollutants, contaminants, radioactivity, and any other substances, whether or not any such substance is defined as hazardous or toxic under any Environmental Law, that is
regulated pursuant to or could give rise to liability under any Environmental Law. 
 “Minimum Extension Condition”: as
defined in Section 2.27(b). 
 “Mitchell Family”: (a) Lee Roy Mitchell or Tandy Mitchell, or any descendent of
Lee Roy Mitchell or the spouse of such descendent, the estate of Lee Roy Mitchell, Tandy Mitchell, any descendent of Lee Roy Mitchell or the spouse of such descendent (each, a “Mitchell”), (b) any trust or other arrangement for
the benefit of a Mitchell, any trust established by a Mitchell or any trustee, custodian, fiduciary or foundation which will hold the common stock of the Parent for charitable purposes or for the benefit of any Mitchell and (c) any Person at
least 80% beneficially owned and controlled by one or more Mitchells. 
 “Moody’s”: Moody’s Investor Services,
Inc. 
 “Mortgage Amendments”: as defined in Section 4.19(b). 

“Mortgaged Properties”: (a) the real property and leasehold interests listed on Schedule 1.1B, as to which the Administrative
Agent for the benefit of the Secured Parties has been granted a Lien pursuant to one or more Mortgages prior to the Restatement Closing Date and (b) any real property or leasehold interest acquired or leased after the Restatement Closing Date
by any Loan Party which is required to be subjected to a Mortgage in favor of the Administrative Agent pursuant to Section 6.9(b). 

“Mortgages”: each of the mortgages and deeds of trust made by any Loan Party in favor of, or for the benefit of, the
Administrative Agent for the benefit of the Secured Parties, substantially in the form of Exhibit D (with such changes thereto as shall be advisable under the law of the jurisdiction in which such mortgage or deed of trust is to be recorded), in
each case, as the same may be amended, supplemented or otherwise modified from time to time. 
 “Multiemployer Plan”: a
Plan that is a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 
 “National CineMedia, LLC”: National
CineMedia, LLC, a Delaware limited liability company, together with any of its permitted successors and assigns. 

  
 22 

 “NCM Holdings”: a Delaware entity to be formed that will be the holding company
for National CineMedia, LLC, together with any of its permitted successors and assigns. 
 “NCM Recapitalization Dividend”:
any dividend paid to the Borrower or any of its Restricted Subsidiaries out of the net proceeds of Indebtedness incurred in connection with the recapitalization of NCM Holdings or National CineMedia, LLC. 

“Net Cash Proceeds”: (a) in connection with any Asset Sale or Recovery Event, the proceeds thereof in the form of cash
and Cash Equivalents (including any such proceeds received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise, but only as and when received), net of
attorneys’ fees, accountants’ fees, investment banking fees, amounts required to be applied to the repayment of Indebtedness existing prior to such transaction secured by a Lien permitted hereunder on any asset which is the subject of such
Asset Sale or Recovery Event (other than any Lien pursuant to a Security Document), all distributions and other payments required to be made pursuant to partnership agreements, limited liability company organizational documents, joint venture
agreements or similar agreements to minority interest holders in Restricted Subsidiaries as a result of such Asset Sale or Recovery Event, and other arm’s length costs, fees and expenses actually incurred in connection therewith and net of
taxes paid or reasonably estimated to be payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements) provided that, such Net Cash Proceeds shall not include any amounts
reserved for purchase price adjustments and post-closing liabilities in connection with any Asset Sale until such amounts have been released or are no longer reserved and (b) in connection with (i) any Permitted Equity Issuance or the sale
of the Capital Stock of NCM Holdings or National CineMedia, LLC, (ii) the payment of any NCM Recapitalization Dividend or (iii) any incurrence of indebtedness, the cash proceeds received from such sale, payment or incurrence, net of
attorneys’ fees, investment banking fees, accountants’ fees, underwriting discounts and commissions and other arm’s-length costs, fees and expenses actually incurred in connection therewith and
net of taxes paid or reasonably estimated to be payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements). 

“Non-Excluded Taxes”: as defined in Section 2.18(a). 

“Non-Recourse Debt”: Indebtedness: 

(a) with respect to any Unrestricted Subsidiary and any Class II Restricted Subsidiary, except to the extent of any
guarantee permitted by Section 7.8, (i) as to which none of the Parent, any Intermediate Holdco, the Borrower nor any of the Class I Restricted Subsidiaries (x) provides credit support of any kind (including any undertaking,
agreement or instrument that would constitute Indebtedness), (y) is directly or indirectly liable (as a guarantor or otherwise), or (z) constitutes the lender; (ii) no default with respect to which (including any rights that the
holders thereof may have to take enforcement action against any Unrestricted Subsidiary or Class II Restricted Subsidiary) would permit (upon notice, lapse of time or both) any holder of any other Indebtedness (other than the Obligations) of
the Parent, any Intermediate Holdco, the 

  
 23 

 
Borrower or any of the Class I 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
(provided that this clause (ii) shall not apply if an Unrestricted Subsidiary is the lender of such Indebtedness); and (iii) as to which the lenders thereunder will not have any
recourse to the Capital Stock or assets of the Parent, any Intermediate Holdco, the Borrower or any of the Class I Restricted Subsidiaries; and 

(b) with respect to the Parent, any Intermediate Holdco, the Borrower or any of the Class I Restricted Subsidiaries,
(1) for which none of the Parent, any Intermediate Holdco, the Borrower or any of the Class I Restricted Subsidiaries provides credit support of any kind (including any undertaking, agreement or instrument that would constitute
Indebtedness) or is directly or indirectly liable (as guarantor or otherwise), other than as primary obligor; and (2) as to which the lenders thereunder will not have any recourse to the Capital Stock or assets of the Parent, any Intermediate
Holdco, the Borrower or any of the Class I Restricted Subsidiaries other than the asset financed by such Indebtedness, additions, accessions and improvements thereto and proceeds thereof. 

“Non-U.S. Lender”: as defined in Section 2.18(d). 

“Note”: any promissory note evidencing any Loan. 

“Obligations”: the unpaid principal of and interest on (including, without limitation, interest accruing after the maturity
of the Loans and Reimbursement Obligations and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether or not a claim for
post-filing or post-petition interest is allowed in such proceeding) the Loans, the Reimbursement Obligations and all other obligations and liabilities of the Borrower to the Administrative Agent or to any Lender or any Qualified Counterparty,
whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, this Agreement, any other Loan Document, the Letters of Credit, any Specified
Hedge Agreement or any other document made, delivered or given in connection herewith or therewith, whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses (including, without limitation, all fees,
charges and disbursements of counsel to the Administrative Agent or to any Lender that are required to be paid by the Borrower pursuant hereto) or otherwise; provided, that (i) obligations of the Borrower or any Class I Restricted
Subsidiary under any Specified Hedge Agreement shall be secured and guaranteed pursuant to the Security Documents only to the extent that, and for so long as, the other Obligations are so secured and guaranteed and (ii) any release of
Collateral or Guarantors effected in the manner permitted by this Agreement shall not require the consent of holders of obligations under Specified Hedge Agreements. 

“Original Closing Date”: October 5, 2006. 

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

  
 24 

 “Parent”: as defined in the preamble hereto. 

“Participant”: as defined in Section 10.6(b). 

“Participant Register”: as defined in Section 10.6(b). 

“Payment Office”: the office of the Administrative Agent specified in Section 10.2 or as otherwise specified from time
to time by the Administrative Agent as its payment office by notice to the Borrower and the Lenders. 
 “PBGC”: the Pension
Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA (or any successor). 
 “Permitted
Acquisition”: on any date of determination, the acquisition in any transaction or series of transactions by the Borrower or any of its Class I Restricted Subsidiaries of a theatre or theatres (or the Capital Stock of a Person that owns
a theatre or theatres) approved by the board of directors of the Borrower. 
 “Permitted Business”: the lines of business
conducted by the Borrower, its Subsidiaries, any joint venture to which any of them is a party and such joint venture’s Subsidiaries, or in which any of them has an existing Investment, on the Restatement Closing Date and any business
incidental or reasonably related thereto or which is a reasonable extension thereof as determined in good faith by the board of directors of the Borrower and the Parent. 

“Permitted Business Investment”: any Investment made in a Permitted Business through agreements, transactions, interests or
arrangements that permit one to share risks or costs, achieve economies of scale, pool resources, comply with regulatory requirements regarding local ownership or satisfy other objectives customarily achieved through the conduct of such businesses
jointly with third parties, relating to ownership interests in projectors, advertising rights, ticketing rights, Internet properties and other tangible and intangible assets and properties, either directly or through entities the primary business of
which is to own or operate any of the foregoing, including entry into and Investments in the form of or pursuant to, operating agreements, pooling arrangements, service contracts, joint venture agreements, partnership agreements (whether general or
limited), limited liability company agreements, subscription agreements, stock purchase agreements, stockholder agreements and other similar arrangements with third parties. 

“Permitted Equity Issuance”: any sale or issuance of any common stock of the Parent. 

“Permitted Investors”: the collective reference to (a) the Mitchell Family and (b) the Related Parties. 

“Person”: an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust,
unincorporated association, joint venture, Governmental Authority or other entity of whatever nature. 

  
 25 

 “Peso”: the coin or currency of the United Mexican States as at the time shall
be legal tender for payment of public and private debt. 
 “Peso Borrowing Calculation Date”: the second Business Day prior
to any date of incurrence of any Third-Party Peso Loan. 
 “Peso Borrowing Date”: any date of incurrence of any Third-Party
Peso Loan. 
 “Peso Subfacility”: as defined in Section 2.23. 

“Peso Subfacility Amendments”: as defined in Section 2.23. 

“Peso Subfacility Borrower”: as defined in Section 2.23(a). 

“Peso Subfacility Commitment”: as defined in Section 2.23(a). 

“Peso Subfacility Commitment Period”: as defined in Section 2.23(a). 

“Peso Subfacility Lenders”: as defined in Section 2.23. 

“Peso Subfacility Loans”: as defined in Section 2.23. 

“Plan”: at a particular time, any employee benefit plan that is covered by ERISA and in respect of which the Borrower or a
Commonly Controlled Entity is (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 

“Pledged Stock”: as defined in the Guarantee and Collateral Agreement. 

“Pricing Grid”: the pricing grid attached hereto as Annex A. 

“Prime Rate”: the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if
The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if
such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). 

“Pro Forma Cost Savings”: for any period and to the extent not deducted elsewhere in the definition of Consolidated EBITDA,
the amount of net cost savings projected by the Borrower in good faith to be realized as a result of any actions taken in connection with a Permitted Acquisition (calculated on a pro forma basis as though such cost savings had been realized on the
first day of such period), net of the amount of actual benefits realized during such period from such actions to the extent not deducted elsewhere in the definition of Consolidated EBITDA, provided that (a) such cost savings are
projected by the Borrower in good faith and shall be set forth in the applicable Compliance Certificate for such period and (b) such cost savings are projected to occur within 18 months after the Restatement Closing Date in the case of the
Rave Acquisition and within 18 months after the closing date of any other Permitted Acquisition. 

  
 26 

 “Projections”: as defined in Section 6.2(c). 

“Property”: any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether
tangible or intangible, including, without limitation, Capital Stock. For the avoidance of doubt, the Capital Stock of a Person is not Property of such Person. 

“PTE”: a prohibited transaction class exemption issued by the U.S.
Department of Labor, as any such exemption may be amended from time to time. 
 “Qualified Counterparty”: (a) with
respect to any Specified Hedge Agreement existing on the Restatement Closing Date, any counterparty thereto (i) that is a Lender or an Affiliate of a Lender on the Restatement Closing Date or (ii) that was a “Qualified
Counterparty” with a “Specified Hedge Agreement,” in each case under the Existing Credit Agreement, and that became a Lender in connection with the primary syndication of the Facilities and (b) with respect to any other Specified
Hedge Agreement, any counterparty thereto that, at the time such Specified Hedge Agreement was entered into, was a Lender or an Affiliate of a Lender. 

“Qualifying Fixed Discount Term Loans” : as defined in Section 2.25(b). 

“Rave Asset Purchase Agreement”: the Asset Purchase Agreement, dated as of November 16, 2012, by and among the Borrower,
Rave Real Property Holdco, LLC and certain of its subsidiaries, Rave Cinemas, LLC and RC Processing, LLC. 
 “Rave
Acquisition”: the Borrower’s acquisition of the assets and liabilities specified under the Rave Asset Purchase Agreement. 

“Reaffirmation Agreement”: a Reaffirmation Agreement, substantially in the form of Exhibit J. 

“Recovery Event”: any settlement of or payment or transfer (voluntary or otherwise) in respect of any property or casualty
insurance claim or any condemnation proceeding relating to any asset of the Borrower or any of its Class I Restricted Subsidiaries. 

“Register”: as defined in Section 10.6(d). 

“Regulation H”: Regulation H of the Board as in effect from time to time. 

“Regulation U”: Regulation U of the Board as in effect from time to time. 

“Reimbursement Obligation”: the obligation of the Borrower to reimburse each Issuing Lender pursuant to Section 3.5 for
amounts drawn under Letters of Credit issued by such Issuing Lender. 

  
 27 

 “Reinvestment Deferred Amount”: with respect to any Reinvestment Event, the
aggregate Net Cash Proceeds received by the Borrower or any of its Class I Restricted Subsidiaries in connection therewith that are not applied to prepay the Loans pursuant to Section 2.10(b) as a result of the delivery of a Reinvestment
Notice. 
 “Reinvestment Event”: any Asset Sale or Recovery Event in respect of which the Borrower has delivered a
Reinvestment Notice. 
 “Reinvestment Notice”: a written notice executed by a Responsible Officer stating that (i) no
Default or Event of Default has occurred and is continuing and that the Borrower (directly or indirectly through a Class I Restricted Subsidiary) intends and expects to use all or a specified portion of the Net Cash Proceeds of a Reinvestment
Event to acquire or fund the construction of assets (other than inventory) useful in its or a Class I Restricted Subsidiary’s business, to make capital improvements to such assets (including leased assets), or to otherwise make Capital
Expenditures useful in its or a Class I Restricted Subsidiary’s business, or (ii) during the six-month period prior to a Reinvestment Event, the Borrower (directly or indirectly through a
Class I Restricted Subsidiary) used an amount of funds equal to or greater than all or a specified portion of the Net Cash Proceeds of such Reinvestment Event to acquire or fund the construction of assets (other than inventory) useful in its or
a Class I Restricted Subsidiary’s business, to make capital improvements to such assets (including leased assets), or to otherwise make Capital Expenditures useful in its or a Class I Restricted Subsidiary’s business. 

“Reinvestment Prepayment Amount”: with respect to any Reinvestment Event, the Reinvestment Deferred Amount relating thereto
less any amount expended prior to the relevant Reinvestment Prepayment Date (including any amount expended during the six-month period prior to such Reinvestment Event) to acquire or fund the
construction of assets (other than inventory) useful in the Borrower’s or a Class I Restricted Subsidiary’s business, to make capital improvements to such assets (including leased assets), or to otherwise make Capital Expenditures
useful in its or a Class I Restricted Subsidiary’s business. 
 “Reinvestment Prepayment Date”: with respect to
any Reinvestment Event, the earlier of (a) the date occurring six months after such Reinvestment Event, provided that, such date shall be extended, (x) if the Borrower or any of its Class I Restricted Subsidiaries shall have
entered into a definitive agreement to acquire or fund the construction of assets useful in the Borrower’s or a Class I Restricted Subsidiary’s business, or to make capital improvements to such assets (including leased assets) prior
to, or within six months after, such Reinvestment Event, to the date which is 15 months after such Reinvestment Event or (y) in the case of a Recovery Event, the Property which was the subject of the Recovery Event was leased by the
Borrower or any of its Class I Restricted Subsidiaries pursuant to a lease which requires the Borrower or such Class I Restricted Subsidiary, as the case may be, to rebuild such Property after completion of any construction necessary by
the landlord, to the date which is nine months after the date the landlord has completed such necessary construction, and, so long as the Administrative Agent is reasonably satisfied that the Borrower is diligently pursuing such rebuilding, such
date shall be further extended by the number of days during which the Borrower is reasonably delayed in completing such rebuilding as a result of events of force majeure, and (b) the date on which the Borrower shall have determined not to, or
shall have otherwise ceased 

  
 28 

 
to, acquire or fund the construction of assets useful in the Borrower’s or a Class I Restricted Subsidiary’s business, to make capital improvements to such assets (including leased
assets), or to otherwise make Capital Expenditures useful in its or a Class I Restricted Subsidiary’s business with all or any portion of the relevant Reinvestment Deferred Amount. 

“Related Fund”: with respect to any Lender, any fund that (x) invests in commercial loans and (y) is managed or
advised by the same investment advisor as such Lender or an Affiliate of such investment advisor, by such Lender or an Affiliate of such Lender. 

“Related Party”: (a) with respect to the Mitchell Family, any group which includes any member or members of the Mitchell
Family if a majority of the Capital Stock of the Parent held by such group is beneficially owned (including the power to vote such Capital Stock of the Parent) by (x) such member or members or (y) one or more affiliates at least 80% of the
equity of which are owned by one or more of such member or members, and (b) 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 Permitted Investors. 
 “Reorganization”: with respect to any Multiemployer Plan, the
condition that such plan is in reorganization within the meaning of Section 4241 of ERISA. 
 “Replacement Term
Loans”: as defined in the penultimate paragraph of Section 10.1. 
 “Reportable Event”: any of the events set
forth in Section 4043(c) of ERISA, other than those events as to which the 30 day notice period is waived under subsections .27, .28, .29, .30, .31, .32, .34 or .35 of PBGC Reg. § 4043. 

“Required Lenders”: at any time, the holders of more than 50% of (a) until the Restatement Closing Date, the Commitments
and (b) thereafter, the sum of (i) the aggregate unpaid principal amount of the Term Loans then outstanding and (ii) the Total Revolving Credit Commitments then in effect or, if the Revolving Credit Commitments have been terminated,
the Total Revolving Extensions of Credit then outstanding. 
 “Required Prepayment Lenders”: the Majority Facility Lenders
in respect of each Facility. 
 “Requirement of Law”: as to any Person, the certificate of incorporation and by-laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to
or binding upon such Person or any of its Property or to which such Person or any of its Property is subject. 
 “Responsible
Officer”: the chief executive officer, president or chief financial officer of the Borrower, but in any event, with respect to financial matters, the chief financial officer or treasurer of the Borrower. 

  
 29 

 “Restatement Closing Date”: the date on which the conditions precedent set forth
in Section 5.1 shall have been satisfied or waived, which date is December 18, 2012. 
 “Restatement Date Applicable
Amount”: $1,351,211,000. 
 “Restricted Payments”: as defined in Section 7.6. 

“Restricted Subsidiary”: any Subsidiary of the Borrower that is not an Unrestricted Subsidiary. 

“Revolving Credit Commitment”: as to any Lender, the obligation of such Lender, if any, to make Revolving Credit Loans and
participate in Letters of Credit in an aggregate principal and/or face amount not to exceed the amount set forth under the heading “Revolving Credit Commitment” opposite such Lender’s name on Schedule 1.1C,
or, as the case may be, in the Assignment and Assumption pursuant to which such Lender became a party hereto, as the same may be changed from time to time pursuant to the terms hereof. The original aggregate amount of the Total Revolving Credit
Commitments on the Restatement Closing Date is $100,000,000. 
 “Revolving Credit Commitment Period”: the period from and
including the Restatement Closing Date to the Revolving Credit Termination Date or such earlier date on which the Revolving Credit Commitments are terminated in accordance with the terms of this Agreement. 

“Revolving Credit Facility”: as defined in the definition of “Facility” in this Section 1.1. 

“Revolving Credit Lender”: each Lender that has a Revolving Credit Commitment or that is the holder of Revolving Credit
Loans. 
 “Revolving Credit Loans”: as defined in Section 2.4. 

“Revolving Credit Note”: as defined in Section 2.6(e). 

“Revolving Credit Percentage”: as to any Revolving Credit Lender at any time, the percentage which such Lender’s
Revolving Credit Commitment then constitutes of the Total Revolving Credit Commitments (or, at any time after the Revolving Credit Commitments shall have expired or terminated, the percentage which the aggregate amount of such Lender’s
Revolving Extensions of Credit then outstanding constitutes of the amount of the Total Revolving Extensions of Credit then outstanding). Notwithstanding the foregoing, in the case of Section 2.24 when a Defaulting Lender shall exist, Revolving
Credit Percentages shall be determined without regard to any Defaulting Lender’s Revolving Credit Commitment. 
 “Revolving
Credit Termination Date”: with respect to (a) Revolving Credit Commitments that have not been extended pursuant to Section 2.27, the date which is the earlier of (x) the fifth anniversary of
the Sixth Amendment Effective Date and (y) to the extent any Term Loans having a Term Loan Maturity Date that is on or prior to the fifth anniversary of the Sixth Amendment Effective Date are then outstanding, the date
that is 90 days prior to such  

  
 30 

 
Term Loan Maturity Date and (b) with respect to Extended Revolving Credit Commitments, the final termination date therefor as specified in the applicable Extension Offer
accepted by the respective Revolving Credit Lender or Revolving Credit Lenders. 
 “Revolving Extensions of Credit”: as to
any Revolving Credit Lender at any time, an amount equal to the sum of (a) the aggregate principal amount of all Revolving Credit Loans made by such Lender then outstanding and (b) such Lender’s Revolving Credit Percentage of the L/C
Obligations then outstanding. 
 “S&P”: Standard & Poor’s Ratings Services. 

“Sale and Leaseback Transaction”: any sale and leaseback transaction conducted by the Borrower or any Class I Restricted
Subsidiary, but excluding transactions of the type described in ASC 840-40-55. 

“Sanctioned Country”: at any time, a country, region or territory which is itself the subject or target of any Sanctions (as
of the Second Amendment Effective Date, Crimea, Cuba, Iran, North Korea, Sudan and Syria). 
 “Sanctioned Person”: at any
time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or by the United Nations Security Council,
the European Union or any European Union member state, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person majority owned by any such Person or Persons described in the foregoing clauses (a) or
(b). 
 “Sanctions”: all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to
time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations Security Council, the European Union,
any European Union member state or Her Majesty’s Treasury of the United Kingdom. 
 “SEC”: the Securities and Exchange
Commission (or successors thereto or an analogous Governmental Authority). 
 “Second Amendment”: the Second Amendment to
this Agreement, dated as of the Second Amendment Effective Date, among the Parent, the Borrower, the Administrative Agent, and the Lenders party thereto. 

“Second Amendment Effective Date”: May 8, 2015. 

“Secured Parties”: as defined in the Guarantee and Collateral Agreement. 

“Security Documents”: the collective reference to the Guarantee and Collateral Agreement, the Mortgages, the Reaffirmation
Agreement and all other security documents hereafter delivered to the Administrative Agent granting a Lien on any Property of any Person to secure the obligations and liabilities of any Loan Party under any Loan Document. 

  
 31 

 “Senior Note Indenture”: the collective reference to the 4.875% Senior Note
Indenture, the 5.125% Senior Note Indenture and any other indenture governing the terms of any senior indebtedness permitted under this Agreement. 

“Seventh Amendment Effective Date”: March 29, 2018. 

“Single Employer Plan”: any Plan that is covered by Title IV of ERISA, but which is not a Multiemployer Plan. 

“Sixth Amendment Effective Date”: November 28, 2017. 

“Solvent”: with respect to any Person, as of any date of determination, (a) the amount of the “present fair
saleable value” of the assets of such Person will, as of such date, exceed the amount of all “liabilities of such Person, contingent or otherwise”, as of such date, as such quoted terms are determined in accordance with applicable
federal and state laws governing determinations of the insolvency of debtors, (b) the present fair saleable value of the assets of such Person will, as of such date, be greater than the amount that will be required to pay the liability of such
Person on its debts as such debts become absolute and matured, (c) such Person will not have, as of such date, an unreasonably small amount of capital with which to conduct its business, and (d) such Person will be able to pay its debts as
they mature. For purposes of this definition, (i) “debt” means liability on a “claim”, and (ii) “claim” means any (x) right to payment, whether or not such a right is reduced to judgment, liquidated,
unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured or (y) right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether or not such
right to an equitable remedy is reduced to judgment, fixed, contingent, matured or unmatured, disputed, undisputed, secured or unsecured. 

“Special Prepayment”: as defined in Section 2.25(a). 

“Special Prepayment Face Amount”: as defined in Section 2.25(a). 

“Special Prepayment Funded Amount”: the aggregate amount of proceeds applied by the Borrower in connection with any Special
Prepayment. 
 “Special Prepayment Notice”: as defined in Section 2.25(a). 

“Specified Change of Control”: a “Change of Control”, or like event, as defined in any outstanding Senior Note
Indenture. 
 “Specified Hedge Agreement”: any Hedge Agreement entered into by (a) the Borrower or any of its
Class I Restricted Subsidiaries and (b) any Person that, at the time such Hedge Agreement is entered into, is a Qualified Counterparty. 

“Specified Reorganization”: any transaction or series of transactions pursuant to which one or more intermediate holding
companies between the Parent and the Borrower (each, an “Intermediate Holdco”) is established. 

  
 32 

 “Subsidiary”: as to any Person, a corporation, partnership, limited liability
company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of
the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person.
Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of the Borrower. 

“Subsidiary Guarantor”: each Class I Restricted Subsidiary that is a Wholly Owned Subsidiary as of the Restatement
Closing Date and each other Subsidiary that becomes a party to the Guarantee and Collateral Agreement on or after the Restatement Closing Date, in each case, unless and until released in accordance with the terms of this Agreement. 

“Swap”: any agreement, contract, or transaction that constitutes a “swap” within the meaning of section 1a(47) of
the Commodity Exchange Act. 
 “Swap Obligation”: with respect to any person, any obligation to pay or perform under any
Swap. 
 “Syndication Agent”: as defined in the preamble hereto. 

“Term Loan”: as defined in Section 2.1. 

“Term Loan Commitment”: as to any Lender, the obligation of such Lender, if any, to make a Term Loan to the Borrower
hereunder in a principal amount not to exceed the amount set forth under the heading “Term Loan Commitment” opposite such Lender’s name on Schedule 1.1C, or, as the case may be, in the Assignment and
Assumption pursuant to which such Lender became a party hereto, as the same may be changed from time to time pursuant to the terms hereof. The aggregate principal amount of the New Term Loan Commitments (as such term is defined in the
FifthSeventh Amendment hereto dated as of June 16March 29,
20172018) on the FifthSeventh Amendment Effective Date is
$663,799,420659,517,006.94. 
 “Term Loan
Facility”: as defined in the definition of “Facility” in this Section 1.1. 
 “Term Loan Lender”:
collectively, each Lender that has a Term Loan Commitment or is the holder of a Term Loan. 
 “Term Loan Maturity Date”:
with respect to (a) Term Loans that have not been extended pursuant to Section 2.27, the date which is the seventh anniversary of the SecondSeventh Amendment
Effective Date and (b) with respect to Extended Term Loans, the final maturity date therefor as specified in the applicable Extension Offer accepted by the respective Term Loan Lender or Term Loan Lenders. 

“Term Loan Percentage”: as to any Term Loan Lender at any time, the percentage which such Lender’s Term Loan Commitment
then constitutes of the aggregate Term Loan Commitments (or, at any time after the Restatement Closing Date, the percentage which the aggregate principal amount of such Lender’s Term Loan then outstanding constitutes of the aggregate principal
amount of the Term Loans then outstanding). 

  
 33 

 “Term Note”: as defined in Section 2.6(e). 

“Third Amendment Effective Date”: June 13, 2016. 

“Third-Party Peso Loans”: as defined in Section 7.2(n). 

“Total Revolving Credit Commitments”: at any time, the aggregate amount of the Revolving Credit Commitments then in effect.

 “Total Revolving Extensions of Credit”: at any time, the aggregate amount of the Revolving Extensions of Credit of the
Revolving Credit Lenders outstanding at such time. 
 “Transactions”: as defined in the recitals hereto. 

“Transferee”: as defined in Section 10.14. 

“Type”: as to any Loan, its nature as a Base Rate Loan or a Eurodollar Loan. 

“Unrestricted Subsidiary”: a collective reference to: 

(a) any Subsidiary of the Borrower that does not directly, indirectly, or beneficially own or hold any Capital Stock of, or own
or hold any Lien on any Property of, the Parent, any Intermediate Holdco, the Borrower or any of its Class I Restricted Subsidiaries and that, at the time of determination, shall be an Unrestricted Subsidiary as designated by the board of
directors of the Borrower and upon written notice to the Administrative Agent or as listed as such on Schedule 4.15(a); provided, that (i) such Subsidiary at the time of such designation (A) has no Indebtedness other than
Indebtedness permitted pursuant to Section 7.2(i), (j), (k), (l), (o), (p) and (q); (B) is not a party to any agreement, contract, arrangement or understanding with the Parent, any Intermediate Holdco, the Borrower or any of its
Class I Restricted Subsidiaries unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to the Parent, such Intermediate Holdco, the Borrower or such Class I Restricted Subsidiary, as the case
may be, than those that might be obtained at the time from Persons who are not Affiliates of the Borrower; (C) is a Person as to which none of the Parent, any Intermediate Holdco, the Borrower or any of its Class I Restricted Subsidiaries
has any direct or indirect obligation (x) to subscribe for additional Capital Stock or (y) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified level of operating results; and
(D) has not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Parent, any Intermediate Holdco, the Borrower or any of its Class I Restricted Subsidiaries; and (ii) in the case of the
designation of a Class I Restricted Subsidiary, the Applicable Amount immediately prior to such designation is at least equal to the fair market value (as of the time of such designation and determined in accordance with the definition of
“Applicable Amount”) of the Class I Restricted Subsidiary to be so designated; and 

  
 34 

 (b) any Subsidiary of an Unrestricted Subsidiary; 

provided that, any Unrestricted Subsidiary may be designated as a Restricted Subsidiary pursuant to Section 6.11. 

“Wholly Owned Subsidiary”: as to any Person, (a) any other Person all of the Capital Stock of which with voting power
under ordinary circumstances to elect directors (or Persons having similar or corresponding powers and responsibilities) (other than directors’ qualifying shares required by law and shares required by applicable law to be held by a Person other
than the Borrower or its Subsidiaries) is owned by such Person directly and/or through other Wholly Owned Subsidiaries and (b) any Subsidiary of which the Parent owns, directly and indirectly, less than all of the Capital Stock having such
voting power, but the Parent and its Affiliates otherwise have the power, without the consent of any other stockholder or other equity holder, to cause such Subsidiary to become a Subsidiary Guarantor. 

“Write-Down and Conversion Powers”: with respect to any EEA Resolution Authority, the write-down and conversion powers of
such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 
 1.2 Other Definitional Provisions. (a) Unless otherwise
specified therein, all terms defined in this Agreement shall have the defined meanings when used in the other Loan Documents or any certificate or other document made or delivered pursuant hereto or thereto. 

(b) As used herein and in the other Loan Documents, and any certificate or other document made or delivered pursuant hereto or thereto,
accounting terms relating to the Parent, the Borrower and its Subsidiaries not defined in Section 1.1 and accounting terms partly defined in Section 1.1, to the extent not defined, shall have the respective meanings given to them under
GAAP (provided that all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to (i) any election under Accounting Standards
Codification 825-10-25 (previously referred to as Statement of Financial Accounting Standards 159) (or any other Accounting Standards Codification or Financial
Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Borrower or any Subsidiary at “fair value”, as defined therein and (ii) any treatment of Indebtedness in respect of
convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such
Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof). 

(c) The words “hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement shall
refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, Schedule and Exhibit references are to this Agreement unless otherwise specified. 

  
 35 

 (d) The meanings given to terms defined herein shall be equally applicable to both the singular
and plural forms of such terms. 
 (e) All calculations of the financial ratio set forth in Section 7.1 shall be calculated to the same
number of decimal places as the relevant ratios are expressed in and shall be rounded upward if the number in the decimal place immediately following the last calculated decimal place is five or greater. For example, if the relevant ratio is to be
calculated to the hundredth decimal place and the calculation of the ratio is 5.126, the ratio will be rounded up to 5.13. 
 (f) Whenever
the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. 
 (g) For avoidance of doubt,
(i) the words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation”, (ii) the word “will” shall be construed to have the same meaning and effect
as the word “shall”, (iii) the word “incur” shall be construed to mean incur, create, issue, assume, become liable in respect of or suffer to exist (and the words “incurred” and “incurrence” shall have
correlative meanings), (iv) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, Capital Stock,
securities, accounts, leasehold interests and contract rights, and (v) references to agreements or other Contractual Obligations shall, unless otherwise specified, be deemed to refer to such agreements or Contractual Obligations as amended,
supplemented, restated or otherwise modified from time to time. 
 (h) Any reference to any law or regulation herein shall, unless otherwise
specified, refer to such law or regulation as amended, modified or supplemented from time to time. 
 SECTION 2. AMOUNT AND TERMS OF
COMMITMENTS 
 2.1 Term Loan Commitments. Subject to the terms and conditions hereof, the Term Loan Lenders severally agree to
(i) make term loans (each, a “Term Loan”) to the Borrower on the Restatement Closing Date and/or (ii) convert their Existing Term Loans into Term Loans by indicating such conversion on a cashless roll letter agreement to
be delivered to the Administrative Agent on or prior to the Restatement Closing Date. For each Term Loan Lender, the sum of clause (i) and (ii) of this Section 2.1 shall be equal to the amount of the Term Loan Commitment of such Lender.
All such conversions shall be deemed to be a part of borrowing of Term Loans on the Restatement Closing Date for all purposes hereunder. The Term Loans may from time to time be Eurodollar Loans or Base Rate Loans, as determined by the Borrower and
notified to the Administrative Agent in accordance with Sections 2.2 and 2.11. 
 2.2 Procedure for Term Loan Borrowing. The
Borrower shall deliver to the Administrative Agent a Borrowing Notice (which Borrowing Notice must be received by the Administrative Agent prior to 10:00 A.M., New York City time, at least one Business Day prior to the anticipated Restatement
Closing Date) requesting that the Term Loan Lenders make the Term Loans to be made on the Restatement Closing Date. The Term Loans made on the 

  
 36 

 
Restatement Closing Date may be Base Rate Loans or Eurodollar Loans. Upon receipt of such Borrowing Notice the Administrative Agent shall promptly notify each Term Loan Lender thereof. Not later
than 12:00 Noon, New York City time, on the Restatement Closing Date each Term Loan Lender shall make available to the Administrative Agent at the Funding Office an amount in immediately available funds equal to the Term Loan or Term Loans to
be made by such Lender. The Administrative Agent shall promptly make available to the Borrower the aggregate of the amounts made available to the Administrative Agent by the Term Loan Lenders, in like funds as received by the Administrative Agent.

 2.3 Repayment of Term Loans. The Term Loan of each Term Loan Lender shall mature in 38 consecutive quarterly
installments, commencing on March 31, 20132018, each of which shall be in an amount equal to such Lender’s Term Loan Percentage multiplied by the
percentage set forth below opposite such installment of the aggregate Term Loans made on the Restatement ClosingSeventh Amendment Effective Date: 

 

					
	 Installment
	  	Principal Amount	 
	 March 31,
20132018
	  	 	0.25	% 
	 June 30,
20132018
	  	 	0.25	% 
	 September 30,
20132018
	  	 	0.25	% 
	 December 31,
20132018
	  	 	0.25	% 
	 March 31,
20142019
	  	 	0.25	% 
	 June 30,
20142019
	  	 	0.25	% 
	 September 30,
20142019
	  	 	0.25	% 
	 December 31,
20142019
	  	 	0.25	% 
	 March 31,
20152020
	  	 	0.25	% 
	 June 30,
20152020
	  	 	0.25	% 
	 September 30,
20152020
	  	 	0.25	% 
	 December 31,
20152020
	  	 	0.25	% 
	 March 31,
20162021
	  	 	0.25	% 
	 June 30,
20162021
	  	 	0.25	% 
	 September 30,
20162021
	  	 	0.25	% 
	 December 31,
20162021
	  	 	0.25	% 
	 March 31, 2017
	  	 	0.25	% 
	 June 30, 2017
	  	 	0.25	% 
	 September 30, 2017
	  	 	0.25	% 
	 December 31, 2017
	  	 	0.25	% 
	 March 31, 2018
	  	 	0.25	% 
	 June 30, 2018
	  	 	0.25	% 
	 September 30, 2018
	  	 	0.25	% 
	 December 31, 2018
	  	 	0.25	% 
	 March 31, 2019
	  	 	0.25	% 
	 June 30, 2019
	  	 	0.25	% 
	 September 30, 2019
	  	 	0.25	% 
	 December 31, 2019
	  	 	0.25	% 
	 March 31, 2020
	  	 	0.25	% 

  
 37 

					
	 Installment
	  	Principal Amount	 
	 June 30, 2020
	  	 	0.25	% 
	 September 30, 2020
	  	 	0.25	% 
	 December 31, 2020
	  	 	0.25	% 
	 March 31, 2021
	  	 	0.25	% 
	 June 30, 2021
	  	 	0.25	% 
	 September 30, 2021
	  	 	0.25	% 
	 December 31, 2021
	  	 	0.25	% 
	 March 31, 2022
	  	 	0.25	% 
	 June 30, 2022
	  	 	0.25	% 
	 September 30, 2022
	  	 	0.25	% 
	 December 31, 2022
	  	 	0.25	% 
	 March 31, 2023
	  	 	0.25	% 
	 June 30, 2023 September 30,
2023
	  	 	0.25	% 
	 December 31, 2023
	  	 	0.25	% 
	 March 31, 2024
	  	 	0.25	% 
	 June 30, 2024
	  	 	0.25	% 
	 September 30, 2024
	  	 	0.25	% 
	 December 31, 2024
	  	 	0.25	% 
	 Term Loan Maturity Date
	  	 

	Aggregate unpaid
principal amount
of the Term
Loans	 
 
 
 

 2.4 Revolving Credit Commitments. (a) Subject to the terms and conditions hereof, the Revolving Credit
Lenders severally agree to make revolving credit loans (“Revolving Credit Loans”) to the Borrower from time to time during the Revolving Credit Commitment Period in an aggregate principal amount at any one time outstanding for each
Revolving Credit Lender which, when added to such Lender’s Revolving Credit Percentage of the L/C Obligations then outstanding does not exceed the amount of such Lender’s Revolving Credit Commitment. During the Revolving Credit Commitment
Period the Borrower may use the Revolving Credit Commitments by borrowing, prepaying the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. The Revolving Credit Loans may from time to
time be Eurodollar Loans or Base Rate Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.5 and 2.11, provided that no Revolving Credit Loan shall be made as a Eurodollar Loan after
the day that is one month prior to the Revolving Credit Termination Date. 
 (b) The Borrower shall repay all outstanding Revolving Credit
Loans on the Revolving Credit Termination Date. 
 2.5 Procedure for Revolving Credit Borrowing. The Borrower may borrow under the
Revolving Credit Commitments on any Business Day during the Revolving Credit Commitment Period, provided that the Borrower shall deliver to the Administrative Agent a 

  
 38 

 
Borrowing Notice (which Borrowing Notice must be received by the Administrative Agent prior to 12:00 Noon, New York City time, (a) three Business Days prior to the requested Borrowing
Date, in the case of Eurodollar Loans, or (b) one Business Day prior to the requested Borrowing Date, in the case of Base Rate Loans). Any Revolving Credit Loans made on the Restatement Closing Date shall initially be Base Rate Loans. Each
borrowing of Revolving Credit Loans under the Revolving Credit Commitments shall be in an amount equal to (x) in the case of Base Rate Loans, $1,000,000 or a whole multiple of $200,000 in excess thereof (or, if the then aggregate Available
Revolving Credit Commitments are less than $1,000,000, such lesser amount) and (y) in the case of Eurodollar Loans, $3,000,000 or a whole multiple of $500,000 in excess thereof. Upon receipt of any such Borrowing Notice from the Borrower, the
Administrative Agent shall promptly notify each Revolving Credit Lender thereof. Each Revolving Credit Lender will make its Revolving Credit Percentage of the amount of each borrowing of Revolving Credit Loans available to the Administrative Agent
for the account of the Borrower at the Funding Office prior to 12:00 Noon, New York City time, on the Borrowing Date requested by the Borrower in funds immediately available to the Administrative Agent. Such borrowing will then be promptly made
available to the Borrower by the Administrative Agent crediting the account of the Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Revolving Lenders and in like funds as
received by the Administrative Agent. 
 2.6 Repayment of Loans; Evidence of Debt. (a) The Borrower hereby unconditionally
promises to pay to the Administrative Agent for the account of the appropriate Revolving Credit Lender or Term Loan Lender, as the case may be, (i) the then unpaid principal amount of each Revolving Credit Loan of such Revolving Credit Lender
on the Revolving Credit Termination Date (or on such earlier date on which (x) principal payments are required by Section 2.8 or 2.10 or (y) the Loans become due and payable pursuant to Section 8.1) and (ii) the principal
amount of each Term Loan of such Term Loan Lender in installments according to the amortization schedule set forth in Section 2.3 (or on such earlier date on which (x) principal payments are required by Section 2.10 or (y) the
Loans become due and payable pursuant to Section 8.1) which shall be applied pursuant to Section 2.16. The Borrower hereby further agrees to pay interest on the unpaid principal amount of the Loans from time to time outstanding from the
date hereof until payment in full thereof at the rates per annum, and on the dates, set forth in Section 2.13. 
 (b) Each Lender shall
maintain in accordance with its usual practice an account or accounts evidencing indebtedness of the Borrower to such Lender resulting from each Loan of such Lender from time to time, including the amounts of principal and interest payable and paid
to such Lender from time to time under this Agreement. 
 (c) The Administrative Agent, on behalf of the Borrower, shall maintain the
Register pursuant to Section 10.6(d), and a subaccount therein for each Lender, in which shall be recorded (i) the amount of each Loan made hereunder and any Note evidencing such Loan, the Type of such Loan and each Interest Period
applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) both the amount of any sum received by the Administrative Agent hereunder
from the Borrower and each Lender’s share thereof. 

  
 39 

 (d) The entries made in the Register and the accounts of each Lender maintained pursuant to
Section 2.6(b) shall, to the extent permitted by applicable law, be prima facie evidence of the existence and amounts of the obligations of the Borrower therein recorded; provided, however, that the failure of any
Lender or the Administrative Agent to maintain the Register or any such account, or any error therein, shall not in any manner affect the obligation of the Borrower to repay (with applicable interest) the Loans made to the Borrower by such Lender in
accordance with the terms of this Agreement. 
 (e) The Borrower agrees that, upon the request to the Administrative Agent by any Lender,
the Borrower will promptly execute and deliver to such Lender a promissory note of the Borrower evidencing any Term Loans or Revolving Credit Loans, as the case may be, of such Lender, substantially in the forms of
Exhibit G-1 or G-2, respectively (a “Term Note” or “Revolving Credit Note”, respectively), with appropriate insertions as to date
and principal amount; provided, that delivery of Notes shall not be a condition precedent to the occurrence of the Restatement Closing Date or the making of the Loans on the Restatement Closing Date. 

2.7 Commitment Fees, etc. (a) The Borrower agrees to pay to the Administrative Agent for the account of each Revolving Credit
Lender a commitment fee (a “Commitment Fee”) for the period from and including the Restatement Closing Date to the last day of the Revolving Credit Commitment Period, computed at the Commitment Fee Rate on the average daily amount
of the Available Revolving Credit Commitment of such Lender during the period for which payment is made, payable quarterly in arrears on the last day of each March, June, September and December and on the Revolving Credit Termination Date,
commencing on March 31, 2013. 
 (b) The Borrower agrees to pay to the Administrative Agent the fees in the amounts and on the dates
from time to time agreed to in writing by the Borrower and the Administrative Agent. 
 2.8 Termination or Reduction of Revolving Credit
Commitments. The Borrower shall have the right, upon not less than three Business Days’ notice to the Administrative Agent, to terminate the Revolving Credit Commitments or, from time to time, to reduce the aggregate amount of the Revolving
Credit Commitments; provided that no such termination or reduction of Revolving Credit Commitments shall be permitted if, after giving effect thereto and to any prepayments of the Revolving Credit Loans made on the effective date thereof, the
Total Revolving Extensions of Credit would exceed the Total Revolving Credit Commitments provided, further, that such notice may state that it is conditioned upon the effectiveness of other credit facilities or other transactions, which such notice
may be revoked by the Borrower (by notice to the Administrative Agent no later than 10:00 A.M., New York City time, on the specified effective date) if such condition is not satisfied. Any such reduction shall be in an amount equal to $1,000,000, or
a whole multiple thereof, and shall reduce permanently the Revolving Credit Commitments then in effect. 
 2.9 Optional
Prepayments. (a) The Borrower may at any time and from time to time prepay the Loans, in whole or in part, without premium or penalty (other than pursuant to Section 2.19), upon irrevocable notice delivered to the Administrative Agent
at least three Business Days prior thereto in the case of Eurodollar Loans and at least one Business Day prior 

  
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thereto in the case of Base Rate Loans, which notice shall specify the date and amount of such prepayment, whether such prepayment is of Term Loans or Revolving Credit Loans, and whether such
prepayment is of Eurodollar Loans or Base Rate Loans; provided, that if a Eurodollar Loan is prepaid on any day other than the last day of the Interest Period applicable thereto, the Borrower shall also pay any amounts owing pursuant to
Section 2.19. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein,
together with (except in the case of Revolving Credit Loans that are Base Rate Loans) accrued interest to such date on the amount prepaid. Partial prepayments of Term Loans and Revolving Credit Loans shall be in an aggregate principal amount of
$1,000,000 or a whole multiple of $200,000 in excess thereof. Notwithstanding anything to the contrary in this Section 2.9, any optional prepayment of the Term Loans made prior to the six month anniversary of the
FifthSeventh Amendment Effective Date with the proceeds of a substantially concurrent issuance or incurrence of new term loans that (a) are incurred for the primary
purpose of refinancing the Term Loans and decreasing the Applicable Margin with respect thereto and (b) otherwise have terms and conditions (and are in an aggregate principal amount) substantially the same as those of the Term Loans, shall be
subject to a prepayment premium of 1.00% of the aggregate amount of such prepayment. Such prepayment premium shall be allocated ratably among the Term Loan Lenders in accordance with such Lenders’ percentage of the aggregate amount of Term
Loans prepaid. Amounts to be applied as optional prepayments pursuant to this Section shall be applied, first, to the prepayment of the Term Loans and second, to the prepayment of the Revolving Credit Loans and as specified in
Section 2.16. If some but not all of the Term Loans are Extended Term Loans, the Borrower may specify that such optional prepayment shall be applied to the Term Loans based on their respective Term Loan Maturity Dates, in which event the
Borrower shall specify the order in which such optional prepayment shall be applied between or among the various Term Loan Maturity Dates, and such prepayment shall be allocated among all Term Loans that have the same Term Loan Maturity Date pro
rata based on the principal amount of such Term Loans. 
 (b) The Borrower may prepay Term Loans as specified in Section 2.25. Any
prepayment pursuant to Section 2.25 is not subject to Section 2.9(a). 
 2.10 Mandatory Prepayments. (a) Unless the
Required Prepayment Lenders shall otherwise agree, if on any date the Parent, the Borrower or any of its Class I Restricted Subsidiaries shall incur any Indebtedness (excluding any Indebtedness incurred in accordance with Section 7.2), an
amount equal to 100% of the Net Cash Proceeds thereof shall be applied on the date of such issuance or incurrence toward the prepayment of the Loans as set forth in Section 2.10(c). The provisions of this Section do not constitute a consent to
the incurrence of any Indebtedness by the Parent, the Borrower or any of its Subsidiaries not permitted by Section 7.2. 
 (b) Unless
the Required Prepayment Lenders shall otherwise agree, if the Borrower or any of its Class I Restricted Subsidiaries shall receive Net Cash Proceeds from any Asset Sale or any Recovery Event then, unless a Reinvestment Notice shall be delivered
in respect thereof not later than 45 days after the end of the fiscal quarter during which the Borrower or any of its Class I Restricted Subsidiaries received such Net Cash Proceeds, the Loans shall be prepaid by an amount equal to the amount
of such Net Cash Proceeds (excluding 

  
 41 

 
any amounts subject to any such Reinvestment Notice), as set forth in Section 2.10(c); provided, that, notwithstanding the foregoing, on each Reinvestment Prepayment Date the Loans
shall be prepaid by an amount equal to the Reinvestment Prepayment Amount with respect to the relevant Reinvestment Event, as set forth in Section 2.10(c). The provisions of this Section do not constitute a consent to the consummation of any
Disposition not permitted by Section 7.5. 
 (c) Amounts to be applied as prepayments pursuant to this Section shall be applied,
first, to the prepayment of the Term Loans and second, to the prepayment of the Revolving Credit Loans and as specified in Section 2.16. Any such mandatory prepayment of the Revolving Credit Loans pursuant to this
Section 2.10 shall not result in a mandatory reduction of the Revolving Credit Commitments. Amounts prepaid in respect of Term Loans pursuant to this Section 2.10 may not be reborrowed. 

2.11 Conversion and Continuation Options. (a) Subject to Section 2.19, the Borrower may elect from time to time to convert
Eurodollar Loans to Base Rate Loans by giving the Administrative Agent at least two Business Days’ prior irrevocable notice of such election. The Borrower may elect from time to time to convert Base Rate Loans to Eurodollar Loans by giving the
Administrative Agent at least three Business Days’ prior irrevocable notice of such election (which notice shall specify the length of the initial Interest Period therefor), provided that no Base Rate Loan under a particular Facility may
be converted into a Eurodollar Loan (i) when any Event of Default has occurred and is continuing and the Administrative Agent has, or the Majority Facility Lenders have, determined in its or their sole discretion not to permit such conversions
or (ii) after the date that is one month prior to the final scheduled termination or maturity date of such Facility. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. 

(b) The Borrower may elect to continue any Eurodollar Loan as such upon the expiration of the then current Interest Period with respect
thereto by giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such
Loans, provided that no Eurodollar Loan under a particular Facility may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has, or the Majority Facility Lenders in respect of
such Facility have, determined in its or their sole discretion not to permit such continuations or (ii) after the date that is one month prior to the final scheduled termination or maturity date of such Facility, and provided,
further, that if the Borrower shall fail to give any required notice as described above in this paragraph or if such continuation is not permitted pursuant to the preceding proviso, such Loans shall be converted automatically to Base Rate
Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. 

2.12 Minimum Amounts and Maximum Number of Eurodollar Tranches. Notwithstanding anything to the contrary in this Agreement, all
borrowings, conversions, continuations and optional prepayments of Eurodollar Loans and all selections of Interest Periods shall be in such amounts and be made pursuant to such elections so that, (a) after giving effect thereto, the aggregate
principal amount of the Eurodollar Loans comprising each Eurodollar Tranche shall be equal to $3,000,000 or a whole multiple of $500,000 in excess thereof and (b) no more than 20 Eurodollar Tranches shall be outstanding at any one time.

  
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 2.13 Interest Rates and Payment Dates. (a) Each Eurodollar Loan shall bear interest
for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurodollar Rate determined for such day plus the Applicable Margin in effect for such day. 

(b) Each Base Rate Loan shall bear interest for each day on which it is outstanding at a rate per annum equal to the Base Rate in effect for
such day plus the Applicable Margin in effect for such day. 
 (c) (i) If all or a portion of the principal amount of any Loan
or Reimbursement Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount (to the extent legally permitted) shall bear interest at a rate per annum that is equal to (x) in the
case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus 2% or (y) in the case of Reimbursement Obligations, the rate applicable to Base Rate Loans under the
Revolving Credit Facility plus 2%, and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated
maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to Base Rate Loans under the relevant Facility plus 2% (or, in the case of any such other amounts that do
not relate to a particular Facility, the rate then applicable to Base Rate Loans under the Revolving Credit Facility plus 2%), in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (after as well as before judgment). 
 (d) Interest shall be
payable in arrears on each Interest Payment Date, provided that interest accruing pursuant to paragraph (c) of this Section shall be payable from time to time on demand. 

2.14 Computation of Interest and Fees. (a) Interest, fees and commissions payable pursuant hereto shall be calculated on the basis
of a 360-day year for the actual days elapsed, except that, with respect to Base Rate Loans on which interest is calculated on the basis of the Prime Rate, the interest thereon shall be calculated on the basis
of a 365- (or 366-, as the case may be) day year for the actual days elapsed. The Administrative Agent shall as soon as practicable notify the Borrower and the relevant
Lenders of each determination of a Eurodollar Rate. Any change in the interest rate on a Loan resulting from a change in the Base Rate or the Eurocurrency Reserve Requirements shall become effective as of the opening of business on the day on which
such change becomes effective. The Administrative Agent shall as soon as practicable notify the Borrower and the relevant Lenders of the effective date and the amount of each such change in interest rate. 

(b) Each determination of an interest rate by the Administrative Agent pursuant to any provision of this Agreement shall be conclusive and
binding on the Borrower and the Lenders in the absence of manifest error. The Administrative Agent shall, at the request of the Borrower, deliver to the Borrower a statement showing the quotations used by the Administrative Agent in determining any
interest rate pursuant to Section 2.14(a). 

  
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 2.15 Inability to Determine Interest Rate. 

(a) If prior to the first day of any Interest Period: 

(ai) the Administrative Agent shall have
determined (which determination shall be conclusive and binding upon the Borrower) that, by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the Eurodollar Rate for such Interest
Period, or 
 (bii) the Administrative Agent
shall have received notice from the Majority Facility Lenders in respect of the relevant Facility that the Eurodollar Rate determined or to be determined for such Interest Period will not adequately and fairly reflect the cost to such Lenders (as
conclusively certified by such Lenders) of making or maintaining their affected Loans during such Interest Period, 
 the Administrative Agent shall give
telecopy or telephonic notice thereof to the Borrower and the relevant Lenders as soon as practicable thereafter. If such notice is given (x) any Eurodollar Loans denominated in Dollars under the relevant Facility requested to be made on the
first day of such Interest Period shall be made as Base Rate Loans, (y) any Loans under the relevant Facility that were to have been converted on the first day of such Interest Period to Eurodollar Loans shall be continued as Base Rate Loans
and (z) any outstanding Eurodollar Loans under the relevant Facility shall be converted, on the last day of the then current Interest Period with respect thereto, to Base Rate Loans. Until such notice has been withdrawn by the Administrative
Agent, no further Eurodollar Loans under the relevant Facility shall be made or continued as such, nor shall the Borrower have the right to convert Loans under the relevant Facility to Eurodollar Loans. 

(b) If at any time the
Administrative Agent determines (which determination shall be conclusive absent manifest error) that (i) the circumstances set forth in Section 2.15(a)(i) have arisen and such circumstances are unlikely to be temporary or (ii) the
circumstances set forth in Section 2.15(a)(i) have not arisen but the supervisor for the administrator of the LIBO Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a
specific date after which the LIBO Rate shall no longer be used for determining interest rates for loans, then the Administrative Agent and the Borrower shall endeavor to establish an alternate rate of interest to the Eurodollar Rate that gives due
consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such
other related changes to this Agreement as may be applicable. Notwithstanding anything to the contrary in Section 10.1, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as
the Administrative Agent shall not have received, within five (5) Business Days of the date notice of such alternate rate of interest is provided to the Lenders, a written notice from the Required Lenders stating that such Required Lenders
object to such amendment. Provided that, if such alternate rate of interest shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 

  
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 2.16 Pro Rata Treatment and Payments. (a) Each borrowing by the Borrower from the
Lenders hereunder, each payment by the Borrower on account of any commitment fee or Letter of Credit fee, and any reduction of the Commitments of the Lenders, shall be made pro rata according to the respective Term Loan Percentages or
Revolving Credit Percentages, as the case may be, of the relevant Lenders. 
 (b) Except as otherwise provided in Section 2.9(a) or
Section 2.25, (i) each payment (including each prepayment) by the Borrower on account of principal of and interest on the Term Loans shall be allocated among the Lenders holding such Term Loans pro rata based on the principal
amount of such Term Loans held by such Lenders, and (ii) the amount of each principal prepayment of the Term Loans shall be applied first, to the four immediately succeeding installments of such Term Loans and, second, to the
remaining installments of such Term Loans pro rata based on the remaining outstanding principal amount of such installments. Amounts repaid or prepaid on account of the Term Loans may not be reborrowed. 

(c) Each payment (including each prepayment) by the Borrower on account of principal of and interest on the Revolving Credit Loans shall be
made pro rata according to the respective outstanding principal amounts of the Revolving Credit Loans then held by the Revolving Credit Lenders. Each payment in respect of Reimbursement Obligations in respect of any Letter of Credit
shall be made to the Issuing Lender that issued such Letters of Credit. 
 (d) The application of any payment of Loans under any Facility
(including optional and mandatory prepayments) shall be made, first, to Base Rate Loans under such Facility and, second, to Eurodollar Loans under such Facility. Each payment of the Loans (except in the case of Revolving Credit Loans
that are Base Rate Loans) shall be accompanied by accrued interest to the date of such payment on the amount paid. 
 (e) All payments
(including prepayments) to be made by the Borrower hereunder, whether on account of principal, interest, fees or otherwise, shall be made without setoff or counterclaim and shall be made prior to 12:00 Noon, New York City time, on the due date
thereof to the Administrative Agent, for the account of the relevant Lenders, at the Payment Office, in Dollars and in immediately available funds. Any payment made by the Borrower after 12:00 Noon, New York City time, on any Business Day shall
be deemed to have been on the next following Business Day. The Administrative Agent shall distribute such payments to the Lenders promptly upon receipt in like funds as received. If any payment hereunder (other than payments on the Eurodollar Loans)
becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day. If any payment on a Eurodollar Loan becomes due and payable on a day other than a Business Day, the maturity thereof
shall be extended to the next succeeding Business Day unless the result of such extension would be to extend such payment into another calendar month, in which event such payment shall be made on the immediately preceding Business Day. In the case
of any extension of any payment of principal pursuant to the preceding two sentences, interest thereon shall be payable at the then applicable rate during such extension. 

(f) Unless the Administrative Agent shall have been notified in writing by any Lender prior to a borrowing that such Lender will not make the
amount that would constitute its share of such borrowing available to the Administrative Agent, the Administrative Agent may 

  
 45 

 
assume that such Lender is making such amount available to the Administrative Agent, and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower a
corresponding amount. If such amount is not made available to the Administrative Agent by the required time on the Borrowing Date therefor, such Lender shall pay to the Administrative Agent, on demand, such amount with interest thereon at a rate
equal to the greater of (i) the Federal Funds Effective Rate and (ii) a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, for the period until such Lender makes such amount
immediately available to the Administrative Agent. A certificate of the Administrative Agent submitted to any Lender with respect to any amounts owing under this paragraph shall be conclusive in the absence of manifest error. If such Lender’s
share of such borrowing is not made available to the Administrative Agent by such Lender within three Business Days after such Borrowing Date, the Administrative Agent shall also be entitled to recover such amount with interest thereon at the rate
per annum applicable to Base Rate Loans under the relevant Facility, on demand, from the Borrower. 
 (g) Unless the Administrative Agent
shall have been notified in writing by the Borrower prior to the date of any payment due to be made by the Borrower hereunder that the Borrower will not make such payment to the Administrative Agent, the Administrative Agent may assume that the
Borrower is making such payment, and the Administrative Agent may, but shall not be required to, in reliance upon such assumption, make available to the Lenders their respective pro rata shares of a corresponding amount. If such
payment is not made to the Administrative Agent by the Borrower within three Business Days after such due date, the Administrative Agent shall be entitled to recover, on demand, from each Lender to which any amount which was made available pursuant
to the preceding sentence, such amount with interest thereon at the rate per annum equal to the greater of (i) the Federal Funds Effective Rate and (ii) a rate determined by the Administrative Agent in accordance with banking industry
rules on interbank compensation. Nothing herein shall be deemed to limit the rights of the Administrative Agent or any Lender against the Borrower. 

(h) If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.16(f), 2.16(g), 3.4(a) or 9.7, then the
Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof, (i) apply any amounts thereafter received by the Administrative Agent for the account of such Lender for the benefit of the Administrative Agent or
the Issuing Lender to satisfy such Lender’s obligations to it under such Sections until all such unsatisfied obligations are fully paid, and/or (ii) hold any such amounts in a segregated account as cash collateral for, and application to,
any future funding obligations of such Lender under any such Section, in the case of each of clauses (i) and (ii) above, in any order as determined by the Administrative Agent in its discretion. 

2.17 Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application
thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof: 

(i) shall subject any Lender to any tax of any kind whatsoever with respect to this Agreement, any Letter of Credit, any
Application or any Eurodollar Loan made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by Section 2.18 and changes in the rate
of tax on the overall net income of such Lender); 

  
 46 

 (ii) shall impose, modify or hold applicable any reserve, special deposit,
compulsory loan, insurance charge or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit (or participations therein) by, or any other acquisition of funds
by, any office of such Lender that is not otherwise included in the determination of the Eurodollar Rate hereunder; or 

(iii) shall impose on such Lender any other condition; 

and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting
into, continuing or maintaining Eurodollar Loans or issuing or participating in Letters of Credit, or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender, upon its demand,
any additional amounts necessary to compensate such Lender for such increased cost or reduced amount receivable. If any Lender becomes entitled to claim any additional amounts pursuant to this Section, it shall promptly notify the Borrower (with a
copy to the Administrative Agent) of the event by reason of which it has become so entitled. 
 (b) If any Lender shall have determined that
the adoption of or any change in any Requirement of Law regarding capital adequacy, liquidity requirements or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or
directive regarding capital adequacy or liquidity (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender’s or such
corporation’s capital as a consequence of its obligations hereunder or under or in respect of any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance
(taking into consideration such Lender’s or such corporation’s policies with respect to capital adequacy and liquidity requirements) by an amount deemed by such Lender to be material, then from time to time, after submission by such Lender
to the Borrower (with a copy to the Administrative Agent) of a written request therefor, the Borrower shall pay to such Lender such additional amount or amounts as will compensate such Lender or such corporation for such reduction. 

(c) Notwithstanding anything herein to the contrary, (i) all requests, rules, guidelines, requirements and directives promulgated
by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or by United States or foreign regulatory authorities, in each case pursuant to Basel III, and (ii) the
Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder or issued in connection therewith or in implementation thereof, shall in each case be deemed to be a change in law,
regardless of the date enacted, adopted, issued or implemented. 

  
 47 

 (d) A certificate as to any additional amounts payable pursuant to this Section submitted by any
Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The obligations of the Borrower pursuant to this Section shall survive the termination of this Agreement and the payment of the
Loans and all other amounts payable hereunder. 
 (e) The Borrower shall not be required to compensate a Lender pursuant to this Section for
any amounts incurred more than six months prior to the date that such Lender notifies the Borrower of such Lender’s intention to claim compensation therefor; provided that, if the circumstances giving rise to such claim have a
retroactive effect, then such six-month period shall be extended to include the period of such retroactive effect. In addition, the Borrower shall not be required to compensate a Lender pursuant to this
Section for Eurocurrency Reserve Requirements to the extent such compensation would duplicate compensation included in the Eurodollar Rate pursuant to the definition thereof. 

2.18 Taxes. (a) All payments made by or on behalf of any Loan Party under this Agreement or any Loan Document shall be made free
and clear of, and without deduction or withholding for or on account of, any present or future income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions or withholdings, now or hereafter imposed, levied, collected, withheld or
assessed by any Governmental Authority, excluding net income taxes and franchise taxes (imposed in lieu of net income taxes) imposed on any Agent or any Lender as a result of a present or former connection between such Agent or such Lender and the
jurisdiction of the Governmental Authority imposing such tax or any political subdivision or taxing authority thereof or therein (other than any such connection arising solely from such Agent’s or such Lender’s having executed, delivered
or performed its obligations or received a payment under, or enforced, this Agreement or any other Loan Document) and taxes imposed under FATCA. If any such non-excluded taxes, levies, imposts, duties,
charges, fees, deductions or withholdings (“Non-Excluded Taxes”) or any Other Taxes are required to be withheld from any amounts payable to any Agent or any Lender hereunder, the amounts so
payable to such Agent or such Lender shall be increased to the extent necessary to yield to such Agent or such Lender (after payment of all Non-Excluded Taxes and Other Taxes) interest or any such other
amounts payable hereunder at the rates or in the amounts specified in this Agreement; provided, however, that the Borrower shall not be required to increase any such amounts payable to any Lender with respect to any Non-Excluded Taxes (i) that are attributable to such Lender’s failure to comply with the requirements of paragraph (d) or (e) of this Section or (ii) that are United States withholding taxes
imposed on amounts payable to such Lender at the time such Lender becomes a party to this Agreement, except to the extent that such Lender’s assignor (if any) was entitled, at the time of assignment, to receive additional amounts from the
Borrower with respect to such Non-Excluded Taxes pursuant to this Section 2.18(a). 
 (b) In
addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 
 (c) Whenever
any Non-Excluded Taxes or Other Taxes are payable by the Borrower, as promptly as possible thereafter the Borrower shall send to the Administrative Agent for the account of the relevant Agent or Lender, as the
case may be, a certified copy of an original official receipt received by the Borrower showing payment thereof. If the Borrower fails to pay any Non-Excluded Taxes or Other Taxes when due to the appropriate
taxing authority or fails to remit to the Administrative Agent the required receipts or other required 

  
 48 

 
documentary evidence, the Borrower shall indemnify the Agents and the Lenders for any incremental taxes, interest or penalties that may become payable by any Agent or any Lender as a result of
any such failure. The Loan Parties shall indemnify any Credit Party for any Non-Excluded Taxes or Other Taxes imposed directly on the Credit Party. The agreements in this Section shall survive the termination
of this Agreement and the payment of the Loans and all other amounts payable hereunder. 
 (d) (i) Each Lender (or Transferee) that is a
“United States person” as defined in Section 7701(a)(30) of the Code shall deliver to the Borrower and the Administrative Agent on or before the date on which it becomes a party to this Agreement two properly completed and duly signed
copies of U.S. Internal Revenue Service Form W-9 (or any successor form) certifying that such Lender is exempt from U.S. federal withholding tax. 

(ii) Each Lender (or Transferee) that is not a citizen or resident of the United States of America, a corporation, partnership or other entity
created or organized in or under the laws of the United States of America (or any jurisdiction thereof), or any estate or trust that is subject to federal income taxation regardless of the source of its income (a “Non-U.S. Lender”) shall deliver to the Borrower and the Administrative Agent (or, in the case of a Participant, to the Lender from which the related participation shall have been purchased) two copies of
either U.S. Internal Revenue Service Form W-8BEN-E, Form W-8ECI, or Form W-8IMY, together
with all applicable underlying Internal Revenue Service forms (in the case of a Non-U.S. Lender that is treated as a partnership for U.S. federal income tax purposes), or any subsequent versions thereof or
successors thereto, or, in the case of a Non-U.S. Lender claiming exemption from U.S. federal withholding tax under Section 871(h) or 881(c) of the Code with respect to payments of “portfolio
interest” a statement substantially in the form of Exhibit H-1, H-2, H-3 or
H-4, as applicable, and a Form W-8BEN-E, or any subsequent versions thereof or successors thereto properly completed and duly
executed by such Non-U.S. Lender claiming complete exemption from, or a reduced rate of, U.S. federal withholding tax on all payments by the Borrower under this Agreement and the other Loan Documents. Such
forms shall be delivered by each Non-U.S. Lender on or before the date it becomes a party to this Agreement (or, in the case of any Participant, on or before the date such Participant purchases the related
participation). In addition, each Non-U.S. Lender shall deliver such forms promptly upon the obsolescence or invalidity of any form previously delivered by such Non-U.S.
Lender. Each Non-U.S. Lender shall promptly notify the Borrower at any time it determines that it is no longer in a position to provide any previously delivered certificate to the Borrower (or any other form
of certification adopted by the U.S. taxing authorities for such purpose). Notwithstanding any other provision of this paragraph, a Non-U.S. Lender shall not be required to deliver any form pursuant to this
paragraph that such Non-U.S. Lender is not legally able to deliver. 

  
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 (iii) If a payment made to a Lender under any Loan Document would be subject to U.S. Federal
withholding tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the
Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under
FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for this clause (iii), “FATCA” shall include any amendments
made to FATCA after the date of this Agreement. 
 (e) A Lender that is entitled to an exemption from or reduction of non-U.S. withholding tax under the law of the jurisdiction in which the Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the
Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law or reasonably requested by the Borrower, such properly completed and executed documentation prescribed by applicable law as will permit such
payments to be made without withholding or at a reduced rate, provided that such Lender is legally entitled to complete, execute and deliver such documentation and in such Lender’s reasonable judgment such completion, execution or
submission would not materially prejudice the legal position of such Lender. 
 (f) For purposes of determining withholding taxes imposed
under FATCA, from and after the Second Amendment Effective Date, the Borrower and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) each Loan as not qualifying as a “grandfathered
obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i). 
 2.19
Indemnity. The Borrower agrees to indemnify each Lender for, and to hold each Lender harmless from, any loss or expense that such Lender may sustain or incur as a consequence of (a) default by the Borrower in making a borrowing of,
conversion into or continuation of Eurodollar Loans after the Borrower has given a notice requesting the same in accordance with the provisions of this Agreement, (b) default by the Borrower in making any prepayment (or conversion from
Eurodollar Loans) after the Borrower has given a notice thereof in accordance with the provisions of this Agreement or (c) the making of a prepayment or conversion of Eurodollar Loans on a day that is not the last day of an Interest Period with
respect thereto. Such indemnification may include an amount equal to the excess, if any, of (i) the amount of interest that would have accrued on the amount so prepaid, or not so borrowed, converted or continued, for the period from the date of
such prepayment or of such failure to borrow, convert or continue to the last day of such Interest Period (or, in the case of a failure to borrow, convert or continue, the Interest Period that would have commenced on the date of such failure) in
each case at the applicable rate of interest for such Loans provided for herein (excluding, however, the Applicable Margin included therein, if any) over (ii) the amount of interest (as reasonably determined by such Lender) that would
have accrued to such Lender on 

  
 50 

 
such amount by placing such amount on deposit for a comparable period with leading banks in the interbank Eurodollar market. The Borrower shall not be required to compensate a Lender pursuant to
this Section for any amounts incurred more than six months prior to the date that such Lender notifies the Borrower of such Lender’s intention to claim compensation therefor. A certificate as to any amounts payable pursuant to this Section
submitted to the Borrower by any Lender shall be conclusive in the absence of manifest error. This covenant shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 

2.20 Illegality. Notwithstanding any other provision herein, if the adoption of or any change in any Requirement of Law or in the
interpretation or application thereof shall make it unlawful for any Lender to make or maintain Eurodollar Loans as contemplated by this Agreement, (a) the commitment of such Lender hereunder to make Eurodollar Loans, continue Eurodollar Loans
as such and convert Base Rate Loans to Eurodollar Loans shall forthwith be canceled and (b) such Lender’s Loans then outstanding as Eurodollar Loans, if any, shall be converted automatically to Base Rate Loans on the respective last days
of the then current Interest Periods with respect to such Loans or within such earlier period as required by law. If any such conversion of a Eurodollar Loan occurs on a day which is not the last day of the then current Interest Period with respect
thereto, the Borrower shall pay to such Lender such amounts, if any, as may be required pursuant to Section 2.19. 
 2.21 Change of
Lending Office. Each Lender agrees that, upon the occurrence of any event giving rise to the operation of Section 2.17, 2.18 or 2.20 with respect to such Lender, it will, if requested by the Borrower, use reasonable efforts (subject to
overall policy considerations of such Lender) to designate another lending office for any Loans affected by such event with the object of avoiding the consequences of such event; provided, that such designation is made on terms that, in the
sole judgment of such Lender, cause such Lender and its lending office(s) to suffer no economic, legal or regulatory disadvantage, and provided, further, that nothing in this Section shall affect or postpone any of the obligations of
any Borrower or the rights of any Lender pursuant to Section 2.17, 2.18 or 2.20. 
 2.22 Replacement of Lenders under Certain
Circumstances. The Borrower shall be permitted to replace any Lender that (a) requests reimbursement for amounts owing pursuant to Section 2.17 or 2.18 or gives a notice of illegality pursuant to Section 2.20, (b) becomes a
Defaulting Lender or (c) does not consent to any proposed amendment, supplement, modification, consent or waiver of any provision of this Agreement or any other Loan Document that requires the consent of each of the Lenders or each of the
Lenders affected thereby (so long as the consent of the Required Lenders (with the percentage in such definition being deemed to be more than 50% for this purpose) has been obtained), with a replacement lender; provided that (i) such
replacement does not conflict with any Requirement of Law, (ii) no Event of Default shall have occurred and be continuing at the time of such replacement, (iii) prior to any such replacement, such Lender shall have taken no action under
Section 2.21 so as to eliminate the continued need for payment of amounts owing pursuant to Section 2.17 or 2.18 or to eliminate the illegality referred to in such notice of illegality given pursuant to Section 2.20, (iv) the
replacement lender shall purchase, at par, all Loans and other amounts owing to such replaced Lender on or prior to the date of replacement, (v) the Borrower shall be liable to such replaced Lender under Section 2.19 (as though
Section 2.19 were applicable) if any 

  
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Eurodollar Loan owing to such replaced Lender shall be purchased other than on the last day of the Interest Period relating thereto, (vi) the replacement lender, if not already a Lender,
shall be reasonably satisfactory to the Administrative Agent and, with respect to the replacement of a Revolving Credit Lender, each Issuing Lender (such consent not to be unreasonably withheld), (vii) the replaced Lender shall be obligated to
make such replacement in accordance with the provisions of Section 10.6 (provided that the Borrower shall be obligated to pay the registration and processing fee referred to therein), (viii) the Borrower shall pay all additional
amounts (if any) required pursuant to Section 2.17 or 2.18, as the case may be, in respect of any period prior to the date on which such replacement shall be consummated, (ix) such replacement Lender shall consent to the proposed
amendment, supplement, modification, consent or waiver and (x) any such replacement shall not be deemed to be a waiver of any rights that the Borrower, the Administrative Agent or any other Lender shall have against the replaced Lender. Each
party hereto agrees that an assignment required pursuant to this paragraph may be effected pursuant to an Assignment and Assumption executed by the Borrower, the Administrative Agent and the assignee, and that the Lender required to make such
assignment need not be a party thereto in order for such assignment to be effective. 
 2.23 Addition of Peso Subfacility. The
Borrower has advised the Lenders that, after the Restatement Closing Date, the Borrower and certain of the Revolving Credit Lenders or their Affiliates (in their sole discretion) or other lenders selected by the Borrower and reasonably acceptable to
the Administrative Agent (the “Peso Subfacility Lenders”) may wish to establish a subfacility (the “Peso Subfacility”) whereby up to $25,000,000 of the Revolving Credit Commitments would be made available by Peso
Subfacility Lenders for revolving credit loans denominated and funded in Pesos (“Peso Subfacility Loans”). Accordingly, at any time during the Revolving Credit Commitment Period, the Borrower, the Peso Subfacility Lenders and the
Administrative Agent and, in the circumstances contemplated by paragraph (h) below only, all Revolving Credit Lenders (in each case, without the consent of any other party hereto) may enter into amendments (or amendments and restatements), in
form and substance reasonably satisfactory to the Administrative Agent, to this Agreement and the other relevant Loan Documents (the “Peso Subfacility Amendments”) providing for the following: 

(a) The Peso Subfacility Amendments shall provide that each Peso Subfacility Lender shall make available to the Borrower (or to
a Subsidiary of the Borrower organized under the laws of Mexico and designated by the Borrower) (any such Mexican Subsidiary or, as the case may be, the Borrower, as the borrower under the Peso Subfacility, the “Peso Subfacility
Borrower”), a commitment (for each Peso Subfacility Lender, the “Peso Subfacility Commitment” of such Peso Subfacility Lender) to make Peso Subfacility Loans during the period specified in the Peso Subfacility Amendments
(which period shall in any event end not later than the Revolving Credit Termination Date) (the “Peso Subfacility Commitment Period”) in an aggregate principal amount for all Peso Subfacility Lenders not exceeding the equivalent in
Pesos of $25,000,000. The Peso Subfacility Amendments shall provide that all Peso Subfacility Loans will be payable no later than the last day of the Peso Subfacility Commitment Period. The Peso Subfacility Amendments shall provide for such interest
rate basis or bases, applicable margins, and fees and other pricing terms applicable to the Peso Subfacility and the Peso Subfacility Loans as shall be agreed upon by the parties thereto. 

  
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 (b) The Peso Subfacility Amendments shall provide that the aggregate amount
available under the Revolving Credit Commitments and the Peso Subfacility, plus the amount of any Third-Party Peso Loans, shall not exceed the Total Revolving Credit Commitments. 

(c) In the event that the Peso Subfacility Amendments provide that a Subsidiary of the Borrower shall be the Peso Subfacility
Borrower, the Peso Subfacility Amendments may provide that the obligations of the Peso Subfacility Borrower in respect of the Peso Subfacility Loans will be guaranteed by the Borrower and the Guarantors pursuant to the Guarantee and Collateral
Agreement and such guarantees will be secured, equally and ratably with all other Obligations, pursuant to all Security Documents, as applicable. 

(d) Subject to satisfaction of the conditions set forth in paragraph (h) below, the Peso Subfacility Amendments may
provide that, in connection with the Peso Subfacility, the Revolving Credit Lenders will purchase, ratably in accordance with the Revolving Credit Commitments and Peso Subfacility Commitments, participating interests in any such Peso Subfacility
Loan, pursuant to participation provisions substantially equivalent to those set forth in Section 3 in respect of participating interests in Letters of Credit, mutatis mutandis. 

(e) The Peso Subfacility Amendments may provide for the conversion to Dollars of any amounts owing under the Peso Subfacility
under such conditions and pursuant to such conversion mechanisms as shall be set forth in the Peso Subfacility Amendments. 

(f) The Peso Subfacility Amendments may provide for amendments of such other provisions of the Loan Documents (including,
without limitation, amendments providing for indemnities, exchange rate fluctuation protection, tax gross-up provisions and other provisions in respect of the Peso Subfacility) as the parties thereto shall
reasonably determine to be necessary or advisable to accomplish the purpose of establishing the Peso Subfacility and causing the Peso Subfacility to be treated, to the extent practicable and applicable, as a subfacility of the Revolving Credit
Facility, benefiting from the protections of the Loan Documents equally and ratably with, and in a manner otherwise equivalent to, the Revolving Credit Facility. 

(g) The Peso Subfacility Amendments shall set forth, as conditions precedent to the availability of credit under the Peso
Subfacility, the delivery of such corporate records, documents, evidence of corporate approvals, evidence of necessary consents and approvals of Governmental Authorities and legal opinions as the parties thereto shall reasonably determine to be
necessary or advisable. 
 (h) In the event that the Peso Subfacility Amendments provide for Revolving Credit Lenders (other
than the Peso Subfacility Lenders) to purchase participating interests in amounts outstanding under the Peso Subfacility, each of the Revolving Credit Lenders shall be a party to, or give its written consent to, the Peso Subfacility Amendments (it
being understood that each Revolving Credit Lender, in its sole discretion, may determine to consent or withhold consent to becoming obligated to purchase participating interests in amounts outstanding under the Peso Subfacility). 

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

(a) fees shall cease to accrue on the unfunded portion of the Revolving Credit Commitment of such Defaulting Lender pursuant to
Section 2.7(a); 
 (b) the Revolving Credit Commitment and Revolving Extensions of Credit of such Defaulting Lender shall not be
included in determining whether the Required Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 10.1); provided, that this clause
(b) shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification requiring the consent of such Lender or each Lender affected thereby; 

 (c) if any L/C Exposure exists at the time such Lender becomes a Defaulting Lender then: 

(i) all or any part of the L/C Exposure of such Defaulting Lender shall be reallocated among the
non-Defaulting Lenders in accordance with their respective Revolving Credit Percentages but only to the extent the sum of all non-Defaulting Lenders’ Revolving
Extensions of Credit plus such Defaulting Lender’s L/C Exposure does not exceed the total of all non-Defaulting Lenders’ Revolving Credit Commitments; 

(ii) if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall, upon request
from any affected Issuing Lender within one Business Day following notice by the Administrative Agent of such request, cash collateralize for the benefit of the Issuing Lender only the Borrower’s obligations corresponding to such Defaulting
Lender’s L/C Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 8.1 for so long as such L/C Exposure is outstanding; 

(iii) if the Borrower cash collateralizes any portion of such Defaulting Lender’s L/C Exposure pursuant to clause (ii) above,
the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 3.3(a) with respect to such Defaulting Lender’s L/C Exposure during the period such Defaulting Lender’s L/C Exposure is cash
collateralized; 
 (iv) if the L/C Exposure of the non-Defaulting Lenders is reallocated pursuant to
clause (i) above, then the fees payable to the Lenders pursuant to Section 2.7(a) and Section 3.3(a) shall be adjusted in accordance with such non-Defaulting Lenders’
Revolving Credit Percentages; and 

  
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 (v) if all or any portion of such Defaulting Lender’s L/C Exposure is neither reallocated
nor cash collateralized pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of the Issuing Lender or any other Lender hereunder, all fees payable under Section 3.3(a) with respect to such
Defaulting Lender’s L/C Exposure shall be payable to the Issuing Lender until and to the extent that such L/C Exposure is reallocated and/or cash collateralized; and 

(d) so long as such Lender is a Defaulting Lender, the Issuing Lender shall not be required to issue, amend or increase any Letter of Credit,
unless it is satisfied that the related exposure and the Defaulting Lender’s then outstanding L/C Exposure will be 100% covered by the Revolving Credit Commitments of the non-Defaulting Lenders and/or
cash collateral will be provided by the Borrower in accordance with Section 2.24(c), and participating interests in any newly issued or increased Letter of Credit shall be allocated among
non-Defaulting Lenders in a manner consistent with Section 2.24(c)(i) (and such Defaulting Lender shall not participate therein). 

(e) If (i) a Bankruptcy Event or a Bail-In Action with respect to a Lender Parent of any
Lender shall occur following the date hereof and for so long as such event shall continue or (ii) the Issuing Lender has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more other agreements
in which such Lender commits to extend credit, the Issuing Lender shall not be required to issue, amend or increase any Letter of Credit, unless Issuing Lender shall have entered into arrangements with the Borrower or such Lender, satisfactory to
the Issuing Lender to defease any risk to it in respect of such Lender hereunder. 
 (f) In the event that the Administrative Agent, the
Borrower and the Issuing Lender each agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the L/C Exposure of the Lenders shall be readjusted to reflect the inclusion of such
Lender’s Revolving Credit Commitment and on such date such Lender shall purchase at par such of the Loans of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in
accordance with its Revolving Credit Percentage. 
 2.25 Prepayments Below Par. 

(a) The Borrower may from time to time notify the Administrative Agent that it desires to make voluntary prepayments of the Term Loans (each,
a “Special Prepayment”) pursuant to the procedures described in this Section 2.25. In connection with any Special Prepayment, the Borrower will notify the Term Loan Lenders through the Administrative Agent (the “Special
Prepayment Notice”) that the Borrower desires to prepay Term Loans in an aggregate face amount specified by the Borrower (each, a “Special Prepayment Face Amount”) at a discount which is either (x) a fixed discount
specified by the Borrower (a “Fixed Discount”) or (y) a discount expected to be within a range to be specified by the Borrower with respect to such Special Prepayment (any such range, a “Discount Range”), in
either case equal to a percentage of par of the principal amount of the Term Loans to be prepaid; provided that (A) if any Revolving Credit Loans are then outstanding, each Special Prepayment shall be funded with the proceeds of an
issuance of Capital Stock of, or capital contribution to, the Borrower or 

  
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proceeds from Indebtedness permitted to be issued under Section 7.2(s), and (B) the Special Prepayment Face Amount of all Term Loans prepaid pursuant to this Section 2.25 shall not
exceed $200,000,000 in the aggregate during the term of this Agreement (the “Aggregate Special Prepayment Face Amount Limit”). The Special Prepayment Face Amount for each Special Prepayment shall not be less than $30,000,000 or, if
less, an amount equal to the Aggregate Special Prepayment Face Amount Limit remaining at such time. 
 (b) In connection with a Special
Prepayment to be at a Fixed Discount, the Borrower will allow each Term Loan Lender to specify the maximum face amount of its Term Loans as to which it is willing to accept such Special Prepayment (subject to customary and reasonable rounding
requirements specified by the Administrative Agent and agreed to by the Borrower). The Borrower shall prepay Term Loans (or the respective portions thereof) offered by Lenders that accept such Special Prepayment (“Qualifying Fixed Discount
Term Loans”); provided that if the aggregate face amount of such offered Qualifying Fixed Discount Term Loans would exceed the Special Prepayment Face Amount for such Special Prepayment, the Borrower shall prepay such offered Qualifying
Fixed Discount Term Loans at the applicable Fixed Discount ratably based on the respective principal amounts of such offered Qualifying Fixed Discount Term Loans (subject to customary and reasonable rounding requirements specified by the
Administrative Agent and agreed to by the Borrower). 
 (c) In connection with a Special Prepayment to be made within a Discount Range, the
Borrower will allow each Term Loan Lender to specify a discount to par within such Discount Range at which such Term Loan Lender is willing to accept such Special Prepayment (the “Acceptable Discount” for such Term Loan Lender) for
up to a maximum specified face amount of its Term Loans (subject to customary and reasonable rounding requirements specified by the Administrative Agent and agreed to by the Borrower). Based on the Acceptable Discounts and face amounts of Term Loans
specified by the applicable Term Loan Lenders, the Borrower will (A) complete the Special Prepayment at the lowest Acceptable Discount for a face amount of Term Loans equal to the lesser of (1) the Special Prepayment Face Amount and
(2) the aggregate specified face amount of Term Loans specified by Term Loan Lenders with such lowest Acceptable Discount, (B) in the case of clause (A)(2) above, further complete the Special Prepayment at the lowest unfulfilled (i.e., the
next higher) Acceptable Discount for a face amount of Term Loans equal to the lesser of (1) the unfulfilled Special Prepayment Face Amount and (2) the aggregate specified face amount of Term Loans specified by Term Loan Lenders with such
next higher Acceptable Discount, and (C) repeat the process in clause (B) above until the Borrower has prepaid the lesser of (1) the entire Special Prepayment Face Amount and (2) the aggregate specified face amount of all Term
Loans specified by Term Loan Lenders. In the case of clause (A)(1) or (B)(1) above, if two or more Term Loan Lenders have specified the same Acceptable Discount, the Borrower shall prepay the specified Term Loans at such specified Acceptable
Discount ratably between or among such Term Loan Lenders based on the respective face amounts of Term Loans specified by such Term Loan Lenders (subject to customary and reasonable rounding requirements specified by the Administrative Agent and
agreed to by the Borrower). It is understood and agreed that the application of such Special Prepayment Funded Amount to such specified Term Loans shall constitute the payment in full of the face amount of such Term Loans. 

  
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 (d) All Term Loans prepaid by the Borrower pursuant to this Section 2.25 shall be
accompanied by payment of accrued and unpaid interest on the par principal amount so prepaid to, but not including, the date of prepayment. 

(e) Each Special Prepayment shall be consummated pursuant to procedures (including as to timing of any issuance of a Special Prepayment Notice,
response deadlines, rounding and minimum amounts, Type and Interest Periods of accepted Loans and other notices by the Borrower and Lenders and calculation of Special Prepayments and Acceptable Discounts in accordance with Section 2.25(c)
above) established by the Borrower in consultation with the Administrative Agent; provided that such procedures shall include (i) a notice period to Term Lenders of at least five Business Days prior to the making of any Special
Prepayment and (ii) a period of at least three Business Days for each Term Lender to respond to any requested Special Prepayment. 
 (f)
Each Special Prepayment shall constitute an optional prepayment of Term Loans for all purposes under this Agreement, other than Section 2.9(a). The Borrower hereby specifies that any Special Prepayment Face Amount shall be applied to the
installments of the Term Loans of each Lender participating in such Special Prepayment on a ratable basis. 
 (g) Failure by the Borrower to
make any payment to a Lender required by an agreement permitted by this Section 2.25(b) shall not constitute an Event of Default under Section 8.1(a), and the Borrower may revoke any Special Prepayment Notice, or elect not to consummate
any Special Prepayment, at any time. 
 (h) No proceeds of any Revolving Credit Loans may be used to make a Special Prepayment. 

2.26 Increase in Commitments. (a) The Borrower shall have the right, at any time and from time to time, to obtain additional Term Loans
either from one or more of the Term Loan Lenders or other Persons, (y) in an aggregate amount such that the Consolidated Net Senior Secured Leverage Ratio, determined on a pro forma basis as of the most recent fiscal quarter end for
which financial statements have been delivered to the Agents pursuant to Section 6.1 as if such additional Term Loans had been outstanding on the last day of such fiscal quarter, shall not exceed 3.00 to 1.00, or (z) if such
determination would result in a greater amount of additional Term Loans than the determination under the preceding clause (y), in an aggregate amount such that the aggregate amount of all outstanding Term Loans at any time shall not exceed
$1,083,600,000; provided that (i) any such request for additional Term Loans shall be in a minimum amount of $30,000,000, (ii) the Borrower may make a maximum of three such requests, (iii) the Administrative Agent has
approved each such new Term Loan Lender, such approval not to be unreasonably withheld or delayed and (iv) the procedures described in Section 2.26(c) have been satisfied. 

(b) The Borrower shall have the right at any time and from time to time to increase the Revolving Credit Commitment by obtaining additional
Revolving Credit Commitments, either from one or more of the Revolving Credit Lenders or other Persons, in an aggregate amount such that the aggregate amount of Revolving Credit Commitments in effect at any time shall not exceed $150,000,000;
provided that (i) any such request for an increase shall 

  
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be in a minimum amount of $15,000,000, (ii) the Borrower may make a maximum of three such requests, (iii) the Administrative Agent has approved each such new Revolving Credit Lender, such
approval not to be unreasonably withheld or delayed, and (iv) the procedures described in Section 2.26(c) have been satisfied. 

(c) Any amendment hereto for an increase in Term Loan Commitments or Revolving Credit Commitments pursuant to Sections 2.26(a) and (b),
respectively, shall be in form and substance reasonably satisfactory to the Administrative Agent and shall only require the written signatures of the Administrative Agent, the Borrower and the Lender(s) being added or increasing their Term Loan
Commitment and/or Revolving Credit Commitment. As a condition precedent to such an increase, (i) the Borrower shall deliver to the Administrative Agent a certificate of each Loan Party signed by an authorized officer of such Loan Party
certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such increase, (ii) before and after giving effect to such increase, (x) the representations and warranties contained in Section 4 and the
other Loan Documents shall be true and correct in all material respects (except that any representation and warranty that is qualified as to “materiality” or “Material Adverse Effect” shall be true and correct in all respects),
except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date and (y) no Default or Event of Default shall have occurred and be continuing,
(iii) if the total yield (calculated for both the additional Term Loans and the existing Term Loans, including the upfront fees, any interest rate floors and any OID (as defined below but excluding any arrangement, underwriting or similar fee
paid by the Borrower)) in respect of any additional Term Loans exceeds the total yield for the existing Term Loans by more than 0.50% (it being understood that any such increase may take the form of original issue discount (“OID”),
with OID being equated to the interest rates in a manner determined by the Administrative Agent based on an assumed four-year life to maturity), the Applicable Margin for the existing Term Loans shall be increased so that the difference between the
total yield in respect of such additional Term Loans and the corresponding total yield on the existing Term Loans is 0.50% and (iv) if requested by the Administrative Agent, the Borrower shall deliver to the Administrative Agent customary legal
opinions, in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. 
 2.27 Future
Extensions.  
 (a) Notwithstanding anything to the contrary in this Agreement, pursuant to one or more offers (each,
an “Extension Offer”) made from time to time by the Borrower to all Lenders of Term Loans with a like maturity date or all Lenders holding Revolving Credit Commitments with a like maturity date, in each case on a pro rata basis
(based on the aggregate outstanding principal amount of the respective Term Loans or Revolving Credit Commitments with a like maturity date, as the case may be) and on the same terms to each such Lender, the Borrower is hereby permitted to
consummate from time to time transactions with individual Lenders that accept the terms contained in such Extension Offers to extend the maturity date of each such Lender’s Term Loans or Revolving Credit Commitments and otherwise modify the
terms of such Term Loans or Revolving Credit Commitments pursuant to the terms of the relevant Extension Offer (including, without limitation, by increasing or decreasing the interest rate or fees payable in respect of such Term Loans or Revolving
Credit Commitments (and related outstandings) or modifying the amortization schedule in respect of such Lender’s Term 

  
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Loans) (each, an “Extension”, and each group of Term Loans or Revolving Credit Commitments, as applicable, in each case as so extended, as well as the original Term Loans and the
original Revolving Credit Commitments (in each case not so extended), being a “tranche”; any Extended Term Loans shall constitute a separate tranche of Term Loans from the tranche of Term Loans from which they were converted, and any
Extended Revolving Credit Commitments shall constitute a separate tranche of Revolving Credit Commitments from the tranche of Revolving Credit Commitments from which they were converted), so long as the following terms are satisfied: (i) no
Default or Event of Default shall have occurred and be continuing at the time the offering document in respect of an Extension Offer is delivered to the Lenders, (ii) except as to pricing (interest rate, fees, funding discounts and prepayment
premiums) and maturity (which shall be set forth in the relevant Extension Offer), the Revolving Credit Commitment of any Revolving Credit Lender that agrees to an Extension with respect to such Revolving Credit Commitment (an “Extending
Revolving Credit Lender”) extended pursuant to an Extension (an “Extended Revolving Credit Commitment”), and the related outstandings, shall be a Revolving Credit Commitment (or related outstandings, as the case may be)
with the same terms as the original Revolving Credit Commitments (and related outstandings); provided that (1) the borrowing and repayment (except for (A) payments of interest and fees at different rates on Extended Revolving Credit
Commitments (and related outstandings), (B) repayments required upon the maturity date of the non-extending Revolving Credit Commitments and (C) repayment made in connection with a permanent repayment and
termination of commitments) of Loans with respect to Extended Revolving Credit Commitments after the applicable Extension date shall be made on a pro rata basis with all other Revolving Credit Commitments, (2) the permanent repayment of
Revolving Credit Loans with respect to, and termination of, Extended Revolving Credit Commitments after the applicable Extension date shall be made on a pro rata basis with all other Revolving Credit Commitments, except that the Borrower shall be
permitted to permanently repay and terminate commitments of any such tranche on a better than pro rata basis as compared to any other tranche with a later maturity date than such tranche, (3) assignments and participations of Extended Revolving
Credit Commitments and extended Revolving Credit Loans shall be governed by the same assignment and participation provisions applicable to Revolving Credit Commitments and Revolving Credit Loans and (4) at no time shall there be Revolving
Credit Commitments hereunder (including Extended Revolving Credit Commitments and any original Revolving Credit Commitments) which have more than two different maturity dates, (iii) except as to pricing (interest rate, fees, funding discounts
and prepayment premiums), amortization, maturity, required prepayment dates and participation in prepayments (which shall, subject to immediately succeeding clauses (iv), (v) and (vi), be set forth in the relevant Extension Offer), the Term Loans of
any Term Lender that agrees to an Extension with respect to such Term Loans (an “Extending Term Lender”) extended pursuant to any Extension (“Extended Term Loans”) shall have the same terms as the tranche of Term
Loans subject to such Extension Offer (except for covenants or other provisions contained therein applicable only to periods after the then Latest Maturity Date of the Term Loans), (iv) the final maturity date of any Extended Term Loans shall be no
earlier than the then Latest Maturity Date of the Term Loans, (v) the weighted average life to maturity of any Extended Term Loans shall be no less than 180 days longer than the remaining weighted average life to maturity of the tranche
extended thereby, (vi) any Extended Term Loans may participate on a pro rata basis or a less than pro rata basis (but not greater than a pro rata basis) in any mandatory repayments or prepayments hereunder, in each case as specified in the
respective Extension Offer (provided that if the applicable 

  
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Extending Term Lenders have the ability to decline mandatory prepayments, any such mandatory prepayment that is not accepted by the applicable Extending Term Lenders shall be applied to the non-extended Term Loans of the tranche being extended) and may participate in voluntary prepayments as provided in Section 2.9(a), (vii) if the aggregate principal amount of Term Loans (calculated on the face
amount thereof) or Revolving Credit Commitments, as the case may be, in respect of which Term Lenders or Revolving Credit Lenders, as the case may be, shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal
amount of Term Loans or Revolving Credit Commitments, as the case may be, offered to be extended by the Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Credit Loans, as the case may be, of such Term Lenders or Revolving
Credit Lenders, as the case may be, shall be extended ratably up to such maximum amount based on the respective principal amounts (but not to exceed actual holdings of record) with respect to which such Term Lenders or Revolving Credit Lenders, as
the case may be, have accepted such Extension Offer, (viii) if the aggregate principal amount of Term Loans or Revolving Credit Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall be less than the
maximum aggregate principal amount of Term Loans or Revolving Credit Commitments, as the case may be, offered to be extended by the Borrower pursuant to such Extension Offer, then the Borrower may require each Lender that does not accept such
Extension Offer to assign pursuant to Section 10.6 its pro rata share of the outstanding Loans, Revolving Credit Commitments and/or participations in Letters of Credit (as applicable) offered to be extended pursuant to such Extension Offer to
one or more assignees that have agreed to such assignment and to extend the applicable maturity date; provided that (1) each Lender that does not respond affirmatively within ten (10) Business Days after the date the offering document in
respect of an Extension Offer is delivered to the Lenders shall be deemed to have not accepted such Extension Offer, (2) each assigning Lender shall have received payment of an amount equal to the outstanding principal of its Loans and funded
participations in Letters of Credit, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of
all other amounts), (3) the processing and recordation fee specified in Section 10.6(e) shall be paid by the Borrower or such assignee and (4) the assigning Lender shall continue to be entitled to the rights under Section 10.5 for any
period prior to the effectiveness of such assignment, (ix) all documentation in respect of such Extension shall be consistent with the foregoing and (x) any applicable Minimum Extension Condition shall be satisfied unless waived by the
Borrower. 
 (b) With respect to all Extensions consummated by the Borrower pursuant to this Section, (i) such Extensions shall not
constitute voluntary or mandatory payments or prepayments for purposes of Section 2.9, Section 2.10, or Section 2.16 and (ii) each Extension Offer shall specify the minimum amount of Term Loans or Revolving Credit Commitments to
be tendered, which shall be an integral multiple of $1,000,000 and an aggregate principal amount that is not less than $50,000,000 (or if less, the remaining outstanding principal amount thereof) (or such lesser minimum amount reasonably approved by
the Administrative Agent) (a “Minimum Extension Condition”). The transactions contemplated by this Section (including, for the avoidance of doubt, payment of any interest, fees or premium in respect of any Extended Term Loans and/or
Extended Revolving Credit Commitments on such terms as may be set forth in the relevant Extension Offer) shall not require the consent of any Lender or any other Person (other than as set forth in clause (c) below), and the requirements of any
provision of this 

  
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Agreement (including, without limitation, Sections 2.8, 2.9, 2.10, 2.16, 10.1 and 10.7) or any other Loan Document that may otherwise, directly or indirectly, prevent or prohibit any such
Extension or any other transaction contemplated by this Section shall not apply to any of the transactions effected pursuant to this Section 2.27. 

(c) The consent (such consent not to be unreasonably withheld, delayed or conditioned) of the Administrative Agent shall be required to
effectuate any Extension. No consent of any Lender or any other Person shall be required to effectuate any Extension, other than (A) the consent of the Borrower and each Lender agreeing to such Extension with respect to one or more of its Term
Loans or Revolving Credit Commitments (or a portion thereof) and (B) with respect to any Extension of the Revolving Credit Commitments, the consent of the Issuing Lender, which consent shall not be unreasonably withheld, conditioned or delayed.
All Extended Term Loans, Extended Revolving Credit Commitments and all obligations in respect thereof shall be Obligations under this Agreement and the other Loan Documents that are secured by the Collateral on a pari passu basis with all other
applicable Obligations under this Agreement and the other Loan Documents. The Lenders hereby irrevocably authorize the Administrative Agent to enter into amendments to this Agreement and the other Loan Documents (an “Extension
Amendment”) with the Borrower as may be necessary in order to establish new tranches or sub-tranches in respect of Revolving Credit Commitments or Term Loans so extended and such technical amendments
as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Borrower in connection with the establishment of such new tranches or sub-tranches, in each case on terms
consistent with this Section. In addition, if so provided in such amendment and with the consent of the Issuing Lender, participations in Letters of Credit expiring on or after the Revolving Credit Termination Date in respect of the Revolving Credit
Facility shall be re-allocated from Lenders holding Revolving Credit Commitments to Lenders holding Extended Revolving Credit Commitments in accordance with the terms of such amendment; provided, however, that
such participation interests shall, upon receipt thereof by the relevant Lenders holding Revolving Credit Commitments, be deemed to be participation interests in respect of such Revolving Credit Commitments and the terms of such participation
interests (including, without limitation, the commission applicable thereto) shall be adjusted accordingly. Without limiting the foregoing, in connection with any Extensions the respective Loan Parties shall (at their expense) amend (and the
Administrative Agent is hereby directed to amend) any Mortgage that has a maturity date prior to the then Latest Maturity Date so that such maturity date is extended to the then Latest Maturity Date (or such later date as may be advised by local
counsel to the Administrative Agent). 
 (d) In connection with any Extension, the Borrower shall provide the Administrative Agent at least
five Business Days’ (or such shorter period as may be agreed by the Administrative Agent) prior written notice thereof, and shall agree to such procedures (including, without limitation, regarding timing, rounding and other adjustments and to
ensure reasonable administrative management of the credit facilities hereunder after such Extension), if any, as may be established by, or acceptable to, the Administrative Agent, in each case acting reasonably to accomplish the purposes of this
Section 2.27. 

  
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 SECTION 3. LETTERS OF CREDIT 

3.1 L/C Commitment. (a) Subject to the terms and conditions hereof, each Issuing Lender, in reliance on the agreements of the
other Revolving Credit Lenders set forth in Section 3.4(a), agrees to issue letters of credit (the letters of credit issued on and after the Restatement Closing Date pursuant to this Section 3, together with all Existing Letters of Credit,
the “Letters of Credit”) for the account of the Borrower on any Business Day during the Revolving Credit Commitment Period in such form as may be approved from time to time by such Issuing Lender; provided, that no Issuing
Lender shall issue any Letter of Credit if, after giving effect to such issuance, (i) the L/C Obligations would exceed the L/C Commitment or (ii) the aggregate amount of the Available Revolving Credit Commitments would be less than zero.
Each Letter of Credit shall (i) be denominated in Dollars and (ii) expire no later than the earlier of (x) the first anniversary of its date of issuance and (y) the date which is five Business Days prior to the Revolving Credit
Termination Date; provided that any Letter of Credit with a one-year term may provide for the renewal thereof for additional one-year periods (which shall in no
event extend beyond the date referred to in clause (y) above). All Existing Letters of Credit shall be deemed to have been issued pursuant hereto and from and after the Restatement Closing Date shall be subject to and governed by the terms and
conditions hereof and shall constitute “Letters of Credit” for all purposes of this Agreement. 
 (b) No Issuing Lender shall at
any time be obligated to issue any Letter of Credit hereunder if such issuance would conflict with, or cause such Issuing Lender or any L/C Participant to exceed any limits imposed by, any applicable Requirement of Law. 

3.2 Procedure for Issuance of Letter of Credit. The Borrower may from time to time request that an Issuing Lender issue a Letter of
Credit by delivering to such Issuing Lender at its address for notices specified herein an Application therefor, with a copy to the Administrative Agent, completed to the satisfaction of such Issuing Lender, and such other certificates, documents
and other papers and information as such Issuing Lender may request. Upon receipt of any Application, an Issuing Lender will process such Application and the certificates, documents and other papers and information delivered to it in connection
therewith in accordance with its customary procedures and shall promptly issue the Letter of Credit requested thereby by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed to by such Issuing Lender
and the Borrower (but in no event shall any Issuing Lender be required to issue any Letter of Credit earlier than three Business Days after its receipt of the Application therefor and all such other certificates, documents and other papers and
information relating thereto). Promptly after issuance by an Issuing Lender of a Letter of Credit, such Issuing Lender shall furnish a copy of such Letter of Credit to the Borrower. Each Issuing Lender shall promptly give notice to the
Administrative Agent of the issuance of each Letter of Credit issued by such Issuing Lender (including the amount thereof). Upon the written request of any Revolving Credit Lender, the Administrative Agent will, within three Business Days of such
request, inform such Revolving Credit Lender of the aggregate drawable amount of all Letters of Credit outstanding on the date of such request. 

3.3 Fees and Other Charges. (d) (a) The Borrower will pay a fee on the aggregate drawable amount of all outstanding Letters of
Credit at a per annum rate equal to the Applicable Margin then in effect with respect to Eurodollar Loans under the Revolving Credit 

  
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Facility, shared ratably among the Revolving Credit Lenders in accordance with their respective Revolving Credit Percentages and payable quarterly in arrears on each L/C Fee Payment Date after
the issuance date of such Letters of Credit. In addition, the Borrower shall pay to the relevant Issuing Lender for its own account a fronting fee on the aggregate drawable amount of all outstanding Letters of Credit issued by it at a rate per annum
to be agreed upon by such Issuing Lender and the Borrower, payable quarterly in arrears on each L/C Fee Payment Date after the issuance date. 

(b) In addition to the foregoing fees, the Borrower shall pay or reimburse each Issuing Lender for such normal and customary costs and
expenses as are incurred or charged by such Issuing Lender in issuing, negotiating, effecting payment under, amending or otherwise administering any Letter of Credit. 

3.4 L/C Participations. (a) Each Issuing Lender irrevocably agrees to grant and hereby grants to each L/C Participant, and, to
induce each Issuing Lender to issue Letters of Credit hereunder, each L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from each Issuing Lender, on the terms and conditions hereinafter stated, for such L/C
Participant’s own account and risk, an undivided interest equal to such L/C Participant’s Revolving Credit Percentage in each Issuing Lender’s obligations and rights under each Letter of Credit issued by such Issuing Lender hereunder
and the amount of each draft paid by such Issuing Lender thereunder. Each L/C Participant unconditionally and irrevocably agrees with each Issuing Lender that, if a draft is paid under any Letter of Credit issued by such Issuing Lender for which
such Issuing Lender is not reimbursed in full by the Borrower in accordance with the terms of this Agreement (or in the event that any reimbursement received by the Issuing Lender shall be required to be returned by it at any time), such L/C
Participant shall pay to such Issuing Lender upon demand at such Issuing Lender’s address for notices specified herein an amount equal to such L/C Participant’s Revolving Credit Percentage of the amount of such draft, or any part thereof,
that is not so reimbursed (or is so returned). Each L/C Participant’s obligation to pay such amount shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any setoff, counterclaim, recoupment,
defense or other right that such L/C Participant may have against the Issuing Lender, the Borrower or any other Person for any reason whatsoever, (ii) the occurrence or continuance of a Default or an Event of Default or the failure to satisfy
any of the other conditions specified in Section 5, (iii) any adverse change in the condition (financial or otherwise) of the Borrower, (iv) any breach of this Agreement or any other Loan Document by the Borrower, any other Loan Party or
any other L/C Participant or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. 

(b) If any amount required to be paid by any L/C Participant to an Issuing Lender pursuant to Section 3.4(a) in respect of any
unreimbursed portion of any payment made by such Issuing Lender under any Letter of Credit is paid to such Issuing Lender within three Business Days after the date such payment is due, such L/C Participant shall pay to such Issuing Lender on demand
an amount equal to the product of (i) such amount, times (ii) the daily average Federal Funds Effective Rate during the period from and including the date such payment is required to the date on which such payment is immediately
available to such Issuing Lender, times (iii) a fraction the numerator of which is the number of days that elapse during such period and the denominator of which is 360. If any such amount required to be paid by any L/C

  
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Participant pursuant to Section 3.4(a) is not made available to such Issuing Lender by such L/C Participant within three Business Days after the date such payment is due, such Issuing Lender
shall be entitled to recover from such L/C Participant, on demand, such amount with interest thereon calculated from such due date at the rate per annum applicable to Base Rate Loans under the Revolving Credit Facility. A certificate of such Issuing
Lender submitted to any L/C Participant with respect to any such amounts owing under this Section shall be conclusive in the absence of manifest error. 

(c) Whenever, at any time after an Issuing Lender has made payment under any Letter of Credit and has received from any L/C Participant its
pro rata share of such payment in accordance with Section 3.4(a), such Issuing Lender receives any payment related to such Letter of Credit (whether directly from the Borrower or otherwise, including proceeds of Collateral applied
thereto by such Issuing Lender), or any payment of interest on account thereof, such Issuing Lender will distribute to such L/C Participant its pro rata share thereof; provided, however, that in the event that any such
payment received by such Issuing Lender shall be required to be returned by such Issuing Lender, such L/C Participant shall return to such Issuing Lender the portion thereof previously distributed by such Issuing Lender to it. 

3.5 Reimbursement Obligation of the Borrower. The Borrower agrees to reimburse each Issuing Lender, on each date on which such
Issuing Lender notifies the Borrower of the date and amount of a draft presented under any Letter of Credit and paid by such Issuing Lender, for the amount of (a) such draft so paid and (b) any taxes, fees, charges or other costs or
expenses incurred by such Issuing Lender in connection with such payment (the amounts described in the foregoing clauses (a) and (b) in respect of any drawing, collectively, the “Payment Amount”). Each such payment by the
Borrower of the Payment Amount shall be made to such Issuing Lender at its address for notices specified herein in lawful money of the United States of America and in immediately available funds. Interest shall be payable on each Payment Amount from
the date of the applicable drawing until payment in full at the rate set forth in (i) until the second Business Day following the date of the applicable drawing, Section 2.13(b) and (ii) thereafter, Section 2.13(c). Each drawing
under any Letter of Credit shall (unless an event of the type described in clause (i) or (ii) of Section 8.1(f) shall have occurred and be continuing with respect to the Borrower, in which case the procedures specified in
Section 3.4 for funding by L/C Participants shall apply) constitute a request by the Borrower to the Administrative Agent for a borrowing pursuant to Section 2.5 of Revolving Credit Loans as Base Rate Loans in the amount of such drawing.
The Borrowing Date with respect to such borrowing shall be the first date on which a borrowing of Revolving Credit Loans could be made, pursuant to Section 2.5, if the Administrative Agent had received a notice of such borrowing at the time the
Administrative Agent receives notice from the relevant Issuing Lender of such drawing under such Letter of Credit. 
 3.6 Obligations
Absolute. The Borrower’s obligations under this Section 3 shall be absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment that the Borrower may have or have had
against any Issuing Lender, any beneficiary of a Letter of Credit or any other Person. The Borrower also agrees with each Issuing Lender that such Issuing Lender shall not be responsible for, and the Borrower’s Reimbursement Obligations under
Section 3.5 shall not be affected by, among other things, the validity or genuineness of documents or of any endorsements thereon, even though 

  
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such documents shall in fact prove to be invalid, fraudulent or forged, or any dispute between or among the Borrower and any beneficiary of any Letter of Credit or any other party to which such
Letter of Credit may be transferred or any claims whatsoever of the Borrower against any beneficiary of such Letter of Credit or any such transferee. No Issuing Lender shall be liable for any error, omission, interruption or delay in transmission,
dispatch or delivery of any message or advice, however transmitted, in connection with any Letter of Credit, except for errors or omissions found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the
gross negligence or willful misconduct of such Issuing Lender. The Borrower agrees that any action taken or omitted by an Issuing Lender under or in connection with any Letter of Credit issued by it or the related drafts or documents, if done in the
absence of gross negligence or willful misconduct and in accordance with the standards or care specified in the Uniform Commercial Code of the State of New York, shall be binding on the Borrower and shall not result in any liability of such Issuing
Lender to the Borrower. 
 3.7 Letter of Credit Payments. If any draft shall be presented for payment under any Letter of Credit, the
relevant Issuing Lender shall promptly notify the Borrower of the date and amount thereof. The responsibility of the relevant Issuing Lender to the Borrower in connection with any draft presented for payment under any Letter of Credit, in addition
to any payment obligation expressly provided for in such Letter of Credit issued by such Issuing Lender, shall be limited to determining that the documents (including each draft) delivered under such Letter of Credit in connection with such
presentment appear on their face to be in conformity with such Letter of Credit. 
 3.8 Applications. To the extent that any
provision of any Application related to any Letter of Credit is inconsistent with the provisions of this Agreement or the Guarantee and Collateral Agreement, the provisions of this Agreement or the Guarantee and Collateral Agreement, as applicable,
shall apply. 
 SECTION 4. REPRESENTATIONS AND WARRANTIES 

To induce the Agents and the Lenders to enter into this Agreement and to make the Loans and issue or participate in the Letters of Credit, the
Parent and the Borrower hereby jointly and severally represent and warrant to each Agent and each Lender that: 
 4.1 Financial
Condition. (a) The audited consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at December 31, 2011 and the related consolidated statement of income and of cash flows for the fiscal year ended on such date,
reported on by and accompanied by an unqualified report from Deloitte & Touche LLP, present fairly in all material respects the consolidated financial condition of the Borrower and its consolidated Subsidiaries as at such date, and the
consolidated results of its operations and its consolidated cash flows for the fiscal year then ended. 
 (b) The financial statements
referred to in paragraph (a), including the related schedules and notes thereto, have been prepared in accordance with GAAP applied consistently to each consolidated group throughout the periods involved (except as approved by the aforementioned
firm of accountants and disclosed therein). The Parent, the Borrower and its Restricted Subsidiaries do not have any material Guarantee Obligations, contingent liabilities and 

  
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liabilities for taxes, or any long-term leases or unusual forward or long-term commitments, including, without
limitation, any interest rate or foreign currency swap or exchange transaction or other obligation in respect of derivatives, that are required to be but are not reflected in the financial statements referred to in paragraph (a). During the period
from December 31, 2011 to and including the date hereof, there has been no Disposition by the Borrower or any of its Subsidiaries of any material part of its business or Property. 

4.2 No Change. Since December 31, 2011 there has been no development or event that has had or could reasonably be expected
to have a Material Adverse Effect. 
 4.3 Corporate Existence; Compliance with Law. Each of the Parent, the Borrower and its
Restricted Subsidiaries (a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, (b) has the corporate power and authority, and the legal right, to own and operate its Property,
to lease the Property it operates as lessee and to conduct the business in which it is currently engaged, (c) is duly qualified as a foreign corporation and in good standing under the laws of each jurisdiction where its ownership, lease or
operation of Property or the conduct of its business requires such qualification except to the extent that the failure to do so could not, in the aggregate, reasonably be expected to have a Material Adverse Effect and (d) is in compliance with
all Requirements of Law except to the extent that the failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 

4.4 Corporate Power; Authorization; Enforceable Obligations. Each Loan Party has the corporate power and authority, and the legal
right, to make, deliver and perform the Loan Documents to which it is a party, to consummate the Transactions (to the extent applicable) and, in the case of the Borrower, to borrow hereunder. Each Loan Party has taken all necessary corporate or
other action to authorize the execution, delivery and performance of the Loan Documents to which it is a party and, in the case of the Borrower, to authorize the borrowings on the terms and conditions of this Agreement. No consent or authorization
of, filing with, notice to or other act by or in respect of, any Governmental Authority or any other Person (each, a “Filing”) is required in connection with the borrowings hereunder or the execution, delivery, performance, validity
or enforceability of this Agreement or any of the other Loan Documents, except (i) Filings described in Schedule 4.4, which Filings have been obtained or made and are in full force and effect, (ii) the Filings
referred to in Section 4.19 and any other Filing contemplated by this Agreement or any other Loan Document and (iii) any antitrust Filings required to be made to foreclose on the Collateral. Each Loan Document has been duly executed and
delivered on behalf of each Loan Party that is a party thereto. This Agreement constitutes, and each other Loan Document upon execution will constitute, a legal, valid and binding obligation of each Loan Party that is a party thereto, enforceable
against each such Loan Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by
general equitable principles (whether enforcement is sought by proceedings in equity or at law). 

  
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 4.5 No Legal Bar. The execution, delivery and performance of this Agreement and the other
Loan Documents, the issuance of Letters of Credit, the borrowings hereunder and the use of the proceeds thereof will not violate any Requirement of Law or any material Contractual Obligation of the Parent, the Borrower or any of its Restricted
Subsidiaries and will not result in, or require, the creation or imposition of any Lien on any of their respective properties or revenues pursuant to any Requirement of Law or any such Contractual Obligation (other than the Liens created by the
Security Documents). No Requirement of Law or Contractual Obligation applicable to the Borrower or any of its Subsidiaries could reasonably be expected to have a Material Adverse Effect. 

4.6 No Material Litigation. Except as set forth on Schedule 4.6, no litigation, investigation or proceeding
of or before any arbitrator or Governmental Authority is pending or, to the knowledge of the Parent or the Borrower, threatened by or against the Parent, the Borrower or any of its Subsidiaries or against any of their respective properties or
revenues (a) with respect to any of the Loan Documents or any of the transactions contemplated hereby or thereby, or (b) that could reasonably be expected to have a Material Adverse Effect. 

4.7 No Default. Neither the Parent, the Borrower nor any of its Subsidiaries is in default under or with respect to any of its
Contractual Obligations in any respect that could reasonably be expected to have a Material Adverse Effect. No Default or Event of Default has occurred and is continuing. 

4.8 Ownership of Property; Liens. Each of the Parent, the Borrower and its Restricted Subsidiaries has title in fee simple to, or a
valid leasehold interest in, all its real property, and good title to, or a valid leasehold interest in, all its other Property except for such defects in title as could not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect, and none of such Property is subject to any Lien except as permitted by Section 7.3. 
 4.9 Intellectual
Property. The Parent, the Borrower and each of its Restricted Subsidiaries owns, or is licensed to use, all Intellectual Property necessary for the conduct of its business as currently conducted in all material respects. No material claim has
been asserted and is pending by any Person challenging or questioning the use of any Intellectual Property or the validity or effectiveness of any Intellectual Property, nor does the Parent or the Borrower know of any valid basis for any such claim,
other than any such claim that could not reasonably be expected to have a Material Adverse Effect. Except as would not have a Material Adverse Effect, the use of Intellectual Property by the Parent, the Borrower and its Restricted Subsidiaries does
not infringe on the rights of any Person. 
 4.10 Taxes. Each of the Parent, the Borrower and each of its Restricted Subsidiaries has
filed or caused to be filed all Federal and other material tax returns that are required to be filed and has paid all taxes shown to be due and payable on said returns or on any assessments made against it or any of its Property and all other taxes,
fees or other charges imposed on it or any of its Property by any Governmental Authority, in each case prior to delinquency (other than any the amount or validity of which are currently being contested in good faith by appropriate proceedings and
with respect to which reserves in conformity with GAAP have been provided on the books of the Parent, the Borrower or its Restricted Subsidiaries, as the case may be); and no tax Lien has been filed, and, to the knowledge of the Parent and the
Borrower, no claim is being asserted, with respect to any such tax, fee or other charge. 

  
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 4.11 Federal Regulations. No part of the proceeds of any Loans, and no other extensions of
credit hereunder, will be used (a) for “purchasing” or “carrying” any “margin stock” within the respective meanings of each of the quoted terms under Regulation U as now and from time to time hereafter in
effect for any purpose that violates the provisions of the Regulations of the Board or (b) or for any purpose that violates the provisions of the Regulations of the Board. No more than 25% of the assets of the Parent, the Borrower and each of
its Restricted Subsidiaries consists of “margin stock” as so defined. If requested by any Lender or the Administrative Agent, the Borrower will furnish to the Administrative Agent and each Lender a statement to the foregoing effect in
conformity with the requirements of FR Form G-3 or FR Form U-1 referred to in Regulation U. 

4.12 Labor Matters. There are no strikes or other labor disputes against the Parent, the Borrower or any of its Domestic Subsidiaries
pending or, to the knowledge of the Parent or the Borrower, threatened that (individually or in the aggregate) could reasonably be expected to have a Material Adverse Effect. Hours worked by and payments made to employees of the Parent, the Borrower
and its Domestic Subsidiaries have not been in violation of the Fair Labor Standards Act (to the extent applicable) or any other applicable Requirement of Law dealing with such matters that (individually or in the aggregate) could reasonably be
expected to have a Material Adverse Effect. All payments due from the Parent, the Borrower or any of its Restricted Subsidiaries on account of employee health and welfare insurance that (individually or in the aggregate) could reasonably be expected
to have a Material Adverse Effect, if not paid, have been paid or accrued as a liability on the books of the Parent, the Borrower or the relevant Restricted Subsidiary. 

4.13 ERISA. Except as set forth on Schedule 4.13, neither a material Reportable Event nor a failure by the Borrower or any
Commonly Controlled Entity to make by its due date a required installment under Section 430(j) of the Code with respect to any Plan or the failure by any Plan to satisfy the minimum funding standards (within the meaning of Section 412 of
the Code or Section 302 of ERISA) applicable to such Plan, whether or not waived has occurred during the five-year period prior to the date on which this representation is made or deemed made with respect
to any Plan, and each Plan has complied in all material respects with the applicable provisions of ERISA and the Code. No termination of a Single Employer Plan has occurred, and no Lien in favor of the PBGC or a Plan has arisen, during such
five-year period. The present value of all accrued benefits under each Single Employer Plan (based on those assumptions used to fund such Plans) did not, as of the last annual valuation date prior to the date on which this representation is made or
deemed made, exceed the value of the assets of such Plan allocable to such accrued benefits by a material amount. Neither the Borrower nor any Commonly Controlled Entity has had a complete or partial withdrawal from any Multiemployer Plan that has
resulted or could reasonably be expected to result in a material liability under ERISA, and neither the Borrower nor any Commonly Controlled Entity would become subject to any material liability under ERISA if the Borrower or any such Commonly
Controlled Entity were to withdraw completely from all Multiemployer Plans as of the valuation date most closely preceding the date on which this representation is made or deemed made. No Multiemployer Plan is, or is expected to be, in
Reorganization, Insolvent, or in “endangered” or “critical” status (within the meaning of Section 432 of the Code or Section 305 of ERISA) that has resulted or could reasonably be expected to result in a material
liability to the Borrower or any Commonly Controlled Entity. 

  
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 4.14 Investment Company Act; Other Regulations. No Loan Party is an “investment
company”, or a company “controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended. No Loan Party is subject to regulation under any Requirement of Law which limits its
ability to incur Indebtedness. 
 4.15 Subsidiaries. (a) The Subsidiaries listed on Schedule 4.15(a)
constitute all the Subsidiaries of the Borrower as of the Restatement Closing Date. Schedule 4.15(a) sets forth as of the Restatement Closing Date the name and jurisdiction of organization of each Subsidiary and, as to each Subsidiary, the
percentage of each class of Capital Stock owned by each Loan Party and whether such Subsidiary is a Class I Restricted Subsidiary, Class II Restricted Subsidiary or an Unrestricted Subsidiary and, in the case of each Class I
Restricted Subsidiary, whether such Subsidiary is a Wholly Owned Subsidiary and a Subsidiary Guarantor. 
 (b) There are no outstanding
subscriptions, options, warrants, calls, rights or other agreements or commitments (other than stock options granted to employees or directors and directors’ qualifying shares) of any nature relating to any Capital Stock of the Parent, the
Borrower or any Subsidiary, except as disclosed on Schedule 4.15(b) or with respect to such Capital Stock owned by third parties. 

4.16 Use of Proceeds. The proceeds of the Term Loans shall be used (i) to refinance certain existing indebtedness of the Borrower,
(ii) for general corporate purposes and (iii) to pay fees and expenses related to any of the foregoing. The proceeds of the Revolving Credit Loans and the Letters of Credit shall be used for general corporate purposes. 

4.17 Environmental Matters. Other than exceptions to any of the following that could not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect: 
 (a) The Borrower and its Subsidiaries: (i) are, and within the period
of all applicable statutes of limitation have been, in compliance with all applicable Environmental Laws; (ii) hold all Environmental Permits (each of which is in full force and effect) required for any of their current operations at any
property owned, leased, or otherwise operated by any of them; and (iii) are, and within the period of all applicable statutes of limitation have been, in compliance with all of their Environmental Permits. 

(b) Materials of Environmental Concern are not present at, on, under, in, or about any real property now or formerly owned,
leased or operated by the Borrower or any of its Subsidiaries, or at any other location (including, without limitation, any location to which the Borrower or any of its Subsidiaries has sent Materials of Environmental Concern for re-use or recycling or for treatment, storage, or disposal) which could reasonably be expected to (i) give rise to liability of the Borrower or any of its Subsidiaries under any applicable Environmental Law, or
(ii) interfere with the Borrower’s or any of its Subsidiaries’ continued operations, or (iii) impair the fair saleable value of any real property owned or leased by the Borrower or any of its Subsidiaries. 

  
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 (c) There is no judicial, administrative, or arbitral proceeding (including any
notice of violation or alleged violation) under or relating to any Environmental Law to which the Borrower or any of its Subsidiaries is, or to the knowledge of the Borrower or any of its Subsidiaries will be, named as a party. 

(d) Neither the Borrower nor any of its Subsidiaries has received any written request for information, or been notified that it
is a potentially responsible party under or relating to the federal Comprehensive Environmental Response, Compensation, and Liability Act or any similar Environmental Law, or with respect to any Materials of Environmental Concern. 

(e) Neither the Borrower nor any of its Subsidiaries has entered into or agreed to any consent decree, order, or settlement or
other agreement, or is subject to any judgment, decree, or order or other agreement, in any judicial, administrative, arbitral, or other forum for dispute resolution, relating to compliance with or liability under any Environmental Law. 

(f) Neither the Borrower nor any of its Subsidiaries has contractually, or by operation of law, assumed any liabilities of
another Person under any Environmental Law or with respect to any Material of Environmental Concern. 
 4.18 Accuracy of Information,
etc. No statement or information contained in this Agreement, any other Loan Document, the Confidential Information Memorandum or any other document, certificate or statement furnished to the Administrative Agent or the Lenders or any of them,
by or on behalf of any Loan Party for use in connection with the transactions contemplated by this Agreement or the other Loan Documents, contained as of the date such statement, information, document or certificate was so furnished (or, in the case
of the Confidential Information Memorandum, as of the date of this Agreement), any untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements contained herein or therein not misleading. The
projections and pro forma financial information contained in the materials referenced above are based upon good faith estimates and assumptions believed by management of the Borrower to be reasonable at the time made, it being
recognized by the Lenders that such financial information as it relates to future events is not to be viewed as fact and that actual results during the period or periods covered by such financial information may differ from the projected results set
forth therein by a material amount. There is no fact known to any Loan Party that could reasonably be expected to have a Material Adverse Effect that has not been expressly disclosed herein, in the other Loan Documents, in the Confidential
Information Memorandum or in any other documents, certificates and statements furnished to the Agents and the Lenders for use in connection with the transactions contemplated hereby and by the other Loan Documents. 

4.19 Security Documents. 

  
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 (a) The Guarantee and Collateral Agreement, together with the Reaffirmation Agreement, are
effective to create in favor of the Administrative Agent, for the benefit of the Secured Parties, a legal, valid and enforceable security interest in the Collateral described therein. In the case of the Pledged Stock, stock certificates representing
such Pledged Stock have been delivered to the Administrative Agent (together with a properly completed and signed stock power or endorsement), and in the case of the other Collateral described in the Guarantee and Collateral Agreement, financing
statements in appropriate form have been filed in the offices specified on Schedule 4.19(a) as of the Restatement Closing Date and such other filings as are specified on Schedule 2 to the Guarantee and Collateral
Agreement have been completed and the Liens created under the Guarantee and Collateral Agreement and the Reaffirmation Agreement constitute fully perfected Liens in all right, title and interest of the Loan Parties in such Collateral, as security
for the Obligations (as defined in the Guarantee and Collateral Agreement), in each case prior and superior in right to any other Person (except Liens permitted by Section 7.3(a), (m), (s) and (u) and, in the case of Collateral other than
Pledged Stock, other Liens permitted by Section 7.3). 
 (b) Each of the Mortgages existing as of the date hereof, when amended by the
mortgage amendment referred to in Section 6.13 (the “Mortgage Amendments”) will be effective to create in favor of the Administrative Agent, for the benefit of the Secured Parties, a legal, valid and enforceable Lien on the Mortgaged
Properties described therein and proceeds thereof; and when (i) the Mortgage Amendments are filed in the offices specified on Schedule 4.19(b) (in the case of the Mortgages existing as of the Restatement Closing Date) and (ii) the
Mortgages which are to be executed and delivered pursuant to Section 6.9(b) are filed in the recording office designated by the Borrower, such Mortgage shall constitute a fully perfected Lien on, and security interest in, all right, title and
interest of the Loan Parties in the Mortgaged Properties described therein and the proceeds thereof, as security for the Obligations (as defined in the relevant Mortgage), in each case prior and superior in right to any other Person (other than
Persons holding Liens or other encumbrances or rights permitted by the relevant Mortgage). 
 4.20 Solvency. Each Loan Party is, and
after giving effect to the Transactions and the incurrence of all Indebtedness and obligations being incurred in connection herewith will be Solvent. 

4.21 [Reserved] 
 4.22
Regulation H. No Mortgage encumbers improved real property which is located in an area that has been identified by the Secretary of Housing and Urban Development as an area having special flood hazards and in which flood insurance has been
made available under the National Flood Insurance Act of 1968 (except any Mortgaged Properties as to which such flood insurance as required by Regulation H has been obtained and is in full force and effect as required by this Agreement). 

4.23 Anti-Corruption Laws and Sanctions. The Parent and Borrower have implemented and maintain in effect policies and procedures
designed to ensure compliance by the Parent, the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Parent, the Borrower and its Subsidiaries and, to
the knowledge of the Parent or the Borrower, their respective officers, 

  
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employees, directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) the Parent, the Borrower or any Subsidiary, or
(b) to the knowledge of the Parent or the Borrower, any director, officer or employee of the Parent, the Borrower or any Subsidiary, or any agent of the Parent, the Borrower or any Subsidiary that will act in any capacity in connection with or
benefit from the credit facility established hereby, is a Sanctioned Person. No Loan or Letter of Credit, use of proceeds of a Loan or Letter of Credit, or other transaction contemplated by this Agreement will violate any Anti-Corruption Law or
applicable Sanctions. 
 4.24 EEA Financial Institutions. No Loan Party is an EEA Financial Institution. 

SECTION 5. CONDITIONS PRECEDENT 

5.1 Conditions to Initial Extension of Credit. The agreement of each Lender to make the initial extension of credit requested to be
made by it hereunder is subject to the satisfaction, prior to or concurrently with the making of such extension of credit on the Restatement Closing Date, of the following conditions precedent: 

(a) Loan Documents. The Administrative Agent shall have received (i) this Agreement, executed and delivered by a
duly authorized officer of the Parent and the Borrower, (ii) a cashless roll letter agreement executed and delivered by each Lender designated by the Administrative Agent and accepted by the Borrower and (iii) a Reaffirmation Agreement,
executed and delivered by a duly authorized officer of the Parent, the Borrower and each Subsidiary Guarantor. 
 (b)
Existing Term Loans. All Existing Term Loans outstanding under the Existing Credit Agreement shall have been (i) repaid in full or (ii) converted into Term Loans hereunder (and in any event, all accrued interest thereon shall have
been paid).  
 (c) Financial Statements. The Administrative Agent shall have received (i) audited
consolidated financial statements of the Borrower and its consolidated Subsidiaries for the 2011 Fiscal Year and (ii) unaudited interim consolidated financial statements of the Borrower and its consolidated Subsidiaries, in each case, to the
extent available, for each quarterly period ended after the 2011 Fiscal Year. All such financial statements shall have been prepared in accordance with GAAP consistently applied to each consolidated group throughout the applicable period. 

(d) Fees. The Lenders and the Administrative Agent shall have received all fees required to be paid, and all expenses
for which invoices have been presented supported by customary documentation (including reasonable fees, disbursements and other charges of counsel to the Agents), on or before the Restatement Closing Date. All such amounts will be paid with proceeds
of Loans made on the Restatement Closing Date and will be reflected in the funding instructions given by the Borrower to the Administrative Agent on or before the Restatement Closing Date. 

  
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 (e) Solvency Certificate. The Lenders shall have received a reasonably
satisfactory solvency certificate of the chief financial officer of the Borrower which shall certify as to the solvency of the Borrower and its Subsidiaries considered as a whole after giving effect to the Transactions and the financing contemplated
hereby. 
 (f) Lien Searches. The Administrative Agent shall have received the results of a recent lien search in each
of the jurisdictions in which Uniform Commercial Code financing statement or other filings or recordations should be made to evidence or perfect security interests in all assets of the Loan Parties, and such search shall reveal no liens on any of
the assets of the Loan Party, except for Liens permitted by Section 7.3. 
 (g) Closing Certificate; Certified
Certificate of Incorporation; Good Standing. The Administrative Agent shall have received (i) a certificate of each Loan Party, dated the Restatement Closing Date, substantially in the form of Exhibit C, with appropriate insertions and
attachments including the certificate of incorporation of each Loan Party that is a corporation certified by the relevant authority of the jurisdiction of organization of such Loan Party, and (ii) a long form good standing certificate and
bringdown good standings for each Loan Party from its jurisdiction of organization. 
 (h) Legal Opinions. The
Administrative Agent shall have received the legal opinion of Akin, Gump, Strauss, Hauer & Feld, L.L.P., counsel to the Loan Parties, substantially in the form of Exhibit F-1. Such legal opinion
shall cover such other matters incident to the transactions contemplated by this Agreement as the Administrative Agent may reasonably require. 

(i) Pledged Stock; Stock Powers; Acknowledgment and Consent; Pledged Notes. The Administrative Agent shall have received
(i) to the extent not previously delivered, the certificates representing the shares of Capital Stock pledged pursuant to the Guarantee and Collateral Agreement, together with an undated stock power for each such certificate executed in blank
by a duly authorized officer of the pledgor thereof, (ii) an Acknowledgment and Consent, substantially in the form of Annex II to the Guarantee and Collateral Agreement, duly executed by any issuer of Capital Stock pledged pursuant to the
Guarantee and Collateral Agreement that is not itself a party to the Guarantee and Collateral Agreement and (iii) to the extent not previously delivered, each promissory note pledged pursuant to the Guarantee and Collateral Agreement endorsed
(without recourse) in blank (or accompanied by an executed transfer form in blank satisfactory to the Administrative Agent) by the pledgor thereof. 

(j) Filings, Registrations and Recordings. Each document (including, without limitation, any Uniform Commercial Code
financing statement) required by the Security Documents or under law or reasonably requested by the Administrative Agent to be filed, registered or recorded in order to create in favor of the Administrative Agent, for the benefit of the Secured
Parties, a perfected Lien on the Collateral described therein, prior and superior in right to any other Person (other than with respect to Liens permitted by Section 7.3), shall have been filed, registered or recorded or shall have been
delivered to the Administrative Agent and be in proper form for filing, registration or recordation. 

  
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 (k) Flood Hazard Determinations. The Administrative Agent shall have
received a completed “Life-of-Loan” Federal Emergency Management Agency Standard Flood Hazard Determination with respect to each Mortgaged Property existing on
the date hereof (together with a notice about special flood hazard area status and flood disaster assistance duly executed by the Borrower and each Loan Party relating thereto) and if any such Mortgaged Property is located in a special flood hazard
area, evidence of flood insurance in form and amount reasonably satisfactory to the Administrative Agent. 
 (l)
Insurance. The Administrative Agent shall have received insurance certificates satisfying the requirements of Section 5.3 of the Guarantee and Collateral Agreement. 

(m) PATRIOT Act. The Lenders shall have received, sufficiently in advance of closing, all documentation and other
information required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the United States PATRIOT Act. 

(n) Material Adverse Effect. Since December 31, 2011, there shall not have occurred or become known to the
Lenders any Material Adverse Effect.  
 5.2 Conditions to Each Extension of Credit. The agreement of each Lender to make any
extension of credit requested to be made by it hereunder on any date (including, without limitation, its initial extension of credit) is subject to the satisfaction of the following conditions precedent: 

(a) Representations and Warranties. Each of the representations and warranties made by any Loan Party in or pursuant to
the Loan Documents (other than, in the case of any extension of credit made on the Restatement Closing Date, Section 4.2) shall be true and correct in all material respects on and as of such date as if made on and as of such date (except that
any representation or warranty which by its terms is made as of an earlier date shall be true and correct in all material respects as of such earlier date). 

(b) No Default. No Default or Event of Default shall have occurred and be continuing on such date or after giving effect
to the extensions of credit requested to be made on such date. 
 Each borrowing by and issuance of a Letter of Credit on behalf of the
Borrower hereunder shall constitute a representation and warranty by the Borrower as of the date of such extension of credit that the conditions contained in this Section 5.2 have been satisfied. 

SECTION 6. AFFIRMATIVE COVENANTS 

The Parent and the Borrower hereby jointly and severally agree that, so long as the Commitments remain in effect, any Letter of Credit remains
outstanding or any Loan or other amount is owing to any Lender or any Agent hereunder, each of the Parent and the Borrower shall and shall cause each of its Class I Restricted Subsidiaries (and, with respect to Section 6.12, Class II
Restricted Subsidiaries and Unrestricted Subsidiaries) to: 

  
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 6.1 Financial Statements. Furnish to each Agent (to promptly be made available to each
Lender): 
 (a)(i) as soon as available, but in any event within 90 days after the end of each Fiscal Year, a copy
of the audited consolidated balance sheet of the Parent and its consolidated Subsidiaries as at the end of such year and the related audited consolidated statements of income and of cash flows for such year, setting forth in each case in comparative
form the figures as of the end of and for the previous year, reported on without a “going concern” or like qualification or exception, or qualification arising out of the scope of the audit, by Deloitte & Touche LLP or other
independent certified public accountants of nationally recognized standing; and 
 (ii) as soon as available, but in any
event within 90 days after the end of each Fiscal Year, a copy of the unaudited consolidated balance sheet of the Borrower and its consolidated Restricted Subsidiaries as at the end of such year and the related unaudited consolidated statements
of income and of cash flows for such year, setting forth in each case in comparative form the figures for the previous year; and 

(b) as soon as available, but in any event not later than 45 days after the end of each of the first three quarterly
periods of each Fiscal Year, (i) unaudited consolidated balance sheets of the Parent and its consolidated Subsidiaries and (ii) the unaudited consolidated balance sheet of the Borrower and its consolidated Restricted Subsidiaries as at the
end of such quarter and the related unaudited consolidated statements of income and of cash flows for such quarter and the portion of the fiscal year through the end of such quarter, setting forth in each case in comparative form the figures as of
the end of and for the corresponding period in the previous year, certified by a Responsible Officer as being fairly stated in all material respects (subject to normal year-end audit adjustments and the
absence of footnotes); 
 all such financial statements to present fairly in all material respects the financial position of the Borrower and its
consolidated Restricted Subsidiaries or the Parent and its consolidated Subsidiaries, as the case may be, and, in each case, to be prepared in reasonable detail and in accordance with GAAP applied consistently throughout the periods reflected
therein and with prior periods (except as approved by such accountants or officer, as the case may be, and disclosed therein). 
 6.2
Certificates; Other Information. Furnish to each Agent, or, in the case of clause (h), to the relevant Lender: 

(a) concurrently with the delivery of the financial statements referred to in Section 6.1(a)(i), a certificate of the
independent certified public accountants reporting on such financial statements stating that in making the examination necessary therefor no knowledge was obtained of any Default or Event of Default, except as specified in such certificate (it being
understood that such certificate shall be limited to the items that independent certified public accountants are permitted to cover in such certificates pursuant to their professional standards and customs of the profession); 

  
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 (b) concurrently with the delivery of any financial statements pursuant to
Section 6.1, (i) a certificate of a Responsible Officer (A) stating that, to the best of such Responsible Officer’s knowledge, each Loan Party during such period has observed or performed all of its covenants and other
agreements, and satisfied every condition, contained in this Agreement and the other Loan Documents to which it is a party to be observed, performed or satisfied by it, and that such Responsible Officer has obtained no knowledge of any Default or
Event of Default except as specified in such certificate and (B) certifying as to any change in designation of any Unrestricted Subsidiaries and (ii) in the case of quarterly or annual financial statements, (x) a Compliance
Certificate containing all information and calculations necessary for determining compliance by the Parent, the Borrower and its Subsidiaries with the provisions of this Agreement referred to therein as of the last day of the fiscal quarter or
Fiscal Year, as the case may be, (y) to the extent not previously disclosed to the Administrative Agent, a listing of any Intellectual Property acquired by any Loan Party since the date of the most recent list delivered pursuant to this
clause (y) (or, in the case of the first such list so delivered, since the Restatement Closing Date) and (z) any UCC financing statements or other filings specified in such Compliance Certificate as being required to be delivered
therewith; 
 (c) as soon as available, and in any event no later than 90 days after the end of each Fiscal Year, a
detailed consolidated budget for the following fiscal year (including a projected consolidated balance sheet of the Borrower and its Restricted Subsidiaries as of the end of the following fiscal year, and the related consolidated statements of
projected cash flow, projected changes in financial position and projected income thereto), and, as soon as available, significant revisions, if any, of such budget and projections with respect to such fiscal year (collectively, the
“Projections”), which Projections shall in each case be accompanied by a certificate of a Responsible Officer stating that such Projections are based upon good faith estimates and assumptions believed by management of the Borrower
to be reasonable at the time made and that such Responsible Officer has no reason to believe that such Projections are incorrect or misleading in any material respect; 

(d) within 45 days after the end of each of the first three fiscal quarters, and within 90 days after the end of each
Fiscal Year, of the Borrower, a narrative discussion and analysis of the financial condition and results of operations of the Parent and its consolidated Subsidiaries for such fiscal quarter and for the period from the beginning of the then current
fiscal year to the end of such fiscal quarter, as compared to the comparable periods of the previous year; 
 (e) no later
than five Business Days prior to the effectiveness thereof, copies of substantially final drafts of any proposed amendment, supplement, waiver or other modification with respect to any Senior Note Indenture ; 

(f) within five days after the same are sent, copies of all financial statements and reports that the Parent or the Borrower
sends to the holders of any class of its debt securities or public equity securities generally and, within five days after the same are filed, copies of all financial statements and reports that the Parent or the Borrower may make to, or file with,
the SEC; 

  
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 (g) as soon as possible and in any event within 20 days of obtaining
knowledge thereof: (i) written notice of any development, event, or condition that, individually or in the aggregate with other developments, events or conditions, could reasonably be expected to result in the payment by the Borrower and its
Class I Restricted Subsidiaries, in the aggregate, of a Material Environmental Amount; and (ii) any written notice that any Governmental Authority may deny any application for a material Environmental Permit sought by, or revoke or refuse
to renew any material Environmental Permit held by, the Borrower; and 
 (h) promptly, such additional financial and other
information as any Lender (requesting through the Administrative Agent) may from time to time reasonably request. 
 Documents required to be delivered
pursuant to Section 6.1 or 6.2 may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (A) on which the Borrower posts such documents, or provides a link thereto on the Borrower’s
website; or (B) on which such documents are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether
sponsored by the Administrative Agent); provided that (1) the Borrower shall deliver paper copies of such documents to the Administrative Agent or any Lender that requests the Borrower to deliver such paper copies until a written request to
cease delivering paper copies is given by the Administrative Agent or such Lender, and (2) the Borrower shall notify the Administrative Agent and each Lender (by facsimile or electronic mail) of the posting of any such documents and provide to
the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. Notwithstanding anything contained herein, in every instance the Borrower shall be required to provide paper copies of the Compliance Certificates
required by Section 6.2(b) to the Administrative Agent. Except for such Compliance Certificates, the Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and, in any
event, shall have no responsibility to monitor compliance by the Borrower with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.

6.3 Payment of Obligations. Pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may
be, all its material obligations of whatever nature, except where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves in conformity with GAAP with respect thereto have been provided on
the books of the Parent, the Borrower or its Class I Restricted Subsidiaries, as the case may be. 
 6.4 Conduct of Business and
Maintenance of Existence; Compliance. (a) (i) Preserve, renew and keep in full force and effect its corporate or other existence and (ii) take all reasonable action to maintain all rights, privileges and franchises necessary or
desirable in the normal conduct of its business, except, in each case, as otherwise permitted by Section 7.4 and except, in the case of clause (ii) above, to the extent that failure to do so could

  
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not reasonably be expected to have a Material Adverse Effect; and (b) comply with all Contractual Obligations and Requirements of Law, except to the extent that failure to comply therewith
could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. The Parent and the Borrower will maintain in effect policies and procedures designed to ensure compliance by the Parent, the Borrower, its Subsidiaries and their
respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. 
 6.5 Maintenance of Property;
Insurance. (a) Keep all Property and systems useful and necessary in its business in good working order and condition, ordinary wear and tear excepted and (b) maintain with financially sound and reputable insurance companies insurance
on all its Property in at least such amounts and against at least such risks (but including in any event public liability, product liability and business interruption) as the Borrower deems adequate for its business. Additional covenants regarding
insurance coverage are set forth in the Mortgages and in Section 5.3 of the Guarantee and Collateral Agreement. 
 6.6 Inspection of
Property; Books and Records; Discussions. (a) Keep proper books of records and account in which full, true and correct entries in conformity with GAAP and all Requirements of Law shall be made of all dealings and transactions in relation to
its business and activities and (b) upon prior notice, permit representatives of the Administrative Agent (and after the occurrence and during the continuance of an Event of Default, representatives of any Lender (in coordination with the
Administrative Agent)) to visit and inspect any of its properties and examine and make abstracts from any of its books and records at any reasonable time during normal business hours and as often as may reasonably be desired and to discuss the
business, operations, properties and financial and other condition of the Parent, the Borrower and its Class I Restricted Subsidiaries with officers of the Parent, the Borrower and its Class I Restricted Subsidiaries and with its
independent certified public accountants. 
 6.7 Notices. Promptly give notice to the Administrative Agent of: 

(a) the occurrence of any Default or Event of Default; 

(b) any (i) default or event of default under any Contractual Obligation of the Parent, the Borrower or any of its
Subsidiaries or (ii) litigation, investigation or proceeding which may exist at any time between the Parent, the Borrower or any of its Subsidiaries and any Governmental Authority, that in either case, if not cured or if adversely determined,
as the case may be, could reasonably be expected to have a Material Adverse Effect; 
 (c) any litigation or proceeding
affecting the Parent, the Borrower or any of its Restricted Subsidiaries in which the amount involved is $10,000,000reasonably anticipated to be $25,000,000 or more and not
covered by insurance or in which injunctive or similar relief is sought; 
 (d) the following events, as soon as possible and
in any event within 30 days after the Borrower knows or has reason to know thereof: (i) the occurrence of any Reportable Event with respect to any Plan, a failure to make any required contribution to a Plan, the creation of any Lien in
favor of the PBGC or a Plan or any withdrawal from, 

  
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or the termination, Reorganization or Insolvency of, any Multiemployer Plan or (ii) the institution of proceedings or the taking of any other action by the PBGC or the Borrower or any
Commonly Controlled Entity or any Multiemployer Plan with respect to the withdrawal from, or the termination, Reorganization or Insolvency of, any Plan; and 

(e) any development or event that has had or could reasonably be expected to have a Material Adverse Effect. 

Each notice pursuant to this Section shall be accompanied by a statement of a Responsible Officer setting forth details of the occurrence referred to therein
and stating what action the Parent, the Borrower or the relevant Subsidiary proposes to take with respect thereto. 
 6.8 Environmental
Laws. (a) Comply with, and use commercially reasonable efforts to cause compliance by all tenants and subtenants, if any, with, all applicable Environmental Laws, and obtain and comply with and maintain, and use commercially reasonable
efforts to cause all tenants and subtenants to obtain and comply with and maintain, any and all required Environmental Permits. Any noncompliance with this Section 6.8(a) shall be deemed not to constitute a breach of this covenant
provided that, upon learning of any actual or suspected noncompliance, the Borrower shall promptly undertake all reasonable efforts to achieve compliance, and provided further that, in any case, such non-compliance, and any other noncompliance with Environmental Laws, individually or in the aggregate, could not reasonably be expected to give rise to a Material Adverse Effect. 

(b) Conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions required under
Environmental Laws and promptly comply with all orders and directives of all Governmental Authorities regarding Environmental Laws; provided, however, that the Loan Parties shall be deemed not to be in violation of this
covenant if a Loan Party promptly challenges in good faith any such order or directive of any Governmental Authorities in a manner consistent with all applicable Environmental Laws and pursues such challenge or challenges diligently, and the
pendency of such challenges, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 
 6.9
Additional Collateral, etc. (a) With respect to any Property acquired after the Restatement Closing Date by the Parent, the Borrower or any Subsidiary Guarantor (other than (u) personal property as to which the Administrative Agent,
for the benefit of the Secured Parties, is not required to have a perfected security interest pursuant to the Guarantee and Collateral Agreement, (v) the Capital Stock of any Unrestricted Subsidiary organized under the laws of any jurisdiction
outside the United States, (w) any Property described in paragraph (c) or (d) of this Section, (x) any interest in real property, (y) any foreign intellectual property and (z) any Property subject to a Lien permitted by
Section 7.3(g), (k) or (m)) as to which the Administrative Agent, for the benefit of the Secured Parties, does not have a perfected Lien to the extent required pursuant to the Guarantee and Collateral Agreement, promptly (i) execute and
deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Secured
Parties, a security interest in such Property and (ii) take all actions necessary or advisable to grant to the Administrative 

  
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Agent, for the benefit of the Secured Parties, a perfected first priority (subject to Liens permitted by the Guarantee and Collateral Agreement) security interest in such Property, including
without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Administrative Agent. 

(b) With respect to (i) any fee interest in any real property having a value (together with improvements thereof) of at least $4,000,000
(valued in accordance with Schedule 6.9(b)-1; such valuation to be reasonably satisfactory to the Administrative Agent) acquired after the Restatement Closing Date by the Parent, the Borrower or any Subsidiary
Guarantor (which, for purposes of this paragraph, shall include any such property owned or leased by an entity at the time such entity becomes a Subsidiary Guarantor) or (ii) any leasehold interest in any real property contemplating an initial
annual rent payment, including projected percentage rent during such initial year, after the expiration of any free rent or “rent abatement” period, of at least $550,000 acquired or leased after the Restatement Closing Date by the Parent,
the Borrower or any Subsidiary Guarantor (in each case other than any such real property subject to a Lien expressly permitted by Section 7.3(g), (k) or (m)), if, at the time of such acquisition or lease commencement, the aggregate value of all
leasehold and fee-owned real property of the Borrower and the Subsidiary Guarantors subject to a Mortgage (valued in accordance with Schedule 6.9(b)-1; such value to be
demonstrated to the reasonable satisfaction of the Administrative Agent) is less than 250125% of the Assumed Loan Amount (provided that, notwithstanding the foregoing
requirement, the Parent, the Borrower and the Subsidiary Guarantors may elect to exclude leasehold interests in real property and fee-owned real property, to the extent that such leasehold interests and fee
interests (i) have an aggregate value, measured at the time of any such election, not in excess of $150,000,000 (valued in accordance with Schedule 6.9(b)-1) or (ii) are listed on Schedule 6.9(b)-2), then no later than 90 days after the date of such acquisition or lease commencement: (A) execute and deliver a first priority Mortgage in favor of the Administrative Agent, for the benefit of the
Secured Parties, covering such real property, subject to any Liens permitted by Section 7.3; (B) if requested by the Administrative Agent, provide the Lenders with (w) a title
and extended coverage insurance covering such real property in an amount at least equal to the purchase price of such real property (or such other amount as shall be reasonably specified by
thesearch showing no Liens other than Liens permitted under Section 7.3 and otherwise in form and substance reasonably acceptable to Administrative Agent), as
well as an ALTA survey thereof, together with a surveyor’s certificate, (x) any consents or estoppels reasonably deemed necessary or advisable by the Administrative Agent in connection with such Mortgage, each of the foregoing in form and
substance reasonably satisfactory to the Administrative Agent, (y) an appraisal of the value, or a valuation of, the applicable Mortgaged Property, which shall be reasonably satisfactory to the Administrative Agent, and (z) Phase I
environmental reports (and where appropriate based upon such Phase I environmental reports and at the reasonable request of the Administrative Agent, Phase II environmental reports) with respect to such real property, all in form and substance
reasonably satisfactory to the Administrative Agent; (C) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and
from counsel, reasonably satisfactory to the Administrative Agent; (D) deliver to the Administrative Agent a completed “Life-of-Loan” Federal Emergency
Management Agency Standard Flood Hazard Determination 

  
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with respect to such Mortgaged Property (together with a notice about special flood hazard area status and flood disaster assistance duly executed by the Borrower and each Loan Party relating
thereto) and if any such Mortgaged Property is located in a special flood hazard area, evidence of flood insurance in form and amount reasonably satisfactory to the Administrative Agent; and (E) (x) deliver to the Administrative Agent evidence
that short form leases or lease memoranda shall have been duly recorded in the local real estate records, with respect to each Mortgaged Property constituting a leasehold interest and (y) with respect to those Mortgaged Properties consisting of
leaseholds so designated by the Administrative Agent described in the preceding clause (x), use commercially reasonable efforts to deliver to the Administrative Agent copies of valid, binding and enforceable lease amendments or landlord agreements
in form and content reasonably acceptable to the Administrative Agent, conferring on the Administrative Agent rights of default notice, cure opportunity and such other leasehold lender protections as the Administrative Agent may reasonably require.
Notwithstanding the foregoing, the Administrative Agent may extend the date for, or waive, in whole or in part, the foregoing deliveries in its sole discretion. 

(c) With respect to any new Subsidiary (other than (i) a Class II Restricted Subsidiary or (ii) an Unrestricted Subsidiary or
(iii) a CFC Holdco) created or acquired after the Restatement Closing Date (which, for the purposes of this paragraph, shall include any existing Subsidiary that becomes a Class I Restricted Subsidiary because it ceases to be an
Unrestricted Subsidiary), by the Parent, the Borrower or any Subsidiary Guarantor, promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent deems
necessary or advisable to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned by the Parent, the Borrower or any Subsidiary
Guarantor (other than any such Capital Stock subject to a Lien expressly permitted by Section 7.3(m)), subject to the Liens permitted by the Guarantee and Collateral Agreement, (ii) deliver to the Administrative Agent the certificates
representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Parent, the Borrower or such Subsidiary Guarantor, as the case may be, (iii) if such new Subsidiary is a
Wholly Owned Subsidiary, cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and (B) to take such actions necessary or advisable to grant to the Administrative Agent for the benefit of the Secured
Parties a perfected first priority security interest in the Collateral described in the Guarantee and Collateral Agreement with respect to such new Subsidiary, subject to the Liens permitted by the Guarantee and Collateral Agreement, including,
without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be requested by the Administrative Agent, and (iv) if
requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent.

 (d) With respect to any new Class II Restricted Subsidiary or CFC Class II Holdco created or acquired after the Restatement
Closing Date by the Parent, the Borrower or any Subsidiary Guarantor (which, for purposes of this paragraph (d), shall include any Unrestricted Subsidiary that becomes a Class II Restricted Subsidiary), promptly (i) execute and
deliver to the Administrative Agent such amendments to the Guarantee and Collateral 

  
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Agreement or such other documents as the Administrative Agent deems necessary or advisable in order to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected first
priority (subject to the Liens permitted by the Guarantee and Collateral Agreement) security interest in the Capital Stock of such new Subsidiary that is owned by the Parent, the Borrower or any Subsidiary Guarantor (other than any such Capital
Stock subject to a Lien expressly permitted by Section 7.3(m)) (provided that in no event shall more than 65% of the total outstanding Capital Stock of any such new Class II Restricted Subsidiary or CFC Class II Holdco be
required to be so pledged), (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Parent, the Borrower
or such Subsidiary Guarantor, as the case may be, and take such other action as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the Lien of the Administrative Agent thereon, and (iii) if requested by the
Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. 

(e) Notwithstanding anything else to the contrary contained in this Section or elsewhere in the Agreement, perfection of Collateral shall not
be required where either the burden or costs of perfecting a security interest, lien or mortgage is reasonably determined by the Administrative Agent to be excessive in relation to the benefit afforded to the Lenders thereby. 

6.10 Further Assurances. From time to time execute and deliver, or cause to be executed and delivered, such additional instruments,
certificates or documents, and take such actions, as the Administrative Agent may reasonably request for the purposes of implementing or effectuating the provisions of this Agreement and the other Loan Documents, or of more fully perfecting or
renewing the rights of the Administrative Agent and the Lenders with respect to the Collateral (or with respect to any additions thereto or replacements or proceeds thereof or with respect to any other Property or assets hereafter acquired by the
Parent, the Borrower or any Subsidiary Guarantor which may be deemed to be part of the Collateral) pursuant hereto or thereto. Upon the exercise by the Administrative Agent or any Lender of any power, right, privilege or remedy pursuant to this
Agreement or the other Loan Documents which requires any consent, approval, recording, qualification or authorization of any Governmental Authority, the Borrower will execute and deliver, or will cause the execution and delivery of, all
applications, certifications, instruments and other documents and papers that the Administrative Agent or such Lender may be required to obtain from the Borrower or any of its Subsidiaries for such governmental consent, approval, recording,
qualification or authorization. 
 6.11 Designation of Restricted and Unrestricted Subsidiaries. (a) The board of directors of
the Borrower may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that no Default or Event of Default shall have occurred and be continuing immediately prior to or after giving effect to such designation. 

(b) The board of directors of the Borrower may designate any Class I or Class II Restricted Subsidiary to be an Unrestricted
Subsidiary if such designation complies with paragraph (a) of the definition of the term “Unrestricted Subsidiary” in Section 1.1. 

  
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 (c) If, at any time, any Unrestricted Subsidiary fails to comply with the definition of
“Unrestricted Subsidiary” or is redesignated by the board of directors of the Borrower as a Restricted Subsidiary (i) it shall thereafter cease to be an Unrestricted Subsidiary for purposes of this Agreement and shall be a Restricted
Subsidiary, (ii) any Indebtedness of such Subsidiary shall be deemed to be incurred by a Restricted Subsidiary of the Borrower as of such date and (iii) any Investments in such Subsidiary shall be deemed to be Investments in a Restricted
Subsidiary of the Borrower as of such date. 
 6.12 Maintenance of Separate Existence. With respect to each Unrestricted Subsidiary
and Class II Restricted Subsidiary, cause such Subsidiary to do all things necessary to continue to be readily distinguishable from the Parent, the Borrower and the Class I Restricted Subsidiaries and maintain its existence separate and
apart from that of the Parent, the Borrower and the Class I Restricted Subsidiaries including, without limitation: 

(a) practicing and adhering to organizational formalities, such as maintaining appropriate books and records; 

(b) observing all organizational formalities in connection with all dealings between itself and the Parent, the Borrower and
the Class I Restricted Subsidiaries; 
 (c) observing all procedures required by its organizational documents and the
laws of the jurisdiction of its organization; 
 (d) acting solely in its name and through its duly authorized officers or
agents in the conduct of its businesses; 
 (e) maintaining its deposit and other bank accounts and all of its assets
separate from those of any other Person; 
 (f) maintaining its financial records separate and apart from those of any other
Person; 
 (g) not suggesting in any way, within its financial statements, that its assets are available to pay the claims of
creditors of the Parent, the Borrower or any Class I Restricted Subsidiary; 
 (h) ensuring that the responsible
officers of the Unrestricted Subsidiary or Class II Restricted Subsidiary, as the case may be, duly authorized in accordance with its organizational documents, duly authorize all of its actions; 

(i) ensuring the receipt of proper authorization, when necessary, in accordance with the terms of its organizational documents
for its actions; 
 (j) not (A) having or incurring any Indebtedness to the Parent, the Borrower or any Class I
Restricted Subsidiary (except for any such Indebtedness permitted by Section 7.2(k) or (l)); (B) guaranteeing or otherwise becoming liable for any obligations of the Parent, the Borrower (other than Peso Subfacility Loans and Third-Party
Peso Loans, if any) or any Class I Restricted Subsidiary; (C) having obligations guaranteed by 

  
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the Parent, the Borrower or any Class I Restricted Subsidiary except to the extent of any guarantee permitted by Section 7.8; (D) making any loans or advances to the Parent, the
Borrower or any Subsidiary Guarantor except for any such Indebtedness that is (i) permitted by Section 7.2, (ii) unsecured, and (iii) subordinated to the Obligations on terms and conditions reasonably satisfactory to the
Administrative Agent; (E) holding itself out as responsible for debts of the Parent, the Borrower or any Class I Restricted Subsidiary or for decisions or actions with respect to the affairs of the Parent, the Borrower or any Class I
Restricted Subsidiary; (F) operating or purporting to operate as an integrated, single economic unit with respect to the Parent, the Borrower or any Class I Restricted Subsidiary; (G) seeking to obtain credit or incur any obligation
to any third party based upon the assets of the Parent, the Borrower or any Class I Restricted Subsidiary (except to the extent of any guarantee permitted by Section 7.8); and (H) inducing any such third party to reasonably rely on
the creditworthiness of the Parent, the Borrower or any Class I Restricted Subsidiary (except to the extent of any guarantee permitted by Section 7.8); 

(k) causing the Unrestricted Subsidiaries and the Class II Restricted Subsidiaries to reimburse the Borrower and its other
Subsidiaries for the respective shares (determined on a commercially reasonable basis) of the Unrestricted Subsidiaries and Class II Restricted Subsidiaries of the costs of all shared corporate operating services, leases and expenses,
including, without limitation, those associated with the services of shared executive officers, employees, consultants and agents, shared computer and other office equipment and software and shared telephone numbers; and otherwise refraining from
engaging in any transaction with any of the Parent, the Borrower or any Class I Restricted Subsidiary unless such transaction is consummated (x) on terms and conditions no less favorable to the Unrestricted Subsidiary or Class II
Restricted Subsidiary, as the case may be, than transactions consummated on an arms-length basis with unaffiliated Persons and (y) only with the proper approval and authorization in accordance with such Unrestricted Subsidiary’s or
Class II Restricted Subsidiary’s organizational documents, as applicable; 
 (l) refraining from filing or
otherwise initiating or supporting the filing of a motion in any bankruptcy or other insolvency proceeding involving the Parent, the Borrower or any Class I Restricted Subsidiary to substantively consolidate the Parent, the Borrower or any
Class I Restricted Subsidiary with such Unrestricted Subsidiary or Class II Restricted Subsidiary; 
 (m) remaining
Solvent; 
 (n) conducting all of its business (whether written or oral) solely in its own name (other than using
servicemarks, trademarks, slogans or similar Intellectual Property which are in common with those used by the Borrower and its Restricted Subsidiaries) so as not to mislead others as to the identity of each of the Unrestricted Subsidiary,
Class II Restricted Subsidiary, the Parent, the Borrower and any Class I Restricted Subsidiary; and 

  
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 (o) maintaining a record with respect to any material asset purchased from the
Parent, the Borrower or any Class I Restricted Subsidiary, including bills of sale (or any similar instrument of assignment) and, if appropriate, filings under the Uniform Commercial Code. 

6.13 Post-Restatement Closing Date Actions. 

(a) Within 90 days after the Restatement Closing Date, execute and deliver to the Administrative Agent with respect to each Mortgaged Property
listed on Schedule 1.1B, except as otherwise noted thereon (i) a Mortgage Amendment, together with (i) evidence that counterparts of said Mortgage Amendments have been delivered to the title insurance company insuring the Lien of such
Mortgages, (ii) a datedown endorsement to the existing title policy insuring the Lien of each such Mortgage (or a reissued title insurance policy) (the “Mortgage Endorsements”), issued by Stewart Title Guaranty Company (or another
title insurance company reasonably acceptable to the Administrative Agent (the “Title Company”)), insuring the Lien of such Mortgage (as amended by the applicable Mortgage Amendment) as a valid Lien on the Mortgaged Property described
therein, free of any Liens except those permitted under Section 7.3, (iii) the opinions, addressed to the Administrative Agent and the Lenders of (A) outside counsel or in-house counsel, as to the
due authorization, execution and delivery of the Mortgage Amendments by the Borrower or any Loan Party, as applicable, and (B) local counsel in each jurisdiction where Mortgaged Property is located regarding the Mortgage Amendments,
(iv) with respect to each Mortgaged Amendment, such affidavits, certificates, instruments of indemnification and other items (including a so-called “gap” indemnification) as shall be reasonably
required to induce the Title Company to issue the Mortgage Endorsements contemplated above and (v) evidence reasonably acceptable to the Administrative Agent of payment by the Borrower of all Mortgage Endorsement premiums, search and
examination charges, mortgage recording taxes, fees, charges, costs and expenses required for the recording of the Mortgage Amendments, fixture filings and issuance of the Mortgage Endorsements referred to above, in each case, in form and substance
reasonably satisfactory to the Administrative Agent. 
 (b) Within 45 days after the Restatement Closing Date, deliver to the Administrative
Agent the legal opinion of each local counsel listed on Schedule 6.13(b) and of such other special and local counsel as may be reasonably requested by the Administrative Agent, in each case substantially in the form of Exhibit F-2. Such legal opinions shall cover such other matters incident to the transactions contemplated by this Agreement as the Administrative Agent may reasonably require. 

(c) Notwithstanding the foregoing, the Administrative Agent may, in its sole discretion, extend the date for the foregoing deliveries. 

SECTION 7. NEGATIVE COVENANTS 

The Parent and the Borrower hereby jointly and severally agree that, so long as the Commitments remain in effect, any Letter of Credit remains
outstanding or any Loan or other amount is owing to any Lender or any Agent hereunder, each of the Parent, any Intermediate 

  
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Holdco and the Borrower shall not, and shall not permit any of its Class I Restricted Subsidiaries (and, (i) with respect to Sections 7.2, 7.3, 7.13(a), 7.14 and 7.16,
Class II Restricted Subsidiaries and (ii) with respect to Section 7.2, Unrestricted Subsidiaries) to, directly or indirectly: 

7.1 Consolidated Net Senior Secured Leverage Ratio. Unless the Majority Revolving Credit Facility Lenders shall otherwise consent in
writing, at any time that any Revolving Credit Loans are outstanding, permit the Consolidated Net Senior Secured Leverage Ratio for any period of four consecutive fiscal quarters ending with any fiscal quarter to exceed 4.25 to 1.0. 

7.2 Limitation on Indebtedness. Create, incur, assume or suffer to exist any Indebtedness, except: 

(a) Indebtedness of any Loan Party pursuant to any Loan Document (including Replacement Term Loans); 

(b) Indebtedness of the Borrower to any Intermediate Holdco, the Parent or any Subsidiary, and Indebtedness of any Guarantor to
the Borrower or any other Guarantor; 
 (c) (i) Capital Lease Obligations of the Borrower and its Class I Restricted
Subsidiaries; (ii) obligations under any leases of the Borrower and any of its Restricted Subsidiaries in existence on the Restatement Closing Date and characterized on the Restatement Closing Date as operating leases that are recharacterized
as Capital Lease Obligations after the Restatement Closing Date; (iii) obligations under any ASC 840-40-55 Capital Leases; (iv) obligations under any Digital
Cinema Equipment Lease with DCIP; and (v) obligations secured by Liens permitted by Section 7.3(g) in an aggregate principal amount at any time outstanding not to exceed 7.5% of Consolidated Net Tangible Assets (as determined as of
the time of such incurrence); 
 (d) Indebtedness of the Borrower and the Class I Restricted Subsidiaries
outstanding on the Restatement Closing Date or arising under agreements entered into prior to the Restatement Closing Date and in each case listed on Schedule 7.2(d) (other than the 5.125% Senior Notes and Capital Lease
Obligations) and any refinancings, refundings, renewals or extensions thereof (without any increase in the principal amount thereof (other than any increase not exceeding the amount of all accrued and unpaid interest on the Indebtedness being
refinanced, and any fees, premium, if any, and financing costs relating to such refinancing) or any shortening of the maturity of any principal amount thereof); 

(e) Guarantee Obligations made in the ordinary course of business by the Borrower or any of its Subsidiaries of obligations of
the Borrower or any Subsidiary Guarantor; 
 (f) [Reserved]; 

  
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 (g) unsecured Indebtedness of the Parent and any Intermediate Holdco so long as
(X) immediately prior to and after giving effect to the incurrence of such Indebtedness, the Parent and the Borrower are in compliance with Section 7.1, (Y) the maturity of any principal amount thereof shall not be earlier than the date
which is 90 days after the seventh anniversary of the Restatement Closing Date and (Z) none of the Borrower or any of its Restricted Subsidiaries has any Guarantee Obligation with respect to such Indebtedness; 

(h) (i) (A) Non-Recourse Debt of the Borrower or any Class I Restricted
Subsidiary secured by fee-owned real property of the Borrower or such Class I Restricted Subsidiary that does not constitute Mortgaged Property and (B) upon transfer of any fee-owned property of the type described in the foregoing clause (A) to an Unrestricted Subsidiary, Non-Recourse Debt of such Unrestricted Subsidiary secured by such
property and (ii) Indebtedness in respect of Sale and Leaseback Transactions permitted by Section 7.5; provided that the principal amount of such Non-Recourse Debt pursuant to
clause (i)(A) of this paragraph shall not exceed an amount equal to $125,000,000 at any time outstanding; 
 (i)
Indebtedness of any Unrestricted Subsidiary or Class II Restricted Subsidiary consisting entirely of Non-Recourse Debt; provided that, if any such Indebtedness ceases to be Non-Recourse Debt of such Unrestricted Subsidiary or Class II Restricted Subsidiary, such event shall be deemed to constitute an incurrence of Indebtedness by a Class I Restricted Subsidiary of the
Borrower that was not permitted by this Section 7.2(i); 
 (j) Guarantee Obligations of Unrestricted Subsidiaries in
respect of the obligations of other Unrestricted Subsidiaries and Class II Restricted Subsidiaries not otherwise prohibited hereunder, and Guarantee Obligations of Class II Restricted Subsidiaries of obligations of other Class II
Restricted Subsidiaries not otherwise prohibited hereunder; 
 (k) intercompany Indebtedness of any Class II Restricted
Subsidiary or Unrestricted Subsidiary to the Borrower or any Class I Restricted Subsidiary outstanding on the date hereof and listed on Schedule 7.2(k) (including any accrued but unpaid interest thereon accruing
subsequent to the Restatement Closing Date) and any refinancings, refundings, renewals or extensions thereof (without any increase in the principal amount thereof other than the amount of any accrued interest) or shortening of the maturity of any
principal amount thereof (which shall not prohibit any prepayments made with cash), which Indebtedness is evidenced by a promissory note in form and substance reasonably satisfactory to the Administrative Agent which has been delivered to the
Administrative Agent; 
 (l) other Indebtedness of an Unrestricted Subsidiary or Class II Restricted Subsidiary to the
Borrower or any Class I Restricted Subsidiary permitted by Section 7.8(h); 

  
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 (m) Indebtedness of any Person that is acquired by the Borrower or any of its
Restricted Subsidiaries and becomes a Restricted Subsidiary or is merged with or into the Borrower or any of its Restricted Subsidiaries after the Restatement Closing Date and Indebtedness secured by an asset acquired by the Borrower or any of its
Restricted Subsidiaries after the Restatement Closing Date and, in each case, refinancings, renewals, extensions, refundings and replacements thereof (provided that any such refinancing, renewal, extension, refunding or replacement shall not
(i) increase the principal amount of such Indebtedness other than by the amount of any undrawn commitment existing prior to such refinancing, renewal, extension, refunding or replacement and any accrued interest, (ii) shorten the maturity
of any principal amount of such Indebtedness, (iii) change the obligor under such Indebtedness or (iv) expand the Property securing such Indebtedness); provided that (A) such original Indebtedness was in existence on the date
such Person became a Restricted Subsidiary or merged with or into the Borrower or any of its Restricted Subsidiaries or on the date that such asset was acquired, as the case may be, (B) such original Indebtedness was not created in
contemplation of such Person becoming a Restricted Subsidiary or merging with or into the Borrower or any of its Restricted Subsidiaries or such asset being acquired, as the case may be, (C) immediately after giving effect to the acquisition of
such Person or asset by the Borrower or any of its Restricted Subsidiaries, as the case may be, no Default or Event of Default shall have occurred and be continuing and (D) after giving pro forma effect to such acquisition, the
Consolidated Net Senior Secured Leverage Ratio shall not be greater than 3.0 to 1.0; 
 (n) Indebtedness of the Borrower or
any Class II Restricted Subsidiary under the Peso Subfacility and/or under a loan facility denominated in Pesos providing for loans made under documentation other than the Loan Documents (“Third-Party Peso Loans”) in an
aggregate maximum principal amount as of any Peso Borrowing Date and after giving effect to the borrowings and any repayments to be made on such date not to exceed the Peso equivalent (calculated as of the Peso Borrowing Calculation Date) of
$25,000,000 and guarantees thereof by the Parent, any Intermediate Holdco, the Borrower or any Restricted Subsidiary; provided, that the aggregate amount available under the Peso Subfacility, Third-Party Peso Loans and the Revolving Credit
Commitments shall not exceed the Total Revolving Credit Commitments; 
 (o) Indebtedness resulting from the endorsement of
negotiable instruments in the ordinary course of business or arising from the honoring of a check, draft or similar instrument presented by the Parent, any Intermediate Holdco, the Borrower or any of its Subsidiaries in the ordinary course of
business against insufficient funds; 
 (p) Indebtedness of the Borrower or any Subsidiary in respect of
(i) workers’ compensation claims and insurance obligations incurred in the ordinary course of business, (ii) the financing of insurance premiums with the providers of such insurance or their Affiliates in the ordinary course of
business, (iii) surety, appeal and performance bonds entered into in the ordinary course of business and (iv) take-or pay obligations arising under supply agreements entered into in the ordinary
course of business; 

  
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 (q) Indebtedness arising from or representing deferred compensation to employees
of the Parent or any of its Subsidiaries incurred in the ordinary course of business; 
 (r) additional Indebtedness of the
Borrower and Subsidiary Guarantors in an aggregate principal amount not to exceed $250,000,000 at any one time outstanding; 

(s) senior unsecured or subordinated Indebtedness of the Borrower or any other Loan Party incurred to refinance all or a
portion of the outstanding Term Loans plus the amount of any interest, fees, premiums, and penalties paid in connection with such refinancing; provided that (i) 100% of the net proceeds from the incurrence of such Indebtedness is
applied to refinance all or a portion of the Term Loans plus the amount of any interest, fees, premiums and penalties paid in connection with such refinancing and (ii) the maturity of any principal amount thereof shall not be earlier
than the date which is 90 days after the seventh anniversary of the Restatement Closing Date; 
 (t) Indebtedness of the
Borrower or any other Loan Party in respect of the 4.875% Senior Notes, including any refinancings thereof, provided that (i) the aggregate principal amount of such Indebtedness shall not exceed $755,000,000 plus the amount of any
interest, fees, premiums or penalties paid in connection with such refinancings and any original issue discount incurred in connection with such refinancing Indebtedness, (ii) the maturity of any principal amount thereof shall not be earlier
than the date which is 90 days after the seventh anniversary of the Restatement Closing Date, and (iii) the documents under which the 4.875% Senior Notes are refinanced shall have covenants taken as a whole not materially more restrictive than
those applicable to the Indebtedness refinanced thereby; 
 (u) Indebtedness of the Borrower or any other Loan Party in
respect of the 5.125% Senior Notes, including any refinancings thereof, provided that (i) the aggregate principal amount of such Indebtedness shall not exceed $400,000,000 plus the amount of any interest, fees, premiums or
penalties paid in connection with such refinancings and any original issue discount incurred in connection with such refinancing Indebtedness, (ii) the maturity of any principal amount thereof shall not be earlier than the date which is 90 days
after the seventh anniversary of the Restatement Closing Date, and (iii) the documents under which the 5.125% Senior Notes are refinanced shall have covenants taken as a whole not materially more restrictive than those applicable to the
Indebtedness refinanced thereby; 
 (v) unsecured Indebtedness of the Borrower or any of its Class I Restricted
Subsidiaries in an aggregate principal amount not to exceed $300,000,000 at any time outstanding incurred to finance a Permitted Acquisition; provided that (i) the maturity of any principal amount thereof shall not be earlier than the
date which is 90 days after the seventh anniversary of the Restatement Closing Date and (ii) after giving pro forma effect to such Permitted Acquisition, the Consolidated Total Leverage Ratio as of the most recent quarter end for which
financial statements have been delivered to the Agents pursuant to Section 6.1 is less than 5.00 to 1.00; 

  
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 (w) Indebtedness incurred by the Borrower or any Restricted Subsidiary with
respect to Digital Projector Financing in an aggregate principal amount incurred not to exceed $100,000,000 at any time outstanding; 

(x) unsecured Indebtedness of the Parent or any Intermediate Holdco incurred to refinance all or a portion of any Indebtedness
incurred pursuant to Section 7.2(g) or this Section 7.2(x); provided that (i) 100% of the net proceeds from the incurrence of such Indebtedness is applied to refinance all or a portion of the Indebtedness incurred pursuant to
Section 7.2(g) or this Section 7.2(x), in each case plus the amount of any interest, fees, premiums and penalties paid in connection with such refinancing and (ii) the maturity of any principal amount thereof shall not be
earlier than the date which is 90 days after the seventh anniversary of the Restatement Closing Date; 
 (y) senior unsecured
or subordinated Indebtedness of the Borrower or any other Loan Party incurred to refinance all or a portion of any Indebtedness incurred pursuant to Section 7.2(s) or this Section 7.2(y); provided that (i) 100% of the net proceeds
from the incurrence of such Indebtedness is applied to refinance all or a portion of the Indebtedness incurred pursuant to Section 7.2(s) or this Section 7.2(y), in each case plus the amount of any interest, fees, premiums and
penalties paid in connection with such refinancing and (ii) the maturity of any principal amount thereof shall not be earlier than the date which is 90 days after the seventh anniversary of the Restatement Closing Date; and 

(z) unsecured Indebtedness of the Borrower or any of its Class I Restricted Subsidiaries incurred to refinance all or a
portion of any Indebtedness incurred pursuant to Section 7.2(v) or this Section 7.2(z); provided that (i) 100% of the net proceeds from the incurrence of such Indebtedness is applied to refinance all or a portion of the Indebtedness
incurred pursuant to Section 7.2(v) or this Section 7.2(z), in each case plus the amount of any interest, fees, premiums and penalties paid in connection with such refinancing and (ii) the maturity of any principal amount
thereof shall not be earlier than the date which is 90 days after the seventh anniversary of the Restatement Closing Date. 
 7.3
Limitation on Liens. Create, incur, assume or suffer to exist any Lien upon any of its Property, whether now owned or hereafter acquired, except for: 

(a) Liens for taxes, fees, assessments and other governmental charges not yet delinquent or which remain payable without
penalty or which are being contested in good faith by appropriate proceedings, provided that adequate reserves with respect thereto are maintained on the books of the Borrower or such other Person, as the case may be, in conformity with GAAP;

 (b) carriers’, warehousemen’s, landlords’ (whether statutory or otherwise), mechanics’,
materialmen’s, repairmen’s or other like Liens arising in the ordinary course of business which are not overdue for a period of more than 30 days or remain payable without penalty or that are being contested in good faith by
appropriate proceedings; 

  
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 (c) pledges or deposits in connection with workers’ compensation,
unemployment insurance and other social security legislation, and other insurance obligations incurred in the ordinary course of business; 

(d) deposits to secure the performance of bids, trade contracts (other than for borrowed money), leases, statutory obligations,
surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; 

(e) easements, rights-of-way, restrictions,
minor defects and irregularities in title and other similar encumbrances incurred in the ordinary course of business that, in the aggregate, are not substantial in amount and which do not in any case materially detract from the value of the Property
subject thereto or interfere with the ordinary conduct of the business of the Borrower and its Restricted Subsidiaries; 

(f) Liens in existence on the date hereof listed on Schedule 7.3(f), securing Indebtedness permitted
by Section 7.2(d), and any replacements of such Liens in connection with any refinancing of such Indebtedness permitted by such Section, provided that no such Lien is spread to cover any additional Property after the Restatement Closing
Date (other than additions, accessions and improvements thereto and proceeds thereof) and that the amount of Indebtedness (plus any interest, fees, premium, if any, and financing costs) secured thereby is not increased; 

(g) Liens securing Indebtedness incurred pursuant to Section 7.2(c) to finance the acquisition, construction or repair of
fixed or capital assets or to refinance any such Indebtedness, provided that (i) such Liens shall be created no more than 270 days after the acquisition, construction or repair of such fixed or capital assets, (ii) such Liens do not
at any time encumber any Property other than the Property financed by such Indebtedness (other than any improvements, proceeds, additions or accessions with respect thereto) and (iii) the amount of Indebtedness secured thereby is not increased
(other than to the extent of accrued interest, fees, premium, if any and financing costs); 
 (h) Liens created pursuant to
the Security Documents; 
 (i) any interest or title of a lessor under any lease entered into by the Borrower or any other
Subsidiary in the ordinary course of its business and covering only the assets so leased; 
 (j) Liens arising solely by
virtue of any statutory or common law provision relating to banker’s liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depository
institution; provided that (i) such deposit account is not a dedicated cash collateral account and is not subject to restrictions against access by the Borrower in excess of those set forth by regulations promulgated by the Federal
Reserve Board, and (ii) such deposit account is not intended by the Borrower or any of its Subsidiaries to provide collateral to the depository institution; 

  
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 (k) Liens on fee-owned property of the
Borrower and Class I Restricted Subsidiaries not subject to a Mortgage securing Non-Recourse Debt or Sale and Leaseback Transactions permitted by Section 7.5; 

(l) Liens on assets of any Class II Restricted Subsidiary securing Non-Recourse
Debt of such Class II Restricted Subsidiary permitted by Section 7.2; 
 (m) Liens securing Indebtedness permitted
by Section 7.2(m) on property of a Person or on an asset existing at the time such Person is merged with or into or consolidated with or is acquired by the Borrower or any Class I Restricted Subsidiary of the Borrower or such asset is so
acquired; provided that such Liens were not incurred in connection with or in contemplation of such transaction and do not extend to any assets other than those of the Person merged into or consolidated with or acquired by, or the asset so
acquired by, the Borrower or such Class I Restricted Subsidiary, as applicable, and accessions, additions and improvements thereto and proceeds thereof; 

(n) Liens on assets of a Subsidiary of the Borrower in favor of the Borrower or any Guarantor; 

(o) Liens in connection with the defeasance of the 4.875% Senior Notes, the 5.125% Senior Notes or any other Indebtedness
permitted under Section 7.2 issued pursuant to an indenture, covering the proceeds of Indebtedness which constitutes refinancing Indebtedness of such Indebtedness permitted by Section 7.2 and other funds intended for such purpose,
provided that, such Lien covers proceeds in an aggregate amount necessary solely to defease the principal, interest, premium, if any, and, if required by the terms of the relevant indenture, fees, costs and expenses due in connection with the
defeasance of such Indebtedness; 
 (p) Liens of the trustee under Section 7.07 of the 4.875% Senior Note Indenture,
Section 7.07 of the 5.125% Senior Note Indenture and similar provisions under other indentures governing Indebtedness permitted under this Agreement on money or property held or collected by the trustee thereunder; 

(q) Liens on assets of any joint venture or partnership pursuant to the organizational documents of such joint venture or
partnership, provided that, such Liens cover only the assets of such joint venture or partnership, as the case may be; 

(r) Liens arising from judgments, decrees or attachments in circumstances not constituting an Event of Default under
Section 8.1(h); 
 (s) Liens in the nature of a right of first refusal, redemption rights or other restrictions on
transfer existing as of the Restatement Closing Date in respect of the shares or partnership interest of Fandango, Inc., Laredo Theatre, Ltd., Greeley, Ltd., NCM Holdings or National CineMedia, LLC held by the Borrower and its Class I
Restricted Subsidiaries; 

  
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 (t) the rights of film distributors under film licensing contracts entered into
by the Borrower or any of its Subsidiaries in the ordinary course of business on a basis customary in the movie exhibition industry; 

(u) Liens on the stock of and assets of Class II Restricted Subsidiaries to secure the Peso Subfacility or the Third-Party
Peso Loans; 
 (v) Liens securing Indebtedness of the Borrower and Subsidiary Guarantors permitted under Section 7.2(r);

 (w) Liens on cash or Cash Equivalents constituting an earnest money deposit, escrow, holdback, purchase price prepayment,
purchase price adjustment or similar deposit or payment made by the Borrower or any Subsidiary in connection with any proposed acquisition or disposition of assets or property permitted under this Agreement; 

(x) (i) Licenses, sublicenses or similar rights to use any patent, trademark, copyright or other intellectual property right
granted to others by the Borrower or any of its Restricted Subsidiaries in the ordinary course of business which do not (A) interfere in any material respect with the business of the Borrower or such Restricted Subsidiary or (B) secure
Indebtedness and (ii) any rights reserved by or vested in any Governmental Authority with respect to any franchise, grant, license or permit held by the Borrower or any of its Restricted Subsidiaries; 

(y) Liens securing insurance premium financing arrangements entered into in the ordinary course of business; 

(z) Liens securing obligations in an aggregate amount not to exceed $10,000,000 at any one time outstanding; 

(aa) any Lien, encumbrance or restriction (including put and call arrangements) with respect to Capital Stock of DCIP, any
Unrestricted Subsidiary, any joint venture or any interest acquired pursuant to a Permitted Business Investment; 
 (bb)
Liens securing Indebtedness permitted by Section 7.2(w), provided that such Liens cover only the assets financed with such Indebtedness and accessions, additions and improvements thereto and proceeds thereof; and 

(cc) Liens consisting of an agreement to dispose of any property in a disposition permitted under this Agreement. 

In each case set forth above and in Section 7.2, notwithstanding any stated limitation on the assets or property that may be subject to such Lien, a Lien
on a specified asset or property or group or type of assets or property may also apply to all improvements, additions and accessions thereto, assets and property affixed or appurtenant thereto, and all products and proceeds thereof, including
dividends, distributions, interest and increases in respect thereof. 

  
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 7.4 Limitation on Fundamental Changes. Enter into any merger, consolidation or
amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or Dispose of all or substantially all of its Property, except that: 

(a) the Parent, any Intermediate Holdco or any Restricted Subsidiary of the Borrower (i) may be merged, consolidated or
amalgamated with or into the Borrower (provided that the Borrower shall be the continuing or surviving corporation) or with or into any Guarantor (provided that (A) a Guarantor shall be the continuing or surviving corporation or
(B) simultaneously with such transaction, the continuing or surviving corporation shall become a Guarantor and the Borrower shall comply with Section 6.9 in connection therewith) or (ii) may Dispose of any or all of its assets to the
Borrower or any Guarantor (upon voluntary liquidation, winding up or dissolution or otherwise); 
 (b) any Person may enter
into a merger, consolidation or amalgamation with any Class I Restricted Subsidiary as a means of implementing a Permitted Acquisition permitted by Section 7.8 (provided that such Class I Restricted Subsidiary shall be the
continuing or surviving corporation); 
 (c) any Person may Dispose of all or substantially all of its Property
pursuant to a transaction permitted by Section 7.5; and 
 (d) Specified Reorganizations may be consummated if, in
each case, (i) each Intermediate Holdco shall be a wholly-owned Subsidiary of the Parent or another Intermediate Holdco, (ii) the Borrower shall be a wholly-owned Subsidiary of an Intermediate Holdco, (iii) each Intermediate Holdco
shall become a party to the Guarantee and Collateral Agreement as a Guarantor, and (iv) the Borrower, each Intermediate Holdco and the Administrative Agent shall have entered into an amendment to this Agreement that is satisfactory to the
Administrative Agent in its reasonable discretion, amending clause (c) of the definition of the term “Change of Control,” Section 7.6, Section 7.15 and such other provisions of this Agreement and the other Loan Documents as
the Borrower and the Administrative Agent shall reasonably deem necessary to reflect the consummation of such Specified Reorganization (and such amendment shall not require the approval or signature of any other Lender or Agent). 

7.5 Limitation on Disposition of Property. Dispose of any of its Property, whether now owned or hereafter acquired, or, in the case of
any Class I Restricted Subsidiary, issue or sell any shares of such Class I Restricted Subsidiary’s Capital Stock to any Person, except: 

(a) the Disposition of obsolete, surplus or worn out property in the ordinary course of business, including the sale of parcels
of real property adjacent to parcels being used in the Borrower’s or any Class I Restricted Subsidiary’s business, which adjacent parcels are not necessary in the business of the Borrower or such Class I Restricted Subsidiary;

 (b) (i) the Disposition of inventory in the ordinary course of business and (ii) the granting of leases, licenses,
subleases and sublicenses of real and personal property (including Intellectual Property) in the ordinary course of business and which do not materially interfere with the business of the Borrower and its Subsidiaries; 

  
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 (c) Dispositions permitted by Section 7.4(a), (b) and (d) and
Sections 7.6 and 7.8; 
 (d) the Disposition of any Property to, or the sale or issuance of any Subsidiary’s
Capital Stock to, the Borrower or any Subsidiary Guarantor; 
 (e) any Recovery Event; 

(f) an exchange or “swap” of fixed, tangible assets of the Borrower or any of its Class I Restricted
Subsidiaries for the assets of a Person other than the Borrower and its Class I Restricted Subsidiaries; provided that, (i) the assets received by the Borrower or such Class I Restricted Subsidiary will be used or useful in a
similar line of business that the Borrower and its Class I Restricted Subsidiaries are engaged in on the date of this Agreement or that are reasonably related thereto, (ii) the Borrower or such Class I Restricted Subsidiary receives
reasonably equivalent value for such assets, such equivalent value to be demonstrated to the reasonable satisfaction of the Administrative Agent (or, in the case of an exchange or “swap” with a
non-Affiliate of any Loan Party, as determined by the board of directors of the Borrower or such Class I Restricted Subsidiary, as the case may be) and (iii) if the asset which is the subject of such
exchange or “swap” constituted Collateral hereunder, the Borrower or such Class I Restricted Subsidiary shall take such action necessary to create and perfect the security interest of the Administrative Agent for the benefit of the
Secured Parties in the assets received by the Borrower or such Class I Subsidiary in such exchange or “swap” pursuant to Section 6.9, provided further that, the fair market value of all such assets exchanged or
“swapped” after the Restatement Closing Date shall not exceed $150,000,000 in the aggregate; 
 (g) the issuance
and sale of directors’ qualifying shares and shares required by applicable law to be held by a Person other than the Borrower or its Class I Restricted Subsidiaries; 

(h) the issuance and sale of minority interests in joint ventures, partnerships and other entities to third parties to the
extent that the proceeds of such sale are reinvested in the related joint venture, partnership or other entity; 
 (i) any
Disposition of digital cinema equipment in connection with a Digital Cinema Equipment Lease with DCIP or Digital Projector Financing; 

(j) (i) any sale or other Disposition of the type described in ASC 840-40-55 in connection with a sale and leaseback transaction otherwise permitted hereby and (ii) any Sale and Leaseback Transaction; provided that the aggregate fair market value of all real property
Disposed of pursuant to such Sale and Leaseback Transactions pursuant to this clause (j)(ii) shall not exceed $300,000,000 during the term of this Agreement after the Fifth Amendment Effective Date; 

  
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 (k) the Disposition of any real property subject to a sale contract on the
Restatement Closing Date as described on Schedule 7.5(k); 
 (l) (i) the Disposition of the
Borrower’s or any Class I Restricted Subsidiary’s minority interest in National CineMedia, LLC, NCM Holdings or any holding company holding any such interest and/or (ii) Disposition of any interest in DCIP, any Unrestricted
Subsidiary, any joint venture or any interest acquired pursuant to a Permitted Business Investment, and, in each case under this Section 7.5(l), the subsequent Disposition of any consideration received pursuant to such Disposition; 

(m) the Disposition of cash and Cash Equivalents permitted under this Agreement; 

(n) Dispositions of Property pursuant to contracts between the Borrower and the U.S. Department of Justice or the Federal Trade
Commission related to any Permitted Acquisition; and 
 (o) the Disposition after the Restatement Closing Date of other
assets having a fair market value not to exceed $500,000,000 in the aggregate. 
 Certain Dispositions pursuant to this Section 7.5 may give rise to
mandatory prepayment obligations under Section 2.10(b). 
 7.6 Limitation on Restricted Payments. Declare or pay any
dividend on, or make any payment on account of, or set apart assets for a sinking or other analogous fund for, the purchase, redemption, retirement or other acquisition for value of, any Capital Stock of the Parent, any Intermediate Holdco, the
Borrower or any Class I Restricted Subsidiary, whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or property or in obligations of the Parent, any Intermediate
Holdco, the Borrower or any Class I Restricted Subsidiary, or enter into any derivatives or other transaction with any financial institution, commodities or stock exchange or clearinghouse (a “Derivatives Counterparty”)
obligating the Parent, any Intermediate Holdco, the Borrower or any Class I Restricted Subsidiary to make payments to such Derivatives Counterparty as a result of any change in market value of any such Capital Stock (collectively,
“Restricted Payments”), except that: 
 (a) any Subsidiary may make Restricted Payments to the Borrower or
any Subsidiary that owns the common stock (or equivalent ownership interests) of the Subsidiary making such Restricted Payment; 

(b) the Parent may make Restricted Payments in the form of common stock of the Parent or preferred stock of the Parent,
provided that, in the case of preferred stock, such preferred stock is not redeemable at the option of the holder thereof and not mandatorily redeemable in any circumstance until after the date which is 90 days after the seventh anniversary
of the Restatement Closing Date; 

  
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 (c) so long as no Default or Event of Default shall have occurred and be
continuing, the Borrower may make Restricted Payments to the Parent (or to one or more Intermediate Holdcos, which may make Restricted Payments to other Intermediate Holdcos and to the Parent), to permit the Parent to purchase, and the Parent may
purchase, the Parent’s common stock or common stock options from present or former officers or employees (and their heirs, estates and assigns) of the Parent, the Borrower or any Subsidiary upon the death, disability or termination of
employment of such officer or employee, provided, that the aggregate amount of payments under this clause shall not exceed $3,000,000 in any twelve month period (with unused amounts in any twelve month period being carried over to succeeding
twelve months periods subject to a maximum carry-over amount of $6,000,000); 
 (d) the Borrower may make Restricted Payments
to the Parent (or to one or more Intermediate Holdcos, which may make Restricted Payments to other Intermediate Holdcos and to the Parent), to permit Parent to pay (i) any taxes which are due and payable by the Parent, the Borrower and their
Subsidiaries as part of a consolidated group (including, without limitation, franchise taxes and expenses required to maintain corporate existence), (ii) customary salary, bonus and other benefits payable to officers, directors and employees of
Parent, the Borrower and their Subsidiaries to the extent such salaries, bonuses and other benefits are directly or indirectly attributable to the ownership or operation of the Borrower and its Restricted Subsidiaries, including the Borrower’s
proportionate share of such amounts relating to Parent being a public company, including directors’ fees; (iii) general corporate operating and overhead costs and expenses of Parent to the extent such costs and expenses are directly or
indirectly attributable to the ownership or operation of the Borrower and its Restricted Subsidiaries, including the Borrower’s proportionate share of the expenses relating to Parent being a public company; (iv) principal and interest on
Indebtedness permitted under Section 7.2; and (v) reasonable fees and expenses other than to Affiliates of the Borrower related to any unsuccessful equity or debt offering of Parent; 

(e) the Borrower or any Class I Restricted Subsidiary may make Restricted Payments to any other Person to repurchase
minority interests in any joint venture, partnership or other entity which is a Subsidiary of the Borrower; 
 (f) the
Parent, any Intermediate Holdco, the Borrower or any Class I Restricted Subsidiary may purchase, redeem, retire or otherwise acquire its Capital Stock with the proceeds of a substantially contemporaneous issuance of new shares of its common
stock or preferred stock that is not redeemable at the option of the holder thereof and not mandatorily redeemable in any circumstance until after the date which is 90 days after the seventh anniversary of the Restatement Closing Date; 

(g) the Borrower and its Subsidiaries may, upon the sale of any Subsidiary of the Borrower or any assets of such Subsidiary,
make distribution of the proceeds of such sale to any holders of minority equity interests in such Subsidiary as required by the partnership agreement, joint venture agreement or other analogous agreement of such Subsidiary, as the case may be,
provided that, such sale is permitted under Section 7.5; 

  
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 (h) any Subsidiary of the Borrower that is not 100% owned, directly or
indirectly, by the Borrower may make distributions to its equity holders as required by its respective partnership agreement, joint venture agreement or other analogous agreement of such Subsidiary, provided that, the aggregate amounts
distributed pursuant to this clause (h) to Persons other than the Borrower and its Subsidiaries shall not exceed $15,000,000 in any Fiscal Year; 

(i) the Parent, any Intermediate Holdco, the Borrower or any Class I Restricted Subsidiary may make additional Restricted
Payments in an amount not to exceed the Applicable Amount at the time of, and immediately prior to the making of, any such Restricted Payment; provided that, at the time of and immediately after giving effect to any such Restricted Payment
under this paragraph (i), no Default or Event of Default shall have occurred and be continuing. For the avoidance of doubt, any Restricted Payment permitted and paid pursuant to this Section 7.6(i) shall only have to satisfy the requirements
detailed herein at the time of the initial Restricted Payment. Following such Restricted Payment, the recipient may transfer such payment to another Person without such transfer being deemed an additional Restricted Payment for purposes of this
Section 7.6(i); and 
 (j) any Loan Party may purchase, redeem or otherwise acquire or retire Capital Stock if such
purchase, redemption, acquisition or retirement occurs or is deemed to occur upon (y) the exercise of stock options, warrants or other equity-based awards to the extent such Capital Stock represents a portion of the exercise price of such
options, warrants or other equity-based awards or (z) the exercise of stock options, warrants or other equity-based awards or the vesting or issuance of shares of restricted stock or other Capital Stock to the extent such Capital Stock
represents a portion of the tax liability of the holder thereof with respect thereto. 
 7.7 Limitation on Capital Expenditures. Make
or commit to make any Capital Expenditures except: 
 (a) Capital Expenditures made (or deemed made) with the proceeds of any
Reinvestment Deferred Amount (including Capital Expenditures made during the six-month period prior to the relevant Reinvestment Event); 

(b) Capital Expenditures in any Fiscal Year to finance the acquisition, construction or leasing of fixed or capital assets of
the Borrower and its Class I Restricted Subsidiaries in the ordinary course of business not exceeding the Applicable Consolidated EBITDA Amount for such Fiscal Year; 

provided, that (x) such amounts referred to above, if not so expended in the Fiscal Year for which it is permitted, may be carried
over for expenditure in the next succeeding Fiscal Year and (y) Capital Expenditures made pursuant to this paragraph (b) during any Fiscal Year shall be deemed made, first, in respect of amounts permitted for such Fiscal Year as
provided above and, second, in respect of amounts carried over from the prior Fiscal Year pursuant to clause (x) above; 

  
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 (c) to the extent that no amounts under Section 7.7(a) and (b) are
available, Capital Expenditures to finance the acquisition, construction or leasing of fixed or capital assets in an amount not to exceed the Applicable Amount at the time of, and immediately prior to the making of, such Capital Expenditure;
provided that, immediately prior to and after giving effect to such Capital Expenditure under this paragraph (c), no Default or Event of Default shall have occurred and be continuing; and 

(d) notwithstanding anything in this Section 7.7 to the contrary, and without utilization of any amounts described in
paragraphs (a) through (c) of this Section 7.7, purchases of digital projectors and other digital cinema equipment from or with DCIP. 

7.8 Limitation on Investments. Make any advance, loan, extension of credit (by way of guarantee or otherwise) or capital contribution
to, or purchase any Capital Stock, bonds, notes, debentures or other debt securities of, or any assets constituting an ongoing business from, or make any other investment in, any other Person (all of the foregoing, “Investments”),
except: 
 (a) extensions of trade credit in the ordinary course of business; 

(b) Investments in Cash Equivalents; 

(c) Investments arising in connection with the incurrence of Indebtedness permitted by Sections 7.2(b), (e), (k) (and any
Investment consisting of equity interests arising upon the conversion to equity of any Indebtedness permitted by Section 7.2(k)) and (p) and any guarantee permitted by Section 7.2(a), (g), (m), (n), (q), (r), (s), (t), (u), (v), (w),
(x), (y) or (z), or any pledge or deposit permitted under Section 7.3(c) or (d); 
 (d) Investments in assets useful in
the Borrower’s or a Class I Restricted Subsidiary’s business (other than inventory) made by the Borrower or any of its Subsidiaries with the proceeds of any Reinvestment Deferred Amount; 

(e) Investments (other than those relating to the incurrence of Indebtedness permitted by Section 7.8(c)) by the Parent,
any Intermediate Holdco, the Borrower or any of its Restricted Subsidiaries in the Borrower or any Person that, prior to such Investment, is a Subsidiary Guarantor or an Intermediate Holdco; 

(f) equity interests acquired by the Borrower or any Restricted Subsidiary in a Person engaged in the indoor motion picture
exhibition business if (i) such Person’s theaters are managed by the Borrower or such Restricted Subsidiary, (ii) such equity interest is acquired solely in exchange for services rendered in connection with the management of such
Person’s theaters, (iii) the board of directors of the Borrower determines that such acquisition is in the best interests of the Borrower and (iv) promptly after the acquisition of such equity interests, such equity interests are
pledged to the Administrative Agent for the benefit of the Secured Parties to the extent required by Section 6.9; 

  
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 (g) loans and advances to employees of the Parent, any Intermediate Holdco, the
Borrower or any of the Class I Restricted Subsidiaries in the ordinary course of business (including for travel and entertainment expenses) in an aggregate amount not to exceed $1,000,000 at any one time outstanding; 

(h) Investments by the Borrower or any of its Class I Restricted Subsidiaries in Unrestricted Subsidiaries, non-Guarantor Class I Restricted Subsidiaries, Class II Restricted Subsidiaries, partnerships, joint ventures and other entities that are not Guarantors in an amount not to exceed the Applicable Amount at
the time of, and immediately prior to the making of, any such Investment; provided that, (i) any such amounts invested in any entity that is not a Subsidiary and the primary business of which is not a Permitted Business shall not exceed
$100,000,000 in the aggregate at any one time outstanding (measured at the time each such Investment is made and without giving effect to subsequent changes in value) during the term of this Agreement and (ii) immediately prior to and after
giving effect to such Investment under this paragraph (h), no Default or Event of Default shall have occurred and be continuing; and provided further that (x) transfers by the Borrower or the Class I Restricted Subsidiaries
to any Unrestricted Subsidiary of fee-owned property in connection with the incurrence by such Unrestricted Subsidiary of Non-Recourse Debt secured by such fee-owned property, as contemplated by Section 7.2(h)(i)(B), (y) Investments in Brazilco by any Unrestricted Subsidiary that is subsequently designated as a Class I Restricted Subsidiary, and
(z) Investments in Unrestricted Subsidiaries and CFC Holdcos consisting of the Capital Stock of an Unrestricted Subsidiary or a CFC Holdco in each case shall not constitute Investments for purposes of determining the Applicable Amount; 

(i) Investments by the Borrower or any of its Class I Restricted Subsidiaries in Permitted Acquisitions, provided
that, (A) to the extent such Investment results in the creation or acquisition of a Subsidiary of the Borrower (other than an Excluded Foreign Subsidiary of the Class I Restricted Subsidiary so acquired), such Subsidiary must be a
Class I Restricted Subsidiary and (B) immediately prior to and after giving effect to such Permitted Acquisition, no Default or Event of Default shall have occurred and be continuing; 

(j) Investments permitted by Sections 7.5(b), 7.5(f), 7.5(h), 7.6 and 7.16; 

(k) the Rave Acquisition; 

(l) Investments in Subsidiaries of the Borrower resulting from purchases of minority interests in such Subsidiaries in exchange
for the Parent’s common stock; 
 (m) Investments by the Borrower or any of its Class I Restricted Subsidiaries
consisting of refundable construction advances made with respect to the construction of motion picture exhibition theatres in the ordinary course of business; 

(n) Investments by the Borrower or any of its Class I Restricted Subsidiaries consisting of the licensing or contribution
of Intellectual Property pursuant to joint marketing arrangements; 

  
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 (o) Investments by the Borrower or any of its Class I Restricted
Subsidiaries received in connection with the bankruptcy or reorganization of or settlement of, delinquent accounts and disputes with or judgments against, customers and suppliers, in each case in the ordinary course of business; and 

(p) Investments in DCIP in an aggregate amount (measured on the date each such Investment was made and without giving effect to
subsequent changes in value) not to exceed, at any one time outstanding during the term of this Agreement, $100,000,000. 
 7.9
Limitation on Optional Payments and Modifications of Debt Instruments; Amendments to Certificate of Incorporation. 
 (a)
Prepay, repurchase or redeem or otherwise defease or acquire the 4.875% Senior Notes, the 5.125% Senior Notes or Indebtedness incurred pursuant to Section 7.2(g), (s), (t), (u), (v), (x), (y) or (z); provided, however, that, so
long as no Default or Event of Default shall have occurred and be continuing at the date of such prepayment, repurchase, redemption or other defeasance or acquisition or would result therefrom, the Parent, any Intermediate Holdco, the Borrower or
any Restricted Subsidiary may prepay, repurchase, redeem, defease or acquire: (i) the 4.875% Senior Notes; (ii) the 5.125% Senior Notes and Indebtedness incurred pursuant to Section 7.2(g), (s), (t), (u), (v), (x), (y) or (z) for
an aggregate price that does not exceed the Applicable Amount at the time of such prepayment, repurchase, redemption, defeasance or other acquisition; (iii) the 5.125% Senior Notes or Indebtedness incurred pursuant to Section 7.2(t) or
7.2(u) with the proceeds of Indebtedness incurred pursuant to Section 7.2(t) or 7.2(u); (iv) [Reserved]; (v) Indebtedness incurred pursuant to Section 7.2(g) or 7.2(x) with the proceeds of Indebtedness incurred pursuant to
Section 7.2(x); (vi) Indebtedness incurred pursuant to Section 7.2(s) or 7.2(y) with the proceeds of Indebtedness incurred pursuant to Section 7.2(y); and (vii) Indebtedness incurred pursuant to Section 7.2(v) or 7.2(z) with
the proceeds of Indebtedness incurred pursuant to Section 7.2(z); 
 (b) amend, modify or otherwise change, or consent or agree to any
amendment, modification, waiver or other change to, any of the terms of the 4.875% Senior Notes, the 5.125% Senior Notes or any Indebtedness incurred pursuant to Section 7.2(g), (s), (t), (u), (v), (x), (y) or (z), in each case if, after giving
effect to such amendment, modification or other change, such Indebtedness would not be permitted to be incurred under such Section 7.2(g), (s), (t), (u), (v), (x), (y) or (z), as appropriate; or 

(c) amend its certificate of incorporation in any manner reasonably determined by the Administrative Agent to be material and adverse to the
Lenders. 
 7.10 Limitation on Transactions with Affiliates. Make any payment to, or sell, lease, transfer or otherwise dispose of
any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate (each, an
“Affiliate Transaction”), involving aggregate payments or consideration in excess of $10.0 million unless: 

  
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 (i) the Affiliate Transaction is on terms that are no less favorable to the Parent, the
Intermediate Holdco, the Borrower or the relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction by the Parent, the Intermediate Holdco, the Borrower or such Restricted Subsidiary with a Person who is not
an Affiliate; and 
 (ii) the Borrower delivers to the Administrative Agent: 

(a) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in
excess of $10.0 million, an officer’s certificate certifying that such Affiliate Transaction complies with this Section 7.10; and 

(b) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in
excess of $50.0 million, a resolution of the board of directors of the Parent and the Borrower set forth in an officer’s certificate certifying that such Affiliate Transaction complies with this Section 7.10 and that such Affiliate
Transaction has been approved by a majority of the disinterested members of the board of directors of the Parent and the Borrower. 
 The
following items shall be deemed to not be Affiliate Transactions and, therefore, shall not be subject to the provisions of the prior paragraph: 

(1) any employment, consulting or similar agreement or other compensation arrangement entered into by the Parent, any Intermediate Holdco, the
Borrower or any of its Restricted Subsidiaries in the ordinary course of business of the Parent, any Intermediate Holdco, the Borrower or such Restricted Subsidiary; 

(2) transactions between or among the Parent, any Intermediate Holdco, the Borrower and/or its Restricted Subsidiaries; 

(3) transactions with a Person that is an Affiliate of the Parent solely because the Parent or any of its Subsidiaries owns Capital Stock in,
or controls, such Person; 
 (4) reasonable fees and expenses and compensation paid to, and indemnity provided on behalf of, officers,
directors or employees of the Parent or any Subsidiary as determined in good faith by the board of directors or senior management of the Parent; 

(5) sales of Capital Stock (other than Disqualified Stock) to Affiliates of the Parent and the granting of registration and other customary
rights in connection therewith; 
 (6) Restricted Payments that are permitted by Section 7.6 and Investments permitted under
Section 7.8; 

  
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 (7) transactions pursuant to any contract or agreement listed on Schedule 7.10, as in
effect on the Restatement Closing Date, in each case as amended, modified or replaced from time to time so long as the amended, modified or new agreements, taken as a whole, are not materially less favorable to the Parent, any Intermediate Holdco,
the Borrower and its Restricted Subsidiaries taken as a whole than those in effect on the Restatement Closing Date; 
 (8) transactions with
customers, clients, suppliers, or purchasers or sellers of goods or services, in each case, in the ordinary course of business and otherwise in compliance with the terms of this Agreement which are fair to the Parent, any Intermediate Holdco, the
Borrower and its Restricted Subsidiaries, in the reasonable determination of the board of directors of the Parent or the senior management thereof, or are on terms at least as favorable as might reasonably have been obtained at such time from an
unaffiliated party; 
 (9) the pledge of Capital Stock of an Unrestricted Subsidiary to its lenders to support the Indebtedness of such
Unrestricted Subsidiary owed to such lenders; and 
 (10) transactions in which the Parent, any Intermediate Holdco, the Borrower or any of
its Restricted Subsidiaries delivers to the Administrative Agent a letter from an accounting, appraisal or investment banking firm of national standing stating that such transaction is fair to the Parent, such Intermediate Holdco, the Borrower or
such Restricted Subsidiary from a financial point of view or stating that the terms are not materially less favorable to the Parent, such Intermediate Holdco, the Borrower or such Restricted Subsidiary than those that would have reasonably been
obtained in a comparable transaction by the Parent, such Intermediate Holdco, the Borrower or such Restricted Subsidiary with an unrelated Person on an arm’s-length basis. 

7.11 Limitation on Changes in Fiscal Periods. Permit the Fiscal Year to end on a day other than December 31 or change the
Borrower’s method of determining fiscal quarters. 
 7.12 Limitation on Negative Pledge Clauses. Enter into or suffer to exist
or become effective any agreement that prohibits or limits the ability of the Parent, the Borrower or any of its Class I Restricted Subsidiaries to create, incur, assume or suffer to exist any Lien upon any of its Property or revenues, whether
now owned or hereafter acquired, to secure the Obligations or, in the case of any Guarantor, its obligations under the Guarantee and Collateral Agreement, other than: 

(a) this Agreement and the other Loan Documents; 

(b) [Reserved]; 

(c) any Senior Note Indentures; 

  
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 (d) any agreements governing any purchase money Liens or Capital Lease
Obligations otherwise permitted hereby (in which case, any prohibition or limitation shall only be effective against the assets financed thereby); 

(e) in connection with any Lien permitted under Section 7.3(b), (c), (d), (f), (g), (i), (k), (m), (o), (s), (u), (v) or
(w) or any document or instrument governing any such Lien, provided that such prohibition or limitation shall only be effective against the assets subject to such Lien; 

(f) pursuant to customary restrictions and conditions contained in any agreement related to the sale of any property permitted
under Section 7.5, pending the consummation of such sale, provided that such prohibition or limitation shall only be effective against the assets to be sold; 

(g) leases, licenses and other agreements entered into in the ordinary course of business (other than for Indebtedness); 

(h) provisions in corporate charters, bylaws, stockholders agreements, partnership agreements, limited liability company
agreements and similar agreements entered into in connection with Investments permitted by Section 7.8 and negotiated in good faith and not with the purpose of avoiding the restrictions of this Section; 

(i) restrictions on cash or other deposits or net worth imposed by customers and suppliers in the ordinary course of business;

 (j) Digital Cinema Equipment Leases with DCIP and related agreements; 

(k) agreements governing Liens, encumbrances and restrictions permitted under Section 7.3(aa); and 

(l) any instruments governing Indebtedness permitted under Section 7.2(g), (r), (s), (t), (u), (v), (w), (x), (y) or (z).

 In each case set forth above, notwithstanding any stated limitation on the assets or property that may be subject to such prohibition or limitation, a
prohibition or limitation on a specified asset or property or group or type of assets or property may also apply to all improvements, additions and accessions thereto, assets and property affixed or appurtenant thereto, and all products and proceeds
thereof, including dividends, distributions, interest and increases in respect thereof. 
 7.13 Limitation on Restrictions on Subsidiary
Distributions. Enter into or suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Class I Restricted Subsidiary (or, in the case of clause (a) only, any Class II Restricted Subsidiary
of the Borrower) to (a) make Restricted Payments in respect of any Capital Stock of such Subsidiary held by, or pay any Indebtedness owed to, the Borrower or any Class I Restricted Subsidiary, (b) make Investments in the Borrower or
any other Class I Restricted Subsidiary or (c) transfer any of its assets to the Borrower or any other Class I Restricted Subsidiary, except for such encumbrances or restrictions existing under or by reason of (i) any
restrictions existing under the Loan Documents, (ii) any restrictions with respect to a Restricted 

  
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Subsidiary imposed pursuant to an agreement that has been entered into in connection with the Disposition of all or substantially all of the Capital Stock or assets of such Subsidiary pending
such Disposition and (iii) agreements, instruments and documents of the types described in clauses (b) through (l) of Section 7.12 (provided, that, in the case of any such type that is limited to certain assets (including Capital
Stock) or Persons, the permission in this clause (iii) shall also be limited to such assets or Persons after giving effect to the final sentence of Section 7.12) and negotiated in good faith and not with the purpose of avoiding the
restrictions of this Section. Notwithstanding any of the foregoing, the ability of any Class II Restricted Subsidiary to make Restricted Payments may be subject to encumbrances and restrictions imposed by agreements or instruments relating to
any Non-Recourse Debt of such Class II Restricted Subsidiary. 
 7.14 Limitation on Lines of
Business. Engage in any business other than Permitted Businesses, except to such extent as would not be material to the Borrower and its Subsidiaries taken as a whole. 

7.15 Limitation on Activities of the Parent and Intermediate Holdcos. In the case of the Parent and any Intermediate Holdcos,
notwithstanding anything to the contrary in this Agreement or any other Loan Document: 
 (a) conduct, transact or otherwise
engage in, or commit to conduct, transact or otherwise engage in, any material business operations other than those incidental to 

(i) (A) issuances and sales of its Capital Stock and options, warrants and rights related thereto, and (B) its
ownership of the Capital Stock of the Borrower or one or more Intermediate Holdcos, 
 (ii) the Indebtedness permitted under
Section 7.2, 
 (iii) the ownership of intercompany Indebtedness permitted under Section 7.2, 

(iv) the transactions permitted under Section 7.10, and 

(v) the rights and obligations hereunder and under the other Loan Documents; 

(b) incur, create, assume or suffer to exist any Indebtedness or other material liabilities or financial obligations, except

 (i) nonconsensual liabilities and obligations imposed by operation of law, 

(ii) pursuant to the Loan Documents to which it is a party, 

(iii) liabilities and obligations with respect to its Capital Stock, including dividends, redemptions and repurchases, and
options, warrants and rights related thereto, 

  
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 (iv) Indebtedness permitted under Section 7.2, 

(v) taxes, 

(vi) customary fees to members of its board of directors, 

(vii) ordinary course corporate operating expenses, 

(viii) liabilities and obligations arising out of Restricted Payments permitted under Section 7.6, 

(ix) the transactions permitted under Section 7.10, 

(x) liabilities and obligations arising out of operations permitted under clause (a) of this Section or ownership of
assets permitted under clause (c) of this Section; or 
 (c) own, lease, manage or otherwise operate any properties or
assets (including cash and Cash Equivalents) other than 
 (i) the ownership of shares of Capital Stock of the Borrower or
one or more Intermediate Holdcos, 
 (ii) the ownership of intercompany Indebtedness permitted under Section 7.2, 

(iii) customary minimum balances of cash and Cash Equivalents, 

(iv) cash and Cash Equivalents pending application to an Indebtedness, liability or obligation permitted under clause (b)
of this Section, 
 (v) on any date cash and Cash Equivalents pending application to ordinary course corporate operating
expenses of the Parent for the two year period following such date in an amount not to exceed $3,000,000, and 
 (vi) cash
and Cash Equivalents so long as the Parent or the relevant Intermediate Holdco owning such cash and Cash Equivalents is a Guarantor and the Administrative Agent has a perfected first-priority security interest in such cash and Cash Equivalents
pursuant to a customary control agreement. 
 7.16 Limitation on Hedge Agreements. Enter into any Hedge Agreement other than
Hedge Agreements entered into in the ordinary course of business (i) to protect against changes in interest rates or to reduce overall interest costs with respect to Funded Debt of the Parent and its Subsidiaries to the extent that such Hedge
Agreements have an aggregate notional amount equal to or less than an amount reasonably related to the amount of such Funded Debt, all such determinations to be made at the time of incurrence of such Hedge Agreement
andor (ii) to protect against changes in currency exchange rates or commodity prices andor
to reduce overall costs with respect to such currency exchange rates or commodity prices (including 

  
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protection against changes in, and reduction of, costs that are directly or indirectly a function of, or correlated to, currency exchange
rates or commodity prices) to the extent that such Hedge Agreements are in an aggregate notional amount equal to or less than an amount reasonably related to the direct or indirect
exposure of the Borrower and its Subsidiaries with respect to such currencies or commodities, as applicable. 
 7.17 Use of Proceeds.
The Borrower will not request any Loan or Letter of Credit, and the Borrower shall not use, and shall procure that its Subsidiaries, Parent and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Loan
or Letter of Credit (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of
funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, to the extent such activities, businesses or transaction would be prohibited by Sanctions if conducted by a
corporation incorporated in the United States or in a European Union member state, or (C) in any manner that would result in the violation of any Sanctions applicable to any party hereto. 

SECTION 8. EVENTS OF DEFAULT 

8.1 Events of Default. If any of the following events shall occur and be continuing: 

(a) The Borrower shall fail to pay any principal of any Loan or Reimbursement Obligation when due in accordance with the terms
hereof; or the Borrower shall fail to pay any interest on any Loan or Reimbursement Obligation, or any other amount payable hereunder or under any other Loan Document, within five days after any such interest or other amount becomes due in
accordance with the terms hereof or thereof; or 
 (b) Any representation or warranty made or deemed made by any Loan Party
herein or in any other Loan Document or that is contained in any certificate, document or financial or other statement furnished by it at any time under or in connection with this Agreement or any such other Loan Document shall prove to have been
inaccurate in any material respect on or as of the date made or deemed made or furnished; or 
 (c) (i) Any Loan Party shall
default in the observance or performance of any agreement contained in clause (i) or (ii) of Section 6.4(a) (with respect to the Parent and the Borrower only), Section 6.7(a) or Section 7, or (ii) an
“Event of Default” under and as defined in any Mortgage shall have occurred and be continuing; or 
 (d) Any Loan
Party shall default in the observance or performance of any other agreement contained in this Agreement or any other Loan Document (other than as provided in paragraphs (a) through (c) of this Section), and such default shall continue
unremedied for a period of 30 days; or 

  
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 (e) The Parent, any Intermediate Holdco, the Borrower or any of its Restricted
Subsidiaries shall (i) default in making any payment of any principal of any Indebtedness (including, without limitation, any Guarantee Obligation, but excluding the Loans and Reimbursement Obligations) on the scheduled or original due date
with respect thereto or, with respect to any Capital Lease Obligation, after giving effect to any grace period with respect thereto; or (ii) default in making any payment of any interest on any such Indebtedness beyond the period of grace, if
any, provided in the instrument or agreement under which such Indebtedness was created; or (iii) default in the observance or performance of any other agreement or condition relating to any such Indebtedness or contained in any instrument or
agreement evidencing, securing or relating thereto, or due to any action or omission by the Parent or any of its Subsidiaries any other event shall occur or condition exist, the effect of which default or other event or condition is to cause, or to
permit the holder or beneficiary of such Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to cause, with the giving of notice if required, such Indebtedness to become due prior to its stated maturity or to become subject
to a mandatory offer to purchase by the obligor thereunder or (in the case of any such Indebtedness constituting a Guarantee Obligation) to become payable; provided, that a default, event or condition described in clause (i), (ii) or
(iii) of this paragraph (e) shall not at any time constitute an Event of Default unless, at such time, one or more defaults, events or conditions of the type described in clauses (i), (ii) and (iii) of this paragraph (e)
shall have occurred and be continuing with respect to Indebtedness the outstanding principal amount of which exceeds in the aggregate $25,000,000; or 

(f) (i) The Parent, any Intermediate Holdco, the Borrower or any of its Restricted Subsidiaries shall commence any case,
proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it,
or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or
(B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or the Parent, any Intermediate Holdco, the Borrower or any of its Restricted Subsidiaries
shall make a general assignment for the benefit of its creditors; or (ii) there shall be commenced against the Parent, any Intermediate Holdco, the Borrower or any of its Restricted Subsidiaries any case, proceeding or other action of a nature
referred to in clause (i) above that (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of 60 days; or (iii) there shall
be commenced against the Parent, any Intermediate Holdco, the Borrower or any of its Restricted Subsidiaries any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any
substantial part of its assets that results in the entry of an order for any such relief that shall not have been vacated, discharged, or stayed or bonded pending appeal within 60 days from the entry thereof; or (iv) the Parent, any
Intermediate Holdco, the Borrower or any of its Restricted Subsidiaries shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above;
or (v) the Parent, any Intermediate Holdco, the Borrower or any of its Restricted Subsidiaries shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; or 

  
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 (g) (i) Any Person shall engage in any “prohibited transaction”
(as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan, (ii) any failure by the Borrower or any Commonly Controlled Entity to make by its due date a required installment under Section 430(j) of the
Code with respect to any Plan or any failure to satisfy the minimum funding standards (within the meaning of Section 412 of the Code or Section 302 of ERISA), whether or not waived, shall exist with respect to any Plan, or any Lien in
favor of the PBGC or a Plan shall arise on the assets of the Borrower or any Commonly Controlled Entity, (iii) a Reportable Event shall occur with respect to, or proceedings shall commence to have a trustee appointed, or a trustee shall be
appointed, to administer or to terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings or appointment of a trustee is, in the reasonable opinion of the Required Lenders, likely to result in the termination of such
Plan for purposes of Title IV of ERISA, (iv) any Single Employer Plan shall terminate for purposes of Title IV of ERISA, (v) the Borrower or any Commonly Controlled Entity shall, or in the reasonable opinion of the Required
Lenders shall be likely to, incur any liability in connection with a withdrawal from, or the Insolvency, Reorganization or “endangered” or “critical” status (within the meaning of Section 432 of the Code or Section 305
of ERISA) of, a Multiemployer Plan or (vi) any other event or condition shall occur or exist with respect to a Plan; and in each case in clauses (i) through (vi) above, such event or condition, together with all other such events or
conditions, if any, could, in the sole judgment of the Required Lenders, reasonably be expected to have a Material Adverse Effect; or 

(h) One or more final judgments or decrees shall be entered against the Parent, any Intermediate Holdco, the Borrower or any of
its Restricted Subsidiaries involving for the Parent, the Intermediate Holdco, the Borrower and its Restricted Subsidiaries taken as a whole a liability (not paid or fully covered by insurance as to which the relevant insurance company has not
disclaimed coverage) of $25,000,000 or more, and all such judgments or decrees shall not have been vacated, discharged (by payment or otherwise), stayed or bonded pending appeal within
30 days from the entry thereof; or 
 (i) (i) Any of the Security Documents shall cease, for any reason (other than by
reason of the express release thereof pursuant to this Agreement), to be in full force and effect, and the Borrower shall not cure such event within three Business Days after notice thereof; (ii) any Loan Party shall assert that any of the
Security Documents are not in full force and effect; or (iii) any Lien created by any of the Security Documents shall cease to be enforceable and of the same effect and priority purported to be created thereby or any Loan Party shall so assert
(other than by reason of the express release thereof pursuant to this Agreement), and the Borrower shall not cure such event within three Business Days after notice thereof; provided, that a default, event or condition described in
clause (i), (ii) or (iii) of this paragraph (i) shall not at any time constitute an Event of Default unless, at such time, one or more defaults, events or conditions of the type described in clauses (i), (ii) and (iii) of
this paragraph shall have occurred and be continuing with respect to Collateral with a fair market value which exceeds $250,000 in the aggregate; or 

  
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 (j) (i) The guarantee contained in Section 2 of the Guarantee and Collateral
Agreement shall cease, for any reason (other than by reason of the express release thereof pursuant to this Agreement), to be in full force and effect, and the Borrower shall not cure such event within three Business Days after notice thereof; or
(ii) or any Loan Party shall assert that the guarantee contained in Section 2 of the Guarantee and Collateral Agreement is not in full force and effect; or 

(k) Any Change of Control shall occur; 

then, and in any such event, (A) if such event is an Event of Default specified in clause (i) or (ii) of paragraph (f) above with respect
to the Borrower, automatically the Commitments shall immediately terminate and the Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents (including, without limitation, all
amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required thereunder) shall immediately become due and payable, and (B) if such event is any other Event of
Default and such Event of Default is continuing, either or both of the following actions may be taken: (i) with the consent of the Majority Revolving Credit Facility Lenders, the Administrative Agent may, or upon the request of the Majority
Revolving Credit Facility Lenders, the Administrative Agent shall, by notice to the Borrower declare the Revolving Credit Commitments to be terminated forthwith, whereupon the Revolving Credit Commitments shall immediately terminate; and
(ii) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrower, declare the Loans hereunder (with accrued interest thereon) and
all other amounts owing under this Agreement and the other Loan Documents (including, without limitation, all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents
required thereunder) to be due and payable forthwith, whereupon the same shall immediately become due and payable. In the case of all Letters of Credit with respect to which presentment for honor shall not have occurred at the time of an
acceleration pursuant to this paragraph, the Borrower shall at such time deposit in a cash collateral account opened by the Administrative Agent an amount equal to the aggregate then undrawn and unexpired amount of such Letters of Credit. Amounts
held in such cash collateral account shall be applied by the Administrative Agent to the payment of drafts drawn under such Letters of Credit, and the unused portion thereof after all such Letters of Credit shall have expired or been fully drawn
upon, if any, shall be applied to repay other obligations of the Borrower hereunder and under the other Loan Documents. After all such Letters of Credit shall have expired or been fully drawn upon, all Reimbursement Obligations shall have been
satisfied and all other obligations of the Borrower hereunder and under the other Loan Documents shall have been paid in full, the balance, if any, in such cash collateral account shall be returned to the Borrower within ten Business Days of such
expiration (or such other Person as may be lawfully entitled thereto). 
 8.2 Borrower’s Right to Cure. (a) Notwithstanding
anything to the contrary contained in Section 8.1, in the event of any Event of Default under the covenant set forth in Section 7.1 and until the expiration of the tenth day after the date on which financial statements are required to be
delivered with respect to the applicable fiscal quarter hereunder, the Parent may engage in any Permitted Equity Issuance to the Permitted Investors and apply the amount of 

  
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the Net Cash Proceeds thereof to increase Consolidated EBITDA with respect to such applicable quarter; provided that such Net Cash Proceeds applied to the cure right in this Section 8.2 (i)
are actually received by the Borrower and contributed to the common equity of the Borrower (including through capital contribution of such Net Cash Proceeds directly or indirectly by the Parent to the Borrower) no later than ten days after the date
on which financial statements are required to be delivered with respect to such fiscal quarter hereunder, (ii) do not increase the Applicable Amount or any other item specified in this Agreement as being increased by the amount of any
contributed equity, (iii) are not deducted from Consolidated Senior Secured Debt in the determination of the Consolidated Net Senior Secured Leverage Ratio and (iv) do not exceed the aggregate amount necessary to cure such Event of Default
under Section 7.1 for any applicable period. The parties hereby acknowledge that this Section 8.2 may not be relied on for purposes of calculating any financial ratios other than as applicable to Section 7.1 and shall not result in
any adjustment to any amounts other than the amount of the Consolidated EBITDA referred to in the immediately preceding sentence. 
 (b)
Notwithstanding the provisions of Section 8.2(a), (x) in each period of four fiscal quarters, there shall be at least one fiscal quarter in which no cure set forth in Section 8.2(a) is made and (y) in each period of eight fiscal
quarters, there shall be at least four consecutive fiscal quarters in which no cure set forth in Section 8.2(a) is made. 

SECTION 9. THE AGENTS 
 9.1
Appointment. Each Lender hereby irrevocably designates and appoints the Agents as the agents of such Lender under this Agreement and the other Loan Documents, and each Lender irrevocably authorizes each Agent, in such capacity, to take such
action on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated to such Agent by the terms of this Agreement and the other Loan Documents,
together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, no Agent shall have any duties or responsibilities, except those expressly set forth herein, or any
fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against any Agent. 

9.2 Delegation of Duties. Each Agent may execute any of its duties under this Agreement and the other Loan Documents by or through
agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. No Agent shall be responsible for the negligence
or misconduct of any agents or attorneys-in-fact selected by it with reasonable care. 

9.3 Exculpatory Provisions. Neither any Agent nor any of its officers, directors, employees, agents, advisors, attorneys-in-fact or affiliates shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection with this Agreement
or any other Loan Document (except to the extent that any of the foregoing are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from its or such Person’s own gross negligence or willful
misconduct) or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by 

  
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any Loan Party or any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received
by the Agents under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or for any failure of any Loan
Party to perform its obligations hereunder or thereunder. The Agents shall not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this
Agreement or any other Loan Document, or to inspect the properties, books or records of any Loan Party. 
 9.4 Reliance by Agents.
Each Agent shall be entitled to rely, and shall be fully protected in relying, upon any instrument, writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype message, statement, order or other document or
conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including, without limitation, counsel to the Loan Parties), independent
accountants and other experts selected by such Agent. The Agents may deem and treat the payee of any Note as the owner thereof for all purposes unless such Note shall have been transferred in accordance with Section 10.6 and all actions
required by such Section in connection with such transfer shall have been taken. Each Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless it shall first receive such advice
or concurrence of the Required Lenders (or, if so specified by this Agreement, all Lenders or any other instructing group of Lenders specified by this Agreement) as it deems appropriate or it shall first be indemnified to its satisfaction by such
Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. Each Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement
and the other Loan Documents in accordance with a request of the Required Lenders (or, if so specified by this Agreement, all Lenders or any other instructing group of Lenders specified by this Agreement), and such request and any action taken or
failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans. 
 9.5 Notice of Default.
No Agent shall be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder unless such Agent shall have received notice from a Lender, the Parent or the Borrower referring to this Agreement, describing such
Default or Event of Default and stating that such notice is a “notice of default.” In the event that the Administrative Agent shall receive such a notice, the Administrative Agent shall give notice thereof to the Lenders or if such notice
is from a Lender, to the Borrower. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders (or, if so specified by this Agreement, all Lenders or any
other instructing group of Lenders specified by this Agreement); provided that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or
refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. 

  
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 9.6 Non-Reliance on Agents and Other
Lenders. Each Lender expressly acknowledges that neither any of the Agents nor any of their respective officers, directors, employees, agents, advisors,
attorneys-in-fact or affiliates have made any representations or warranties to it and that no act by any Agent hereafter taken, including any review of the affairs of a
Loan Party or any affiliate of a Loan Party, shall be deemed to constitute any representation or warranty by any Agent to any Lender. Each Lender represents to the Agents that it has, independently and without reliance upon any Agent or any other
Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their
affiliates and made its own decision to make its Loans hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon any Agent or any other Lender, and based on such documents and
information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigation as it deems
necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates. Except for notices, reports and other documents expressly required to be furnished to
the Lenders by the Administrative Agent hereunder, no Agent shall have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects
or creditworthiness of any Loan Party or any affiliate of a Loan Party that may come into the possession of such Agent or any of its officers, directors, employees, agents, advisors,
attorneys-in-fact or affiliates. 
 9.7
Indemnification. The Lenders agree to indemnify each Agent and its officers, directors, employees, affiliates, agents, advisors and controlling persons (each, an “Agent Indemnitee”) in its capacity as such (to the extent not
reimbursed by the Borrower or any Guarantor and without limiting the obligation of the Borrower or any Guarantor to do so), ratably according to their respective Aggregate Exposure Percentages in effect on the date on which indemnification is sought
under this Section (or, if indemnification is sought after the date upon which the Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with such Aggregate Exposure Percentages immediately prior to such
date), for, and to save each Agent harmless from and against, any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (including,
without limitation, at any time following the payment of the Loans) be imposed on, incurred by or asserted against such Agent Indemnitee in any way relating to or arising out of, the Commitments, this Agreement, any of the other Loan Documents or
any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by such Agent Indemnitee under or in connection with any of the foregoing; provided that no
Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of
competent jurisdiction to have resulted from such Agent Indemnitee’s gross negligence or willful misconduct. The agreements in this Section shall survive the payment of the Loans and all other amounts payable hereunder. 

  
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 9.8 Agent in Its Individual Capacity. Each Agent and its affiliates may make loans to,
accept deposits from and generally engage in any kind of business with any Loan Party as though such Agent were not an Agent. With respect to its Loans made or renewed by it and with respect to any Letter of Credit issued or participated in by it,
each Agent shall have the same rights and powers under this Agreement and the other Loan Documents as any Lender and may exercise the same as though it were not an Agent, and the terms “Lender” and “Lenders” shall include each
Agent in its individual capacity. 
 9.9 Successor Agents. The Administrative Agent may resign as Administrative Agent upon ten
days’ notice to the Lenders and the Borrower. If the Administrative Agent shall resign as Administrative Agent under this Agreement and the other Loan Documents, then the Required Lenders shall appoint from among the Lenders a successor agent
for the Lenders, which successor agent shall (unless an Event of Default under Section 8.1(a) or Section 8.1(f) with respect to the Borrower shall have occurred and be continuing) be subject to approval by the Borrower (which approval
shall not be unreasonably withheld or delayed), whereupon such successor agent shall succeed to the rights, powers and duties of the Administrative Agent, and the term “Administrative Agent” shall mean such successor agent effective upon
such appointment and approval, and the former Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the
parties to this Agreement or any holders of the Loans. If no successor agent has accepted appointment as Administrative Agent by the date that is ten days following a retiring Administrative Agent’s notice of resignation, the retiring
Administrative Agent’s resignation shall nevertheless thereupon become effective, and the Lenders shall assume and perform all of the duties of the Administrative Agent hereunder until such time, if any, as the Required Lenders appoint a
successor agent as provided for above. The Syndication Agent may, at any time, by notice to the Lenders and the Administrative Agent, resign as Syndication Agent hereunder, whereupon the duties, rights, obligations and responsibilities of the
Syndication Agent, if any, hereunder shall automatically be assumed by, and inure to the benefit of, the Administrative Agent, without any further act by the Syndication Agent, the Administrative Agent or any Lender. After any retiring Agent’s
resignation as Agent, the provisions of this Section 9 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under this Agreement and the other Loan Documents. 

9.10 Authorization to Release Liens and Guarantees. The Administrative Agent is hereby irrevocably authorized by each of the Lenders to
(i) effect any release of Liens or guarantee obligations contemplated by Section 10.15 and (ii) subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder of any
“Permitted Lien on such property that is permitted under” (as defined in
Section 7.310.15(ea),) to the extent contemplated by
Section 7.310.15(ga) or
Section 7.3(mii). 
 9.11 The
Agents. Other than the Administrative Agent, none of the Agents, in their respective capacities as such, shall have any duties or responsibilities, or incur any liability, under this Agreement and the other Loan Documents. 

SECTION 10. MISCELLANEOUS 

10.1 Amendments and Waivers. Neither this Agreement or any other Loan Document, nor any terms hereof or thereof may be amended,
supplemented or modified except 

  
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in accordance with the provisions of this Section 10.1. The Required Lenders and each Loan Party party to the relevant Loan Document may, or (with the written consent of the Required
Lenders) the Administrative Agent and each Loan Party party to the relevant Loan Document may, from time to time, (a) enter into written amendments, supplements or modifications hereto and to the other Loan Documents (including amendments and
restatements hereof or thereof) for the purpose of adding any provisions to this Agreement or the other Loan Documents or changing in any manner the rights of the Lenders or of the Loan Parties hereunder or thereunder or (b) waive, on such
terms and conditions as may be specified in the instrument of waiver, any of the requirements of this Agreement or the other Loan Documents or any Default or Event of Default and its consequences; provided, however, that no such waiver
and no such amendment, supplement or modification shall: 
 (i) forgive or reduce the principal amount or extend the final
scheduled date of maturity of any Loan or Reimbursement Obligation, extend the scheduled date of any amortization payment in respect of any Term Loan, reduce the stated rate of any interest or fee payable hereunder (except (x) in connection
with the waiver of applicability of any post-default increase in interest rates (which waiver shall be effective with the consent of the Majority Facility Lenders of each adversely affected Facility) and (y) that any amendment or modification
of defined terms used in the financial covenants in this Agreement shall not constitute a reduction in the rate of interest or fees for purposes of this clause (i)) or extend the scheduled date of any payment thereof, or increase the amount or
extend the expiration date of any Commitment of any Lender, in each case without the consent of each Lender directly affected thereby; 

(ii) amend, modify or waive any provision of this Section or reduce any percentage specified in the definition of Required
Lenders or Required Prepayment Lenders, consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement and the other Loan Documents, release all or substantially all of the Collateral or release all
or substantially all of the Guarantors from their guarantee obligations under the Guarantee and Collateral Agreement, in each case without the consent of all Lenders; 

(iii) amend, modify or waive any condition precedent to any extension of credit under the Revolving Credit Facility set forth
in Section 5.2 (including, without limitation, the waiver of an existing Default or Event of Default required to be waived in order for such extension of credit to be made) without the consent of the Majority Revolving Credit Facility Lenders;

 (iv) reduce the percentage specified in the definition of Majority Facility Lenders with respect to any Facility without
the written consent of all Lenders under such Facility; 
 (v) amend, modify or waive any provision of Section 9 or any
other provision of any Loan Document directly affecting the rights, obligations or duties of any Agent without the consent of such Agent; 

  
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 (vi) amend, modify or waive any provision of Section 2.16 without the
consent of each Lender directly affected thereby; 
 (vii) amend, modify or waive any provision of Section 3 without the
consent of the Issuing Lender; 
 (viii) amend or modify Section 10.6 to add any additional consent requirements
necessary to effect any assignment or participation under such Section (other than the consent of the Borrower) without the consent of each Lender; 

(ix) amend, modify or waive any provision of Section 2.10 without the consent of the Required Prepayment Lenders; or 

(x) amend Section 10.6(g) except in the manner set forth in the last sentence thereof. 

In addition to the amendments described above, and notwithstanding anything in this Section 10.1 to the contrary, (i) the Peso Subfacility
Amendments may be effected in accordance with the provisions of Section 2.23, (ii) amendments contemplated by Section 2.26 may be effected in accordance with Section 2.26 without the consent of any Person other than as specified in
Section 2.26, and (iii) Extensions and Extension Amendments may be effected in accordance with Section 2.27 without the consent of any Person other than as specified in Section 2.27. 

Any waiver, amendment, supplement or modification effected in accordance with this Section 10.1 shall apply equally to each of the
Lenders and shall be binding upon the Loan Parties, the Lenders, the Agents and all future holders of the Loans. In the case of any waiver, the Loan Parties, the Lenders and the Agents shall be restored to their former position and rights hereunder
and under the other Loan Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default, or impair any right consequent
thereon. Any such waiver, amendment, supplement or modification shall be effected by a written instrument signed by the parties required to sign pursuant to the foregoing provisions of this Section; provided, that delivery of an executed
signature page of any such instrument by facsimile transmission shall be effective as delivery of a manually executed counterpart thereof. 

For the avoidance of doubt, this Agreement and any other Loan Document may be amended (or amended and restated) with the written consent of
the Required Lenders, the Administrative Agent and each Loan Party to each relevant Loan Document (x) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding
thereunder and the accrued interest and fees in respect thereof (collectively, the “Additional Extensions of Credit”) to share ratably in the benefits of this Agreement and the other Loan Documents with the Term Loans and Revolving
Extensions of Credit and the accrued interest and fees in respect thereof and (y) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders, Required Prepayment Lenders, the Majority
Facility Lenders and Majority Revolving Facility Lenders; 

  
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provided, however, that no such amendment shall permit the Additional Extensions of Credit to share ratably with (except pursuant to the Peso Subfacility Amendments) or with
preference to the Loans in the application of mandatory prepayments without the consent of the Required Prepayment Lenders (prior to giving effect to clause (y)). 

In addition, notwithstanding the foregoing, (i) this Agreement may be amended with the written consent of the Administrative Agent, the
Borrower and the Lenders providing the relevant Replacement Term Loans (as defined below), and no consent of any other Person shall be required in connection with any such amendment, to permit the refinancing, replacement or modification of all
outstanding Term Loans (“Replaced Term Loans”) with a replacement term loan tranche hereunder (“Replacement Term Loans”), provided that (a) the aggregate principal amount of such Replacement Term Loans
shall not exceed the aggregate principal amount of such Replaced Term Loans, (b) if such refinancing, replacement or modification is consummated prior to the six month anniversary of the
FifthSeventh Amendment Effective Date and the Applicable Margin for such Replacement Term Loans shall be lower than the Applicable Margin for such Replaced Term Loans, then
the fifth sentence of Section 2.9(a) shall apply, (c) the weighted average life to maturity of such Replacement Term Loans shall not be shorter than the weighted average life to maturity of such Replaced Term Loans at the time of such
refinancing, and (d) in connection with any such transaction, Lenders that do not provide Replacement Term Loans shall be deemed to have agreed to waive the optional prepayment notice periods specified in the first sentence of
Section 2.9(a), and (ii) this Agreement may be amended with the written consent of the Administrative Agent, the Borrower and the Lenders providing the relevant Replacement Revolving Credit Facility (as defined below), and no consent of
any other Person shall be required in connection with any such amendment, to permit the refinancing, replacement or modification of all of the then existing Revolving Credit Facility (“Replaced Revolving Credit Facility”) with a
replacement revolving credit facility hereunder (“Replacement Revolving Credit Facility”), provided that (a) the aggregate commitments in respect of such Replacement Revolving Credit Facility shall not exceed the
aggregate Revolving Credit Commitments in respect of such Replaced Revolving Credit Facility and (b) the maturity date of such Replacement Revolving Credit Facility shall not be shorter than the maturity date of such Replaced Revolving Credit
Facility at the time of such refinancing. 
 Furthermore, notwithstanding the foregoing, the Administrative Agent, with the consent of the
Borrower, may amend, modify or supplement any Loan Document without the consent of any Lender or the Required Lenders in order to correct, amend or cure any ambiguity, inconsistency or defect or correct any typographical error or other manifest
error in any Loan Document. 
 10.2 Notices. All notices, requests and demands to or upon the respective parties hereto to be
effective shall be in writing (including by telecopy), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered, or three Business Days after being deposited in the mail, postage prepaid, or, in
the case of telecopy notice, when received, addressed (a) in the case of the Parent, the Borrower and the Agents, as follows and (b) in the case of the Lenders, as set forth in an administrative questionnaire delivered to the
Administrative Agent or, in the case of a Lender which becomes a party to this Agreement pursuant to an Assignment and Assumption, in such Assignment and Assumption or (c) in the case of any party, to such other address as such party may
hereafter notify to the other parties hereto: 

  
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	 The Parent:
	  	Cinemark Holdings, Inc.
3900 Dallas Parkway
Suite 500
Plano, Texas 75093
Attention: Sean Gamble, Chief Financial Officer
Telephone: (972) 665-1000
Facsimile: (972) 665-1004
		
	 with a copy to:
	  	 Attention: Michael Cavalier, Executive VP; General Counsel

Telephone: (972) 665-1000

Facsimile: (972) 665-1004

		
	 The Borrower:
	  	c/o the Parent
		
	 The Administrative Agent:
	  	 Barclays Bank PLC
Americas Loan Operations

70 Hudson St. 10th Floor
Jersey City, NJ 07302
Attention: Patrick Kerner
Telecopy no: (201) 499-5040

E-Mail Address: patrick.kerner@barcap.com

		
	 Issuing Lender:
	  	As notified by such Issuing Lender to the Administrative Agent and the Borrower

 provided that any notice, request or demand to or upon any Agent, any Issuing Lender or any Lender shall not be
effective until received. 
 Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications pursuant
to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Section 2 unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent or
the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular
notices or communications. 

  
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 10.3 No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on
the part of any Agent or any Lender, any right, remedy, power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder
preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and
privileges provided by law. 
 10.4 Survival of Representations and Warranties. All representations and warranties made herein, in
the other Loan Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the making of the Loans and other extensions of credit
hereunder. 
 10.5 Payment of Expenses and Taxes. The Borrower agrees (a) to pay or reimburse the Agents for all their
reasonable out-of-pocket costs and expenses incurred in connection with the syndication of the Facilities (other than fees payable to syndicate members) and the
development, preparation and execution of, and any amendment, supplement or modification to, this Agreement and the other Loan Documents and any other documents prepared in connection herewith or therewith, and the consummation and administration of
the transactions contemplated hereby and thereby, including, without limitation, the reasonable fees and disbursements and other charges of counsel to the Administrative Agent (but limited to one counsel to the Administrative Agent) , filing and
recording fees and expenses and the charges of Intralinks, (b) to pay or reimburse each Lender and the Agents for all their out-of-pocket costs and expenses
incurred in connection with the enforcement or preservation of any rights under this Agreement, the other Loan Documents and any other documents prepared in connection herewith or therewith, including, without limitation, the fees and disbursements
of counsel (including the allocated fees and disbursements and other charges of in-house counsel) to each Lender and of counsel to the Agents (but limited to one counsel to the Administrative Agent, one
counsel to the Lenders, appropriate local counsel as may be necessary and, in the case of a conflict of interest, additional legal counsel as may be necessary), (c) to pay, indemnify, or reimburse each Lender and the Agents for, and hold each
Lender, the Issuing Lender and the Agents harmless from, any and all recording and filing fees and any and all liabilities with respect to, or resulting from any delay caused by the Borrower in paying, other taxes, if any, which may be payable or
determined to be payable in connection with the execution and delivery of, or consummation or administration of any of the transactions contemplated by, or any amendment, supplement or modification of, or any waiver or consent under or in respect
of, this Agreement, the other Loan Documents and any such other documents, and (d) to pay, defend, indemnify or reimburse each Lender, the Issuing Lender, each Agent, their respective affiliates, and their respective officers, directors,
trustees, employees, advisors, agents and controlling persons (each, an “Indemnitee”) for, and hold each Indemnitee harmless from and against any and all other liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, enforcement, performance and administration of this Agreement, the other Loan Documents and any such other documents,
including, without limitation, any claim, litigation, investigation or proceeding regardless of whether any Indemnitee is a party thereto and whether or not the same are bought by the Borrower, its equity holders, affiliates or creditors or any
other 

  
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person, including any of the foregoing relating to the use of proceeds of the Loans or the violation of, noncompliance with or liability under, any Environmental Law applicable or allegedly
applicable to the Parent, the Borrower, any of its Subsidiaries or any of their operations or any property at any time owned, leased, or in any way used by any of such parties and the fees and disbursements and other charges of legal counsel in
connection with claims, actions or proceedings by any Indemnitee against the Borrower hereunder (all the foregoing in this clause (d), collectively, the “Indemnified Liabilities”), provided, that the Borrower shall have
no obligation hereunder to any Indemnitee with respect to Indemnified Liabilities (i) to the extent such Indemnified Liabilities are found by a final, nonappealable judgment of a court of competent jurisdiction to have resulted from the gross
negligence, bad faith or willful misconduct of such Indemnitee or (ii) arising from claims asserted by another Indemnitee against such Indemnitee, provided, further, that this Section 10.5(d) shall not apply with respect to
taxes other than any taxes that represent losses or damages arising from any non-tax claim. The Borrower shall have the right to undertake, conduct and control through counsel of its own choosing (which
counsel shall be acceptable to the applicable Indemnitee acting reasonably), the conduct and settlement of claims with respect to the related Indemnified Liabilities, and such Indemnitee shall cooperate with the Borrower in connection therewith;
provided that the Borrower shall permit such Indemnitee to participate in such conduct and settlement through counsel chosen by such Indemnitee. Notwithstanding the foregoing, each Indemnitee shall have the right to employ its own counsel and
the reasonable fees and expenses of such counsel shall be at the Borrower’s cost and expense if such Indemnitee reasonably determines that (i) the Borrower’s counsel is not defending any claim or proceeding in a manner reasonably
acceptable to such Indemnitee or (ii) the interest of the Borrower and such Indemnitee have become adverse in any such claim or cause of action, provided, however, that in such event, the Borrower shall only be liable for the
reasonable legal expenses of one counsel for all such Indemnitees. If clause (ii) of the immediately preceding sentence is applicable, at the option of the applicable Indemnitee, its attorneys shall control the resolution of any such claim with
respect to the related Indemnified Liabilities. The Borrower shall not, without the prior written consent of each Indemnitee affected thereby, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any
pending or threatened action or claim in respect of which indemnification may be sought hereunder (whether or not such Indemnitee is an actual or potential party to such action or claim) unless such settlement, compromise or judgment
(a) includes an unconditional release of such Indemnitee from all liability arising out of such action or claim, (b) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of such
Indemnitee and (c) does not require such Indemnitee to pay any form of consideration to any party or parties (including, without limitation, the payment of money) in connection therewith. Without limiting the foregoing, and to the extent
permitted by applicable law, the Borrower agrees not to assert and to cause its Subsidiaries not to assert, and hereby waives and agrees to cause its Subsidiaries so to waive, all rights for contribution or any other rights of recovery with respect
to all claims, demands, penalties, fines, liabilities, settlements, damages, costs and expenses of whatever kind or nature, under or related to Environmental Laws, that any of them might have by statute or otherwise against any Indemnitee until the
date on which all Obligations (other than obligations in respect of any Specified Hedge Agreement) have been paid in full, all Commitments have terminated or expired and no Letter of Credit shall be outstanding. Notwithstanding any other provision
of this Section, the Borrower shall have no obligation hereunder to any Indemnitee for any environmental claims arising from 

  
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actions taken by such Indemnitee with respect to any Property after the exercise of remedies by such Indemnitee with respect to such Property. All amounts due under this Section shall be payable
not later than 30 days after written demand therefor supported by customary documentation. Statements payable by the Borrower pursuant to this Section shall be submitted to General Counsel (Telephone
No. (972) 665-1000) (Fax No. (972) 665-1004), at the address of the Borrower set forth in Section 10.2, or to such other Person or address as
may be hereafter designated by the Borrower in a notice to the Administrative Agent. The agreements in this Section shall survive repayment of the Loans and all other amounts payable hereunder. 

No Indemnitee or any of the other parties hereto shall be liable to any other party hereto for any damages arising from the use by
unauthorized Persons of information or other materials sent through electronic, telecommunications or other information transmission systems that are intercepted by such Persons (except to the extent any such damages are found by a final and
nonappealable decision of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnitee) or for any special, indirect, exemplary, consequential or punitive damages in connection with the
Facilities. 
 10.6 Successors and Assigns; Participations and Assignments. (a) This Agreement shall be binding upon and inure
to the benefit of the Parent, the Borrower, the Lenders, the Agents, all future holders of the Loans and their respective successors and assigns, except that the Borrower may not assign or transfer any of its rights or obligations under this
Agreement without the prior written consent of the Agents and each Lender. 
 (b) Any Lender may, without the consent of the Borrower, in
accordance with applicable law, at any time sell to one or more banks, financial institutions or other entities (each, a “Participant”) participating interests in any Loan owing to such Lender, any Commitment of such Lender or any
other interest of such Lender hereunder and under the other Loan Documents. In the event of any such sale by a Lender of a participating interest to a Participant, such Lender’s obligations under this Agreement to the other parties to this
Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan for all purposes under this Agreement and the other Loan Documents, and the Borrower and
the Agents shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and the other Loan Documents. In no event shall any Participant under any such participation
have any right to approve any amendment or waiver of any provision of any Loan Document, or any consent to any departure by any Loan Party therefrom, except to the extent that such amendment, waiver or consent would require the consent of all
Lenders pursuant to Section 10.1. The Borrower agrees that if amounts outstanding under this Agreement and the Loans are due or unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default,
each Participant shall, to the maximum extent permitted by applicable law, be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating
interest were owing directly to it as a Lender under this Agreement, provided that, in purchasing such participating interest, such Participant shall be deemed to have agreed to share with the Lenders the proceeds thereof as provided in
Section 10.7(a)as fully as if such Participant were a Lender hereunder. The Borrower and each Lender also agree that each Participant shall be entitled to the benefits of Sections 2.17, 2.18 and 2.19 with respect to its participation
in the 

  
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Commitments and the Loans outstanding from time to time as if such Participant were a Lender; provided that, in the case of Section 2.18, such Participant shall have complied with the
requirements of said Section, and provided, further, that no Participant shall be entitled to receive any greater amount pursuant to any such Section than the transferor Lender would have been entitled to receive in respect of the
amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred, except to the extent such entitlement to receive a greater amount results from the adoption of, or a change in any Requirement of
Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower (and such
agency being solely for tax purposes), maintain a register in the United States on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other
obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant
or any information relating to a Participant’s interest in any Commitments or other obligations under any Loan Document) except to the extent that such disclosure is necessary to establish that any such Commitment or other obligation is in
registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each
Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as
Administrative Agent) shall have no responsibility for maintaining a Participant Register. 
 (c) Any Lender (an
“Assignor”) may, in accordance with applicable law, at any time and from time to time assign to any Lender or any Affiliate or Related Fund thereof or, with the consent of (i) the Administrative Agent and so long as no Default
or Event of Default has occurred and is continuing, the Borrower (which, in each case, shall not be unreasonably withheld or delayed) (provided that no such consent need be obtained with respect to any assignment of Term Loans, unless such
assignment is to a Person that is a motion picture exhibitor or an Affiliate or related entity of a motion picture exhibitor, in which case such assignment shall require the consent of the Borrower), and (ii) in the case of any assignment of
the Revolving Credit Commitments, the Issuing Lenders (which consent shall not be unreasonably withheld), to an additional bank, financial institution or other entity (an “Assignee”) all or any part of its rights and obligations
under this Agreement pursuant to an Assignment and Assumption, substantially in the form of Exhibit E, executed by such Assignee and such Assignor (and, where the consent of the Borrower, the Administrative Agent or the Issuing Lenders is
required pursuant to the foregoing provisions, by the Borrower and such other Persons) and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that no such assignment to an Assignee (other than any
Lender or any affiliate or Related Fund thereof) shall be in an aggregate principal amount of less than $5,000,000, in the case of any assignment of Revolving Credit Commitments, and $1,000,000, in the case of any assignment of Term Loans (other
than in the case of an assignment of all of a Lender’s interests under this Agreement), unless otherwise agreed by the Borrower and the Administrative Agent and, after giving effect to such assignment, the assigning Lender (if it shall retain
any Revolving Credit Commitment or Loans) shall have Commitments and Loans aggregating at least 

  
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$5,000,000, in the case of Revolving Credit Commitments, and $1,000,000, in the case of the Term Loans. Any such assignment need not be ratable as among the Facilities. Upon such execution,
delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and Assumption, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Assumption, have
the rights and obligations of a Lender hereunder with Commitments and/or Loans as set forth therein, and (y) the Assignor thereunder shall, to the extent provided in such Assignment and Assumption, be released from its obligations under this
Agreement (and, in the case of an Assignment and Assumption covering all of an Assignor’s rights and obligations under this Agreement, such Assignor shall cease to be a party hereto, except as to Sections 2.17, 2.18 and 10.5 in respect of
the period prior to such effective date and Section 10.14). Notwithstanding any provision of this Section, the consent of the Borrower shall not be required for any assignment that occurs at any time when any Event of Default shall have
occurred and be continuing. For purposes of the minimum assignment amounts set forth in this paragraph, multiple assignments to or by two or more Related Funds shall be aggregated and for purposes of the minimum hold amounts, the Commitments and
Loans of Related Funds shall be aggregated. 
 (d) The Administrative Agent shall, on behalf of the Borrower, maintain at its address
referred to in Section 10.2 a copy of each Assignment and Assumption delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, and principal amount of
the Loans owing to, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Borrower, each Agent and the Lenders shall treat each Person whose name is recorded in the Register as the
owner of the Loans and any Notes evidencing such Loans recorded therein for all purposes of this Agreement. Any assignment of any Loan, whether or not evidenced by a Note, shall be effective only upon appropriate entries with respect thereto being
made in the Register. Any assignment or transfer of all or part of a Loan evidenced by a Note shall be registered on the Register only upon surrender for registration of assignment or transfer of the Note evidencing such Loan, accompanied by a duly
executed Assignment and Assumption; thereupon one or more new Notes in the same aggregate principal amount shall be issued to the designated Assignee, and the old Notes shall be returned by the Administrative Agent to the Borrower marked
“canceled.” The Register shall be available for inspection by the Borrower or any Lender (with respect to any entry relating to such Lender’s Loans) at any reasonable time and from time to time upon reasonable prior notice. 

(e) Upon its receipt of an Assignment and Assumption executed by an Assignor and an Assignee (and, in any case where the consent of any other
Person is required by Section 10.6(c), by each such other Person) together with payment to the Administrative Agent of a registration and processing fee of $3,500 (treating multiple, simultaneous assignments by or to two or more Related Funds
as a single assignment) (except that no such registration and processing fee shall be payable in connection with an assignment by or to a Barclays Entity), and the acceptance of the Assignee’s completed administrative questionnaire (unless the
Assignee shall already be a Lender hereunder) the Administrative Agent shall (i) promptly accept such Assignment and Assumption and (ii) on the effective date determined pursuant thereto record the information contained therein in the
Register and give notice of such acceptance and recordation to the Borrower. On or prior to such effective date, the Borrower, at its own expense, upon 

  
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request, shall execute and deliver to the Administrative Agent (in exchange for the Revolving Credit Note and/or applicable Term Notes, as the case may be, of the assigning Lender) a new
Revolving Credit Note and/or applicable Term Notes, as the case may be, to the order of such Assignee in an amount equal to the Revolving Credit Commitment and/or applicable Term Loans, as the case may be, assumed or acquired by it pursuant to such
Assignment and Assumption and, if the Assignor has retained a Revolving Credit Commitment and/or Term Loans, as the case may be, upon request, a new Revolving Credit Note and/or Term Notes, as the case may be, to the order of the Assignor in an
amount equal to the Revolving Credit Commitment and/or applicable Term Loans, as the case may be, retained by it hereunder. Such new Note or Notes shall be dated the Restatement Closing Date and shall otherwise be in the form of the Note or Notes
replaced thereby. In the event that the Administrative Agent has received a Revolving Credit Note and/or a Term Note, as the case may be, from the assigning Lender, the Administrative Agent shall promptly return to the Borrower such Note and/or
Notes for cancellation. 
 (f) For avoidance of doubt, the parties to this Agreement acknowledge that the provisions of this Section
concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests in Loans and Notes, including, without limitation, any pledge or assignment by a Lender of
any Loan or Note to any Federal Reserve Bank in accordance with applicable law. 
 (g) Notwithstanding anything to the contrary contained
herein, any Lender (a “Granting Lender”) may grant to a special purpose funding vehicle (an “SPC”), identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the
Borrower, the option to provide to the Borrower all or any part of any Loan that such Granting Lender would otherwise be obligated to make to the Borrower pursuant to this Agreement; provided that (i) nothing herein shall constitute a
commitment by any SPC to make any Loan and (ii) if an SPC elects not to exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof. The
making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Each party hereto hereby agrees that no SPC shall be liable for any indemnity or
similar payment obligation under this Agreement (all liability for which shall remain with the Granting Lender). In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that,
prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other indebtedness of any SPC, it will not institute against, or join any other Person in instituting against, such SPC any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States or any state thereof. In addition, notwithstanding anything to the contrary in this Section 10.6(g), any SPC may (A) with notice to, but
without the prior written consent of, the Borrower and the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loans to the Granting Lender, or with the prior written consent of the
Borrower and the Administrative Agent (which consent shall not be unreasonably withheld) to any financial institutions providing liquidity and/or credit support to or for the account of such SPC to support the funding or maintenance of Loans, and
(B) disclose on a confidential basis any non-public information relating to its Loans to any rating agency, 

  
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commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such SPC; provided that non-public information
with respect to the Borrower may be disclosed only with the Borrower’s consent which will not be unreasonably withheld. This paragraph (g) may not be amended without the written consent of the Required Lenders, the Borrower and any SPC
with Loans outstanding at the time of such proposed amendment. 
 10.7 Adjustments;
Set-off. (a) Except to the extent that this Agreement or a court order expressly provides for payments to be allocated to a particular Lender or to the Lenders under a particular Facility or
Lenders holding a particular tranche, if any Lender (a “Benefitted Lender”) shall at any time receive any payment of all or part of the Obligations owing to it (other than in connection with an assignment made pursuant to
Section 10.6 or a prepayment pursuant to Section 2.25), or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature
referred to in Section 8.1(f), or otherwise), in a greater proportion than any such payment to or collateral received by any other Lender, if any, in respect of such other Lender’s Obligations, such Benefitted Lender shall purchase for
cash from the other Lenders a participating interest in such portion of each such other Lender’s Obligations, or shall provide such other Lenders with the benefits of any such collateral, as shall be necessary to cause such Benefitted Lender to
share the excess payment or benefits of such collateral ratably with each of the Lenders; provided, however, that if all or any portion of such excess payment or benefits is thereafter recovered from such Benefitted Lender, such
purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest; provided further, that to the extent prohibited by applicable law as described in the definition of
“Excluded Swap Obligation,” no amounts received from, or set off with respect to, any Guarantor shall be applied to any Excluded Swap Obligations of such Guarantor. 

(b) In addition to any rights and remedies of the Lenders provided by law, each Lender shall have the right, without prior notice to the
Parent or the Borrower, any such notice being expressly waived by the Parent and the Borrower to the extent permitted by applicable law, upon any amount becoming due and payable by the Parent or the Borrower hereunder (whether at the stated
maturity, by acceleration or otherwise), to set off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or final, but excluding deposits held by the Parent or the Borrower in a
fiduciary capacity for others), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender or any
branch, agency or bank affiliate thereof to or for the credit or the account of the Parent or the Borrower, as the case may be; provided that if any Defaulting Lender shall exercise any such right of setoff, (i) all amounts so set off
shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of this Agreement and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in
trust for the benefit of the Administrative Agent, the Issuing Lender and the Lenders and (ii) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the obligations owing to such
Defaulting Lender as to which it exercised such right of set-off. Each Lender agrees promptly to notify the Borrower and the Administrative Agent after any such setoff and application made by such Lender,
provided that the failure to give such notice shall not affect the validity of such setoff and application. 

  
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 10.8 Counterparts. This Agreement may be executed by one or more of the parties to this
Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Agreement by facsimile or electronic transmission
shall be effective as delivery of a manually executed counterpart hereof. A set of the copies of this Agreement signed by all the parties shall be lodged with the Borrower and the Administrative Agent. 

10.9 Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
 10.10 Integration. This Agreement and the other Loan Documents represent the entire
agreement of the Parent, the Borrower, the Agents and the Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by any Agent or any Lender relative to the subject matter
hereof not expressly set forth or referred to herein or in the other Loan Documents. This Agreement supersedes and terminates the engagement letter among the Borrower and the Agents (other than any provisions relating to obligations of the Borrower
in respect of syndication of the Facilities) but not the related fee letter. 
 10.11 GOVERNING LAW. THIS AGREEMENT AND THE
RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

10.12 Submission To Jurisdiction; Waivers. Each of the Parent and the Borrower hereby irrevocably and unconditionally: 

(a) submits for itself and its Property in any legal action or proceeding relating to this Agreement and the other Loan
Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York, the courts of the
United States of America for the Southern District of New York, and appellate courts from any thereof; provided, that nothing contained herein or in any other Loan Document will prevent any Lender or the Administrative Agent from
bringing any action to enforce any award or judgment or exercise any right under the Security Documents or against any Collateral or any other property of any Loan Party in any other forum in which jurisdiction can be established; 

(b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or
hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

  
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 (c) agrees that service of process in any such action or proceeding may be
effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to the Parent or the Borrower, as the case may be at its address set forth in Section 10.2 or at such other address
of which the Administrative Agent shall have been notified pursuant thereto; 
 (d) agrees that nothing herein shall affect
the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and 

(e) together with each Lender, each Agent waives, to the maximum extent not prohibited by law, any right it may have to claim
or recover in any legal action or proceeding referred to in this Section any special, indirect, exemplary, punitive or consequential damages. 

10.13 Acknowledgments. Each of the Parent and the Borrower hereby acknowledges that: 

(a) it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents;

 (b) neither any Agent nor any Lender has any fiduciary relationship with or duty to the Parent or the Borrower arising out
of or in connection with this Agreement or any of the other Loan Documents, and the relationship between the Agents and the Lenders, on one hand, and the Parent and the Borrower, on the other hand, in connection herewith or therewith is solely that
of debtor and creditor; and 
 (c) no joint venture is created hereby or by the other Loan Documents or otherwise exists by
virtue of the transactions contemplated hereby among the Agents and the Lenders or among the Parent, the Borrower and the Lenders. 
 10.14
Confidentiality. Each of the Agents, the Lenders and the other Credit Parties agrees to keep confidential all non-public information provided to it by any Loan Party pursuant to this Agreement that is
designated by such Loan Party as confidential; provided that nothing herein shall prevent any Agent or any Lender from disclosing any such information (a) to any Agent, any other Lender or any affiliate of any thereof, (b) to any
Participant or Assignee (each, a “Transferee”) or prospective Transferee that has agreed to comply with the provisions of this Section, (c) to any of its employees, directors, agents, attorneys, accountants and other
professional advisors who will be advised of such confidentiality, (d) to any financial institution that is a creditor of such Agent or Lender or a direct or indirect contractual counterparty of such Agent or Lender in swap agreements or such
contractual counterparty’s professional advisor (so long as such creditor or contractual counterparty or professional advisor to such contractual counterparty has agreed to be bound by the provisions of this Section), (e) upon the request
or demand of any Governmental Authority having jurisdiction over it, (f) in 

  
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response to any order of any court or other Governmental Authority or as may otherwise be required pursuant to any Requirement of Law, (g) in connection with any litigation or similar
proceeding, (h) that has been publicly disclosed other than in breach of this Section, (i) to the National Association of Insurance Commissioners or any similar organization or any nationally recognized rating agency that requires access
to information about a Lender’s investment portfolio in connection with ratings issued with respect to such Lender, (j) in connection with the exercise of any remedy hereunder or under any other Loan Document or (k) if agreed by the
Borrower in its sole discretion to any other Person; provided, however, with respect to clauses (e), (f) and (g), each of the Agents and Lenders agrees to give the Parent and Borrower prompt notice of any request for such
confidential information so as to permit the Parent or the Borrower to seek a protective order or similar remedy or cause such information to be accorded confidential treatment. Notwithstanding anything herein to the contrary, any party to this
Agreement (and any employee, representative, or other agent of any party to this Agreement) may disclose to any and all Persons, without limitation of any kind, the structure and tax aspects of the transactions contemplated by this Agreement, and
all materials of any kind (including opinions or other tax analyses) related to such structure and tax aspects. Further, each party hereto acknowledges that it has no proprietary rights to any tax matter or tax idea related to the transactions
contemplated by this Agreement. 
 10.15 Release of Collateral and Guarantee Obligations. 

(a) Notwithstanding anything to the contrary contained herein or in any other Loan Document, upon request of the Borrower
(i) in connection with any Disposition of Property permitted by the Loan Documents, the Administrative Agent shall (without notice to, or vote or consent of, any Lender, any Agent or
any Qualified Counterparty) take such actions as shall be required to release its security interestLien in any Collateral being Disposed of in such Disposition, and to
release any guarantee obligations under any Loan Document of any Person being Disposed of in such Disposition, to the extent necessary to permit consummation of such Disposition in accordance with the Loan Documents.
and (ii) in connection with the grant of a Lien permitted by Section 7.3(e), (g), (i), (k), (l), (m), (w), (x)(ii) or (bb) (each, a “Permitted Lien”), the Administrative
Agent shall (without notice to, or vote or consent of, any Lender, any Agent or any Qualified Counterparty) take such actions as shall be required to subordinate the Administrative Agent’s Lien in any Collateral being encumbered by such
Permitted Lien, solely if and to the extent necessary under the documentation governing such Permitted Lien, or, in the case of Permitted Liens granted pursuant to Section 7.3(g), release the Administrative Agent’s Lien in such Collateral
being encumbered by such Permitted Lien solely if and to the extent necessary under the documentation governing such Permitted Lien. 

(b) Notwithstanding any other provision of this Agreement or any other Loan Document, the Borrower may request, and the
Administrative Agent shall (without notice to, or vote or consent of, any Lender, any Agent or any Qualified Counterparty) grant, a release of any specific parcel of real property Collateral if (i) (A) such release is in connection with a grant
by the Borrower or a Guarantor of additional real property Collateral of similar or greater value (valued in accordance with Schedule 6.9(b)-1; such value to be demonstrated to the reasonable satisfaction of
the Administrative Agent) and 

  
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(B) immediately after giving effect to such Collateral substitution, no Default or Event of Default shall have occurred and be continuing or, (ii) such parcel represents an
adjacent parcel of real property not necessary in the business of the Borrower or any Class I Restricted Subsidiary which has been separated from another parcel of real property of the Borrower or a Class I Restricted Subsidiary by means
of subdivision and replatting. or (iii) after giving effect to such release, the aggregate value of the remaining Mortgaged Properties (valued in accordance with Schedule 6.9(b)-1; such value to be demonstrated to the reasonable satisfaction of the Administrative Agent) is at least 125% of the Assumed Loan Amount. 

(c) Notwithstanding anything to the contrary contained herein or any other Loan Document, when all Obligations (other than
obligations in respect of any Specified Hedge Agreement) have been paid in full, all Commitments have terminated or expired and no Letter of Credit shall be outstanding, upon request of the Borrower, the Administrative Agent shall (without notice
to, or vote or consent of, any Lender, any Agent, or any Person that is a party to any Specified Hedge Agreement) take such actions as shall be required to release its security interest in all Collateral, and to release all guarantee obligations
under any Loan Document, whether or not on the date of such release there may be outstanding Obligations in respect of Specified Hedge Agreements. Any such release of guarantee obligations shall be deemed subject to the provision that such guarantee
obligations shall be reinstated if after such release any portion of any payment in respect of the Obligations guaranteed thereby shall be rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, dissolution, liquidation
or reorganization of the Borrower or any Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Borrower or any Guarantor or any substantial part of its property, or
otherwise, all as though such payment had not been made. 
 (d) The Administrative Agent shall (without notice to, or vote or
consent of, any Lender, any Agent or any Qualified Counterparty) release its security interest in Collateral as provided in the Guarantee and Collateral Agreement, including Section 8.15 thereof. 

10.16 Accounting Changes. In the event that any “Accounting Change” (as defined below) shall occur and such change results in
a change in the method of calculation of financial covenants, standards or terms in this Agreement, then the Borrower and the Administrative Agent agree to enter into negotiations in order to amend such provisions of this Agreement so as to
equitably reflect such Accounting Change with the desired result that the criteria for evaluating the Borrower’s financial condition shall be the same after such Accounting Change as if such Accounting Change had not been made. Until such time
as such an amendment shall have been executed and delivered by the Borrower, the Administrative Agent and the Required Lenders, all financial covenants, standards and terms in this Agreement shall continue to be calculated or construed as if such
Accounting Change had not occurred. “Accounting Change” refers to any change in accounting principles required by the promulgation of any rule, regulation, pronouncement or opinion by the Financial Accounting Standards Board of the
American Institute of Certified Public Accountants (including the Emerging Issues Task Force thereof) or, if applicable, the SEC or in the interpretation or application thereof by independent certified public accountants of nationally recognized
standing. 

  
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 10.17 WAIVERS OF JURY TRIAL. THE PARTIES HERETO HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 

10.18 USA Patriot Act. Each Lender hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act (Title III of
Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required to obtain, verify and record information that identifies the Borrower, which information includes
the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Patriot Act. 

10.19 No Novation. The terms and conditions of the Existing Credit Agreement are amended as set forth in, and restated in their
entirety and superseded by, this Agreement. Nothing in this Agreement shall be deemed to be a novation of any of the Obligations as defined in the Existing Credit Agreement. Notwithstanding any provision of this Agreement or any other Loan Document
or instrument executed in connection herewith, the execution and delivery of this Agreement and the incurrence of Obligations hereunder shall be in substitution for, but not in payment of, the Obligations owed by the Loan Parties under the Existing
Credit Agreement. From and after the Restatement Closing Date, each reference to the “Agreement”, “Credit Agreement” or other reference originally applicable to the Existing Credit Agreement contained in any Loan Document
shall be a reference to this Agreement, as amended, supplemented, restated or otherwise modified from time to time.
 10.20
Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such
parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and
acknowledges and agrees to be bound by: 
 (a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any
such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 
 (b) the
effects of any Bail-In Action on any such liability, including, if applicable: 
 (i)
a reduction in full or in part or cancellation of any such liability; 
 (ii) a conversion of all, or a portion of, such
liability into shares or other instruments of ownership in such EEA Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will
be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or 

  
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 (iii) the variation of the terms of such liability in connection with the
exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority. 

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

(i) such
Lender is not using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans, the Letters
of Credit or the Commitments, 
 (ii)
the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent
qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption
for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in,
administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, 

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

  
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 (iv)
such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender. 

(b) In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender has not provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date
such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, the Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or for the
benefit of the Borrower or any other Loan Party, that: 
 (i)
(i) none of the Administrative Agent, the Arrangers or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender (including in connection with the reservation
or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related to hereto or thereto), 

(ii) the
Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is independent (within the
meaning of 29 CFR § 2510.3-21) and is a bank, an insurance carrier, an investment adviser, a broker-dealer or other person that holds, or has under management or control, total assets of at least
$50 million, in each case as described in 29 CFR § 2510.3-21(c)(1)(i)(A)-(E),6 

(iii) the
Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is capable of evaluating
investment risks independently, both in general and with regard to particular transactions and investment strategies (including in respect of the Obligations), 

(iv) the
Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is a fiduciary under ERISA
or the Code, or both, with respect to the Loans, the Letters of Credit, the Commitments and this Agreement and is responsible for exercising independent judgment in evaluating the transactions hereunder, and 

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

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

[Remainder of page intentionally left blank.] 

  
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 Annex A 

PRICING GRID FOR REVOLVING CREDIT LOANS AND COMMITMENT FEE RATE 
  

							
	 Consolidated Net
Senior Secured Leverage Ratio
	  	Applicable Margin for
Revolving Credit Loans	 	Commitment
Fee Rate
	  	Eurodollar
Loans	 	Base Rate
Loans	 
	 > 2.75 to 1.00
	  	2.25%	 	1.25%	 	0.400%
	 £ 2.75 to 1.00 and >
2.25 to 1.00
	  	2.00%	 	1.00%	 	0.300%
	 £ 2.25 to 1.00 and >
1.75 to 1.00
	  	1.75%	 	0.75%	 	0.250%
	 £ 1.75 to 1.00 and >
1.50 to 1.00
	  	1.50%	 	0.50%	 	0.200%
	 £ 1.50 to 1.00
	  	1.50%	 	0.50%	 	0.150%

 Changes in the Applicable Margin resulting from changes in the Consolidated Net Senior Secured Leverage Ratio shall become
effective on the date (the “Adjustment Date”) on which financial statements are delivered to the Lenders pursuant to Section 6.1 (but in any event not later than the date such financial statements are due pursuant to
Section 6.1) and shall remain in effect until the next change to be effected pursuant to this paragraph. If any financial statements referred to above are not delivered within the time periods specified above, then, until such financial
statements are delivered, the Consolidated Net Senior Secured Leverage Ratio as at the end of the fiscal period that would have been covered thereby shall for the purposes of this definition be deemed to be greater than 2.75 to 1.00. In addition, at
all times while an Event of Default shall have occurred and be continuing, the Consolidated Net Senior Secured Leverage Ratio shall for the purposes of this Pricing Grid be deemed to be greater than 2.75 to 1.00. Each determination of the
Consolidated Net Senior Secured Leverage Ratio pursuant to this Pricing Grid shall be made as at the last day of any period of four consecutive fiscal quarters of the Borrower. 

 EXHIBIT C 

FORM OF ACKNOWLEDGMENT 

ACKNOWLEDGMENT 

March 29, 2018 
 Reference
is made to (i) that certain Amended and Restated Credit Agreement, dated as of December 18, 2012 (as amended by the First Amendment thereto dated as of December 18, 2012, the Second Amendment thereto dated as of May 8, 2015, the
Third Amendment thereto dated as of June 13, 2016, the Fourth Amendment dated as of December 15, 2016, the Fifth Amendment thereto dated as of June 16, 2017 and the Sixth Amendment thereto dated as of November 28, 2017, the
“Credit Agreement”), among CINEMARK HOLDINGS, INC. (the “Parent”), CINEMARK USA, INC. (the “Borrower”), the several banks and other financial institutions party thereto (the
“Lenders”), BARCLAYS BANK PLC, as administrative agent for the Lenders (the “Administrative Agent”), and the other agents party thereto and (ii) the Seventh Amendment to the Credit Agreement, dated as of
March 29, 2018 (the “Amendment”), among the Parent, the Borrower, the Administrative Agent and the Lenders party thereto. Unless otherwise specifically defined herein, each term used herein which is defined in the Credit
Agreement has the meaning assigned to such term in the Credit Agreement. 
 Each Loan Party executing this Acknowledgment hereby
(i) consents to the Amendment and the transactions contemplated thereby, (ii) confirms its respective guarantees, pledges, grants of security interests and liens, acknowledgments, obligations and consents under the Guarantee and Collateral
Agreement and the other Loan Documents to which it is a party and agrees that notwithstanding the effectiveness of the Amendment and the consummation of the transactions contemplated thereby, such guarantees, pledges, grants of security interests
and liens, acknowledgments, obligations and consents shall continue to be in full force and effect, in each case as modified by the Amendment, and (iii) ratifies the Guarantee and Collateral Agreement and the other Loan Documents to which it is
a party, in each case as modified by the Amendment. 
  

			
	[______________]
		
	By:	 	 
	 	 	Name:
	 	 	Title:

 SCHEDULE 1 

SCHEDULE 6.9(b)-1 

REAL PROPERTY VALUATION FORMULAS 
  

	1.	Fee-Owned First Run Theatre – Stadium  

First Run UTLCF x 7.25 
  

	2.	Fee-Owned First Run Theatre – Slope 

 First Run UTLCF x 6.50 

 

	3.	Fee-Owned Discount Theatre – Stadium 

Discount UTLCF x 7.25 
  

	4.	Fee-Owned Discount Theatre – Slope 

Discount UTLCF x 6.50 
  

	5.	Leased Theatre – First Run  

  

													
	Present Value =        	  	 UTLCF        
	  	 UTLCF        
	  	 UTLCF        
	  	 UTLCF        
	  		  	
	  	  
	  		  	
		  	 (1.13)R +
	  	
(1.13)(R-1) +
	  	
(1.13)(R-2) ...
	  	 (1.13)1
	  		  	

  

	6.	Leased Theatre (Discount) 

  

													
	Present Value =        	  	 UTLCF        
	  	 UTLCF        
	  	 UTLCF        
	  	 UTLCF        
	  		  	
	  	  
	  		  	
		  	 (1.15)R +
	  	
(1.15)(R-1) +
	  	
(1.15)(R-2) ...
	  	 (1.15)1
	  		  	

  

	7.	New Build Fee-Owned 

 (a) On the date of the
related Mortgage (such valuation to be in effect until the date referred to in Section 7(b) below): 
 Cost of investment (land, hard
costs and soft costs) for new construction. 
 (b) On the date that six full consecutive months of operation for which theatre level
financial information is available (such valuation to be in effect until the date referred to in Section 7(c) below: 
 The applicable
equation set forth in Sections 1, 2, 3 or 4 above, provided that, “TLCF” shall be “(A-B, in each case, for the most recently completed six full consecutive months of operation for which
financial information is available) x 2.” 

  
 1 

 (c) On the date that twelve full consecutive months of operation for which theatre level
financial information is available, the applicable formula above. 
 8. New Leased 

(a) On the date of the related Mortgage (such valuation to be in effect until the date referred to in Section 8(b) below): 

Cost of the tenant’s installation contribution for new leased theatres. 

(b) On the date that six full consecutive months of operation for which theatre level financial information is available (such valuation to be
in effect until the date referred to in Section 8(c) below): 
 The applicable equation set forth in Sections 5 or 6 above,
provided that, “TLCF” shall be “(A-B, in each case, for the most recently completed six full consecutive months of operation for which financial information is available) x 2.” 

(c) On the date that twelve full consecutive months of operation for which theatre level financial information is available, the applicable
formula above. 
 9. New Acquisition 

(a) On the date of the related Mortgage (such valuation to be in effect until the date referred to in Section 9(b) below): 

Total acquisition cost. 
 (b) On
the date that six full consecutive months of operation for which theatre level financial information is available (such valuation to be in effect until the date referred to in Section 9(c) below): 

The applicable equation set forth in Sections 1, 2, 3, 4, 5 and 6 above, provided that, “TLCF” shall be “(A-B, in each case, for the most recently completed six full consecutive months of operation for which financial information is available) x 2.” 

(c) On the date that twelve full consecutive months of operation for which theatre level financial information is available, the applicable
formula above. 
 10. Capital Leases. For purposes of the calculations above for any Leased Theatre which lease is characterized as a capital lease,
the rent expense otherwise treated as principal and interest under GAAP shall be treated as a rent payment. 

  
 2 

 Definitions: 
  

			
		
	“TLCF” =	  	A – B, in each case, for the most recently ended twelve full consecutive months of operation for which information is available as of the date of the related Mortgage
		
	“UTLCF” =	  	 First Run UTLCF = TLCF – (A x 0.04)

Discount UTLCF = TLCF – (A x 0.02)

		
	“A”=	  	Net ticket sales + net concession revenue + other revenue
		
	“B” =	  	Film rental + concession expenses + common area maintenance charges + rent + payroll expenses + advertising expenses + property taxes + utilities + other costs
		
	“R”=	  	Number of years remaining on lease as of the date of the related Mortgage, including all optional renewals.

  
 3EX-10.9

 Exhibit 10.9 

CONTRACT FOR THE EXPLORATION AND 

EXTRACTION OF HYDROCARBONS UNDER 

PRODUCTION SHARING MODALITY 

ENTERED INTO BY 
 THE
NATIONAL HYDROCARBONS COMMISSION 
 AND 

SIERRA O&G EXPLORACIÓN Y PRODUCCIÓN, S. 

DE R.L. DE C.V., 
 TALOS
ENERGY OFFSHORE MÉXICO 7, S. DE 
 R.L. DE C.V. 

AND 
 PREMIER OIL
EXPLORATION AND 
 PRODUCTION MEXICO, S.A. DE C.V. 

SEPTEMBER 4, 2015 

CONTRACT AREA 7 
  

 Contract No. CNH-R01-L01-A7/2015 

 
 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page #	 
	 ARTICLE 1. DEFINITIONS AND INTERPRETATION
	  	 	6	 
			
	 1.1
	  	Definitions	  	 	6	 
	 1.2
	  	Use of Singular and Plural	  	 	18	 
	 1.3
	  	Headings and References	  	 	18	 
		
	 ARTICLE 2. PURPOSE OF CONTRACT
	  	 	18	 
			
	 2.1
	  	Production Sharing Modality	  	 	18	 
	 2.2
	  	No Grant of Property Rights	  	 	18	 
	 2.3
	  	Participating Interests	  	 	19	 
	 2.4
	  	Joint and Several Liability	  	 	19	 
	 2.5
	  	Operator	  	 	19	 
	 2.6
	  	Change of Operators	  	 	20	 
	 2.7
	  	Reporting of Benefits for Accounting Purposes	  	 	20	 
		
	 ARTICLE 3. TERM OF CONTRACT
	  	 	20	 
			
	 3.1
	  	Effective Date	  	 	20	 
	 3.2
	  	Term	  	 	20	 
	 3.3
	  	Extension	  	 	20	 
	 3.4
	  	Transition Stage for Startup	  	 	21	 
	 3.5
	  	Relinquishment by Contractor	  	 	22	 
		
	 ARTICLE 4. EXPLORATION PERIOD
	  	 	22	 
			
	 4.1
	  	Exploration Plan	  	 	22	 
	 4.2
	  	Initial Exploration Period	  	 	23	 
	 4.3
	  	Additional Exploration Period	  	 	23	 
	 4.4
	  	Failure to Comply with the Minimum Work Program or Additional Commitment	  	 	23	 
	 4.5
	  	Formation Testing	  	 	24	 
	 4.6
	  	Notice of a Discovery	  	 	24	 
		
	 ARTICLE 5. APPRAISAL
	  	 	24	 
			
	 5.1
	  	Appraisal	  	 	24	 
	 5.2
	  	Appraisal Program	  	 	25	 
	 5.3
	  	Non Associated Natural Gas Discovery	  	 	25	 
	 5.4
	  	Hydrocarbons Extracted During Tests	  	 	25	 
	 5.5
	  	Appraisal Report	  	 	25	 
		
	 ARTICLE 6. DECLARATION OF COMMERCIALITY AND DEVELOPMENT PLAN
	  	 	26	 
			
	 6.1
	  	Commercial Discovery	  	 	26	 

  
 -i- 

 Contract No. CNH-R01-L01-A7/2015 

 

							
	 6.2
	  	Development Plan	  	 	26	 
	 6.3
	  	Observations to the Development Plan by CNH	  	 	26	 
	 6.4
	  	Compliance with Development Plan and Modifications	  	 	27	 
	 6.5
	  	Additional Exploration Activities	  	 	27	 
		
	 ARTICLE 7. REDUCTION AND RETURN OF THE CONTRACT AREA
	  	 	27	 
			
	 7.1
	  	Rules of Reduction and Return	  	 	27	 
	 7.2
	  	No Reduction of Other Obligations	  	 	28	 
	 7.3
	  	Shape of Portion Subject to Reduction and Return	  	 	28	 
	 7.4
	  	Decrease of Percentage of Reduction and Return	  	 	28	 
		
	 ARTICLE 8. PRODUCTION ACTIVITIES
	  	 	29	 
			
	 8.1
	  	Production Profile	  	 	29	 
	 8.2
	  	Facilities	  	 	29	 
		
	 ARTICLE 9. UNITIZATION
	  	 	29	 
			
	 9.1
	  	Unitization Procedure	  	 	29	 
	 9.2
	  	Nonexistence of Contractor or Assignee	  	 	30	 
		
	 ARTICLE 10. WORK PROGRAMS
	  	 	30	 
			
	 10.1
	  	Work Programs	  	 	30	 
	 10.2
	  	Work Program in Exploration Period	  	 	31	 
	 10.3
	  	Work Program in Development Period	  	 	31	 
	 10.4
	  	Observations by CNH	  	 	31	 
	 10.5
	  	Drilling of Wells	  	 	32	 
	 10.6
	  	Drilling and Geophysical Reports	  	 	32	 
	 10.7
	  	Progress Reports	  	 	32	 
	 10.8
	  	Activities Not Requiring Approval	  	 	33	 
		
	 ARTICLE 11. BUDGETS AND RECOVERABLE COSTS
	  	 	33	 
			
	 11.1
	  	Budgets	  	 	33	 
	 11.2
	  	Exploration Budgets	  	 	33	 
	 11.3
	  	Development Budgets	  	 	33	 
	 11.4
	  	Modifications	  	 	34	 
	 11.5
	  	Accounting of Contractor’s Costs	  	 	34	 
	 11.6
	  	Recoverable Costs	  	 	34	 
	 11.7
	  	Procurement of Goods and Services	  	 	34	 
	 11.8
	  	Recordkeeping Requirement	  	 	34	 
	 11.9
	  	Contractor’s Transactions with Third Parties	  	 	34	 
		
	 ARTICLE 12. MEASUREMENT AND RECEPTION OF NET HYDROCARBONS
	  	 	35	 
			
	 12.1
	  	Volume and Quality	  	 	35	 

  
 -ii- 

 Contract No. CNH-R01-L01-A7/2015 

 

							
	 12.2
	  	Procedures for Reception	  	 	35	 
	 12.3
	  	Installation, Operation, Maintenance and Calibration of Measurement Systems	  	 	35	 
	 12.4
	  	Records	  	 	36	 
	 12.5
	  	Measurement System Malfunction	  	 	36	 
	 12.6
	  	Replacement of Measurement System	  	 	36	 
	 12.7
	  	Access to Measurement systems	  	 	36	 
	 12.8
	  	Measurement Point Outside the Contract Area	  	 	37	 
		
	 ARTICLE 13. MATERIALS
	  	 	37	 
			
	 13.1
	  	Ownership and Use of Materials	  	 	37	 
	 13.2
	  	Leases	  	 	37	 
	 13.3
	  	Purchase Option	  	 	37	 
	 13.4
	  	Disposition of Assets	  	 	38	 
		
	 ARTICLE 14. ADDITIONAL OBLIGATIONS OF THE PARTIES
	  	 	38	 
			
	 14.1
	  	Additional Obligations of the Contractor	  	 	38	 
	 14.2
	  	Approvals by CNH	  	 	40	 
	 14.3
	  	Environmental Liability and Industrial Safety	  	 	40	 
	 14.4
	  	Preexisting Damages	  	 	41	 
	 14.5
	  	Right of Access by Third Parties to the Contract Area	  	 	42	 
		
	 ARTICLE 15. DISPOSITION OF PRODUCTION
	  	 	42	 
			
	 15.1
	  	Self-Consumed Hydrocarbons	  	 	42	 
	 15.2
	  	Measurement Points	  	 	42	 
	 15.3
	  	Commercialization of Production of the Contractor	  	 	42	 
	 15.4
	  	Commercialization of Production of the State	  	 	42	 
	 15.5
	  	Disposal of Sub-Products	  	 	42	 
	 15.6
	  	Commercialization Facilities	  	 	43	 
		
	 ARTICLE 16. CONSIDERATION
	  	 	43	 
			
	 16.1
	  	Monthly Payments	  	 	43	 
	 16.2
	  	State Consideration	  	 	43	 
	 16.3
	  	Contractor Consideration	  	 	43	 
	 16.4
	  	Recoverable Costs Limit	  	 	43	 
	 16.5
	  	Contractual Value of Hydrocarbons	  	 	44	 
	 16.6
	  	Calculation of Considerations	  	 	44	 
		
	 ARTICLE 17. GUARANTEES
	  	 	44	 
			
	 17.1
	  	Exploration Performance Guarantee	  	 	44	 
	 17.2
	  	Corporate Guarantee	  	 	45	 
		
	 ARTICLE 18. ABANDONMENT AND DELIVERY OF THE CONTRACT AREA
	  	 	46	 
			
	 18.1
	  	Program Requirements	  	 	46	 

  
 -iii- 

 Contract No. CNH-R01-L01-A7/2015 

 

							
	 18.2
	  	Notice of Abandonment	  	 	46	 
	 18.3
	  	Abandonment Trust	  	 	46	 
	 18.4
	  	Funding of Abandonment Trust	  	 	46	 
	 18.5
	  	Insufficient Funds	  	 	48	 
	 18.6
	  	Substitution Requested by CNH	  	 	48	 
	 18.7
	  	Final Transition Stage	  	 	48	 
		
	 ARTICLE 19. LABOR RESPONSIBILITY; SUBCONTRACTORS AND NATIONAL CONTENT
	  	 	49	 
			
	 19.1
	  	Labor Responsibility	  	 	49	 
	 19.2
	  	Subcontractors	  	 	49	 
	 19.3
	  	National Content	  	 	49	 
	 19.4
	  	Preference of Goods and Services of National Origin	  	 	51	 
	 19.5
	  	Training and Transfer of Technology	  	 	52	 
		
	 ARTICLE 20. INSURANCE
	  	 	52	 
			
	 20.1
	  	General Provision	  	 	52	 
	 20.2
	  	Insurance Coverage	  	 	52	 
	 20.3
	  	Insurers and Conditions	  	 	52	 
	 20.4
	  	Modification or Cancellation of Policies	  	 	53	 
	 20.5
	  	Waiver of Subrogation	  	 	53	 
	 20.6
	  	Use of Insurance Proceeds	  	 	53	 
	 20.7
	  	Currency	  	 	53	 
	 20.8
	  	Compliance with Applicable Laws	  	 	53	 
		
	 ARTICLE 21. TAX OBLIGATIONS
	  	 	53	 
			
	 21.1
	  	Tax Obligations	  	 	53	 
	 21.2
	  	Governmental Fees and Charges	  	 	53	 
		
	 ARTICLE 22. ACT OF GOD OR FORCE MAJEURE
	  	 	54	 
			
	 22.1
	  	Act of God or Force Majeure	  	 	54	 
	 22.2
	  	Burden of Proof	  	 	54	 
	 22.3
	  	Extension of Work Program; Extension of Term of Contract	  	 	54	 
	 22.4
	  	Right of Termination	  	 	54	 
	 22.5
	  	Emergency or Disaster Situations	  	 	55	 
		
	 ARTICLE 23. ADMINISTRATIVE RESCISSION AND RESCISSION
	  	 	55	 
			
	 23.1
	  	Administrative Rescission	  	 	55	 
	 23.2
	  	Prior Investigation	  	 	56	 
	 23.3
	  	Procedure for Administrative Rescission	  	 	56	 
	 23.4
	  	Contractual Rescission	  	 	57	 
	 23.5
	  	Effects of the Administrative or Contractual Rescission	  	 	58	 
	 23.6
	  	Settlement	  	 	58	 

  
 -iv- 

 Contract No. CNH-R01-L01-A7/2015 

 

							
	 ARTICLE 24. ASSIGNMENT AND CHANGE OF CONTROL
	  	 	59	 
			
	 24.1
	  	Assignment	  	 	59	 
	 24.2
	  	Indirect Transfers; Change of Control	  	 	59	 
	 24.3
	  	Application to CNH	  	 	59	 
	 24.4
	  	Effect of Assignment or Change of Control	  	 	59	 
	 24.5
	  	Prohibition on Liens	  	 	60	 
	 24.6
	  	Invalidity	  	 	60	 
		
	 ARTICLE 25. INDEMNIFICATION
	  	 	60	 
		
	 ARTICLE 26. APPLICABLE LAW AND DISPUTE RESOLUTION
	  	 	61	 
			
	 26.1
	  	Applicable Laws	  	 	61	 
	 26.2
	  	Conciliation	  	 	61	 
	 26.3
	  	Conciliator Requirements	  	 	62	 
	 26.4
	  	Federal Courts	  	 	62	 
	 26.5
	  	Arbitration	  	 	62	 
	 26.6
	  	Consolidation	  	 	62	 
	 26.7
	  	No Suspension of Petroleum Activities	  	 	63	 
	 26.8
	  	Waiver of Diplomatic Channels	  	 	63	 
		
	 ARTICLE 27. AMENDMENTS AND WAIVERS
	  	 	63	 
		
	 ARTICLE 28. CAPACITY AND REPRESENTATIONS OF THE PARTIES
	  	 	63	 
			
	 28.1
	  	Representations and Warranties	  	 	63	 
	 28.2
	  	Relationship of the Parties	  	 	63	 
		
	 ARTICLE 29. DATA AND CONFIDENTIALITY
	  	 	64	 
			
	 29.1
	  	Ownership of Information	  	 	64	 
	 29.2
	  	Public Information	  	 	64	 
	 29.3
	  	Confidentiality	  	 	64	 
	 29.4
	  	Exception to Confidentiality	  	 	65	 
		
	 ARTICLE 30. NOTICES
	  	 	65	 
		
	 ARTICLE 31. ENTIRE CONTRACT
	  	 	66	 
		
	 ARTICLE 32. TRANSPARENCY PROVISIONS
	  	 	67	 
			
	 32.1
	  	Information Access	  	 	67	 
	 32.2
	  	Conduct of the Contractor and its Affiliates	  	 	67	 
	 32.3
	  	Notice of Investigation	  	 	67	 
	 32.4
	  	Conflict of Interest	  	 	68	 
		
	 ARTICLE 33. COOPERATION ON NATIONAL SECURITY MATTERS
	  	 	68	 
		
	 ARTICLE 34. LANGUAGE
	  	 	68	 
		
	 ARTICLE 35. COUNTERPARTS
	  	 	68	 

  
 -v- 

 Contract No. CNH-R01-L01-A7/2015 

 
 CONTRACT CNH-R01-L01-A7/2015 
 CONTRACT FOR THE EXPLORATION
AND EXTRACTION 
 OF HYDROCARBONS UNDER PRODUCTION SHARING MODALITY 

This Contract for the Exploration and Extraction of Hydrocarbons under Production Sharing Modality (the “Contract”) is entered into
on September 4, 2015, between, on the one hand, the UNITED MEXICAN STATES (“Mexico”, the “State” or the “Nation”), through the NATIONAL HYDROCARBONS COMMISSION (“CNH”), represented by C.
Juan Carlos Zepeda Molina, in his capacity as Chairperson, Carla Gabriela González Rodríguez, Executive Secretary; Felipe Ortuño Arzate General Director of Petroleum Potential Assessment, and Gaspar Franco Hernández,
General Director of Extraction Reports, and on the other hand, Sierra O&G Exploración y Producción, S. de R.L. de C.V., a commercial company incorporated under the laws of Mexico (hereinafter “Sierra O&G Exploración
y Producción”) represented by Iván Rafael Sandrea Silva and Read Bryan Taylor, in their capacity as legal representatives; Talos Energy Offshore Mexico 7, S. de R.L. de C.V., a commercial company incorporated under the laws of the
United Mexican States (hereinafter “Talos Energy Offshore Mexico 7”), represented by John Ashland Shepherd, in his capacity as legal representative, and Premier Oil Exploration and Production Mexico, S.A. de C.V., a commercial company
incorporated under the laws of the United Mexican States (hereinafter “Premier Oil Exploration And Production Mexico”), represented by Timothy Lloyd Davies, in his capacity as legal representative, in accordance with the following
Declarations and Articles: 
 DECLARATIONS 

The National Hydrocarbons Commission declares that: 

I. It is a Coordinated Regulatory Entity of the Energy Sector of the Centralized Public Federal Administration of the State, having legal
personality and technical and operational autonomy, in accordance with Article 28, paragraph eight, of the Political Constitution of the United Mexican States (the “Constitution”), and Articles 2, Section I, and 3 of the Law of the
Coordinated Regulatory Entities of the Energy Sector; 
 II. In accordance with Article 27, paragraph seven, of the Constitution, Article 15
of the Hydrocarbons Law and Article 38, Section II, of the Law of the Coordinated Regulatory Entities of the Energy Sector, it has the legal capacity to sign contracts, in the name and on behalf of the State, with private parties or with State
Productive Enterprises, through which the Nation conducts strategic activities consisting of the Exploration and Extraction of Petroleum and other solid, liquid or gaseous hydrocarbons within Mexican territory; 

III. In accordance with the applicable provisions of the Constitution, the Hydrocarbons Law, the Law of the Coordinated Regulatory Entities of
the Energy 

  
 1 

 Contract No. CNH-R01-L01-A7/2015 

 
 Sector, and the guidelines established by the Ministry of Energy and the Ministry of
Finance and Public Credit within the scope of their respective jurisdictions, on December 11, 2014, it published in the Official Gazette of the Federation the Tender No.
CNH-R01-C01/2014 for the international public bidding process for a Contract for the Exploration and Extraction under Shared Production Modality relating to the Contract
Area described in Annex 1 hereto, and in accordance with the procedure established in the Bidding Guidelines issued for such bidding process, it issued the award on July 17, 2015 pursuant to which Sierra Oil & Gas, S. de R. L. de C.V.,
in Consortium with Talos Energy, LLC and Premier Oil, PLC were awarded this Agreement 
 IV. Its representative is authorized to enter into
this Contract pursuant to Article 23, Section III, of the Law of the Coordinated Regulatory Entities of the Energy Sector, as well as Articles 14, Section XVI, 20, fourth and fifth transitory articles of the Internal Regulation of the National
Hydrocarbons Law. 
 Sierra O& G Exploración y Producción declares that: 

I. It is a corporation organized and existing under the laws of Mexico, and in compliance with the provisions of article 22.3 of Section III of
the Bidding Guidelines for the Award of Sharing Production Contracts for the Exploration and Extraction of Hydrocarbons in Shallow Waters – First Call to Bid, Bid
CNH-R01-L01/2014, whose sole corporate purpose is the Exploration and Extraction of Hydrocarbons, and it has the legal capacity to enter into and perform this Contract;

 II. It is a resident of Mexico for tax purposes, has a Federal Taxpayer Registry number, and does not pay taxes under the optional tax
regime for groups of companies referenced in Chapter VI of Title Second of the Income Tax Law; 
 III. It has knowledge of the laws of
Mexico, as well as all related regulations and other applicable provisions; 
 IV. It has the organization, experience and technical,
financial and implementation capacity to comply with its obligations under this Contract; 
 V. It has taken the corporate actions, obtained
the authorizations, corporate or otherwise, and satisfied the applicable legal requirements to enter into and perform this Contract, and neither it nor any third party associated with it falls within any of the provisions of Article 26 of the
Hydrocarbons Law, and 
 VI. The legal capacity of Iván Rafael Sandrea Silva and Read Bryan Taylor, as legal representatives to enter
into this Contract is evidenced by the certified copy of Public Deed No. 69,197 of Book 1,365 granted before Notary Public No. 94 from the Federal District, Mr. Erik Namur Campesino, dated August 12, 2015. 

  
 2 

 Contract No. CNH-R01-L01-A7/2015 

 
 Talos Energy Offshore Mexico 7 declares that: 

I. It is a corporation organized and existing under the laws of Mexico, and in compliance with the provisions of article 22.3 of Section III of
the Bidding Guidelines for the Award of Sharing Production Contracts for the Exploration and Extraction of Hydrocarbons in Shallow Waters – First Call to Bid, Bid
CNH-R01-L01/2014, whose sole corporate purpose is the Exploration and Extraction of Hydrocarbons, and it has the legal capacity to enter into and perform this Contract;

 II. It is a resident of Mexico for tax purposes, has a Federal Taxpayer Registry number, and does not pay taxes under the optional tax
regime for groups of companies referenced in Chapter VI of Title Second of the Income Tax Law; 
 III. It has knowledge of the laws of
Mexico, as well as all related regulations and other applicable provisions; 
 IV. It has the organization, experience and technical,
financial and implementation capacity to comply with its obligations under this Contract; 
 V. It has taken the corporate actions, obtained
the authorizations, corporate or otherwise, and satisfied the applicable legal requirements to enter into and perform this Contract, and neither it nor any third party associated with it falls within any of the provisions of Article 26 of the
Hydrocarbons Law, and 
 VI. The legal capacity of John Ashland Shepherd, as legal representative to enter into this Contract, is evidenced
by certified copy of Public Deed No. 74,326, of volume 1,798 granted before Notary Public No. 1 of the Federal District, Mr. Roberto Núñez y Bandera, dated August 3, 2015. 

Premier Oil Exploration and Production Mexico declares that: 
  

	I.	It is a corporation organized and existing under the laws of Mexico, and in compliance with the provisions of article 22.3 of Section III of the Bidding Guidelines for the Award of Sharing Production Contracts for the
Exploration and Extraction of Hydrocarbons in Shallow Waters – First Call to Bid, Bid CNH-R01-L01/2014, whose sole corporate purpose is the Exploration and
Extraction of Hydrocarbons, and it has the legal capacity to enter into and perform this Contract; 

  

	II.	It is a resident of Mexico for tax purposes, has a Federal Taxpayer Registry number, and does not pay taxes under the optional tax regime for groups of companies referenced in Chapter VI of Title Secondof the Income Tax
Law; 

  

	III.	It has knowledge of the laws of Mexico, as well as all related regulations and other applicable provisions; 

  

	IV.	It has the organization, experience and technical, financial and implementation capacity to comply with its obligations under this Contract; 

 

	V.	It has taken the corporate actions, obtained the authorizations, corporate or otherwise, and satisfied the applicable legal requirements to enter into and perform this Contract, and neither it nor any third party
associated with it falls within any of the provisions of Article 26 of the Hydrocarbons Law, and 

  
 3 

 Contract No. CNH-R01-L01-A7/2015 

 
  

	VI.	The legal capacity of Timothy Lloyd Davies, as legal representative to enter into this Contract, is evidenced through the Second Transcript of Public Deed No. 94,859, of Book 2,865 granted by Notary Public
No. 104 of the Federal District, Mr. José Ignacio Senties Laborde, dated August 12, 2015. 

 The JOINT AND SEVERAL
OBLIGORS declare that: 
 Sierra Oil & Gas, S. de R.L. de C.V. 
  

	I.	It is a corporation organized and existing under the laws of Mexico, and has the legal capacity to enter into and comply with the obligations arising from this Agreement in its capacity of joint and several obligor, in
compliance with the provisions of article 22.3 of Section III of the Bidding Guidelines for the Award of Sharing Production Contracts for the Exploration and Extraction of Hydrocarbons in Shallow Waters – First Call to Bid, which is evidenced
with: 

  

	 	•	 	The transcript of public deed number 71,114, volume 1,714 dated July 10, 2014, granted by Notary Public number 1 of the Federal District, Mr. Roberto Núñez y Bandera, registered in the Public
Registry of Commerce of Mexico City, Federal District, under commercial folio 518615-1, and 

  

	 	•	 	The transcript of public instrument number 71,753 of volume 1,730, dated September 25, 2014, granted by Notary Public number 1 of the Federal District, Mr. Roberto Núñez y Bandera, which contains
the Comprehensive Amendment to the Bylaws. 

  

	II.	The legal capacity of Iván Rafael Sandrea Silva and of Salvador Beltrán del Río Madrid, as legal representatives to enter into this Contract, is evidenced through the power of attorney granted
through Public Deed No. 71,753, from volume 1,730, granted by Notary Public number 1 of the Federal District, Mr. Roberto Núñez y Bandera, dated September 25, 2014. 

Talos Energy, LLC 
  

	I.	It is a corporation organized and existing under the laws of Delaware, United States of America, and has the legal capacity to enter into and comply with the obligations arising from this Agreement in its capacity of
joint and several obligor, in compliance with the provisions of article 22.3 of Section III of the Bidding Guidelines for the Award of Sharing Production Contracts for the Exploration and Extraction of Hydrocarbons in Shallow Waters – First
Call to Bid, which is evidenced with its Certificate of Incorporation issued by the State of Delaware number 111302914-50817148100 dated December 15, 2011, granted by Mr. Ryan Cicero, officer of the Companies Division of the Secretary of
State of the State of Delaware, and authenticated by the Secretary of State Jeffrey W. Bullock, which has the apostille number 10195477 dated February 26, 2015. 

  
 4 

 Contract No. CNH-R01-L01-A7/2015 

 
  

	II.	The legal capacity of William Stanley Moss III as legal representative to enter into this Agreement is evidenced through the First Transcript of public deed number 74,487, from volume 1,804, dated August 13, 2015,
granted by Mr. Carlos Alberto Sotelo Regil Hernández, Notary Public No. 165 of the Federal District, acting as alternate and in the notary’s protocol of Mr. Roberto Núñez y Bandera, Public Notary No. 1
of the Federal District. 

 Premier Oil, PLC 
  

	I.	It is a company duly organized and existing under the laws of Scotland, and has the legal capacity to enter into and comply with the obligations arising from this Agreement in its capacity of joint and several obligor,
in compliance with the provisions of article 22.3 of Section III of the Bidding Guidelines for the Award of Sharing Production Contracts for the Exploration and Extraction of Hydrocarbons in Shallow Waters – First Call to Bid, which is
evidenced with: 

  

	 	•	 	Certificate of incorporation number 234781 of the Companies Registry of Scotland, corresponding to the limited private company Dalglen (No. 836) Limited, granted by the Companies Department, Edinburgh, Scotland, on
July 31, 2002. 

  

	 	•	 	Certificate of change of name of the company 234781, through which the company Dalglen (No. 836) Limited, changed its name to Premier Oil Group Limited, granted by the Companies Department, Edinburgh, Scotland, on
September 13, 2002. 

  

	 	•	 	Certificate through which the company Premier Oil Group Limited changes from private company to a limited public company, granted by the Companies Department, Edinburgh, Scotland, on March 10, 2003.

  

	 	•	 	Certificate through which the company Premier Oil Group PLC, through special resolution changes its name to Premier Oil Plc, granted by the Companies Department, Edinburgh, Scotland, on July 15, 2003.

  

	II.	The legal capacity of Timothy Lloyd Davies, as legal representative to enter into this Contract is evidenced through the First Transcript of Public Deed No. 51,526, of Book 1,178, granted by Notary Public No, 97 of
the Federal District, Mr. Marco Antonio Espinoza Rommyngth, dated August 17, 2015. 

 Based on the foregoing representations, the
Parties agree on the following: 

  
 5 

 Contract No. CNH-R01-L01-A7/2015 

 
 ARTICLES 

ARTICLE 1. 

DEFINITIONS AND 

INTERPRETATION 

1.1 Definitions. For the purposes of this Contract, the following terms shall have the meaning set forth: 

“Abandonment” shall mean all activities of removal and dismantling of Materials, including, without limitation, the permanent
plugging and abandonment of Wells, the dismantling and removal of all plants, platforms, facilities, machinery and equipment supplied or used by the Contractor in conducting the Petroleum Activities, as well as the environmental restoration of the
affected Contract Area by the Contractor in the performance of the Petroleum Activities, in accordance with the terms of this Contract, Industry Best Practices, the Applicable Laws and the Management System. 

“Abandonment Trust” shall have the meaning set forth in Article 18.3. 

“Accounting Procedures” shall mean the Procedures for Accounting, 

Reporting and Recovery of Costs attached hereto as Annex 4. 

“Act of God or Force Majeure” shall mean any fact or circumstance which prevents the affected Party from performing its
obligations under this Contract if such fact or circumstance is beyond the reasonable control of such Party and does not result from its intentional conduct or fault, provided that such Party has not been able to avoid or overcome such fact or
circumstance by the exercise of due diligence. Subject to satisfaction of the foregoing conditions, Act of God or Force Majeure shall include, without limitation, the following acts or events preventing the affected Party from performing its
obligations under this Contract: natural phenomena such as storms, hurricanes, floods, mudslides, lightning and earthquakes; fires; acts of war (whether or not declared); civil disturbances, riots, insurrections, sabotage and terrorism; disasters in
the transportation of Materials; restrictions due to quarantines, epidemics, strikes or other labor disputes not resulting from a breach of any labor agreement by the affected Party. It is expressly understood that Act of God or Force Majeure
(i) shall not include economic hardship or change in market conditions (including difficulties in obtaining funds or financing) and (ii) shall not exempt the Contractor from environmental liability under the Applicable Laws. 

“Additional Exploration Period” shall mean the period of two (2) Contractual Years as of the termination date of the
Initial Exploration Period, which CNH may grant to the Contractor in order to keep carrying surface Reconnaissance and Exploration, Exploration and Appraisal activities in the Contract Area in accordance with Article 4.3. 

  
 6 

 Contract No. CNH-R01-L01-A7/2015 

 
 “Additional Period Guarantee” shall have the meaning
set forth in Article 17.1(c). 
 “Adjustment Mechanism” shall mean the mechanism established in Annex 3, which, based on
the measurement of the Contractor’s operating result in each Period, modifies the parameters that determine the State Consideration and the Contractor Consideration, in order for the State’s participation in the results of the Contract
Area to be progressive. 
 “Affiliate” shall mean, with respect to any Person, any other Person that directly or indirectly
Controls, is Controlled by, or is under common Control with such Person. 
 “Agency” shall mean the National Agency for the
Industrial Safety and Environmental Protection of the Hydrocarbons Sector. 
 “Annual Contribution” shall have the meaning
set forth in Article 18.4. 
 “Applicable Laws” shall mean all laws, regulations, general administrative provisions,
decrees, administrative orders, court rulings and other rules or decisions of any kind issued by any Governmental Authority which are in effect at the relevant time. 

“Appraisal” shall mean all activities and operations carried out by the Contractor after a Discovery to determine the limits,
characteristics and production capacity of a Discovery and whether such Discovery is a Commercial Discovery, including, without limitation: (i) additional Surface Reconnaissance and Exploration and Exploration activities; (ii) geological
and geophysical surveys; (iii) drilling of test Wells; (iv) studies of Reserves and other studies, and (v) all ancillary operations and activities required or advisable to optimize the performance or results of the foregoing
activities. 
 “Appraisal Area” shall have the meaning set forth in Article 5.2. 

“Appraisal Period” shall have the meaning set forth in Article 5.2. 

“Asset Inventory” shall mean the inventory of Wells and Materials described in Annex 12. 

“Associated Natural Gas” shall mean Natural Gas dissolved in the Crude Oil contained in a reservoir under original pressure
and temperature conditions. 

  
 7 

 Contract No. CNH-R01-L01-A7/2015 

 
 “Barrel” shall mean a measurement unit equivalent to a
volume equal to 158.99 liters at a temperature of 15.56 degrees Celsius at atmosphere pressure conditions. 
 “Bidding
Guidelines” shall mean the bidding guidelines issued pursuant to the Tender, including all the modifications or clarifications thereof issued by CNH. 

“BTU” shall mean a British thermal unit, which represents the amount of energy needed to heat one pound (0.4535 kilograms) of
water by one degree Fahrenheit at atmosphere pressure conditions. 
 “Budget” shall mean an estimate of the Costs of all
items included in a Work Program, which includes at a minimum a breakdown of the budgetary items corresponding with each category of Petroleum Activities. 

“Business Day” shall mean any Day other than a Saturday, Sunday or any other holiday required under Applicable Laws. 

“Commercial Discovery” shall mean a Discovery that is declared by the Contractor to be commercial in accordance with Article
6.1. 
 “Commercialization Facilities” shall mean the infrastructure and equipment necessary to transport, compress, store
or distribute Hydrocarbons beyond the Measurement Points, including all pipelines for Crude Oil, Condensates and Natural Gas, pumps, compressors, measuring equipment and additional Storage facilities necessary to transport the Hydrocarbons from the
Measurement Point to the point of sale or to the entry to a delivery system. 
 “Condensates” shall mean Natural Gas
liquids consisting primarily of pentanes and heavier Hydrocarbon components. 
 “Consideration” shall mean, individually or
together, the State Consideration or the Contractor Consideration, as the case may be. 
 “Contract” shall mean this
Contract for the Exploration and Extraction of Hydrocarbons under Production Sharing Modality, including the annexes attached hereto (which shall form an integral part hereof), as well as all the modifications made thereto in accordance with its
terms and conditions. 
 “Contract Area” shall mean the surface area described in Annex 1, including the geological
formations contained in the vertical projection of such surface to the depth indicated in Annex 1, in which the Contractor is authorized and obligated to conduct Petroleum Activities pursuant to this Contract, in the understanding that:
(i) this Contract does not grant the Contractor any real property rights to the Contract Area or to the natural resources in its subsurface and (ii) the Contract Area shall be reduced in accordance with the terms of this Contract. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 “Contract Fee for the Exploratory Phase” shall have the
meaning set forth in Annex 3. 
 “Contract Year” shall mean a period of twelve (12) consecutive Months from the
Effective Date or from any anniversary thereof. 
 “Contractor” shall mean the Participating Companies, collectively. 

“Contractor Consideration” shall mean, with respect to any Month beginning with the Month in which Regular Commercial
Production commences, the share of Hydrocarbon production from the Contract Area that the Contractor is entitled to receive in such Month in accordance with Article 16.3 and Annex 3. 

“Contractual Price” shall mean the monetary value in Dollars assigned per each measurement unit for Hydrocarbon in accordance
with Annex 3. 
 “Contractual Value of the Condensates” shall mean the result of multiplying in the relevant Period:
(i) the Contractual Price of the Condensates, by (ii) the volume of the Condensates in Barrels at the Measurement Points, determined as provided in Annex 3. 

“Contractual Value of the Crude Oil” shall mean the result of multiplying in the relevant Period: (i) the Contractual
Price of the Crude Oil, by (ii) the volume of the Crude Oil in Barrels at the Measurement Points, determined as provided in Annex 3. 

“Contractual Value of the Hydrocarbons” shall mean the sum of the Contractual Value of the Crude Oil, the Contractual Value
of the Natural Gas and the Contractual Value of the Condensates, determined as provided in Annex 3. 
 “Contractual Value of the
Natural Gas” shall mean the result of multiplying in the relevant Period: (i) the Contractual Price of the Natural Gas, by (ii) the volume in millions of BTU of Natural Gas at the Measurement Points, determined as provided in
Annex 3. 
 “Control” shall mean the ability of a Person or group of Persons to carry out any of the following acts:
(i) to impose decisions, directly or indirectly, on general meetings of shareholders, partners or equivalent governing bodies or to appoint or remove a majority of the directors, managers or their equivalent, in each case of the Contractor;
(ii) to hold ownership rights that grant, directly or indirectly, the exercise of voting rights with respect to more than fifty percent of the Contractor’s capital stock, or (iii) to lead, directly or indirectly, the Contractor’s
management, strategy or principal policies, whether through the ownership of securities, by contract or otherwise. 

  
 9 

 Contract No. CNH-R01-L01-A7/2015 

 
 “Corporate Guarantee” shall mean the guarantee of the
obligations of the Contractor under this Contract in the form set forth in Annex 2, which will be executed by the Guarantor of each of the Participating Companies, simultaneously with the execution of this Contract. 

“Cost Recovery Percentage” shall mean the percentage indicated in Annex 3. 

“Costs” shall mean all expenditures, expenses, investments, or liabilities related to the Petroleum Activities. 

“Crude Oil” shall mean a mixture of hydrogen carbides which exists in liquid form in reservoirs and remains as such under
original pressure and temperature conditions, and which may include small quantities of substances other than hydrogen carbides. 

“Day” shall mean a calendar day. 

“Development Area” shall mean, with regard to any Commercial Discovery, the area within the Contract Area covering the whole
extension of the underlying structures or stratigraphic closures defining the reservoir or intervals of interest of the Field where the Discovery has been made. 

“Development Period” shall mean, with regard to any Commercial Discovery, the period beginning upon approval of the
Development Plan for such Commercial Discovery and ending upon the termination of this Contract for any reason or by any contractual or administrative rescission. 

“Development Plan” shall mean the optimal development plan for Extraction which contains a schedule of the specific Petroleum
Activities in a particular Development Area in order to reach Regular Commercial Production or increase Hydrocarbon production, including any Enhanced Recovery program. 

“Discovery” shall mean any structure or accumulation or group of structures or accumulations which during drilling activities
may have been shown to contain Hydrocarbons that may be extracted at a measurable flow rate using Industry Best Practices, regardless of whether the extraction of such detected Hydrocarbons may or may not be considered commercially viable, including
an extension of any prior Discovery. 
 “Dollars” or “US$” shall mean dollars of the United States of
America. 
 “Effective Date” shall mean the date of execution of this Contract. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 “Eligible Costs” shall mean Costs, which are strictly
required for the conduction of the Petroleum Activities, incurred from the Effective Date until the termination of this Contract, provided that they comply with the Annexes 4, 10 and 11, and the guidelines issued by the Ministry of Finance in force
as of the award date of the Contract. 
 “Enhanced Recovery” shall mean secondary or tertiary recovery processes consistent
with Industry Best Practices in order to enhance recovery of Hydrocarbons in the Development Area, including, without limitation, increasing the pressure in a reservoir and/or decreasing the viscosity of the Hydrocarbons. 

“Exploration” shall mean an activity or group of activities using direct methods, including the drilling of Wells, aimed at
the identification, discovery and appraisal of Hydrocarbons in the Subsoil in the Contract Area. 
 “Exploration Performance
Guarantee” shall mean, individually or collectively, the Initial Performance Guarantee, and the Additional Period Guarantee, as the context may require. 

“Exploration Period” shall mean the period granted to the Contractor to conduct Surface Reconnaissance and Exploration,
Exploration and Appraisal activities, which consists of the Initial Exploration Period, the Additional Exploration Period (if any) and the Appraisal Period (if any). 

“Exploration Plan” shall mean a schedule specifying the Surface Reconnaissance and Exploration, Exploration and Appraisal
activities to be conducted within the Contract Area, which shall comply at least with the Minimum Work Program and the Minimum Program Increase 

“Extraction” shall mean an activity or group of activities carried out for the purpose of Hydrocarbon production, including
the drilling of production Wells, injection and stimulation of reservoirs, Enhanced Recovery, Gathering, conditioning and separation of Hydrocarbons and elimination of water and sediments within the Contract Area, as well as the construction,
location, operation, use, Abandonment and dismantling of production facilities. 
 “Field” shall mean the area located
within the Contract Area beneath which one or more Hydrocarbon reservoirs are located in one or more formations within the same structure, geological body or stratigraphic condition. 

“Final Transition Stage” shall mean the stage carried out in accordance with the Article 18.7 and the Applicable Laws. 

“First Additional Term” shall have the meaning set forth in Article 3.3. 

“Fund” shall mean the Mexican Petroleum Fund for Stabilization and Development. 

  
 11 

 Contract No. CNH-R01-L01-A7/2015 

 
 “Gathering” shall mean the gathering of Hydrocarbons,
once they have been extracted from the subsoil, from each Well of the reservoir using a system of discharge lines running from the wellhead to the first separation batteries or, as applicable, to the transportation systems. 

“Gathering Facilities” shall mean all facilities and equipment necessary for production testing and separation, Storage
tanks, compressors, pipelines, pumps and any other equipment necessary for the Gathering of Hydrocarbons. 
 “Governmental
Authority” shall mean any governmental entity of the federal, state or municipal government or the executive, legislative or judicial branch, including autonomous constitutional entities of the State. 

“Guarantor” shall mean the ultimate parent entity of each of the Participating Companies or the company that exercises
Control over each of the Participating Companies or that is under common Control of the Person that exercises the Control over each of the Participating Companies, who shall execute the Corporate Guarantee prior approval of CNH. 

“Hydrocarbons” shall mean Crude Oil, Natural Gas, Condensates, Natural Gas liquids and methane hydrates. 

“Hydrocarbons in the Subsoil” shall mean the total resources or quantity of Hydrocarbons with the potential of being
extracted which are estimated to exist originally, prior to their production, in naturally occurring accumulations, as well as estimated quantities of accumulations yet to be discovered. 

“Hydrocarbons Law” shall mean the Hydrocarbons Law published in the Official Gazette of the Federation on August 11,
2014, including amendments and supplements thereto. 
 “Hydrocarbon Revenues Law” shall mean the Hydrocarbon Revenues Law
published in the Official Gazette of the Federation on August 11, 2014, including amendments and supplements thereto. 

“Industry Best Practices” shall mean the best practices, methods, standards and procedures generally accepted and followed by
diligent, expert and prudent operators with experience in the areas of Exploration, Appraisal, development and Extraction of Hydrocarbons and in Abandonment which, in the exercise of reasonable judgment and in light of the facts known at the time a
decision is made, would be expected to achieve the anticipated results and increase the economic benefits derived from the Extraction of Hydrocarbons contained within the Contract Area, maximizing the recovery factor of Hydrocarbons throughout the
life of the reservoirs, without causing an excessive reduction of pressure or energy. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 “Initial Exploration Period” shall mean the period
specified in Article 4.2, during which the Contractor shall conduct Surface Reconnaissance and Exploration, Exploration and Appraisal activities. 

“Initial Performance Guarantee” shall have the meaning set forth in Article 17.1(a). 

“Management System” shall mean an integrated set of interrelated and documented elements to prevent, control and improve the
performance of a facility or group of facilities related to industrial safety, operational safety and environmental protection in the sector which the Contractor shall implement throughout the performance of the Petroleum Activities in compliance
with the requirements set forth in Articles 13, 14 and 16 of the Law of the National Agency for Industrial Safety and Environmental Protection of the Hydrocarbons Sector and the other Applicable Laws. 

“Marketer” shall mean the marketer engaged by CNH, in accordance with the Hydrocarbons Law, to provide services to the Nation
for the marketing of the Hydrocarbons that correspond to the State as a result of this Contract. 
 “Market Rules” shall
mean the principle of competition pursuant to which parties involved in a transaction are independent and participate on an equal basis in their own interests. 

“Materials” shall mean all the machinery, tools, equipment, goods, supplies, pipes, drilling or production platforms, marine
devices, plants, infrastructure and other facilities acquired, provided, leased or otherwise held to be used in the Petroleum Activities, including the Gathering Facilities. 

“Measurement Points” shall mean the locations proposed by the Contractor and approved by CNH, or in such case, determined by
CNH inside or outside the Contract Area, at which the Net Hydrocarbons will be measured, verified and delivered, as provided in this Contract and the Applicable Laws. 

“Methodology” shall mean the methodology established by the Ministry of Energy to measure national content in the Assignments
and Contracts for Exploration and Extraction pursuant to Article 46 of the Hydrocarbons Law. 
 “Minimum Program Increase”
shall mean the additional Work Units referenced in Annex 5, which the Contractor agreed to carry out through the percentage increase in the Minimum Work Program as part of the economic bid based on which this Contract was awarded. 

“Minimum Work Program” shall mean the Work Units indicated in Annex 5, which the Contractor shall carry out during the
Initial Exploration Period, it being understood that the Minimum Work Program is only a minimum work program and that the Contractor may carry out additional Surface Reconnaissance and Exploration, Exploration and Appraisal activities during the
Exploration Period. 

  
 13 

 Contract No. CNH-R01-L01-A7/2015 

 
 “Ministry of Finance” shall mean the Ministry of
Finance and Public Credit. 
 “Month” shall mean a calendar month. 

“Natural Gas” shall mean a mixture of gases obtained by Extraction or industrial processing which is composed primarily of
methane and usually contains ethanol, propane, and butane, as well as carbon dioxide, nitrogen and sulfuric acid, among other components. It may be Associated Natural Gas and Non-associated Natural Gas. 

“Net Hydrocarbons” shall mean the Produced Hydrocarbons minus the Self- Consumed Hydrocarbons, measured at the Measurement
Points in acceptable commercial conditions regarding the content of sulfur, water and other elements in accordance with the Applicable Law and the Industry Best Practices which shall be supervised and audited by CNH. 

“Non-Associated Natural Gas” shall mean Natural Gas found in reservoirs that do not
contain Crude Oil at original pressure and temperature conditions. 
 “Non-Associated
Natural Gas Discovery” shall mean a Discovery made by direct methods of an accumulation or accumulations of Subsoil Hydrocarbons that by any sampling, testing, analysis or flow measurements on site procedures, with over 3,300 cubic feet of
Natural Gas per each Barrel of Condensates to be produced, measured at surface conditions. 
 “Obstacles to the Continuation of
Drilling” refers to situations when, before reaching the targeted depth for any Well as required by the relevant Work Program: (i) a geological formation, older than the deepest formation that was established as a goal, is encountered;
(ii) it is determined that to continue drilling is dangerous, including dangers associated with abnormally high pressure or resulting from excessive loss of drilling fluids; (iii) an impenetrable formation is encountered which prevents
reaching the anticipated depth, or (iv) a geological formation containing Hydrocarbons is encountered and must be protected pursuant to Industry Best Practices. 

“Operating Account” shall mean the account books and other accounting records maintained separately by the Contractor for the
Petroleum Activities. 
 “Operating Profit” shall have the meaning set forth in Annex 3. 

  
 14 

 Contract No. CNH-R01-L01-A7/2015 

 
 “Operator” shall have the meaning set forth in Article
2.5. 
 “Participating Companies” means Sierra O&G Exploración y Producción, Talos Energy Offshore Mexico
7, and Premier Oil Exploration and Production Mexico, and their respective successors and assignees permitted in accordance with this Contract. If at any time there is only one entity constituting the Contractor, any reference made in this Contract
to “each Participating Company,” “the Participating Companies” or similar references, shall be deemed to mean “the Contractor”. 

“Participating Interest” shall mean each Participating Company’s undivided share (expressed as a percentage of the total
shares of all Participating Companies) in the rights of the Contractor under this Contract, provided that each Participating Company shall be jointly and severally liable for all of the obligations of the Contractor under this Contract regardless of
its Participating Interest. 
 “Parties” shall mean the State (through CNH) and each of the Participating Companies. 

“Period” shall mean a Month, provided that when Petroleum Activities are conducted in a period that is less than a full
Month, the Period shall be the number of Days the Contract was effectively in operation. 
 “Person” shall mean any natural
person or legal entity of any kind, including any company, association, trust, joint investment, government or other relevant organ or agency thereof. 

“Petroleum Activities” shall mean Surface Reconnaissance and Exploration, as well as Exploration, Appraisal, Extraction and
Abandonment activities carried out in the Contract Area by the Contractor in accordance with this Contract. 
 “Preexisting
Damages” shall mean the environmental liabilities within the Contract Area in the environmental base line identified in accordance to Articles 3.4 and 14.4. 

“Produced Hydrocarbons” shall mean the total volume of Hydrocarbons extracted by the Contractor from the Contract Area. 

“Quarter” shall mean any period of three (3) consecutive Months commencing on January 1, April 1, July 1
or October 1 of any Year. 
 “Recoverable Costs” shall mean Eligible Costs included in the Budgets and Work Programs
approved by CNH, provided that they must be effectively paid and its determination and registration must comply with the requirements established in Annexes 4, 10 and 11 attached herein, and the guidelines issued for such effect by the Ministry of
Finance in effect as of the date of the award of the Contract. 

  
 15 

 Contract No. CNH-R01-L01-A7/2015 

 
 Recoverable Costs Limit” shall mean the result of
multiplying the Cost Recovery Percentage by the Contract Value of the Hydrocarbons in any Period, and that determines the maximum portion of the Contract Value of the Hydrocarbons, which may be used for the recovery of Costs during such Period, as
provided in Annex 3 herein. 
 “Recoverable Costs Reimbursement” shall mean the reimbursement of the aggregated amount of
the Recoverable Costs, which is subject to the Recoverable Costs Limit, as provided in Article 16 and Annex 4. 
 “Regular
Commercial Production” shall mean the regular sustained production of any Field for the purpose of making commercial use of such production. 

“Reserves” shall mean the volume of Hydrocarbons in the Subsoil calculated at a given date at atmospheric conditions which is
estimated to be technically and economically feasible to produce under the applicable tax regime, by any of the Extraction methods and systems applicable at the date of Appraisal. 

“Risk Management Program” shall mean the actions and measures undertaken for the prevention, monitoring and mitigation of the
identified, analyzed and assessed risks, as well as of improvement in the performance of a facility or group of facilities, pursuant to the Management System. This program is derived from the Management System and shall be submitted to CNH who will
then forward it to the Agency for approval. 
 “Royalty” shall mean a determined portion of the State Consideration based
on the Contractual Value of the Hydrocarbons, as provided in Annex 3. 
 “Second Additional Term” shall have the meaning
set forth in Article 3.3 (b). 
 “Self-Consumed Hydrocarbons” shall mean the Hydrocarbons used as fuel to carry out the
Petroleum Activities, or flared, vented or reinjected into the reservoir, but only in the manner and amounts approved in accordance with the Applicable Laws. 

“Social Impact Evaluation” shall mean the document that contains the identification of the communities and villages located
in the influence area of a project regarding Hydrocarbons, as well as, the identification, characterization, prediction and valuation of the consequences towards the population that may be derived from itself and the mitigation measures and the
correspondent social management plans. 
 “State Consideration” shall mean, for any Month beginning with the Month in which
Regular Commercial Production commences, the share of Hydrocarbon production from the Contract Area and the other consideration that the Nation is entitled to in accordance with Article 16.2 and Annex 3. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 “Storage” shall mean the deposit and safeguard of
Hydrocarbons in enclosed deposits and facilities that may be located on the surface, at sea or in the subsoil. 

“Subcontractors” shall mean those Persons that carry out Petroleum Activities at the request of the Contractor pursuant to
Article 19.2. 
 “Sub-Products” shall mean those elements or components different
from Hydrocarbons, such as, Sulfur or any other mineral or substance contained in Crude Oil or Natural Gas that may be separated from Hydrocarbons. 

“Sub-Salt Discovery” shall mean a Discovery by direct methods of an accumulation or
accumulations of Subsoil Hydrocarbons, where prospective areas exist in sedimentary formations under salt domes. 
 “Surface
Reconnaissance and Exploration” shall mean all Appraisal studies based solely on activities undertaken on the surface of the land or the ocean to assess the possible existence of Hydrocarbons in the Contract Area, including works for the
acquisition, as well as the processing, reprocessing or interpretation of information. 
 “Tax Obligations” shall mean any
and all federal, state r municipal taxes, contributions, government fees, government charges, tariffs or withholding taxes of any kind, together with any and all incidental taxes, surcharges, updates and fines, charged or determined at any time by
any Governmental Authority. 
 “Technical Documents” shall mean all studies, reports, spreadsheets and databases, in any
form, relating to the Contract Area or the Petroleum Activities. 
 “Technical Information” shall mean all of the data and
information obtained as a result of the Petroleum Activities, including, without limitation: geological, geophysical, geochemical and engineering information; well logs, progress reports, Technical Documents and any other information related to the
completion, production, maintenance or performance of Petroleum Activities. 
 “Tender” shall mean the international public
tender number CNH-R01-C01/2014, published in the Official Gazette of the Federation by CNH on December 11, 2014. 

“Transition Stage for Startup” shall mean the stage carried in accordance with Article 3.4 and the Applicable Laws. 

“Well” shall mean any opening in the ground made by means of drilling or otherwise with the purpose of discovering,
appraising or extracting Hydrocarbons or to inject any substance into, or obtain data related to the reservoir. 

  
 17 

 Contract No. CNH-R01-L01-A7/2015 

 
 “Work Program” shall mean a detailed program specifying
the Petroleum Activities to be carried out by the Contractor during the applicable period, including the time required to carry out each activity described in such program. 

“Work Unit” shall mean the unitary magnitude used as reference to establish and evaluate compliance with the activities
listed in the Minimum Work Program as provided in Annex 5. 
 “Year” shall mean a calendar year. 

1.2 Use of Singular and Plural. The terms defined in Article 1.1 may be used in this Contract in both their
singular and plural forms. 
 1.3 Headings and References. The Article headings used in this Contract are
included herein for convenience only and shall not in any way affect the interpretation of this Contract. Unless otherwise indicated, all references herein to “Articles” and “Annexes” are to the Articles and Annexes of this
Contract. 
 ARTICLE 2. 

PURPOSE OF CONTRACT 

2.1 Production Sharing Modality. The purpose of this Contract is to provide for the conduction of Petroleum
Activities by the Contractor within the Contract Area, under a production sharing modality, at its sole cost and risk, in accordance with the Applicable Laws, Industry Best Practices and the terms and conditions of this Contract, in exchange for
receipt of the Considerations payable to the Contractor as provided by the Hydrocarbon Revenues Law. 
 The Contractor will be solely
responsible for and shall pay all Costs and provide all the personnel, technology, Materials and financing necessary to carry out the Petroleum Activities. The Contractor shall have the exclusive right to conduct the Petroleum Activities in the
Contract Area, subject to the terms of this Contract and the Applicable Laws. CNH makes no representation or warranty of any kind regarding the Contract Area, and each of the Participating Companies acknowledges that it has received no guarantee
from any Governmental Authority that: (i) there will be any Discoveries in the Contract Area; (ii) in the event of a Discovery, it will be considered a Commercial Discovery, or (iii) that it will receive sufficient Hydrocarbons to
cover the Costs it may incur by carrying out Petroleum Activities. 
 2.2 No Grant of Property Rights. This
Contract does not confer upon the any Participating Companies any property rights for the Hydrocarbons in the Subsoil, which are and at all times shall remain the property of the Nation. Furthermore, in no event shall any mineral resources other
than Hydrocarbons existing in the Contract Area (whether or not discovered by the Contractor) be the property of the Contractor, and the Contractor shall have no right under this Contract to exploit or use such resources. In the event that while
conducting Petroleum Activities the Contractor shall discover any 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 mineral resources other than Hydrocarbons in the Contract Area, the Contractor shall
notify CNH during the fifteen (15) Days following such discovery. Nothing in this Contract shall limit the Nation’s right to grant to a third party any type of concession, license, agreement or other legal instrument for the exploitation
of mineral resources other than Hydrocarbons in accordance with the Applicable Laws. The Contractor shall provide access to the Contract Area to any Person that receives any concession, license or agreement to exploit or use mineral resources other
than Hydrocarbons in the Contract Area, on the terms provided by the Applicable Laws. 
 2.3 Participating Interests.
The initial Participating Interests of the 
 Participating Companies are as follows: 

 

					
	 Participating Company
	  	Participating
Interest	 
	 Sierra O&G Exploración y Producción
	  	 	45	% 
	 Talos Energy Offshore Mexico 7
	  	 	45	% 
	 Premier Oil Exploration And Production México
	  	 	10	% 

 No attempted pledge, assignment or transfer of all or part of a Participating Interest shall be valid or
become effective except as provided in Article 24. 
 2.4 Joint and Several Liability. Each of the Participating
Companies shall be jointly and severally liable for the performance of any and all of the Contractor’s obligations under this Contract. 

2.5 Operator. Talos Energy Offshore Mexico 7 has been designated by the Participating Companies, with the approval of CNH, as the
Operator under this Contract, and as such shall perform the Contractor’s obligations under this Contract in the name and on behalf of each of the Participating Companies. Without prejudice to the foregoing, it is understood that all operational
aspects of Petroleum Activities shall be carried out exclusively by the Operator on behalf of all the Participating Companies. The failure by the Operator to meet its obligations to the Participating Companies shall not relieve or release any of the
Participating Companies from its joint and several liabilities as provided in this Contract. Each of the Participating Companies hereby appoints the Operator as its representative with an authority as broad as necessary to represent such
Participating Company before CNH for any matter related to this Contract. It is hereby understood that any matter agreed between CNH and the Operator shall also bind each of the Participating Companies. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 2.6 Change of Operators. The Participating
Companies may change the Operator, and the Operator may resign from its role as Operator, subject to the prior written consent of the CNH, in the understanding that the new operator shall at least comply with the prequalification criteria
established for the Operator in the bidding process for this Contract, provided that the Change of Operator occurs during the first five (5) years following the Effective Date, or if applicable, that there is evidence that the new operator has
been prequalified by CNH in a bidding process for areas with characteristics similar to the Contract Area of this Contract in the five (5) years prior to the Change of Operator. The change of Operator shall be approved in accordance with
Article 24 of this Agreement and in terms with the Applicable Laws. In the event CNH does not issue a decision during the period set forth in this Contract, it will be deemed to have made in favorable decision. 

2.7 Reporting of Benefits for Accounting Purposes. Without prejudice to the provisions of Article 2.2, the
Participating Companies may report this Contract and the expected benefits hereunder for accounting and financial purposes as provided by the Applicable Laws. 

ARTICLE 3. 
 TERM OF
CONTRACT 
 3.1 Effective Date. This Contract shall become effective on the Effective Date. 

3.2 Term. Subject to the other terms and conditions hereof, the duration of this Contract shall be thirty
(30) Contract Years as of the Effective Date, in the understanding that the provisions which by their nature must be performed after the termination of this Contract, including those related to Abandonment, indemnification and industrial safety
and environmental protection, shall survive its termination. 
 3.3 Extension. If the Contractor has met all of
its obligations under this Contract, it may request from CNH: 
 (a) Beginning on the twenty-fifth anniversary of the Effective Date, an
extension of this Contract for an additional five (5) Years (the “First Additional Term”) provided it compromises to maintain the Regular Commercial Production in the Development Area, with the understanding that the Contractor shall
submit such request at least eighteen (18) Months prior to the termination date of the original term of this Contract; 
 (b) During the
First Additional Term (if any), a second extension of this Contract for an additional five (5) Years (the “Second Additional Term”), provided it compromises to maintain the Regular Commercial Production in the Development Area, with
the understanding that the Contractor shall submit such request at least eighteen (18) Months prior to the termination date of the First Additional Term. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 The Contractor shall provide the following items to CNH, along with the
requests for a First Additional Term and Second Additional Term: (i) a proposal for modification of the applicable Development Plans that will include a proposal for the Risk Management Program that will include the reservoirs maturity degree;
(ii) a Work Program for implementation of the proposed project; (iii) a Budget for the proposed Work Program, and (iv) the production profile anticipated as a result of the proposed Work Program. CNH will review the requests for
extension and will determine whether or not to accept the Contractor’s proposals for extension and, if so, under what technical and economic conditions. If CNH authorize the extensions and the Contractor accepts the technical and economic
conditions of the extensions, the Parties will amend the terms of this Contract in writing to reflect such conditions. 
 3.4
Transition Stage for Startup. As of the Effective Date, a stage of ninety (90) Days will take place in which the CNH or a third party designated for such purpose will deliver to the Contractor the Contract Area and
shall be conducted as follows: 
 (a) CNH will provide the Contractor with the information available at the Effective Date regarding Wells
and Materials, including the Asset Inventory, the environmental authorizations and the information regarding social impacts in the Contract Area; 

(b) The Contractor must document the existence and integrity status of Wells and Materials. The State will supervise that the contractor or
assignee in charge of the Contract Area before the Effective Date performs the activities regarding Abandonment of Wells and Materials without use for the Petroleum Activities; 

(c) The Contractor must initiate the Social Impact Evaluation that shall be conducted in accordance with the Hydrocarbons Law and the
Applicable Laws, which shall allow the identification, characterization and prediction of social impacts, with the purpose of establishing a social base line prior to the beginning of the Petroleum Activities. The State will supervise that the
contractor or assignee in charge of the Contract Area before the Effective Date assumes the identified social liabilities derived from the conduction of the Petroleum Activities conducted prior to the Effective Date; 

(d) The Contractor must perform the assessments that allow the identification, characterization and prediction of environmental liabilities
through a third party authorized by the Mexican Entity of Accreditation, prior authorization from CNH, with the purpose of establishing an environmental base line prior to the beginning of the Petroleum Activities. The State shall supervise that the
contractor or assignee in charge of the Contract Area prior to the Effective Date assumes the expenses related with the settlement, cleaning and remediation of the preexisting environmental liabilities; 

CNH will be able to join the Contractor during the Transition Stage for Startup directly or through an appointed third party in order to review and validate
that the performance of the activities are in accordance with the Industry Best Practices and the Applicable Law; 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 At the end of the Transition Stage for Startup the Contractor shall assume full
responsibility over the Contract Area and over their Wells and Materials, except for such liabilities identified in accordance with subparagraphs (b), (c) and (d) above, and 

Once the responsibility over the Contract Area is assumed, only Preexisting Damages may proceed if they were determined in the environmental base line in
accordance with Article 14.4. 
 The Transition Stage for Startup shall be conducted in accordance with the Applicable Laws. 

3.5 Relinquishment by Contractor. Without prejudice to the provisions in Article 18, the Contractor may at any time
relinquish all or any portion(s) of the Contract Area, thereby terminating this Contract with respect to the relevant portion(s) of the Contract Area, by delivering an irrevocable written notice to CNH at least three (3) Months prior to the
effective date of such relinquishment. Such relinquishment shall not affect the Contractor’s obligations regarding (i) completion of the Minimum Work Program and the Minimum Program Increase, and if applicable, payment of the corresponding
liquidated damages; (ii) Abandonment and delivery of the area pursuant to Article 18, and (iii) relinquishment and return of the Contractual Area in accordance with Article 7. In the case of early termination of this Contract by the
Contractor pursuant to this Article 3.5, the Contractor shall not be entitled to receive any indemnification of any kind. 
 ARTICLE 4.

 EXPLORATION PERIOD 

4.1 Exploration Plan. Within one hundred and twenty (120) Days following the Effective Date, the Contractor
shall submit the Exploration Plan to CNH for its approval. The Exploration Plan shall contemplate at least, the performance of all of the activities provided for in the Minimum Work Program, the Minimum Program Increase and shall include the Risk
Management Program. 
 CNH will grant or deny its approval of the proposed Exploration Plan in a period that will not exceed one hundred and
twenty (120) Days following the receipt of the necessary information pursuant to the terms of the Applicable Laws. In the event CNH does not issue a decision during the period provided, it will be deemed to have made a favorable decision. 

Without prejudice of its ability to approve the Exploration Plan within the period indicated in this Article 4.1, CNH may issue observations
regarding such Exploration Plan, when it: (i) was not drafted as provided by the Industry Best Practices regarding the evaluation of the Hydrocarbons potential, including environmental, industrial security and health in work standards, or
(ii) does not foresee the addition of Reserves nor the delimitation of the corresponding Exploration area within the Contract Area. The Contractor must provide the operative solutions and the 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 correspondent adjustments to the Exploration Plan in response to the observations made
by CNH. Hearings or attendances may be held in order to resolve in good faith any technical difference that may exist regarding to the observations of the Exploration Plan, in accordance with the Industry Best Practices and the Applicable Laws. 

4.2 Initial Exploration Period. The Initial Exploration Period shall have duration of up to four (4) Contract
Years from the Effective Date. The Contractor shall be required to complete at least the Minimum Work Program during the Initial Exploration Period. The Contractor may, carry out during the Initial Exploration Period, a fraction or all of the
Petroleum Activities provided in the Minimum Program Increase, or as applicable, perform them during the Additional Exploration Period. Likewise, it may carry out additional Work Units pursuant to the terms of the Work Programs and Budgets approved
by CNH. Such additional Work Units would be credited in the event that CNH grants the Additional Exploration Period as provided in Article 4.3. 

4.3 Additional Exploration Period. Subject to this Article 4.3, by written notice to CNH at least sixty
(60) Days prior to the termination of the Initial Exploration Period, the Contractor may request an extension of the Exploration Period for two (2) additional Contract Years following the termination of the Initial Exploration Period. The
Contractor may request such extension only if it: (i) has fully complied with the Minimum Work Program during the Initial Exploration Period; (ii) agrees to comply with the Minimum Program Increase not performed during the Initial
Exploration Period, and (iii) agrees in addition to perform at least the Work Units equivalents to one (1) Well during the Additional Exploration Period. CNH will approve such extension, if the three (3) foregoing conditions are
satisfied; it receives the Additional Period Guarantee within ten (10) Business Days after CNH approves the extension and if the Contractor has complied with all of its other obligations under this Contract. 

In the event that during the Initial Exploration Period, the Contractor carried out additional Work Units to those provided in the Minimum
Work Program, the Contractor may request the recognition of such additional Work Units as part of the Additional Exploration Period commitment. Such request must be included in the request for the extension of the Exploration Period as provided in
this Article 4.3. 
 4.4 Failure to Comply with the Minimum Work Program or Additional Commitments. In the event
of failure to comply with the Minimum Work Program, in the Minimum Program Increase or the additional commitments acquired for the Additional Exploration Period, the Contractor shall pay to the Fund, as representative of the Nation, as liquidated
damages: 
 (a) The amount necessary to carry out Work Units of the Minimum Work Program not completed at the end of the Initial Exploration
Period as well as Work Units not completed of the Minimum Program Increase if the Contractor has not been granted with an Additional Exploration Period at the end of the Initial Exploration Period in accordance with this Article 4, calculated as
provided in Article 17.1 (c) and in Annex 5, up to the amount of the Initial Performance Guarantee. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 (b) The amount necessary to carry out the Work Units the Contractor
agreed to perform during the Additional Exploration Period pursuant to Article 4.3 that have not been carried out at the end of the Additional Exploration Period calculated as provided by Article 17.1 (b) and in Annex 5, up to the amount of the
Additional Period Guarantee. 
 (c) In the event that the Contractor relinquishes the entire Contract Area pursuant to Article 3.5, the date
of relinquishment will be deemed to be the end of the Initial Exploration Period or Additional Exploration Period, as the case may be, and the related liquidated damages pursuant to subparagraphs (a) and (b) of this Article 4.4 will be
applicable. 
 (d) CNH may make effective the Performance Guarantee in the amount of the corresponding liquidated damages in case the
Contractor fails to pay such amounts to the Fund within fifteen (15) Days following the end of the Initial Exploration Period or the Additional Exploration Period, as the case may be. 

Without prejudice of the provisions of this Contract, once the Contractor pays the amounts described in subparagraphs (a) and (b), or in
the event the Performance Guarantee is made effective pursuant to subparagraph (d) of this Article 4.4, it will be considered that the Contractor has corrected the breach of the Minimum Work Program, the Minimum Program Increase or the
additional commitments acquired for the Additional Exploration Period. 
 4.5 Formation Testing. If the
Contractor conducts a formation test in any exploration Well, it shall notify CNH at least ten (10) Days prior to the commencement of the formation test. The Contractor shall submit the data derived directly from the test to the National
Hydrocarbons Information Center within fifteen (15) Days following completion of the test. Within ninety (90) Days from completion of the formation test, the Contractor shall submit the relevant information to CNH, along with technical
studies and reports conducted after the formation test. 
 4.6 Notice of a Discovery. The Contractor shall
provide notice to CNH within five (5) Business Days after any Discovery is confirmed. In addition, within fifteen (15) Days from giving notice of the Discovery, the Contractor shall submit to CNH: (i) all available Technical
Information related to the Discovery, including details as to quality, flow and geological formations; (ii) a report analyzing such information and establishing details related to a possible Well testing program, and (iii) its preliminary
criteria as to the advisability of conducting an Appraisal of such Discovery, pursuant to the Applicable Laws. 
 ARTICLE 5. 

APPRAISAL 
 5.1
Appraisal. In the event of a Discovery during the Initial Exploration Period, or Additional Exploration Period, as the case may be, the Contractor may submit to CNH for approval a Work Program and the corresponding Budget
for Appraisal activities related to such Discovery, in such case, the provisions of Article 5.2 shall apply. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 5.2 Appraisal Program. The Work Program for
Appraisal activities submitted pursuant to Article 5.1 shall establish the Work Program for Appraisal of the relevant Discovery for a period of twelve (12) Months as of the date of approval of such program, which may be extended for up to an
additional twelve (12) Months with the approval of CNH when the technical or commercial complexity of the development of the relevant Discovery merits such an exception (the “Appraisal Period”), except in case of a Non-Associated Natural Gas Discovery, in which the duration shall be subject to the provisions of Article 5.3. The Work Program for Appraisal of the Discovery shall cover the entire area of the structure in which
the Discovery was made (the “Appraisal Area”), and shall contain at a minimum the items indicated in Annex 6, with a sufficient scope to allow for an appraisal to determine whether the Discovery can be considered as a Commercial Discovery.
In the event CNH denies the approval of the proposed Work Program, CNH shall establish the legal causes and the motivation of such resolution. The Contractor shall commence the Appraisal activities in accordance with the terms of the approved Work
Program. 
 CNH will decide on the proposed Work Program for Appraisal activities within a period not exceeding sixty (60) Days
following the receipt of the necessary information pursuant to the terms of the Applicable Laws. CNH may not deny its approval without cause 

5.3 Non Associated Natural Gas Discovery. The Appraisal Period for a
Non-Associated Natural Gas Discovery shall last twenty four (24) Months, extendable prior approval from CNH for twelve (12) additional Months considering the requirements related to the technical and
commercial complexity of such Non-Associated Natural Gas Discovery. 
 5.4 Hydrocarbons
Extracted During Tests. Hydrocarbons obtained from performance of any test made to determine the characteristics of a reservoir and its production flows shall be delivered to the Marketer at the location established in the Work
Program approved by CNH for the Appraisal activities. The Fund will receive from the Marketer the revenues resulting from marketing and will transfer to the Contractor the corresponding amounts that correspond in accordance with the mechanisms
indicated in Annex 3. With respect to the calculation and payments executed by the Fund in accordance with this Article 5.4., the Hydrocarbons obtained during the performance of any test made to determine the characteristics of the reservoir and the
production flows will be considered as Regular Commercial Production. 
 5.5 Appraisal Report. No later than
thirty (30) Days following the end of the Appraisal Period for any type of Discovery, the Contractor shall deliver to CNH a report of all Appraisal activities carried out during such Appraisal Period, containing the minimum information
indicated in Annex 7. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 ARTICLE 6. 

DECLARATION OF COMMERCIALITY AND DEVELOPMENT PLAN 

6.1 Commercial Discovery. No later than sixty (60) Days after the end of the Appraisal Period, the Contractor
shall inform CNH whether it considers the Discovery to be a Commercial Discovery, in which case the Contractor shall submit a Development Plan for such Commercial Discovery in accordance with Article 6.2, without prejudice to the Contractor’s
obligation to continue the Surface Reconnaissance and Exploration, Exploration and Appraisal activities pursuant to the Exploration Plan in the rest of the Contract Area until the end of the Exploration Period or completion of the Minimum Work
Program and the Minimum Program Increase. The declaration of a Commercial Discovery shall include a delimitation of the Development Area, which shall require the approval of CNH. 

6.2 Development Plan. Within the Year following the declaration of a Commercial Discovery, the Contractor shall
submit to CNH for its approval the corresponding Development Plan. The Development Plan shall cover the entire Development Area, including at a minimum the information required by Annex 8 and the use of adequate methods and processes to obtain the
maximum ultimate recovery factor for the Reserves, in compliance with Industry Best Practices, and shall be designed to allow for the optimization of the economic benefit of the Field, avoiding excessive decline of production rates or pressure, has
the correspondent program of use of Natural Gas and the measurement of Hydrocarbons production mechanisms. CNH will grant or deny its approval for the proposed Development Plan in a period not exceeding one hundred twenty (120) Days following
the receipt of the necessary information pursuant to the terms of the Applicable Laws. In the event CNH does not issue a decision during the provided period, it will be deemed to have made in favorable decision. 

6.3 Observations to the Development Plan by CNH. Without prejudice of the ability of CNH to approve the Development
Plan in terms of Article 6.2, CNH may issue observations to any Development Plan submitted by the Contractor, when it is determined that: 
 (i) it modifies
to the measurements systems and/or Measurements Points; (ii) it modifies the programs of efficient use of Natural Gas; (iii) that the Hydrocarbon Reserves in the Development Area would be exploited at excessive or insufficient rates;
(iv) that there would be an excessive loss of pressure in the reservoir or it would not be possible to achieve the optimal separation distance between Wells; (v) the proposed Development Plan is not consistent with Industry Best Practices,
including environmental, industrial safety and occupational health standards; (vi) that the proposed Development Plan does not include a compliance program of national content percentage, and a technology transfer program; (vii) that the
project of Development Plan breaches any other provision of this Contract; (viii) that there would be a violation of the Applicable Laws, including environmental, industrial safety and occupational health standards; (ix) the degree of
environmental risk assumed would be unacceptable pursuant to the 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 Applicable Laws; (x) the Risk Management Program is not effective to manage risks
within acceptable levels or is not derived from a correct application of the Management System, or (xi) there would be a violation of the Management System or an adverse impact on the environment. The Contractor must offer the operative
solutions and the corresponding adjustments to the Development Plan in order to attend the observations from CNH. Hearings or attendances may be held in order to resolve in good faith any technical difference that may exist regarding to the
observations of the Development Plan, in accordance with the Industry Best Practices and the Applicable Laws. CNH may consult the Agency and the Ministry of Economy within the scope of its legal attributions. 

6.4 Compliance with Development Plan and Modifications. The Contractor shall develop the Commercial Discovery in
accordance with the approved Development Plan. The Contractor may propose changes to the Development Plan subject to approval by CNH. CNH may consult the Agency and the Ministry of Economy within the scope of their legal attributions and will decide
on the proposed changes on the terms provided by the Applicable Laws. 
 6.5 Additional Exploration Activities.
Once the Exploration Period ends, after the reduction and return of the area referred to in subparagraphs (a), (b) and (c) of Article 7.1 and in the event the Contractor determines the possibility of existence of Hydrocarbons on a subsoil
structure or stratigraphic trap located in the Contract Area in a different depth on any Development Area, the Contractor shall send notice to CNH and may submit a new Exploration Plan in order to be approved by CNH with the purpose of carrying out
the Petroleum Activities deemed convenient in such subsoil structure or stratigraphic trap including the corresponding Work Program and Budget. The terms and deadlines for the approval of CNH of the Exploration Plan, Work Program and Budget shall be
subject to the provisions in Articles 4, 10 and 11. The aforementioned without prejudice of the reduction and return of the area referred in subparagraph (d) of Article 7.1. 

ARTICLE 7. 
 REDUCTION
AND RETURN OF THE CONTRACT AREA 
 7.1 Rules of Reduction and Return. The Contractor shall relinquish
and return the Contract Area as set forth below: 
 (a) If the Contractor is not granted the Additional Exploration Period, upon termination
of the Initial Exploration Period, the Contractor shall relinquish and return one hundred percent (100%) of the Contract Area that does not have a Development Plan approved by CNH, unless it has been designated as an Appraisal Area. Upon termination
of the corresponding Appraisal Period(s), the Contractor shall relinquish and return one hundred percent (100%) of the relevant Appraisal Areas if, within the time periods provided by this Contract, it does not declare a Commercial Discovery or,
having declared a Commercial Discovery, it does not submit a Development Plan for approval by CNH, or having submitted a Development Plan, it is not approved by CNH pursuant to the Applicable Laws; 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 (b) Notwithstanding the provisions of Article 7.1 (a), if the Contractor
was granted the Additional Exploration Period, upon termination of the Additional Exploration Period, the Contractor shall relinquish and return no less than fifty percent (50%) of the Contract Area that does not have a Development Plan approved by
CNH; 
 (c) Upon termination of the Additional Exploration Period, the Contractor shall relinquish and return one hundred percent (100%) of
the Contract Area that does not have a Development Plan approved by CNH, unless it has been designated an Appraisal Area. Upon termination of the corresponding Appraisal Period(s), the Contractor shall relinquish and return one hundred percent
(100%) of the relevant Appraisal Areas if, within the time periods provided by this Contract, it does not declare a Commercial Discovery or, having declared a Commercial Discovery, it does not submit a Development Plan for approval by CNH, or having
submitted a Development Plan, it is not approved by CNH pursuant to the Applicable Laws, 
 (d) In the event an extension of the term of this
Contract is granted and upon a period of time of thirty (30) Years as of the Effective Date, the Contractor shall relinquish and return one hundred percent (100%) of the subsoil structures and stratigraphic traps excluded from the Development
Plan that is modified in accordance with Article 3.3, and 
 (e) Upon termination of this Contract for any reason or in the event CNH
rescinds this Contract, the Contractor shall relinquish and return one hundred percent (100%) of the Contract Area, including any Appraisal Area and Development Area. 

7.2 No Reduction of Other Obligations. The provisions of Article 7.1 shall not be deemed to diminish the
Contractor’s obligations to perform the Minimum Work Program, the Minimum Program Increase, the additional commitments acquired for the Additional Exploration Period or the Work Program for such Additional Exploration Period, as the case may
be, or its obligations regarding Abandonment activities. 
 7.3 Shape of Portion Subject to Reduction and Return.
Portions of the Contract Area that are returned pursuant to Article 7.1 (b) shall be contiguous and shall form regular polygons in accordance with the Applicable Laws. 

7.4 Decrease of Percentage of Reduction and Return. In exceptional circumstances, including the notice of a Sub-Salt Discovery the Contractor may submit to CNH for approval, up to sixty (60) Days prior to expiration of the Initial Exploration Period, a request for the reduction of the percentage indicated in Article
7.1 (b). Such request shall be accompanied by a Work Program and an additional investment commitment that is duly guaranteed and justifies the retention of such area. CNH may approve the retention proposal of the areas resulting from the reduction
of the percentage indicated in Article 7.1 (b) when CNH considers the foregoing requirements are met and it is demonstrated that it is required for the optimal commercial development of the area. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 ARTICLE 8. 

PRODUCTION ACTIVITIES 

8.1 Production Profile. Beginning in the Year in which the commencement of Regular Commercial Production is
expected, the Contractor shall include in its Work Programs a production forecast for each Well and for each reservoir. The Work Programs shall contemplate the production of Hydrocarbons at the optimal rate, in accordance with Industry Best
Practices. 
 8.2 Facilities. The Contractor shall be obligated to carry out all construction, installation,
repair and reconditioning of the Wells, Gathering Facilities and any other facilities necessary for production activities, in accordance with the Work Programs approved by CNH and in compliance with the Risk Management Program. The Contractor shall
maintain all Materials used in the Petroleum Activities in good working condition in accordance with the Management System, Industry Best Practices and the recommendations of the manufacturers of the Materials. 

ARTICLE 9. 

UNITIZATION 
 9.1
Unitization Procedure. The Contractor shall notify the Ministry of Energy and CNH within a period that shall not exceed (60) Business Days upon gathering the sufficient elements by which the existence of a shared
reservoir is inferred. Such notice shall contain at least: (i) the underpinned technical analysis that determines the possible existence of a shared reservoir; (ii) the general characteristics of the shared reservoir; (iii) the
geological, geophysical and other types of assessments used to determine the possible existence of such shared reservoir including, given the case, the information obtained during the drilling of Wells that helped determine that the Discovery
exceeded the limits of the Contract Area; (iv) a proposal of a Work Program for the Petroleum Activities prior to the unitization agreement between the Contractor and/or the third parties involved, and (v) additional information the
Contractor deems convenient. 
 Once the notice is received, the following shall occur: 

(a) CNH will send to the Ministry of Energy, in a period not exceeding forty five (45) Business Days upon the corresponding information
receipt, its technical opinion regarding the possible existence of a shared field. 
 (b) Upon the receipt of the information referred to in
subparagraph (a) the Ministry of Energy shall have ten (10) Business Days to send to the Ministry of Finance the opinion prepared by CNH and other information deemed necessary to submit its opinion regarding the unitization in a period not
exceeding thirty (30) Business Days. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 (c) Once the opinion of the Ministry of Finance has been received, the
Ministry of Energy shall have thirty (30) Business Days to instruct the Contractor about the unitization of the shared reservoir and will request to the Contractor the information referred to in the Applicable Laws regarding the unitization
agreement. The Contractor shall have one hundred and twenty (120) Business Days to submit such information. 
 (d) In the event the
Contractor does not submit to the Ministry of Energy the information referred in subparagraph (c) above and other information indicated in the Applicable Laws, the Ministry of Energy shall establish the terms and conditions under which the
unitization shall be conducted. The aforementioned, during the next Year upon the end of the term referred in subparagraph (c) above. 

Based on the unitization agreement and on the participation proposal in the Petroleum Activities prior to the unitization agreement, as
applicable, CNH may approve the assigned operator for the conduction of the activities of Exploration and Extraction in the shared reservoir, in a such way that the corresponding Work Units may be distributed among the parties as per the established
participation in the unitization agreement. Further, the activities developed for the determination of the existence of a shared field shall be considered towards the fulfilment of with the Minimum Work Program, the Minimum Program Increase or, in
such case, the additional commitments acquired for the Additional Exploration Period. 
 9.2 Nonexistence of Contractor or
Assignee. As provided by Article 9.1 and given the case that a reservoir is partially located in an area without a current assignation or contract for Exploration and Extraction, the Contractor shall notify to CNH the geological,
geophysical and other types of assessments used to determine the existence of such shared reservoir, including, in such case, the information obtained during the drilling of the Wells by which it was determined that the Discovery exceeded the limits
of the Contract Area. The Contractor may continue its activities within the Contract Area, which shall be considered in the Exploration Plans and Development Plans approved by CNH. On their end, the Ministry of Energy will determine the juridical
instrument that will be used to carry out with the Petroleum activities in the area without current assignation or contract for Exploration and Extraction. Without prejudice of the above, the Contractor may submit for the consideration of the
Ministry of Energy the areas with shared reservoirs as provided by article 29 section I of the Hydrocarbons Law. Such proposal will not be binding, nor will grant preferential rights in relation to the awards for the corresponding contracts for
Exploration and Extraction. 
 ARTICLE 10. 

WORK PROGRAMS 

10.1 Work Programs. The Contractor shall submit to CNH for approval annual Work Programs for each of the Petroleum
Activities including Abandonment. CNH will decide on the proposed Work Program in a period not to exceed thirty (30) Days following its receipt of the necessary information The Work Programs shall contain a detailed list of the individual
activities it plans to conduct and the estimated time for each of such activities. During the Exploration Period, the Work Programs shall comply with the Minimum Work Program, Minimum Program Increase

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 and the Exploration Plan, and during any Development Period, the Work Programs shall
comply with the relevant Development Plan. All Work Programs shall comply with Industry Best Practices, the Applicable Laws, the Management System and the other terms and conditions under this Contract. 

The approval of the first Work Program for the Exploration Period or Development Period will be granted simultaneously with the approval of
the Exploration Plan or the Development Plan as corresponds, in accordance with Article 4.1 and 6.2. 
 CNH may deny approval of the Work
Program if the Contractor. (i) does not comply with the Minimum Work Program, the Minimum Program Increase, or the additional commitments made for the Additional Exploration Period, as applicable; (ii) the Work Program submitted during the
Development Period modify the Development Plan or the Exploration Plan approved, or (iii) the Work Program does not comply with Industry Best Practices. 

10.2 Work Program in Exploration Period. The first Work Program of the Exploration Period will be submitted
simultaneously with the Exploration Plan for approval of CNH. Such first Work Program in the Exploration Period shall cover the Petroleum Activities to be conducted during the first Contract Year and throughout the rest of the Year in which the
first Contract Year ends. Thereafter, the Contractor shall submit the Work Program for each Year no later than September 30 of the immediately preceding Year. 

10.3 Work Program in Development Period. The first Work Program for each Development Period shall be submitted
along with the Development Plan and shall include the Petroleum Activities to be conducted during the rest of the Contract Year in which a Commercial Discovery is declared and the Petroleum Activities to be carried out during the rest of the Year in
which such Contract Year ends. The Contractor shall submit the Work Program for each subsequent Year, or its update, no later than September 30 of the immediately preceding Year. All Work Programs submitted in the Development Period shall
contain a monthly production estimate for the applicable Year, as well as a forecast of the total production of the Commercial Discovery throughout the full term of the Contract. 

10.4 Observations by CNH. CNH shall communicate to the Contractor any observations it may have regarding any Work
Program. CNH shall approve the WorkPrograms if they comply with: (i) the Minimum Work Program, the Minimum Program Increase, Exploration Plan and the Development Plan, as applicable; (ii) the terms of the Accounting Procedures and the
other terms and conditions of this Contract; (iii) Industry Best Practices; (iv) the Management System, and (v) the Applicable Laws. The Contractor shall modify and resubmit for written approval any Work Program that may have been
commented on by CNH. The Contractor may not conduct any activities not included in an approved Work Program, except in the case of an emergency pursuant to Article 22.5. Notwithstanding the authority to approve the Work Programs by CNH, the
Contractor must provide the operative solutions and the correspondent adjustments to the Work Program attending the observations from CNH. Hearings or attendances may be held in order to resolve in good faith any technical difference that may exist
regarding to the observations of the Work Program, in accordance with the Industry Best Practices and the Applicable Laws. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 If it is useful for the Petroleum Activities, the Contractor may request approval from
CNH to modify an approved Work Program in accordance with the Applicable Laws. Such request shall describe the rationale and benefits of the proposed changes and shall contain a comparison of the new Work Program to the Work Program approved by CNH,
as well as any other information required pursuant to the Applicable Laws. CNH shall communicate to the Contractor any objection or observation it may have regarding the proposed modifications, it being understood that CNH shall approve them if the
Contractor demonstrates that the proposed changes comply with the terms and conditions of this Contract (including the Minimum Work Program, the Minimum Program Increase, the Exploration Plan and, as the case may be, the Development Plan), Industry
Best Practices, the Management System and the Applicable Laws. 
 In the event the Contractor identifies the possible existence of a Sub-Salt Discovery, the Work Program presented by the Contractor for approval of CNH or the modified Work Program in accordance with this Article 10.5 shall foresee the acquisition and processing of adequate
technologies for the confirmation of such Sub-Salt Discovery in accordance with the Industry Best Practices. 

10.5 Drilling of Wells. Prior to the drilling any Well, the Contractor shall obtain the required permits and
authorizations pursuant to the Applicable Laws. Once the authorization for the drilling of a Well is received, the Contractor will be obligated to comply with the terms and conditions related to the authorization and the required technical
specifications described in the approved Work Program, unless there are Obstacles to the Continuation of Drilling. 
 10.6 Drilling and
Geophysical Reports. 
 (a) During the drilling of any Well and until the termination of drilling activities, the Contractor shall send to CNH the
drilling reports required by the Applicable Laws. The Contractor shall maintain a digital record, in original form and available for good quality copy, of all the geological and geophysical information related to the Contract Area and shall deliver
to CNH a copy of such information, including the log files for the Wells, to CNH. 
 (b) Upon completion of any Well, the Contractor shall submit a final
Well completion report containing at a minimum the information required by the Applicable Laws. 
 10.7 Progress
Reports. Within ten (10) Business Days following the end of each Quarter, the Contractor shall submit to CNH a detailed progress report showing the progress of the Petroleum Activities during the immediately preceding Quarter,
under the terms of the approved Development Plan, and as minimum the following information: 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 (a) A report of performance in industrial safety, operational safety and environmental
protection based on the indicators in the Management System and those determined by the Agency and 
 (b) A report summarizing compliance by the Contractor
and Subcontractors with the procedures regarding operational reliability, safety, health and environmental protection. 
 10.8
Activities Not Requiring Approval. Except as provided by the Applicable Laws, once CNH approves the Petroleum Activities to be conducted by the Contractor under each Work Program, the Contractor will not be required to
obtain the approval from CNH regarding details of the design, engineering and construction of the facilities contemplated by the approved Work Program, nor of the details about the manner in which they will be operated. 

ARTICLE 11. 
 BUDGETS
AND RECOVERABLE COSTS 
 11.1 Budgets. The Contractor shall submit to CNH for its approval, in
accordance with the Accounting Procedures, a budget of the Costs to be incurred in implementation of each Work Program, simultaneously with the submission of such Work Programs. CNH will decide on the proposal of Budgets in a simultaneously with the
approval of the corresponding Work Program. All proposed Budgets shall be commercially viable, reasonable and consistent with the requirements of this Contract, its annexes and Industry Best Practices. The draft Budgets shall: (i) be
denominated in Dollars; (ii) include a detailed estimate of Costs necessary to implement the Petroleum Activities described in the Work Program corresponding to the Budget; (iii) include a schedule of estimated expenditures of the Costs;
(iv) specify any assumption or premise on which it is based, and (v) have a scope broad enough so as to allow CNH the adequate evaluation of the Costs based on the Accountability Proceedings and the Costs catalogue included in Annex 4. The
Contractor shall also provide supporting documents for all its Cost estimates. The draft Budgets shall be consistent with the relevant Exploration Plan or Development Plan, as the case may be, and the relevant Work Program. 

11.2 Exploration Budgets. The first Budget for the Exploration Period shall be submitted simultaneously with the
Exploration Plan. Such first Budget shall include the Costs to be incurred during the first Contract Year and the Costs to be incurred during the remaining portion of the Year in which the first Contract Year ends. The Contractor shall submit the
Budget for each subsequent Year no later than September 30 of the immediately preceding Year. 
 11.3 Development
Budgets. The first Budget for any Development Period shall be submitted simultaneously with the related Development Plan. Such first Budget shall include the Costs to be incurred during the remaining portion of the Contract Year in
which the relevant Commercial Discovery is declared and during the remaining portion of the Year in which such Contract Year ends. The Contractor shall submit the Budget for each subsequent Year no later than September 30 of the immediately
preceding Year. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 11.4 Modifications. The Contractor may not
modify an approved Budget without the consent from CNH. Any request for a change to the Budget shall be consistent with Article 10.5 and, if applicable, shall contain the reasons for deviations from the Costs originally listed in the Budget. 

11.5 Accounting of Contractor’s Costs. Any accounting performed by the Contractor related to the performance
of its obligations under this Contract, shall be recorded in the Operating Account, regardless of the currency used or the place of payment, as provided in the Accounting Procedures. 

11.6 Recoverable Costs. Costs incurred in relation to the Petroleum Activities will be considered Recoverable Costs
under this Contract only if they meet the terms of the guidelines issued by the Ministry of Finance in effect on the date of award, and the Accounting Procedures. Approval of the Work Programs and Budgets by CNH means only that the Contractor has
technical authorization to conduct the activities established in the approved Work Programs and to incur Costs and expenses related to such activities. Once all Costs associated with the Work Programs are incurred, any Cost actually incurred may be
considered a Recoverable Cost, only if it complies with all of the requirements set forth in the guidelines issued by the Ministry of Finance in effect as of the awarding date of this Contract and the Accounting Procedures. 

11.7 Procurement of Goods and Services. All procurement of goods and services relating to the Petroleum Activities
shall be subject to principles of transparency, economy and efficiency, and shall comply with Annex 10. 
 11.8 Recordkeeping
Requirement. The Contractor shall keep at its offices in Mexico all accounting books, supporting documents and other records related to the Petroleum Activities as established by the Accounting Procedures. All such records shall be
available for inspection, review and audit by any Person designated by the Ministry of Finance or any other competent Governmental Authority. Records for all transactions in the Operating Account shall be kept starting from the Effective Date and up
to five (5) Years after termination of this Contract. 
 11.9 Contractor’s Transactions with Third Parties.
The Contractor agrees to include in all of its transactions with third parties in connection with this Contract, including, but not limited to, the procurement of goods and services and the marketing of Hydrocarbons allocated to it as
Consideration, a provision establishing that upon request by the Fund, the Ministry of Finance or CNH, such third party shall be required to deliver directly to the requesting party information regarding its transactions with the Contractor under
the Contract. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 ARTICLE 12. 

MEASUREMENT AND RECEPTION OF NET HYDROCARBONS 

12.1 Volume and Quality. The volume and quality of the Net Hydrocarbons shall be measured and determined at the
Measurement Points pursuant to the procedures established by the Applicable Laws. Additionally, CNH may request measurement of the volume and quality of the Produced Hydrocarbons at the Well head, in separation batteries or at points along the
Gathering and Storage systems, in which case the Contractor shall furnish and install the additional equipment necessary to conduct such measurements. All information relating to the measurement of the Hydrocarbons under this Contract shall be
reported to CNH in accordance with the Applicable Laws. 
 12.2 Procedures for Reception. No later than one
hundred eighty (180) Days prior to the commencement of Regular Commercial Production, the Contractor shall propose to CNH procedures for the delivery and receipt of Net Hydrocarbons. Such procedures shall govern the scheduling, Storage,
measurement and quality monitoring of the Net Hydrocarbons delivered at the Measurement Points. The procedures shall comply with the provisions of this Contract, Chapter 11 of the latest version of the Manual of Petroleum Measurement Standards of
the American Petroleum Institute, Industry Best Practices and the Applicable Laws, and shall cover the following matters, among others: (i) the measurement systems; (ii) short-term production delivery forecasts; (iii) scheduling of
delivery and receipt; (iv) environmental protection measures, and (v) the liabilities derived from the guardianship and custody of the Hydrocarbons from the Wells to the Measurement Point. CNH will review the Contractor’s proposed
procedures and will indicate any objection or observation to the Contractor within thirty (30) Days following its receipt thereof. Without prejudice of the ability of CNH to approve the delivering and reception procedures for Net Hydrocarbons
from the CNH, the Contractor shall attend the observations made by CNH in the procedures and shall submit a new version attending such observations within thirty (30) Days following its receipt thereof. Hearings or attendances may be held in
order to resolve in good faith any technical difference that may exist regarding to the observations of the procedures, in accordance with the Industry Best Practices and the Applicable Laws. 

12.3 Installation, Operation, Maintenance and Calibration of Measurement Systems. The Contractor shall be
responsible for the installation, operation, maintenance and calibration of the measurement systems, under CNH’s supervision. The measurement system shall be supplied by the Contractor and will require approval by CNH, which will verify
compliance with the Applicable Laws and Industry Best Practices. At the Contractor’s expense, an independent third party approved by CNH shall verify that the measurement system, its operation and its management are suitable and that it is
measuring the volumes and quality of the Hydrocarbons within the parameters of uncertainty and tolerance established by CNH. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 12.4 Records. The Contractor shall keep
complete and accurate records of all measurements of the Hydrocarbons and shall make available to CNH a true copy of such records. In addition, the Contractor shall deliver the reports established by the Applicable Laws. Representatives of CNH will
be entitled to inspect and examine the measurement systems, their operation and management, and to witness, along with the Contractor, the calibration tests. The measurement systems shall also allow the Parties to conduct measurement in real time at
the Measurement Points with remote access to the information. 
 12.5 Measurement System Malfunction. If derived
from a test or supervision shows that any component of the measurement systems does not comply with the specifications, is malfunctioning or is incorrectly calibrated, the Contractor shall repair it immediately and ensure that it is in good working
order within no more than seventy-two (72) hours after the defect is detected or notice of the defect was received from CNH. If derived from any test or supervision determines that an element of a
measurement system is inaccurate by more than one percent (1%) or is out of order, the Contractor shall perform an adjustment to correct the inaccuracy of the readings taken by the defective measurement system during the period in which the
inaccuracy was found or the measurement system remained nonoperational. If the period of inaccuracy or operational failure cannot be determined by testing or supervision, the Contractor shall propose to CNH the proper adjustment. 

In the event CNH fails to consider as adequate the adjustment proposal of the Contractor within ten (10) Days from the date the
inaccuracy or failure, as the case may be, was discovered, measurement shall be conducted using appropriate backup meters. 
 In case of
failures or inaccuracies of the measurement systems where backup meters have not been installed, have failed, or have been found to be inaccurate by more than one percent (1%), then the following shall be observed: (i) the period during which
measurements shall be adjusted will be the second half of the period beginning at the time of the last test of the malfunctioning measurement systems and (ii) the amounts of Hydrocarbons delivered during such adjustment period shall be
estimated based on all available information, including the records of any Hydrocarbon marketing. 
 To the extent that such adjustment
period includes a delivery period for which the State Consideration or the Contractor Consideration has been paid, measurements adjusted pursuant to this Article 12.5 shall be used to recalculate the amount due for the period of inaccuracy as
provided in Annex 3. If as a result of applying the adjusted measurements it is required to adjust the paid balance of the State and Contractor Considerations such adjustments shall be made as provided by Annex 3. 

12.6 Replacement of Measurement System. If for duly justified reasons the Contractor decides to replace any
measurement system or any related elements or software, it will proceed as provided by the Applicable Laws, and will give CNH notice to allow its representatives to be present during the replacement if they consider it appropriate. 

12.7 Access to Measurement Systems. Under the legal frame of the supervision attributions, CNH may verify that the
measurements systems has been built, kept and operated as provided by the approved Development Plan and, given the case, 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 may order the installation or install measurement instruments. To conduct such
supervision, CNH may allow third parties to use any instrument or technological mechanism as deemed necessary. The Contractor shall allow duly identified officials of CNH or anyone designated by it to have access to the Contractor’s facilities,
equipment, systems, software and documentation related to Measurement, as well as provide them with the support they may need during inspection or verification visits. 

12.8 Measurement Point Outside the Contract Area. The Contractor may request, or CNH may require, derived from the
correspondent Development Plan, to locate the Measurement Point out of the Contract Area. In the event a share of the Measurement Point with areas operated by a third party different to the Contract Area is foresaw, the Contractor may present for
CNH approval the correspondent agreement for the shared use of facilities between the parties as provided by the Applicable Law and the Industry Best Practices. 

ARTICLE 13. 

MATERIALS 
 13.1
Ownership and Use of Materials. During the term of this Contract, the Contractor shall retain ownership of all Materials generated by or acquired for use in the Petroleum Activities. Ownership of such Materials shall be
automatically transferred to the Nation, that will be free of any lien, without any charge, payment or indemnification, upon termination of this Contract for any reason, or given the case that CNH rescinds this Contract and without prejudice of the
correspondent settlement, in the understanding that the Contractor shall carry out the transfer of the Materials in the a good working condition, subject to normal wear and tear resulting from their use in the Petroleum Activities in terms of
articles 28, fraction VII and 33 of the Hydrocarbons Revenue Law. The Contractor shall formalize the transfer of Materials to CNH or the assigned third party by CNH during the Final Transition Stage. The Contractor shall take all necessary and
appropriate actions to formalize such transfer. The Contractor shall not use the Materials for any purpose other than conducting Petroleum Activities in accordance with this Contract. The transfer of Materials pursuant to this Article 13.1 shall
exclude Materials leased by the Contractor and Materials owned by Subcontractors, provided that the lessors and Subcontractors are not Affiliates of the Participating Companies. 

13.2 Leases. The Contractor may lease assets to conduct the Petroleum Activities, provided that the lease
agreements shall expressly indicate that in the event of an early termination of this Contract for any reason, CNH will have the option to request the lease agreements to be assigned to a third party designated by CNH on the same terms and
conditions as the original lease agreement establishes. The Contractor may not lease the Gathering Facilities. 
 13.3 Purchase
Option. In cases where the Contractor has the right to acquire leased assets, it shall exercise the purchase option, unless it has prior approval from CNH to do otherwise. The Contractor shall ensure that all agreements containing
purchase options shall provide that such option may be exercised by the Contractor or by 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 CNH on the same conditions. In addition, where the agreement is for the use of drilling
equipment, the Contractor shall use its best efforts to negotiate an option to renew or extend the contract term and the right to assign the purchase option on the same terms and conditions to a third party designated by CNH. 

13.4 Disposition of Assets. The Contractor may not sell, lease, encumber, pledge or otherwise dispose of the
Materials without the consent of CNH and must do so in accordance with guidelines issued by the Ministry of Finance. The proceeds of the disposal of Materials shall be treated as provided in Annex 4. 

ARTICLE 14. 

ADDITIONAL OBLIGATIONS OF THE PARTIES 

14.1 Additional Obligations of the Contractor. In addition to its other obligations hereunder, the Contractor
shall: 
 (a) Conduct the Petroleum Activities continuously and efficiently in accordance with the Exploration Plan, the Development Plan,
the Work Programs approved by CNH and Industry Best Practices, as well as all other terms and conditions of this Contract, the Management System and the Applicable Laws; 

(b) Conduct, under its own responsibility, the Extraction, Gathering and displacement of Hydrocarbons at the Measurement Point; 

(c) Supply all personnel and all technical, financial and other resources of any other kind necessary to conduct the Petroleum Activities; 

(d) Obtain from any Governmental Authority on a timely basis all the permits needed to carry out the Petroleum Activities; 

(e) Acquire on a timely basis all the Materials required for the Petroleum Activities and ensure that they are adequate for their purpose; 

(f) Each of the Participating companies shall be up to date on all of its Tax Obligations as established in the Applicable Laws, be a resident
of Mexico for tax purposes, have as it sole purpose the Exploration and Extraction of Hydrocarbons and not pay taxes under the optional tax regime for groups of companies referenced in Chapter VI of Title II of the Income Tax Law; 

(g) Provide to CNH with all information, data and interpretations related to the Petroleum Activities, such as scientific and technical data
obtained as a result of its work, including electrical, sonic and radioactivity profiles, among others; seismic tapes and lines; samples from Wells; cores and formations; maps and topographic, geological, geophysical, geochemical and drilling
reports, and any other similar information and geological, geophysical and reservoir appraisal reports; 
 (h) Keep within Mexico complete
records of all the Petroleum Activities conducted under this Contract; 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 (i) Provide CNH all the information related to the existence of mineral,
hydrological and other resources discovered as a result of the Petroleum Activities; 
 (j) Refrain from drilling from the Contract Area any
Well that could go beyond the vertical projection of the Contract Area except in the case of unitized reservoirs in accordance with instructions established by the Ministry of Energy; 

(k) Identify each Well in accordance with the Applicable Laws and include that reference in all maps, drawings and other similar records kept
by the Contractor; 
 (l) Adequately plug Wells prior to their abandonment so as to avoid pollution, damage to the environment or possible
damage to Hydrocarbon deposits; 
 (m) Allow and assist the representatives of the Agency, CNH, the Ministry of Finance and of any other
authority to carry out the inspections of the Petroleum Activities and of all facilities, offices, accounting books and records and any other information related to the Petroleum Activities, and provide such representatives, free of charge, with the
necessary assistance to exercise their attributions under this Contract, including (in the case of Field operations) transportation, housing, meals and other services, under the same conditions as provided by the Contractor to its own personnel;

 (n) Comply with requests for information from the competent authorities, including CNH, the Agency, the Ministry of Energy, the Ministry
of Finance and the Fund; 
 (o) Ensure that Hydrocarbons discovered in the Contract Area are not spilled or otherwise wasted in any other
manner, and avoid damage to strata containing Hydrocarbons and those containing water deposits; 
 (p) Use qualified personnel and state-of-the-art Materials and technology according to Industry Best Practices; 

(q) Implement, and ensure that the Subcontractors implement, appropriate measures to protect life, archaeological discoveries and the
environment in accordance with the Management System and the Applicable Laws; 
 (r) Implement the emergency response plans provided in the
Management System of any emergency situation and Act of God or Force Majeure event (including explosions, ruptures, leaks or other accidents that cause or may cause damage to the environment or threaten or may threaten personal safety or health) in
order to mitigate their effects, and inform the Agency and CNH in appropriate detail of the emergency and the measures taken with respect thereto; 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 (s) Each of the Participating Companies shall immediately inform CNH of
any judicial or administrative proceedings involving the Contractor which relate to this Contract or the Petroleum Activities; 
 (t)
Implement all necessary measures to prevent or reduce losses, mitigate and remedy any damage caused by the Petroleum Activities, and 
 (u)
Maintain, upon its termination, at least the same financial, expertise, technical and execution conditions in which the Contractor signed the Contract upon its termination. 

14.2 Approvals by CNH. Provided that the Contractor has delivered all of the applicable information to CNH on a
timely basis, in all circumstances under this Contract where CNH is required to review, comment on and approve plans, Work Programs or Budgets, CNH shall do so during the period provided by the Applicable Laws, in the understanding that any approval
by default will only be deemed granted under the circumstances expressly provided by the Applicable Laws. 
 CNH may deny approval of plans,
Work Programs or Budgets in case they: (i) do not comply with the Minimum Work Program and the Minimum Program Increase, as applicable; (ii) do not comply with Industry Best Practices, or (iii) include conditions, which, in terms of
the Contract, require the authorization of CNH and they have not been approved. The foregoing without prejudice of the provisions set forth in the Applicable Laws. 

14.3 Environmental Liability and Industrial Safety. The Contractor shall be responsible for: (i) the
performance of all environmental obligations, commitments and conditions prescribed by the Applicable Laws, Industry Best Practices and environmental permits, and (ii) environmental damage caused by the Contractor in carrying out the Petroleum
Activities. The Contractor shall comply with all controls and preventive measures regarding environmental or industrial safety matters required by the Agency or the Applicable Laws or set forth in the Risk Management Program or by the Management
System. Without limiting the environmental liability of the Contractor and its Subcontractors under this Article 14.3 and the Applicable Laws, the Contractor and its Subcontractors shall: 

(a) Conduct the Petroleum Activities in an environmentally sustainable manner, preserving and maintaining the environment, without causing
damage to public or private property and in compliance with the Management System; 
 (b) Perform all environmental studies and obtain, renew
and maintain all environmental permits to conduct the Petroleum Activities from the competent authorities, in accordance with the Management System and the Applicable Laws; 

(c) Comply with all environmental permits and maintain the Fields in the best possible conditions so as to allow a sustainable development;

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 (d) Use qualified personnel, Materials and operational procedures and in
general the latest available technologies that comply with the Industry Best Practices, applying the principles of prevention, precaution and preservation of biological diversity, natural resources and the safety and health of the population and of
their personnel; 
 (e) Be liable for any environmental impact and its related remediation throughout the term of this Contract, and shall
perform the corresponding remediation work in the event of contamination caused by the Petroleum Activities. In the event of environmental damage caused by the Petroleum Activities, the Contractor and Subcontractors shall immediately carry out the
work needed to control the resulting pollution, such as clean-up, repair and restoration of the affected areas under the terms provided by the Applicable Laws; 

(f) Cooperate with the Agency and the state government authorities responsible for the sustainable development of the Contract Area, it being
understood that the Contractor shall: (i) provide the Agency’s personnel access to all of the facilities used in the Petroleum Activities for inspection purposes, (ii) promptly deliver to the Agency all information and documentation
required by it within its area of competence, and (iii) appear before the Agency when required pursuant to the Applicable Laws; 
 (g)
Keep the Management System updated and comply with its provisions for the conduct of the Petroleum Activities, in the understanding that this obligation shall also apply to all Subcontractors, and 

(h) As part of the Abandonment activities, remediate and rehabilitate the Contract Area being abandoned and comply with all environmental
obligations that may exist as a result of the Petroleum Activities. 
 Notwithstanding the foregoing, the Contractor shall not be
responsible for environmental damage existing in the Contract Area prior to the Effective Date as provided in Article 14.4 and the Applicable Laws 

14.4 Preexisting Damage. The Contractor shall initiate conducting assessments for the determination of the
environmental base line during the Transition Stage for Startup as provided in Article 3.4 and the Applicable Laws. Upon termination of such assessments, or no later than ninety (90) Days after the termination date of the Transition Stage for
Startup, the Contractor shall submit a detailed report of the environmental base line; likewise it shall notify CNH and the Agency about the existence of any Preexisting Damage. CNH or the Agency may object to the relevant damage being effectively
considered a Preexisting Damage within sixty (60) Days after receipt of any such notice. The Contractor may only be excused from its environmental liability regarding Preexisting Damages duly notified pursuant to the terms of this Article 14.4
and Applicable Law. During such period of sixty (60) Days hearings and attendances may take place to resolve in good faith any technical difference that may exist regarding the Preexisting Damages as provided by the Industry Best Practices and
Applicable Law. Once the CNH and the Agency approve the Preexisting Damages, a record that identifies such approved Preexisting Damages will be presented to the Contractor, as well as the necessary activities of Abandonment in accordance with
Article 3.4. In case the Parties do not reach an agreement with respect to the Preexisting Damages, the differences shall be resolved in terms of the processes established in Article 26.2. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 14.5 Right of Access by Third Parties to the Contract
Area. If necessary, the Contractor shall grant CNH or any other contractor of Exploration and Extraction activities, assignee, authorized party or permit holder the use of or right of way over any portion of the Contract Area, free of
charge, provided the foregoing does not interfere with the Petroleum Activities conducted by the Contractor, is technically possible and does not cause the Contractor unreasonable inconvenience, in accordance with the Applicable Laws. 

ARTICLE 15. 

DISPOSITION OF PRODUCTION 

15.1 Self-Consumed Hydrocarbons. The Contractor may use Produced Hydrocarbons for the Petroleum Activities
(including as a part of any Enhanced Recovery project) as fuel or for injection or pneumatic lifting, at no cost, up to levels authorized by CNH in the approved Development Plan. The Contractor may not flare or vent Natural Gas, except within the
limits authorized by the Agency or to the extent necessary to prevent or mitigate an emergency, subject to the environmental requirements established by the Applicable Laws. 

15.2 Measurement Points. Net Hydrocarbons shall be measured and analyzed at the Measurement Points in accordance
with Article 12 and the Applicable Laws. 
 15.3 Commercialization of Production of the Contractor. Each of the
Participating Companies may market the portion of the Net Hydrocarbons equivalent to its corresponding portion, of the Contractor Consideration on its own behalf or through any other registered marketer, provided that if any of the Participating
Companies commercializes its part of the production to which it is entitled within Mexico, the marketer must be registered with the Energy Regulatory Commission of Mexico in accordance with the Applicable Laws. 

15.4 Commercialization of Production of the State. The Contractor shall deliver to the Marketer at the Measurement
Points the portion of the Net Hydrocarbons constituting a share of the State Consideration. CNH may change such Marketer at any time by written notice to the Contractor. 

15.5 Disposal of Sub-Products. In the event that during the conduct of
Petroleum Activities within the Contract Area and as part of the separation process of Hydrocarbons Sub-products are obtained, this may remain as property of the State. The Contractor shall indicate in the
correspondent Work Program the estimate volume of such Sub-Products and the way they will be gathered, transported, stored, disposed, processed and or marketed. 

The revenues and Costs derived from the disposal or commercialization of the Sub-Products will be
subject to the provisions in Annexes 3 and 4. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 15.6 Commercialization Facilities. If the
Contractor constructs Commercialization Facilities, the Contractor shall offer the Marketer equal access to the Commercialization Facilities at a reasonable Cost for the portion of the Hydrocarbon production corresponding to the State Consideration,
it being understood that the Cost of Commercialization Facilities will not be considered a Recoverable Cost. The design of the Commercialization Facilities shall consider the total volume of the Net Hydrocarbons, unless otherwise agreed by the
Parties. 
 ARTICLE 16. 

CONSIDERATION 

16.1 Monthly Payments. Beginning upon the Contractor’s commencement of Regular Commercial Production and
delivers the Net Hydrocarbons at the Measurement Points, the Fund, in accordance with Annexes 3, 4 and 11 will calculate the Considerations corresponding to each Month during the term of this Contract, based on the information that it receives in
terms of such Annexes, and through CNH, it will deliver the payment in the same Measurement Point of those Contractor Considerations that result from such calculations. 

16.2 State Consideration. In accordance with Annex 3 and the applicable adjustments pursuant thereto, the State
Consideration for any Month shall consist of: 
 (a) The Contract Fee for the Exploratory Phase; 

(b) The Royalties, and 
 (c) Fifty
five point ninety nine percent (55.99 %) of the Operating Profit for such Month, which shall be adjusted in accordance with the Adjustment Mechanism. 

16.3 Contractor Consideration. The Compensation of the Contractor Consideration for any given Month shall consist
of: 
 (a) The Costs Recovery (subject to the Recoverable Costs Limit) and 

(b) The remaining percentage of the Operating Profit for such Month after payment of the percentage of the Operating Profit allocated to the
State, as provided in subparagraph (c) of Article 16.2. 
 16.4 Recoverable Costs Limit. The portion of the
Contractor Consideration regarding the Recoverable Costs Reimbursement shall not exceed the Recoverable Costs Limit, as provided by the provisions of Annex 3, in any Month during the term of this Contract. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 16.5 Contractual Value of Hydrocarbons. For
the purposes of calculating the Consideration, the Contractual Value of the Hydrocarbons for each Month shall be determined in accordance with Annex 3. 

16.6 Calculation of Considerations. The Fund shall calculate the State Consideration and the Contractor
Consideration for each Month in accordance with this Contract with respect to the Hydrocarbons obtained in the production of any test to determine the characteristics of the reservoir and the production flows as well as those Hydrocarbons obtained
upon commencement of Regular Commercial Production based on the information relating to production, quality and other data it receives from the Contractor and CNH in accordance with Annexes 3, 4 and 11. The foregoing is without prejudice of the
authority of the Ministry of Finance to verify and audit such information and calculations in accordance with the Applicable Laws, and in such case, the adjustments that such Ministry determines as provided in the Applicable Laws and this Contract
and its Annexes. 
 ARTICLE 17. 

GUARANTEES 
 17.1
Exploration Performance Guarantee. 
 (a) To guarantee the due, proper and full performance of the commitments made by the
Contractor during the Initial Exploration Period, the Contractor shall submit to CNH, simultaneously with the execution of this Contract, an unconditional and irrevocable letter of credit issued for the benefit of CNH by an authorized Mexican
banking institution or issued by a foreign bank and confirmed by an authorized Mexican banking institution, in the amount of USD$65,703,000.00 (sixty-five million seven hundred three thousand Dollars 00/100 CY), using the form of letter of credit
attached hereto as Annex 9 (the “Initial Performance Guarantee”). The Initial Performance Guarantee shall cover the Minimum Work Program and the Minimum Program Increase. Such guarantee shall remain in effect until sixty (60) Days
following the end of the Initial Exploration Period prior verification of full compliance with the obligations related to this period. CNH shall be entitled to draw on the Initial Performance Guarantee to collect any liquidated damages specified in
Article 4.4 for failure to perform the Minimum Work Program and Minimum Program Increase. 
 (b) At previous request from the Contractor and
after two (2) Contractual Years following the beginning of the Initial Exploration Period, the amount of the Initial Performance Guarantee may be reduced in proportion to the compliance of the guaranteed obligations prior verification and
authorization of CNH. Upon the termination of the Initial Exploration Period, the Contractor may request the return of the Initial Performance Guarantee once CNH has issued a report of full compliance to the obligations of the Initial Exploration
Period. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 (c) To guarantee the due, proper and full performance by the Contractor
of the Minimum Program Increase not completed during the Initial Exploration Period and its additional work commitment for the Additional Exploration Period (if any), the Contractor shall submit to CNH, no later than ten (10) Days after CNH
approves the granting of the Additional Exploration Period to the Contractor, but in any case before the beginning of the Additional Exploration Period, an unconditional and irrevocable letter of credit issued in favor of CNH by an authorized
Mexican banking institution or by a foreign bank and confirmed by an authorized Mexican banking institution, in the amount in terms of Clause 4.3, using the form of letter of credit attached hereto as Annex 9 (the “Additional Period Guarantee).
The Additional Period Guarantee shall remain in effect until sixty (60) Days following the end of the Additional Exploration Period after the corresponding verification of CNH of full compliance with the obligations set forth therein. CNH shall
be entitled to draw on the Additional Period Guarantee to collect any liquidated damages specified in Article 4.4 due to the failure to comply with the Minimum Program Increase and the additional commitments for the Additional Exploration Period.

 (d) Upon termination of the Additional Exploration Period, the Contractor may file for the return of the Additional Period Guarantee once
CNH issues a certificate of full compliance of the obligations related to the Additional Exploration Period. 
 In the event the Performance
Guarantee becomes effective, the guarantee resources allocated for the latter shall be transferred to the Fund. 
 17.2
Corporate Guarantee. At the time of the execution of this Contract, each of the Participating Companies shall deliver to CNH the Corporate Guarantee in the form of Annex 2, duly executed by their Guarantor. In the event the
Guarantor of the Participating Company is not its parent company in the last corporate level, the Guarantor shall show CNH its duly audited consolidated financial statements demonstrating a minimum net worth of 6 billion Dollars. The minimum
net worth shall be maintained until all of the obligations of the Participating Companies have been paid or performed in full on the terms provided in Annex 2. 

In the event the Guarantor is not the parent company in the last corporate level of the Contractor and in at any moment throughout the term of
the Contract said Guarantor is unable to demonstrate a minimum accountable capital of 6 billion Dollars, the Contractor shall notify CNH within the next five (5) Days and submit a new Corporate Guarantee duly subscribed by the parent
company in the last corporate level, or by a company with Control over the Contractor or under common Control of the Person exercising Control over the Contractor, duly capitalized in terms of this Article 17.2. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 ARTICLE 18. 

ABANDONMENT AND DELIVERY OF THE CONTRACT AREA 

18.1 Program Requirements. The Contractor shall be obligated to conduct all activities related to the Abandonment
of the Contract Area. The Development Plan and each Work Program and Budget submitted for approval by CNH shall contain a section on Abandonment, including all activities necessary for the permanent plugging of Wells,
clean-up, restoration of the area to its natural state, machinery and equipment uninstalling and Contract Area returning in an orderly fashion, free from debris and waste, all in accordance with the Industry
Best Practices and the Management System and the Applicable Laws. 
 18.2 Notice of Abandonment. The Contractor
shall provide notice to the Agency and CNH at least sixty (60) Days before the plugging any Well or uninstalling any Materials. 

18.3 Abandonment Trust. If the Contractor declares a Commercial Discovery, the Contractor shall establish an
investment trust (the “Abandonment Trust”) that will be jointly controlled by CNH and the Contractor at a financial Mexican institution authorized by CNH. The Parties agree that the purpose of the Abandonment Trust is to create a reserve
to fund Abandonment activities in the Contract Area. The Contractor may not use the funds deposited in the Abandonment Trust for any purpose other than Abandonment activities within the Contract Area, and shall not be entitled to pledge, assign or
otherwise dispose of the Abandonment Trust. The foregoing is without prejudice to any other requirement imposed by the Agency in accordance with the Applicable Laws. 

18.4 Funding of Abandonment Trust. The Contractor shall deposit in the Abandonment Trust one-fourth (1/4) of the Annual Contribution at the end of each Quarter. The annual contribution for Abandonment activities in the Contract Area shall be determined based on the following formula: 

AAt=Maximum [0,(PAEt/RR)*CAE-IAt] 
 Where: 

 

					
	AAt	  	=	  	Annual Contribution.
			
	PAEt	  	=	  	Estimated Production in the Field for the Year of calculation.
			
	RR	  	=	  	Remaining Reserves, remaining at the beginning of the calculation Year, as determined by the Contractor quantified based on the methodology established by CNH. These remaining reserves should be consistent with the volume of
Hydrocarbons to recover since the beginning of the calculation Year, until the earlier to occur of between: (i) the natural termination of this Contract or (ii) the Year in which it is estimated that Abandonment activities will be
completed in the Field.

  
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 Contract No. CNH-R01-L01-A7/2015 

 
  

					
	CAE	  	=	  	Remaining amount of the Costs of Abandonment at the beginning of the calculation Year, estimated pursuant to the approved Development Plan, as it may be modified. Such remaining amount will be calculated as the difference between
the global amount of the Costs of Abandonment that is estimated over the base of the future Costs of Abandonment for the Field since the calculation Year until the earlier to occur between: (i) natural termination of the Contract, or
(ii) the estimated Year for the termination of the activities of Abandonment according to technical studies conducted by the Contractor and approved by CNH, minus the accumulated balance in the Abandonment Trust at the beginning of the
calculation year (AAAt-1).
			
	IAt	  	=	  	Is the generated interest in the Trust on the calculation Year, following the next formula:
			
		  		  	IAt=rt*AAAt-1

	
	Where
			
	rt	  	=	  	Is the interest rate applicable to the balance in the Abandonment Trust.
			
	AAAt	  	=	  	Is the accumulated balance in the Abandonment Trust at the end of the calculation Year, defined as follows:
			
		  		  	AAAt =
AAAt-1+AAt+IAt-St-1
	
	Where:
			
	St-1	  	=	  	Is the total amount retired from the Abandonment Trust during the calculation Year to finance the Abandonment activities conducted that Year.

  
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 18.5 Insufficient Funds. The Contractor
shall be responsible for performing the Abandonment works regardless of whether sufficient funds are available in the Abandonment Trust or not. When the Petroleum Activities under this Contract cease, the Contractor shall transfer the remaining
balance in the Abandonment Trust to the Fund. In the event the remaining balance in the Abandonment Trust is insufficient, the Contractor will have the obligation to cover any existing difference with the total Costs of the Field Abandonment. 

18.6 Substitution Requested by CNH. Prior to the termination of this Contract for any reason, or in the event CNH
rescinds the Contract, CNH may request that the Contractor refrains from conducting specific Abandonment activities regarding certain facilities, including Wells. In such case, the Contractor shall deliver the facilities in good working order to the
third party designated by CNH, and deliver any remaining balance in the Abandonment Trust to the Fund, and the Contractor thereafter shall be deemed to have been relieved of any future obligation relating to Abandonment of such facilities. 

18.7 Final Transition Stage. In the event that the termination of this Contract due to any reason, or in the event
CNH rescinds the Contract, the Contractor and CNH will start a Final Transition Stage of the totality or part of the Contract Area. During this stage the Contract Area will be delivered by the Contractor to CNH or a third party assigned for such
purpose in accordance with the following: 
 (a) The Contractor shall update the Asset Inventory to include the existing Wells and Materials
in part or the whole Contract Area. 
 (b) The Contractor shall submit to CNH a report with at least the Wells and Materials identification
in part of or the entirety of the whole Contract Area, describing their operating conditions as of the beginning date of the Final Transition Stage. 

(c) The Contractor shall submit to CNH a report containing all the information obtained within the period of ninety (90) Days prior to the
termination of the Contract, regarding the Hydrocarbons located in the Contract Area and of the infrastructure associated to the production. 

(d) CNH will request to the Contractor the Abandonment of the Wells and Materials that are not transferred to CNH as provided by this Contract.

 (e) The Contractor shall update the social base line determined in accordance with Article 3.4, to identify the existing social
liabilities derived from the Petroleum Activities in the corresponding part of the Contract Area or the entire Contract Area; 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 (f) The Contractor shall update the environmental base line determined
in accordance with Article 3.4 to identify the existing environmental liabilities derived from the conduction of the Petroleum Activities in the corresponding part of the Contract Area, and 

(g) CNH may join the Contractor during the Final Transition Stage directly or through and assigned third party and will review and validate the
corresponding activities have been conducted as provided by the Industry Best Practices and the Applicable Laws. 
 In the event the
Contractor relinquishes or returns part of or the entirety of the Contract Area, the Final Transition Stage shall begin simultaneously with the notification of relinquishment issued as provided by Article 3.5. 

The Final Transition Stage shall be conducted as provided by the Applicable Laws. 

ARTICLE 19. 
 LABOR
RESPONSIBILITY; 
 SUBCONTRACTORS AND NATIONAL CONTENT 

19.1 Labor Responsibility. The Contractor and each of its Subcontractors shall have independent and exclusive
liability of the entire personnel and the workers working in the Petroleum Activities, being solely liable for the compliance of the labor and employment obligations that come from or arise from Applicable Laws or the individual or collective
agreements entered into with their personnel and workers. 
 19.2 Subcontractors. The Contractor has the right to
hire Subcontractors to supply specialized equipment and services so long as the engagement of such subcontractors does not entail a de facto replacement of the Contractor as Operator. A de facto replacement shall be deemed to have
occurred when, among other circumstances, the Contractor no longer controls the Petroleum Activities. The Subcontractors shall comply with the applicable provisions of this Contract, the Management System and the Applicable Laws. The Contractor may
not use services of companies disqualified by the Governmental Authorities in accordance with the Applicable Laws. Regardless of any subcontracting by the Contractor, the Contractor shall remain liable for all obligations of the Contractor under
this Contract. 
 19.3 National Content. The Contractor will have following obligations: 

(a) During the Exploration Period: 
  

	 	(1)	To comply with a minimum percentage of national content of thirteen percent (13%) of the value of the items indicated in the Methodology which have been purchased or contracted for Petroleum Activities during the
Exploration Period, which shall be verified annually by the Ministry of Economy in accordance with such Methodology and the Applicable Laws, and 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
  

	 	(2)	To include in its proposed Exploration Plan a compliance program for the above-referenced minimum percentage of national content, as well as a program for transfer of technology, including the applicable periods and
stages for both programs, in order for CNH in consultation with the Ministry of Economy to grant or deny its approval pursuant to Articles 4.1 and 4.3., it in the understanding that once approved it will form an integral part of this Contract and
shall be considered an obligation of the Contractor. The Contractor’s obligations regarding national content will commence upon approval of the Exploration Plan. 

(b) During the Development Period: 
  

	 	(1)	To comply each Year with a minimum percentage of national content of the value of all the items indicated in the Methodology which have been purchased or contracted for Petroleum Activities during the Development
Period, which shall annually increase at a constant rate starting at twenty-five percent (25%) in the first Year of the Development Period, until the Year 2025 when it shall constitute at least thirty-five percent (35%), which shall be verified
annually by the Ministry of Economy in accordance with such Methodology and the Applicable Laws; 

  

	 	(2)	To include in its proposed Development Plan a compliance program for the above-referenced percentage of national content, and a technology transfer program including the applicable periods and stages, in order for CNH,
in consultation with the Ministry of Economy to grant or deny its approval pursuant to Article 6.2, in the understanding that once approved it will be part of this Contract and shall be considered an obligation of the Contractor. The obligations
relating to national content will commence upon approval of the Development Plan, and 

  

	 	(3)	Beginning in the Year 2025, the items indicated in the above- referenced Methodology shall constitute at least thirty-five percent (35%) of the value of all the of the above-mentioned items which have been purchased or
contracted for the Petroleum Activities, without prejudice that this minimum average percentage of national content will be revised pursuant to Transitory Article Twenty-Four of the Hydrocarbons Law. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 (c) The Contractor shall submit to the Ministry of Economy in the
frequency provided by such Mnistry, a report indicating all information related to national content in the form and pursuant to the procedure provided in the provisions issued by such Ministry to carry out its corresponding verification. If the
Contractor fails to satisfy the minimum percentage of national content stated in the referenced compliance programs, the Contractor shall pay as liquidated damages to the Nation, through the Fund, a percentage of the value of the items outlined in
the methodology established by the Ministry of Economy for the measurement of national content that were acquired in violation of the required minimum percentages of national content, as verified by the Ministry of Economy, pursuant to the
following: 
 (1) The equivalent to fifteen percent (15%) for the Exploration Period; 

(2) The equivalent to twenty percent (20%) for the first year of the Development Period; 

(3) The equivalent to forty percent (40%) for the second year of the Development Period; 

(4) The equivalent to sixty percent (60%) for the third year of the Development Period; 

(5) The equivalent to eighty percent (80%) for the fourth year of the Development Period, and 

(6) The equivalent to one hundred percent (100%) as of the fifth year of the Development Period. 

The Contractor shall pay as liquidated damages to the Nation, through the Fund, the maximum sanction set in article 85, Section II,
subparagraph o) of the Hydrocarbons Law if it fails to comply with other national content provisions stated in this Article 19.3 and under the Applicable Laws. 

(d) Notwithstanding any outsourcing carried out by the Contractor, it shall remain liable for all of the Contractor’s obligations
regarding national content arising under this Contract. 
 19.4 Preference of Goods and Services of National Origin.
The Contractor shall give preference to the procurement of services of national origin, including the training and hiring of Persons of Mexican nationality at technical and management levels, as well as to purchase of goods of national origin,
when such items are offered in the market under the same circumstances, including equal price, quality and timeliness of delivery. 

  
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 19.5 Training and Transfer of Technology.
The Contractor shall comply with the programs for training and transfer of technology approved by CNH in the Exploration Plan and in the Development Plan. The referenced activities and programs shall include, among others, the adoption,
innovation, assimilation, technological research and development, and formation of local human resources in scientific and technological research applied to the Exploration and Extraction of Hydrocarbons in coordination with institutions of higher
education. 
 ARTICLE 20. 

INSURANCE 
 20.1
General Provision. The Contractor’s obligations, liabilities and risks under this Contract are independent of the requirements to obtain insurance under this Article 20 and, accordingly, the scope of the obligations and
liabilities of the Contractor arising from its assumption of risks hereunder may not be reduced to the detriment of the Nation or third parties due to the procurement of said insurance or for the lack of procurement of such insurance or sufficient
coverage. 
 20.2 Insurance Coverage. To cover the risks inherent to the Petroleum Activities, prior to their
commencement, the Contractor shall obtain and maintain in full force and effect insurance policies covering at least: 
 (a) Public Liability
for damages to third parties with respect to their goods or persons including environmental liability covering environment damages due to Hydrocarbons pollution; 

(b) Well control; 
 (c) Damages to
Materials generated or acquired to be used for the Petroleum Activities, and 
 (d) Damages to the personnel. 

The foregoing in accordance with the Industry Best Practices and without prejudice to the coverage the Agency may require through the
Applicable Law. 
 The Contractor shall submit the insurance policies covering the activities of all Subcontractors or suppliers that
participate directly or indirectly in the activities derived from the Contract in accordance with the Applicable Law. The policies shall expressly indicate those coverages. 

20.3 Insurers and Conditions. Prior to the beginning of the Petroleum Activities, the Contractor shall exhibit the
corresponding insurance policies to the Agency and CNH, which shall be kept in effect during the validity of this Contract. 
 Each
insurance policy shall be obtained on terms and conditions approved by the Agency and CNH. The Contractor may insure through insurance companies with acknowledged solvency or through its Affiliates as long as they have investment grade ratings, in
any case, prior approval of CNH and the Agency. Approvals shall not be unjustifiably denied. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 The insurance agreement shall state that the risk inspectors of the
insurer shall provide to the Contractor and to the CNH and the Agency the reports of the inspections and verifications. 
 20.4
Modification or Cancellation of Policies. The Contractor may not cancel or modify the insurance policies in effect under its terms and conditions without prior authorization of CNH and the Agency. The Contractor may request
approval from CNH and the Agency to modify any insurance policy. Such request shall describe the reasons and benefits of the proposed modification. CNH and the Agency shall make and inform the Contractor of any objection or observation they may have
regarding the proposed changes. If the Agency and CNH do not approve the proposal, the Contractor shall obtain and maintain the authorized insurance policy. 

20.5 Waiver of Subrogation. All policies obtained by the Contractor under this Contract shall include, by
endorsement or any other means, a waiver of the subrogation rights of the insurers and a waiver of any right of the insurers to assert any set-off or counterclaim, regarding any liability of any of the Persons
insured under any of such policies. 
 20.6 Use of Insurance Proceeds. The Contractor shall immediately use any
payment received from insurance coverages to remediate civil or environmental damages, and to repair or replace any damaged or destroyed Materials. If an insurance company withholds payment on a claim, the Contractor shall assume the Costs of repair
or replacement. 
 20.7 Currency. Benefits payable under the policies required by this Article 20 shall be
denominated and payable in Dollars. 
 20.8 Compliance with Applicable Laws. In purchasing insurance policies,
the Contractor shall comply with the Applicable Laws of insurance and bonds. 
 ARTICLE 21. 

TAX OBLIGATIONS 

21.1 Tax Obligations. Each of the Participating Companies shall be responsible to pay its corresponding Tax
Obligations that are individually borne in accordance with the Applicable Laws. Notwithstanding the Tax Obligations of the Contractor that by their nature shall be the responsibility of the Operator on behalf of the Contractor. 

21.2 Governmental Fees and Charges. The Contractor shall be obligated to pay on a timely basis all fees and charges
under the Applicable Laws for the administration and supervision of this Contract by CNH and the Agency. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 ARTICLE 22. 

ACT OF GOD OR FORCE MAJEURE 

22.1 Act of God or Force Majeure. None of the Parties shall be liable for any failure, suspension or delay in the
performance of its obligations hereunder if such failure, suspension or delay has been caused by Act of God or Force Majeure. 
 22.2
Burden of Proof. The Party invoking the Act of God or Force Majeure shall have the burden of proof with respect thereto. 

22.3 Extension of Work Program; Extension of Term of Contract. If the Contractor is unable to comply with any Work
Program as a result of Act of God or Force Majeure, the Work Program shall be extended for a period not exceeding the length of such delay in performance and only to the extent the Work Program is actually affected, understanding that such extension
shall not be granted unless it is requested in writing, specifying the reason for the extension request (including, to the extent possible, an explanation of how the relevant event actually prevents the Contractor from performing the Work Program),
no later than five (5) Days after the Contractor becomes aware or should have become aware of the occurrence of the relevant Act of God or Force Majeure event, except as provided in Annex 13. The Party that receives notice of Act of God or
Force Majeure shall inform the other Party whether or not it accepts the declaration of Act of God or Force Majeure within no more than thirty (30) Days from receipt of the notice of Act of God or Force Majeure containing complete information.
Except as provided in this Contract, the Parties shall resume performance of their obligations as soon as the Act of God or Force Majeure ceases. The Exploration Periods and Appraisal Periods shall be extended pursuant to this Article 22.3 only when
the relevant Act of God or Force Majeure affects the Exploration and Appraisal activities, as the case may be, for more than thirty (30) Days over such periods. 

The Contractor may request to CNH up to four (4) extension periods of the term of this Contract for three (3) Months each. The
Contractor shall submit the corresponding extension request no later than the last Business Day of the following Quarter after one (1) Year from the notification of Act of God Force Majeure referred to in Article 22.3 or the three
(3) successive Quarters, only in cases when Act of God or Force Majeure has not ceased. CNH will resolve on the extension request in a period not exceeding (15) Business Days upon receipt of the request under the terms of this Contract. In
the event CNH does not issue a decision during the provided period, it will be deemed to have made in favorable decision. 
 22.4
Right of Termination. If, as a result of Act of God or Force Majeure, the performance of the Petroleum Activities has been interrupted for a continuous period of two (2) Years or more, CNH and the Contractor shall have
the right to terminate this Contract without liability by giving written notice to the other Party. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 22.5 Emergency or Disaster Situations. In
cases of emergency or disaster requiring immediate action, the Contractor shall immediately inform CNH, the Agency and the Ministry of Energy, and take all appropriate actions in accordance with the emergency response plan under the Management
System to control the situation as soon as possible in order to preserve the physical safety of individuals and protect the environment, the Hydrocarbons and the Materials. The Contractor shall notify the Agency and CNH of the actions taken, in the
understanding that in the event the Agency or CNH is not satisfied with the actions taken by the Contractor, the Agency or CNH may require the Contractor to take further actions or incur further expenses to mitigate or control the emergency or
repair the damage. The foregoing is without prejudice to any other power or authority of the Agency or any other Government Authority under the Applicable Laws. 

ARTICLE 23. 

ADMINISTRATIVE RESCISSION AND CONTRACTUAL 

RESCISSION 
 23.1
Administrative Rescission. If any of the following serious cases of administrative rescission in accordance with article 20 of the Hydrocarbons Law and provided as follows shall occur, and upon termination of the prior
investigation period referred to in Article 23.2, CNH may administratively rescind this Contract prior instauration of the administrative rescission procedure provided in Article 23.3 and the Applicable Laws: 

(a) The Contractor fails to commence activities provided in the approved Exploration Plan or Development Plan for a consecutive period of more
than one hundred eighty (180) Days or suspends such activities for a consecutive period of more than one hundred eighty (180) Days, in each case without just cause and authorization by CNH; 

(b) The Contractor fails to comply with the Minimum Work Program without just cause; 

(c) Any Participating Company assigns all or a portion of the operation of the rights conferred pursuant to this Contract without obtaining
prior authorization in accordance with the conditions provided in Articles 24.1 and 24.2; 
 (d) A serious accident occurs as result of the
Operator’s or a Participating Company’s willful misconduct or fault which causes damage to the facilities, loss of life or loss of production; 

(e) The Contractor repeatedly, willfully or without cause, provides false or incomplete information or reports, or fails to disclose
information or reports regarding production, Costs or any other relevant aspect of the Contract to the Ministry of Energy, the Ministry of Finance, Ministry of Economy, the Fund, CNH or the Agency; 

(f) Any Participating Company fails to comply with any final resolution issued by a federal jurisdictional entity related with the Contract or
with the Petroleum Activities which constitutes an adjudicated matter, or 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 (g) The Contractor without just cause fails to make any payment or
delivery of Hydrocarbons to the Mexican State in accordance with the periods and terms established in this Contract. 
 23.2
Prior Investigation. In the event CNH detect signs of breach to any obligation derived from this Contract that may imply a possible cause of administrative rescission as provided by the Article 23.1, CNH shall notify the
Contractor and will gather elements and necessary proof to determine if the reason for which the previous investigation was originated constitutes a cause to initiate the rescission procedure, as provided by Article 23.3. 

This analysis period shall not last less than thirty (30) Days and shall not exceed (2) Years. During this period the Contractor
shall guarantee the continuity of the Petroleum Activities. 
 The foregoing without prejudice of the option to the Contractor to notify CNH
any signs of breach with respect any obligation derived from this Contract that may imply a probable cause for administrative rescission as provided by Article 23.1 excluding its subparagraph (d), and to submit a proposal for remediation of such
potential breach for the approval of CNH. 
 23.3 Procedure for Administrative Rescission. Once CNH has
determined the existence of an administrative rescission cause as provided by the Article 23.2, CNH shall give the Contractor written notice of the cause or causes invoked to initiate the administrative rescission procedure to allow the Contractor
to make any statement asserting its rights within the next thirty (30) Days receiving after such notification. At the end of such period, CNH will have ninety (90) Days to evaluate the arguments and proofs that the Contractor may exercise,
given the case. The decision to rescind the Contract shall be approved by full resolution of the government entity of CNH, with legal foundations, motivated and duly notified to the Contractor. 

If the Contractor resolves the cause of rescission incurred before the issuance of a decision by CNH, the procedure for administrative
rescission will be extinguished prior acceptance and verification of CNH, without prejudice, as the case may be, of the corresponding sanctions as provided by this Contract and the Applicable Laws. 

The resolution that rescinds this Contract will be effective immediately without the need of any judicial statement. Once an administrative
rescission is declared, the Parties will enter into a corresponding settlement to carry out the provisions of Articles 23.5 and 23.6. 
 CNH
shall notify the Ministry of Energy, the Ministry of Finance, the Agency and the Fund about the declaration of the next Business Day following the issuance of the corresponding resolution. 

Disputes regarding Administrative Rescission, will be resolved as provided by Article 26.4 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 23.4 Contractual Rescission. In addition to
the causes for administrative rescission provided in Article 23.1 and early termination provided in Article 3.5., CNH shall have the right to rescind this Contract in any of the following circumstances as long as the Contractor fails to amend or to
take a direct and continuous action to remediate the corresponding infringement within the following thirty (30) Days after having received notification from the CNH of such infringement: 

(a) The Contractor does not submit the Exploration Plan or the first Work Program in the Exploration Period to CNH for approval within
forty-five (45) Days after the date it is required to be submitted, without justified cause; 
 (b) The Contractor is delayed by more
than one hundred eighty (180) Days in any Work Program or Development Plan without just cause; 
 (c) The Contractor does not submit the
Exploration Performance Guarantees or does not keep them in force in accordance with Article 17.1, or does not deliver the Corporate Guarantees in accordance with Article 17.2 and its terms; 

(d) Any Participating Company or Guarantor without some or the rest of the Participating Companies that constitute the Contractor assume, with
the authorization from CNH, its obligations in accordance with this Contract: (i) is liquidated or otherwise ceases to exist as a corporate or legal entity, or (ii) any other event occurs which has a similar effect under the laws
applicable to the Participating Company or the Guarantor; 
 (e) Any Participating Company or Guarantor, without some or the rest of the
Participating Companies that constitute the Contractor assume, with previous authorization from CNH, its obligations in accordance with this Contract: (i) becomes insolvent; (ii) is unable to pay its debts when due; (iii) requests or
consents to the appointment of an administrator, liquidator or trustee in bankruptcy for any of its properties or revenues; (iv) institutes any proceeding under any law for the readjustment or deferral of its obligations or any portion thereof;
(v) files for bankruptcy, reorganization, suspension of payments, dissolution or liquidation; (vi) otherwise permits a general assignment or arrangement with or for the benefit of its creditors; 

(f) The Contractor fails to perform at least 90% of the Work Units required in the Minimum Work Program; 

(g) Any Participating Company violates any provision relating to assignment of this Contract or of its rights hereunder, or undergoes a change
of Control in violation of Article 24; 
 (h) Any Participating Company violates any provision of Article 32.2, or 

(i) Any other material breach of the Contractor’s obligations under this Contract occurs. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 Once the contractual rescission is declared, the Parties may be subject
to the provisions of Article 26, except for Article 26.4. 
 23.5 Effects of the Administrative or Contractual
Rescission. In the event that CNH rescinds this Contract pursuant to Articles 23.1 or 23.4 the following shall apply: 
 (a)
The Contractor shall pay the Nation, through the Fund, all liquidated damages referred to in Article 4.4 or direct damages excluding loss of profit as of the date of notice of the contractual rescission, as the case may be, suffered by the Nation as
a result of the breach giving rise to the rescission; 
 (b) The Contractor shall cease all Petroleum Activities in the Contract Area, except
those that may be necessary to preserve and protect finished Materials or Materials in process, and shall return to the State through CNH, the Contract Area under the terms of this Contract. Upon termination of this Contract, ownership of all
Materials acquired for use in the Petroleum Activities shall be automatically transferred to the Nation, free of any lien, without any charge, payment, mortgage or compensation as provided by Article 13.1; 

(c) The Parties subscribe the settlement referred to in Article 23.6. The Contractor will only be entitled to receive as payment from the
Nation, the settlement established in such Article 23.6 in the event this generates a favorable balance to the Contractor, and 
 (d) The
Contractor shall comply with all obligations applicable to the return of the Contract Area, including obligations relating to Abandonment and delivery of the Contract Area in accordance with Article 18. 

23.6 Settlement. Without prejudice of the provisions of Article 23.5, at the latest six (6) Months after the
termination by any reason of this Contract, or in the event, that CNH rescinds the Contract, the Parties shall enter into a settlement in which adjustments and balances regarding Considerations shall be made. As the case may require, the settlement
will consider the agreed adjustments and transactions to end the disputes that may had arisen throughout the effectiveness of this Contract. 

In the event the Contractor does not enter into the settlement, CNH may proceed to execute it unilaterally, and as the case may be, the
payment will be submitted before the corresponding judicial authority. 

  
 58 

 Contract No. CNH-R01-L01-A7/2015 

 
 ARTICLE 24. 

ASSIGNMENT AND CHANGE OF CONTROL 

24.1 Assignment. In order to sell, assign, transfer, convey or otherwise dispose of all or any part of its rights
(including all or any part of their Participating Interests) or obligations under this Contract, the Participating Companies shall have prior written authorization of CNH, for such purposes, CNH will take into account, among other factors, the
prequalification criteria established during the Bidding Process for this Contract. 
 24.2 Indirect Transfers; Change of
Control. Each Participating Company shall ensure that it does not undergo, directly or indirectly, a change of Control during the term of this Contract without the consent of CNH. Any Participating Company shall notify CNH of any
change in the capital structure of such Participating Company that does not result in a change of Control of the Participating Company pursuant to this Article 24.2 within thirty (30) Days after such change occurs, unless the Participating
Company is listed on the Mexican Stock Exchange, in which case the notice provided by the Participating Company to its investors pursuant to applicable stock market law shall be sufficient. 

24.3 Application to CNH. In connection with the submission of request for approval of a proposed Assignment under
Article 24.1 or a change of Control of the Participating Company under Article 24.2, the Participating Company shall provide CNH with all information (including as to the assignee or Person that will exercise Control over the Participating Company)
required by CNH pursuant to the Applicable Laws. 
 24.4 Effect of Assignment or Change of Control. In the case
of an Assignment under Article 24.1: 
 (a) If the assignment is for the Participating Company’s entire interest in this Contract, the
Participating Company assignor shall remain jointly and severally liable for the performance of the obligations of the Contractor under this Contract that are incurred or arise until the date of the assignment (but shall be relieved of
liability for the obligations of the Contractor that are incurred or arise after such date) and the assignee shall be jointly and severally liable for the performance of the obligations of the Contractor under this Contract, whether such obligations
are incurred or arise prior to the date of the Assignment or thereafter; and 
 (b) If the assignment is for less than all of the
Participating Company’s entire interest in this Contract, both the Participating Company assignor and the assignee shall be jointly and severally liable for the performance of the obligations of the Contractor under this Contract, whether such
obligations are incurred or arise prior to the date of the Assignment or thereafter. 
 As a condition to obtaining CNH approval under this
Article 24, the Participating Company assignor shall deliver to CNH (i) in the case of an assignment under Article 24.1, an undertaking by the assignee, in form and substance acceptable to CNH, that the assignee assumes without reservation and
on a joint and several basis all of the obligations of the Contractor under this Contract, whether incurred or arising prior to 

  
 59 

 Contract No. CNH-R01-L01-A7/2015 

 
 or after the date of the Assignment and (ii) a Corporate Guarantee in the form
provided in Annex 2, duly executed, as applicable, by the ultimate parent company of the assignee, the Company exercising Control over the assignee, under the common Control of the Person exercising Control over the assignee or by the Guarantor who
suffered the change of Control. Each of such companies shall be deemed a Guarantor for purposes of this Contract and its succeeding contracts. 

The Corporate Guarantee submitted by the assignor shall remain in effect until the assignee submits a new Corporate Guarantee to the CNH as
provided by this Article 17.2 and the CNH issues a record for the full compliance of all the obligations, regarding the obligations of the Participating Company indicated in (a) and (b) above. CNH shall issue a declaration of full compliance
regarding the obligations of the assignor in a period of time not exceeding thirty (30) Business Days after the approval of the Corporate Guarantee of the assignee is approve by CNH. 

24.5 Prohibition on Liens. By no means a Participating company shall not impose or permit the imposition of any
liens or ownership restrictions on its rights arising from this Contract or on the Materials without the consent of CNH. 
 24.6
Invalidity. Any Assignment or change of Control of any Participating Company effected in contravention of the provisions of this Article 24 shall not be valid and shall have no effect as between the Parties. 

ARTICLE 25. 

INDEMNIFICATION 

The Contractor shall indemnify and hold harmless CNH and any other Governmental Authority, including the Fund, and their employees,
representatives, advisors, directors, successors or assignees (and such obligation shall survive the termination of this Contract for any reason or in the event CNH rescinds the Contract) from and against any and all actions, claims, lawsuits,
complaints, losses, damages, harm, proceedings, taxes, Costs and expenses, including attorney’s fees and trial expenses, arising from or related to any of the following: 

(a) The default of its obligations under this Contract, provided that in cases where liquidated damages are applicable, the amount of the
damages shall be limited to the amount of such liquidated damages; 
 (b) Any damage or harm (including death) caused by the Operator, a
Participating Company or a Subcontractor (including any damage or harm caused by their representatives, officers, directors, employees, successors or assignees) to any Person (including, without limitation, CNH) or to the property of any such Person
resulting from the performance of the Petroleum Activities; 
 (c) Any harm or damage caused by any Person to the employees, representatives
or invitees of the Operator, a Participating Company or any Subcontractor or to the property of such Persons; 

  
 60 

 Contract No. CNH-R01-L01-A7/2015 

 
 (d) Any damage suffered as a result of losses or contamination caused by
the Operator, a Participating Company or any Subcontractor to the Hydrocarbons or any damage caused to natural resources and the environment, including, without limitation, damage or destruction of marine resources, wildlife, oceans or the
atmosphere, and any damages that may be recognizable and payable under the Applicable Laws; 
 (e) Any damage caused by an infringement of
any intellectual property rights, trademarks or patents by the Operator, a Participating Company or any Subcontractor; 
 (f)
Any failure by the Operator, a Participating Company or any Subcontractor to comply with the Applicable Laws, and 
 (g) Any claim by any
employee of the Operator, a Participating Company or any Subcontractor based on labor or social security laws. 
 Notwithstanding the
foregoing, in no event shall either Party be liable for, profit since notice of the Contract rescission is received. 
 ARTICLE 26.

 APPLICABLE LAW AND DISPUTE RESOLUTION 

26.1 Applicable Laws. This Contract shall be governed by and construed in accordance with the laws of Mexico. 

26.2 Conciliation. At any time, the Parties may opt to resolve the differences or disputes regarding this Contract
through a conciliation process before a conciliator. This procedure shall begin when a Party invites the other and the latter accepts the invitation for conciliation within the next fifteen (15) Days following such invitation. In the event the
Party intended to initiate the conciliation does not receive any response, the invitation shall be deemed as rejected. The Parties will agree on the appointment of a conciliator, or as the case may be, may request assistance from an institution for
its appointment. The conciliation procedure shall be carried out in accordance with the Regulations for conciliation of the United Nations Commission on International Trade Law (“UNCITRAL Regulations”), the conciliator must help the
Parties on their efforts to achieve a friendly settlement regarding the dispute in the most possible efficient and expedite manner. In the event that within three (3) Months the Parties have not reached an agreement or settlement, the Parties
must resolve their differences or disputes as provided by Article 26.5. The foregoing, without prejudice that any Party may terminate conciliation and appear before arbitration at any moment. 

The procedure established in Article 26.2 shall not apply to administrative rescission as provided in this Contract and in the Applicable
Laws. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 26.3 Conciliator Requirements. The
individual appointed as conciliator as provided by Article 26.2, shall comply with the following requirements: 
 (a) Have at least ten
(10) Years of experience in conciliation with the knowledge, experience and skills to facilitate the communication among the Parties regarding the dispute. 

(b) Be independent, impartial and neutral. Likewise, the conciliator shall disclose any interest or obligation that may be substantially in
conflict with his appointment and or may prejudice his actions regarding the controversy. 
 (c) Shall sign a confidentiality agreement about
any information foreseen by the Parties in connection with the controversy among the same, prior to his appointment. 
 No individual may be
appointed as conciliator if: (i) is or has been at any time within the six (6) previous Years to his appointment, an employee of any of the Parties or its affiliates; (ii) is or has been at any time within the three (3) previous
Years to his appointment, a consultant or contractor of any of the Parties or its Affiliates, or (iii) keeps any significant financial interest with any of the Parties. 

The conciliator fees shall be covered in equal amounts by the Parties. 

Notwithstanding, any individual in full compliance of all the requirements provided by Article 26.3 may be appointed as conciliator more than
once. 
 26.4 Federal Courts. All disputes between the Parties in any way arising from or related to the
administrative rescission provided in Article 23.1 or any act of authority shall be resolved exclusively by the Federal Courts of Mexico. 

26.5 Arbitration. Subject to Article 26.4, any dispute arising from or relating to this Contract that has not been
resolved within three (3) Months after the commencement of the conciliation period described in Article 26.2 shall be resolved by arbitration pursuant the UNCITRAL Rules. The Parties agree that the President of the International Court of
Justice shall be the nominating authority for the arbitration proceeding. The applicable substantive law shall be as provided in Article 26.1, and disputes shall be resolved strictly according to law. The arbitral tribunal shall consist of three
members, one named by CNH, another named by the jointly by the Operator and all the Participating Companies and the third (who shall be the President of the tribunal) named in accordance with the UNCITRAL Rules, provided that (i) the claimant
shall name its arbitrator in the notice of arbitration and the respondent shall name its arbitrator within ninety (90) Days from the date that it personally receives the notice of arbitration, and (ii) the two arbitrators named by the
Parties shall have a period of no less than sixty (60) Days from the date the arbitrator designated by the respondent accepts its designation as arbitrator, to select, in consultation with the Parties, the third arbitrator, who shall serve as
the President of the tribunal. The arbitration proceeding will be conducted in Spanish and the seat of the arbitration shall be the City of The Hague in the Kingdom of the Netherlands. 

26.6 Consolidation. In the event that arbitration instituted under Article 26.5 and an arbitration instituted under the
Corporate Guarantee involves the same subject matter such arbitrations shall, at the request of CNH, be consolidated and treated as one. In such case, the arbitrator appointed by the Contractor and the Participating Companies shall also be deemed to
have been appointed by the Guarantors. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 26.7 No Suspension of Petroleum Activities.
Unless CNH terminates this Contract or consents otherwise, the Contractor shall not suspend the Petroleum Activities pending resolution of a dispute. 

26.8 Waiver of Diplomatic Channels. Each of the Participating Companies expressly waives, for itself and on behalf
of all of its Affiliates, the right to make any claims through diplomatic channels. 
 ARTICLE 27. 

AMENDMENTS AND WAIVERS 

Any amendment of this Contract shall be by written agreement of CNH and the Contractor, and any waiver of any provision of this Contract by
CNH and the Contractor shall be express and in writing. 
 ARTICLE 28. 

CAPACITY AND REPRESENTATIONS OF THE PARTIES 

28.1 Representations and Warranties. Each Party acknowledges that each other Party is entering into this Contract
in its own name and in its own capacity as a legal entity empowered to contract on its own behalf, and that no other Person shall have any liability or responsibility for the performance of such Party’s obligations hereunder, except for the
joint responsibility of the Participating Companies and responsibility of each of the Guarantors under their Corporate Guarantee. In addition, each Party represents and warrants to the other Party that: 

(i) it has full legal capacity to enter into and perform this Contract, (ii) it has complied with all governmental, corporate and other necessary
requirements to enter into and perform this Contract, (iii) it has obtained the necessary governmental, corporate and other authorizations to enter into and perform this Contract, (iv) this Contract constitutes the legal, valid and binding
obligation of such Party, enforceable against it in accordance with its terms, and (v) its representations in the Declarations at the outset of this Contract are true and correct. 

28.2 Relationship of the Parties. Neither Party shall have the authority or right to undertake, create or commit to
any obligation of any kind whatsoever, whether express or implied, on behalf or in the name of the other Party, except the Operator that shall act on behalf of all the Participating Companies. No provision of this Contract shall constitute a
Participating Company or its employees, agents, representatives or Subcontractors as representatives of CNH. The Participating Companies shall be considered at all times independent contractors and shall be responsible for its own actions, which
shall at all times be subject to the provisions of this Contract and to the Applicable Laws. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 ARTICLE 29. 

DATA AND CONFIDENTIALITY 

29.1 Ownership of Information. The Contractor shall provide the Technical Information to CNH at no cost
whatsoever, and the Technical Information shall be owned by the Nation. The Nation shall also own any geological or mineral sample or sample of any other kind obtained by the Contractor in connection with the Petroleum Activities, which samples
shall be delivered by the Contractor to CNH, together with the Technical Information, immediately after the Contractor has completed the studies and appraisals related thereto. The originals of all such information shall be delivered to CNH within
the period indicated in the Applicable Laws. The Contractor may keep a copy solely for the purposes of performing its obligations under this Contract. The Contractor may use the Technical Information, without cost and without restriction, for
processing, appraisal, analysis and any other purpose relating to the Petroleum Activities (but not for any other use or for its sale), in the understanding that the Contractor shall also deliver any report of the results of such processing,
appraisal or analysis. Nothing contained in this Contract shall limit the right of CNH to use, sell or otherwise dispose of the Technical Information, in the understanding, except as provided in this Contract, CNH may not sell or disclose to any
third parties any information constituting intellectual property of the Contractor. 
 29.2 Public Information.
Without prejudice to the provisions of the Applicable Laws, except for the Technical Information and the intellectual property, all other information and documents derived from this Contract, including its terms and conditions, as well as any
information regarding the volume of Produced Hydrocarbons and the payments and considerations paid pursuant to this Contract shall be considered to be public information. The information registered by the Contractor in the IT system that the Fund
will make available to the Contractor for the determination of the Considerations, may be used to comply with the transparency obligations of the Applicable Laws, as long as they do not violate the confidentiality of the Technical Information nor
the intellectual property. 
 29.3 Confidentiality. The Contractor shall not disclose Technical Information to
any third party without the prior written consent of CNH. Notwithstanding the foregoing, the Contractor may furnish such information to its Affiliates and to its subsidiaries, accountants, legal advisors or financial institutions involved with this
Contract to the extent necessary for the Petroleum Activities in the Contract Area, in the understanding that these Persons shall also maintain the confidentiality of such information. The Contractor shall also take all necessary or advisable
actions to ensure that its employees, agents, advisors, representatives, legal counsel, Affiliates and Subcontractors, as well as the employees, agents, representatives, advisors and legal counsel of the Subcontractors and of the Affiliates of the
Contractor, comply with the same confidentiality obligation as provided in this Contract. The provisions of this Article 29.3 shall survive and remain in effect after the termination of this Contract for any reason or in the event CNH rescinds the
Contract, as they constitute continuing and permanent obligations. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 29.4 Exception to Confidentiality.
Notwithstanding the provisions of Article 29.3, the obligation of confidentiality shall not apply to: (i) information in the public domain which has not been made public through the breach of this Contract; (ii) information obtained
prior to its disclosure without violating any confidentiality obligation; (iii) information obtained from third parties entitled to disclose it without violating any confidentiality obligation, and (iv) information required to be disclosed
by law or Government Authorities, provided that (a) failure to disclose such information would subject the Contractor to civil, criminal or administrative sanctions, and (b) the Contractor promptly notifies CNH of the request for
disclosure. In the case of disclosure pursuant to (iv) above, CNH may request to the Contractor to challenge the disclosure order in the competent courts, and CNH shall bear any costs relating to such challenge. 

ARTICLE 30. 
 NOTICES

 All notices and other communications under this Contract shall be in writing and shall be effective upon receipt by the addressee
as follows: 
 If to CNH: 

Insurgentes Sur 1228 
 Colonia
Tlacoquemécatl del Valle 
 Benito Juárez District, Zip Code 03200, México, Federal District 

If to Operator: 
 Talos
Energy Offshore Mexico 7 
 Ave. Ejército Nacional 418, Piso 7 

Colonia Polanco V Section 
 Miguel
Hidalgo District, Federal District 
 Zip Code 11560 

With a copy to: 
 Attention:
Patricio Trad Cepeda 
 Javier Barros Sierra 540, 4th Floor Park Plaza I 

Col. Santa Fe, Alvaro Obregon District 

Zip Code 01210, Mexico, Federal District 

If to the Contractor: 

Sierra O&G Exploración y Producción 

Avenida Javier Barros Sierra 540, Torre 2, Piso 2, 

Colonia Santa Fe, Alvaro Obregon District, 

Mexico, Federal District, Zip Code 01210 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 Talos Energy Offshore Mexico 7 

Ave. Ejército Nacional 418, Piso 7 

Colonia Polanco V Section 
 Miguel
Hidalgo District, Federal District 
 Zip Code 11560 

With a copy to: 
 Attention:
Patricio Trad Cepeda 
 Javier Barros Sierra 540, 4th Floor Park Plaza I 

Col. Santa Fe, Alvaro Obregon District 

Zip Code 01210, Mexico Federal District 

Premier Oil Exploration and Production Mexico 

Attention: Emma Corbet-Milward and/or Timothy Lloyd Davies and/or Andy Gibb 

23 Lower Belgrave St., London SW1W0NR 

With copy to: 
 Attention to:
José David Enriquez Rosas 
 Ave. Paseo de la Reforma 265, 19 floor 

Col. Cuauhtémoc, Alvaro Obregon District 

Zip Code 01210, Mexico, Federal District 
 or at
such other address as may be notified by a Party to the other Party in the manner provided above. It is understood that any notice given by CNH to the Operator shall be considered to have been given to each Participating Company for all purposes of
this Contract. 
 ARTICLE 31. 

ENTIRE CONTRACT 

This Contract constitutes the complete and exclusive statement of the terms and conditions governing the agreement between the Parties with
regard to the subject matter hereof, and supersedes any prior negotiation, discussion, agreement or understanding regarding such subject matter. Notwithstanding the provisions of the number 8.6 of the Section III of the Bid Guidelines, no
representation of any agent, employee or representative of the Parties made prior to the execution of this Contract shall have any validity in construing the terms of this Contract. The following Annexes are incorporated herein and form an
indivisible and integral part of this Contract: 
  

	 	Annex 1:	Coordinates and Specifications of the Contract Area 

  

	 	Annex 2:	Form of Corporate Guarantee 

  

	 	Annex 3:	Procedures to Determine the State and Contractor Considerations 

  

	 	Annex 4:	Procedures for Accounting, Reporting and Recovery of Costs. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
  

	 	Annex 5:	Minimum Work Program 

  

	 	Annex 6:	Minimum Scope of the Appraisal Activities 

  

	 	Annex 7:	Appraisal Report 

  

	 	Annex 8:	Minimum Content of the Development Plan 

  

	 	Annex 9:	Form of Exploration Performance Guarantee 

  

	 	Annex 10:	Procurement of Goods and Services 

  

	 	Annex 11:	Procedure for Information Delivery of Consideration to the Mexican Petroleum Fund for Stabilization and Development and its Payment. 

 

	 	Annex 12:	Assets Inventory 

  

	 	Annex 13:	Shared Use of Facilities 

  

	 	Annex 14:	Private Agreement for Joint Bid 

 ARTICLE 32. 

TRANSPARENCY PROVISIONS 

32.1 Information Access. The Contractor shall submit the information that CNH may require to comply with Article
89 of the Hydrocarbons Law, including such information referred to in Article 29.2 through the means that CNH determines for such effects. The Contractor shall cooperate with the competent Governmental Authorities in the event such information may
require to be disclosed under the terms of the Applicable Laws. 
 32.2 Conduct of the Contractor and its Affiliates.
Each of the Participating Companies and its Affiliates represents and warrants that the directors, officers, advisors, employees and personnel of the Contractor or its Affiliates have not made, offered or authorized, and will not make, offer or
authorize at any time any payment, gift, promise or other advantage, directly or through any other Person, for the use or benefit of any public official or any political party, official of a political party or candidate for any political office, for
the purpose of: (i) influencing any decision or omission by a public official, political party or candidate, (ii) obtaining or maintaining this Contract or any other business, (iii) approving any Recoverable Cost, or
(iv) ensuring any other illegal benefit or advantage for any of the Participating Companies, its Affiliates, its shareholders or any other Person. Furthermore, each of the Participating Companies shall ensure that it and its Affiliates
(i) will conform to and comply with any anti- bribery laws and regulations applicable to them and (ii) will establish and maintain adequate internal controls for compliance with the terms of this Article 32.2. 

32.3 Notice of Investigation. Each of the Participating Companies shall notify CNH and any other competent Governmental
Authority: (i) immediately upon becoming aware, or having sufficient reason to assume, that any act contravening the provisions of Article 32.2 has occurred, and (ii) within five (5) Days of gaining knowledge of any investigation or
process initiated by any Mexican or foreign authority related to any alleged act that would violate the provisions of this Article 32. In addition, each of the Participating Companies shall keep CNH informed of the progress of the investigation and
process through its conclusion. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 32.4 Conflict of Interest. Each of the
Participating Companies agrees not to incur any conflict between its own interests (including those of its shareholders, its Affiliates and the shareholders of its Affiliates) and the interests of the State in dealings with Subcontractors, customers
and any other organization or individual that conducts business with any of the Participating Companies (including its shareholders, its Affiliates and the shareholders of its Affiliates) with respect to the Contractor’s obligations under this
Contract. 
 ARTICLE 33. 

COOPERATION ON NATIONAL SECURITY 

MATTERS 
 Aiming the
administration of the risks on national security matters, or derived from emergencies, sinister or public order alteration, the Contractor shall provide the facilities required by the competent federal authorities. 

ARTICLE 34. 
 LANGUAGE

 The language of this Contract is Spanish. All notices, waivers and other communications in writing or otherwise between the
Parties in connection with this Contract shall be made in Spanish. Any translation of this Contract will not be deemed as official. 

ARTICLE 35. 

COUNTERPARTS 
 This
Contract shall be executed in four (4) counterparts, each having the same meaning and effect, and each of which shall be considered an original. 

IN WITNESS WHEREOF, the Parties hereto have executed this Contract on the date first above written. 

 

					
	 For the “NATIONAL
 HYDROCARBONS
COMMISSION”
	 		 	BY “THE CONTRACTOR”
			
	 /s/ Juan Carlos Cepeda Molina

JUAN CARLOS CEPEDA MOLINA
 CHAIRPERSON
	 		 	 /s/ Ivan Rafael Sandrea Silva

IVAN RAFAEL SANDREA SILVA
 LEGAL REPRESENTATIVE

SIERRA O&G EXPLORACIÓN Y PRODUCCIÓN, S. DE R.L. DE C.V.

  
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 Contract No. CNH-R01-L01-A7/2015 

 

					
	 /s/ Carla Gabriela Gonzalez Rodriguez

CARLA GABRIELA GONZALEZ RODRIGUEZ
 EXECUTIVE SECRETARY

Based on the provisions of articles 20 and Fourth Transitory of the Internal Regulation of the National Hydrocarbons Commission
	 		 	 /s/ Read Bryan Taylor

MR. READ BRYAN TAYLOR
 LEGAL REPRESENTATIVE

SIERRA O&G EXPLORACIÓN Y PRODUCCIÓN S S. DE R.L. DE C.V.

			
	 /s/ Felipe Ortuño Arzate

FELIPE ORTUÑO ARZATE
 GENERAL DIRECTOR OF PETROLEUM
POTENTIAL ASSESSMENT
 Based on the provisions of articles 20 and Fourth and Fifth Transitory of the Internal Regulation of the National Hydrocarbons
Commission, and on the official document number 200.036/15 dated May 18, 2015
	 		 	 /s/ John Ashland Shepherd

MR. JOHN ASHLAND SHEPHERD
 LEGAL REPRESENTATIVE

TALOS ENERGY OFFSHORE MEXICO 7, S DE R. L. DE C.V.

			
	 /s/ Gaspar Franco Hernandez

GASPAR FRANCO HERNANDEZ
 GENERAL DIRECTOR OF EXTRACTION
REPORTS
 Based on the provisions of articles 20 and Fourth and Fifth Transitory of the Internal Regulation of the National Hydrocarbons Commission
	 		 	 /s/ Timothy Lloyd Davies

Mr. TIMOTHY LLOYD DAVIES
 LEGAL REPRESENTATIVE

PREMIER OIL EXPLORATION AND PRODUCTION MEXICO S.A. DE C.V.

			
		 		 	 FOR THE “JOINT AND SEVERAL OBLIGORS”
  

/s/ Ivan Rafael Sandrea Silva

IVAN RAFAEL SANDREA SILVA
 LEGAL REPRESENTATIVE

SIERRA O&G EXPLORACIÓN Y PRODUCCIÓN, S. DE R.L. DE C.V.

			
		 		 	 /s/ Read Bryan Taylor

MR. READ BRYAN TAYLOR
 LEGAL REPRESENTATIVE

SIERRA O&G EXPLORACIÓN Y PRODUCCIÓN S S. DE R.L. DE C.V.

			
		 		 	 /s/ John Ashland Shepherd

MR. JOHN ASHLAND SHEPHERD
 LEGAL REPRESENTATIVE

TALOS ENERGY OFFSHORE MEXICO 7, S DE R. L. DE C.V.

  
 69 

 Contract No. CNH-R01-L01-A7/2015 

 

					
			
		 		 	 /s/ Timothy Lloyd Davies

Mr. TIMOTHY LLOYD DAVIES
 LEGAL REPRESENTATIVE

PREMIER OIL EXPLORATION AND PRODUCTION MEXICO S.A. DE C.V

			
		 		 	 /s/ Ivan Rafael Sandrea Silva

IVAN RAFAEL SANDREA SILVA
 LEGAL REPRESENTATIVE

SIERRA Oil & Gas S. de R.L. de C.V.

			
		 		 	 /s/ Salvador Beltrán Del Río Madrid

Mr. SALVADOR BELTRÁN DEL RÍO MADRID
 LEGAL
REPRESENTATIVE
 SIERRA Oil & Gas S. de R.L. de C.V.

			
		 		 	 /s/ William Stanley Moss III

Mr. WILLIAM STANLEY MOSS III
 LEGAL REPRESENTATIVE

TALOS ENERGY, LLC

			
		 		 	 /s/ Timothy Lloyd Davies

Mr. TIMOTHY LLOYD DAVIES
 LEGAL REPRESENTATIVE

PREMIER OIL PLC

  
 70 

 Contract No. CNH-R01-L01-A7/2015 

ANNEX 1 
 COORDINATES
AND SPECIFICATIONS 
 OF THE CONTRACT AREA 

  
 2 

 Contract No. CNH-R01-L01-A7/2015 

 
 Coordinates and Specifications of the Contract Area 

Estimated surface: 194.452 km2 

 

	1.	Coordinates: 

  

									
	 Points
	  	Northern Latitude	 	  	Western Longitude	 
	 1
	  	 	93°44’00”	 	  	 	18°54’00”	 
	 2
	  	 	93°32’00”	 	  	 	18°54’00”	 
	 3
	  	 	93°32’00”	 	  	 	18°42’00”	 
	 4
	  	 	93°44’00”	 	  	 	18°42’00”	 

  

	2.	Map:  

  
 

 
  

	3.	Depth: Without depth restrictions. 

  
 2 

 Contract No. CNH-R01-L01-A7/2015 

 
 ANNEX 2 

FORM OF CORPORATE GUARANTEE 

  

 Contract No. CNH-R01-L01-A7/2015 

 
 CORPORATE GUARANTEE 

EXECUTED BY 

[            ] 

IN FAVOR OF 
 NATIONAL
HYDROCARBONS COMMISSION 

  

 Contract No. CNH-R01-L01-A7/2015 

 
 Guarantee Contract 

This Guarantee Contract (the “Guarantee”) is entered into
this             day of                by and between
            , a company organized and existing under the laws of             , in its capacity as guarantor (the
“Guarantor”), in favor of the United Mexican States, through the National Hydrocarbons Commission of Mexico, as beneficiary (the “Beneficiary”), with regard to the Contract for Exploration and Extraction of Hydrocarbons under
Production Sharing Modality, dated            ,                among the Beneficiary and
            (the “Participating Company”) (as it may be amended in accordance with its terms, the “Contract”). All capitalized terms used but not otherwise defined in
this Guarantee shall have the meaning ascribed to such terms in the Contract. 
 ARTICLE 1  

GUARANTEE 
 (a) The
Guarantor, as principal obligor and not merely as surety, hereby absolutely, unconditionally and irrevocably guarantees to the Beneficiary the full, due and complete payment of any and all amounts that the Participating Company shall owe the
Beneficiary under the Contract, as well as the due and punctual performance of any and all obligations of the Participating Company under the Contract. This Guarantee is a guarantee of payment and performance and not merely a guarantee of collection
and shall remain in full force and effect until all obligations of the Participating Company guaranteed hereunder have been paid or performed in their entirety, subject to Article 2 of this Guarantee. To the extent permitted by the Applicable Laws,
the Guarantor waives all defenses or benefits the Guarantor may have under law or otherwise in its capacity as surety or guarantor. 
 (b)
The guarantee of payment and performance provided in this Guarantee is a continuing, absolute and unconditional guarantee and shall apply to all obligations under the Contract as they arise. Without limiting the generality of the foregoing, the
guarantee of the Guarantor shall not be released, discharged or otherwise affected by: (i) any changes in the name, authorized activities, legal existence, structure, personnel or direct or indirect ownership of the Participating Company;
(ii) the insolvency, bankruptcy, reorganization or any other similar proceeding affecting the Participating Company or its respective assets, or (iii) any other act or omission or delay of any kind by the Participating Company, the
Beneficiary or any other Person. 
 (c) To the extent permitted by the Applicable Laws, the Guarantor agrees that, without notice and without
requiring any confirmation, consent or additional guarantee on its part, the obligations of the Participating Company guaranteed hereunder may be from time to time, in accordance with the Contract, renewed, extended, increased, accelerated,
modified, amended, settled, waived, released or rescinded, all of the foregoing without impairing or affecting in any way the obligation of the Guarantor in accordance with this Guarantee. The Beneficiary shall not be required to exercise any right
or remedy against the Participating Company before having the right to demand performance or receive payment from the Guarantor of the obligations guaranteed hereunder. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 ARTICLE 2  

REINSTATEMENT 
 The
obligations of the Guarantor under this Guarantee shall be automatically reinstated in the event and to the extent that for any reason, any payment or performance by or on behalf of the Participating Company relating to the obligations guaranteed
hereunder shall be recovered from or returned by the Beneficiary or other party as a result of any bankruptcy, insolvency, reorganization or other proceeding. 

ARTICLE 3  

REPRESENTATIONS AND WARRANTIES 

The Guarantor hereby represents and warrants that: (i) it has full legal authority to execute and perform this Guarantee, (ii) it
has complied with all corporate and other requirements for the execution and performance of this Guarantee, (iii) it has obtained all corporate and other authorizations necessary for the execution and performance of this Guarantee, and
(iv) this Guarantee is a legal, valid and binding obligation of the Guarantor, enforceable against the Guarantor in accordance with its terms. 

ARTICLE 4  

VALIDITY 
 If any
provision of this Guarantee or the application of such provision to any circumstance is declared to be in any way invalid or unenforceable, the other provisions of this Guarantee and the application of such provision to other circumstances shall not
be affected thereby. 
 ARTICLE 5 

GOVERNING LAW AND ARBITRATION 

(a) This Guarantee shall be governed by and construed in accordance with the federal laws of the United Mexican States. 

(b) The Guarantor and the Beneficiary agree that the provisions of Article 26 of the Contract shall apply to any dispute arising under or
related to this Guarantee. The Guarantor agrees that, upon request of the Beneficiary, any dispute resolution proceeding under this Guarantee may be consolidated with any arbitration instituted under the Contract. When the parties to the arbitration
are required to name any member of the tribunal, the Guarantor and, as the case may be, the Contractor and any other guarantor shall jointly name an arbitrator. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 (c) The Guarantor agrees to pay any and all reasonable and documented
Costs, expenses and fees, including attorney’s fees, which the Beneficiary may incur in connection with the enforcement of this Guarantee. 

ARTICLE 6  

NOTICES 
 Any notice
or other communication related to this Guarantee shall be in writing and shall be delivered personally, by courier, by certified or registered mail (or in a manner substantially similar to mail) as follows: 

If to CNH: 
 If to the
Participating Company: 
 If to the Guarantor: 

Either party to this Guarantee may, by written notice to the other, change the address to which notices to such party shall be sent. Any
notice or other communication shall be considered to have been given upon receipt by the addressee. Any communications related to this Guarantee shall be in Spanish. 

ARTICLE 7  

LANGUAGE 
 This
Guarantee is executed in Spanish. Any translation of this Guarantee shall be for convenience purposes only and shall not be considered in its interpretation. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 ARTICLE 8  

COUNTERPARTS 
 This
Guarantee may be executed by the parties in separate counterparts, each of which when signed and delivered shall be deemed to be an original, but which, taken together, shall constitute one and the same agreement. 

IN WITNESS WHEREOF, the parties have executed this Guarantee on the date first above written. 

 

			
	[            ],
	as Guarantor
		
	By:	 	  

		 	Name:
		 	Title:
	
	AGREED AND ACCEPTED:
	NATIONAL HYDROCARBONS COMMISSION
	As Beneficiary
		
	By:	 	
                     

		 	Name:
		 	Title:

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 ANNEX 3 

PROCEDURES TO DETERMINE 

STATE AND CONTRACTOR CONSIDERATIONS 

  

 Contract No. CNH-R01-L01-A7/2015 

 
 PROCEDURES TO DETERMINE 

STATE AND CONTRACTOR CONSIDERATIONS 

This Annex establishes the terms and conditions under which the calculations and payment of the applicable Considerations under this Contract shall be carried
out for any Month during the full term of this Contract, under the provisions of the Hydrocarbons Revenue Law prevailing at the time of the awarding of this Contract. 
  

	1.	Contractual Price 

  

	1.1	The Contractual Price for each type of Hydrocarbon will be determined based on the provisions of the Hydrocarbon Revenues Law, in accordance with the procedure established in this Annex 3. 

 

	1.2	Each Period, the Considerations indicated in Articles 16.2 paragraphs (b) and (c), and 16.3 paragraphs (a) and (b), will be calculated based on the Contractual Price of each type of Hydrocarbon, that shall be
determined based on the criteria established in this Annex 3. 

  

	1.3	For purposes of this Annex 3, t shall mean the sub index corresponding to the Period. In case the Petroleum Activities are conducted during a Period which does not encompass a complete Month, the Period shall be
the number of Days during which this Contract was actually in effect. 

  

	1.4	The Contractual Price of Crude Oil per Barrel will be determined as follows: 

  

	 	(a)	In case that during the Period the Contractor markets under Market Rules at least fifty percent (50%) of the Crude Oil volume delivered to it during the Period or there is a commitment for such marketing (including long
term sale contracts under which the price is determined by Market Rules), the Contractual Price of Crude Oil for the Period in which the marketing is registered shall be equal to the average observed sale price weighted by the corresponding volume,
that the Contractor has marketed or committed to market. 

 In the case of any volume that the Contractor sells or delivers to
an Affiliate or a related party, which is in turn marketed to a third party without any intermediate treatment or processing, the sales price and volume corresponding to such Affiliate or related party transaction with a third party, may be
considered in the calculation of the Contractual Price of Crude Oil during the Period. 
  

	 	(b)	In case that, during the Period, the Contractor does not market under Market Rules at least fifty per cent (50%) of the Crude Oil volume delivered to it in the Period, but the Marketer has registered marketing of the
Crude Oil corresponding to the Contract Area based on Market Rules, the Contractual Price of Crude Oil shall be equal to the average price, weighted by the corresponding volume, reported by the Marketer. 

  
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	 	(c)	If at the end of the corresponding Period the Contractor has not registered marketing under Market Rules, of at least fifty percent (50%) of the Crude Oil volume delivered to him during the Period, or by the Marketer,
the Contractual Price of Crude Oil shall be calculated based on the corresponding formula as a function of the API grade and sulfur content corresponding to the Crude Oil extracted within the Contract Area during the Period. The foregoing
considering the prices for Light Louisiana Sweet (LLS) and Brent marker crudes, published during the Period by an international company specialized in the publishing of reference information on prices, according to the following:

  

	 	i.	If the Contractor marketed less than fifty percent (50%) of the Crude Oil volume delivered to it during the Period, or if marketing was carried out by the Contractor or the Marketer with Related Parties, the Contractual
Price of the Crude Oil will be the average of the prices calculated using the corresponding formula at the date of each marketing transaction, using the marker prices for such date, weighted by the volume involved in each transaction carried out
during the Period. 

  

	 	ii.	If there was no marketing because the volume of Crude Oil produced in the period and registered at the Measurement Point was kept in storage under the ownership of the Contractor or the Marketer, the Contractual Price
of Crude Oil will be calculated using the corresponding formula, considering the simple average of the marker prices during the Period. 

The referenced formulas to calculate the Contractual Price of the Crude Oil are: 

 
 

 
 Where: 
  

					
	 PCP,t
	  	=	  	Contractual Price of Crude Oil in Period t.
			
	 API
	  	=	  	Adjustment parameter for quality, using weighted average API Grade of Crude Oil produced in the Contract Area.

  
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	  LLS t
	  	=	  	Average market price of Louisiana Light Sweet Crude (LLS) in Period t.
			
	  Brent t
	  	=	  	Average market price of Brent Crude [ICE] in Period t.
			
	  S
	  	=	  	Adjustment parameter for quality, using the value of the weighted average sulfur content of the Crude Oil produced in the Contract Area, Area using two decimal points (for example, 3.00 will be used for 3%).

 The formulas to calculate the Contractual Price may be updated in this Contract to reflect the structural
adjustments in the Hydrocarbons market, based on the information that the Ministry of Finance publishes in the annual report referenced in article 5 of the Hydrocarbon Revenues Law. 

In case that prices for LLS and Brent marker crudes are no longer published, the Ministry of Finance shall establish a new formula taking into
account other marker crudes that have trading liquidity and reflect market conditions. 
 In case a Crude Oil in the market has the same
quality characteristics (same API grade and sulfur content) than that of the Crude Oil produced in the Contract Area during the corresponding Period, the Contractual Price of Crude Oil used according to this subparagraph (c), may be calculated
considering the referenced market price that is Free On Board (FOB), instead of estimated value using the corresponding formula. 
 Regarding
the previous paragraph, the Contractor must present the documents with the verifiable information, published during the Period by an international company specialized in publishing reference information on prices, which proves that the proposed
Crude Oil has the same API grade and sulfur content than that of the Crude Oil produced in the Contract Area, according to the measurements carried out by CNH during the Period. 

 

	 	(d)	In case that the Contractual Price of Crude Oil in the immediately preceding Period or in the two immediately preceding Periods was determined using the formulas established in subparagraph (c) of this subsection,
and that during the Period there is marketing of Crude Oil under Market Rules by the Contractor or the Marketer in accordance with subparagraphs (a) and (b) of this subsection, the Contractual Price of Crude Oil in the Period will be determined
using the following formula, as long as the difference between the estimated price based on the formula and the observed price during the marketing of Crude Oil based on Market Rules during Period t is less than or equal to fifty per cent
(50%) of the observed price: 

  
 

 

  
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 Where: 

PCP,t = Contractual Price of Crude Oil in Period t. 

Pricetrading = Observed Price in marketing of Crude Oil based on Market 

Rules during Period t. 

 = Sum of volume of production of Crude Oil registered at Measurement Point during Periods t, t – 1 and if applicable, t – 2. 

 = Sum of Contractual Value of Crude Oil in Period t – 1, and if applicable, t – 2. 

 = Volume of production of Crude Oil registered at the Measurement Point during Period t. 
 In case that the
difference between the price estimated by the formula and the observed price during the Crude Oil marketing based on Market Rules during Period t is greater than fifty percent (50%) of the observed price, the Contractual Price of Crude Oil
shall be determined as follows: 
  

	 	i.	If the price estimated by the formula is greater than the observed price, the Contractual Price shall be: 

  

 
  

	 	ii.	If the price estimated by the formula is less than the observed price, the Contractual Price shall be: 

  

 
 Any variation in the Contractual Value of Crude Oil produced during the preceding Period or the two
immediately preceding Periods, which persists considering the determination of the Contractual Price in accordance with this subparagraph (d) and the price observed under Market Rules, may be settled within the three (3) following Periods
through the adjustments determined by the Ministry of Finance, as part of its verifications functions, in accordance with subsection 8.4 of this Annex 3. 
  

	 	(e)	In order for the price resulting from the marketing carried out by the Contractor to be considered in the determination of the Contractual Price of Crude Oil, the Contractor must have indicated prior to the closing of
the Period the relevant characteristics of the marketing carried out, including the aspects to determine the applicable price under Market Rules. Notwithstanding the foregoing, the Contractor shall report the total revenues, the volume of Crude Oil
and the average weighted price it obtains, derived from the marketing of the Crude Oil allocated to it as Considerations. 

  
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	1.5	The Contractual Price of the Condensates will be determined per Barrel based on the following: 

  

	 	(a)	In case that during the Period the Contractor markets under Market Rules at least fifty percent (50%) of the volume of Condensates delivered to it during the Period based on Market Rules or there is a commitment for
such marketing, including long term sale contracts under which the price is determined by Market Rules, the Contractual Price of Condensates during the Period in which the marketing is reported shall be equal to the average observed sale price
weighted by the corresponding volume in each case, that the Contractor has marketed or committed to market. 

 In the case of
any volume that the Contractor sells or delivers to an Affiliate or a related party, which is in turn marketed to a third party without any intermediate treatment or processing, the sale price and volume corresponding to such Affiliate or related
party transaction with a third party may be considered in the calculation of the Contractual Price of Condensates in the Period. 
  

	 	(b)	In case that during the Period the Contractor does not market under Market Rules at least fifty per cent (50%) of the Condensates volume delivered to it during the Period, but the Marketer has registered marketing of
the Condensates corresponding to the Contract Area based on Market Rules, the Contractual Price of Condensates during the Period shall be equal to the average price weighted by the corresponding volume, reported by the Marketer. 

 

	 	(c)	If at the end of the Period neither the Contractor or the Marketer have registered marketing under Market Rules of at least fifty percent (50%) of the volume of Condensates delivered to the Contractor, during the
Period, the Contractual Price shall be calculated considering the average price for Brent marker crude published during Period t by an international company specialized in the publishing of reference information on prices, according to
the following: 

  

	 	i.	If the Contractor marketed less than fifty percent (50%) of the volume of Condensates delivered to it in the Period, and the Marketer performed no transaction, or if marketing was carried out by the Contractor or
Marketer with related parties, the Contractual Price of the Condensates will be the average of the prices calculated using the formula at the date of each marketing transaction, using the crude marker price at such date, weighted by the volume
involved in each transaction carried out during the Period. 

  

	 	ii.	If there was no marketing because the volume of Condensates produced during the Period and registered at the Measurement Point was kept in storage under the ownership of the Contractor or the Marketer, the Contractual
Price of the Condensates will be calculated using the corresponding formula, considering the simple average of the marker price during the Period. 

  
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 The formula to calculate the Contractual Price of the Condensates is:

 PCC,t = 6.282 +
0.905BrentP,t 
 Where: 

 

					
	   PCC,t
	  	=	  	Contractual Price of Condensates during Period t.
			
	   BrentPt
	  	=	  	Price of Brent Crude ICE during Period t.

 The formula to
determine the Contractual Price may be updated in this Contract to reflect structural adjustments in the Hydrocarbons market, based on information published by the Ministry of Finance in the annual report referenced to in article 5 of the
Hydrocarbon Revenues Law. 
 In the event that the price for the Brent marker crude are no longer published, the Ministry of Finance
shall establish a new formula considering another marker or markers that have trading liquidity and reflect market conditions. 
  

	 	(d)	In the event that the Contractual Price of Condensates in the immediately preceding Period or in the two Immediately Preceding Periods was determined using the formula established in subparagraph (c) of this
subsection, and that during said Period there is marketing of Condensates by the Contractor or the Marketer in accordance with subparagraphs (a) and (b) of this subsection, the Contractual Price of Condensates in the Period will be determined
using the following formula, as long as the difference between the estimated price based on the formula and the observed price during the marketing of Condensates based on Market Rules in Period t is less than or equal to fifty per cent (50%) of the
observed price: 

  
 

 
 Where: 

PCC,t = Contractual Price of Condensates during Period t. 

 = Observed Price in marketing of Condensates based on Market Rules during Period t. 
 

 = Sum of Volume of Production of Condensates registered at Measurement Point in Periods t, t – 1, and if applicable, t – 2. 

 = Sum of Contractual Value of Condensates during Period t – 1, and if applicable, t – 2. 
 VPC,t = Volume of production of Condensates registered at the Measurement Point during Period t. 

  
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 In case that the difference between the price estimated by the formula
and the observed price during the Condensates marketing based on Market Rules during Period t is greater than fifty percent (50%) of the observed price, the Contractual Price of the Condensates shall be determined as follows: 

 

	 	i.	If the price estimated by the formula is greater than the observed price, the Contractual Price shall be: 

  

 
  

	 	ii.	If the price estimated by the formula is less than the observed price, the Contractual Price shall be: 

  

 
 Any variation in the Contractual Value of Condensates produced during the preceding Period or the two
immediately preceding Periods, which persists considering the determination of the Contractual Price in accordance with this subparagraph (d) and the price observed under Market Rules, may be settled within the three (3) following Periods
through the adjustments determined by the Ministry of Finance, as part of its verifications functions, in accordance with subsection 8.4 of this Annex 3. 
  

	 	(e)	In order for the price resulting from the marketing carried out by the Contractor to be considered in the determination of the Contractual Price of the Condensates, the Contractor must have indicated prior to the
closure of the Period the relevant characteristics of the marketing carried out, including the aspects to determine the applicable price based on Market Rules. Notwithstanding the foregoing, the Contractor shall report the total revenues, the volume
of Condensates and the average weighted price it obtains as a result of the marketing of the Condensates allocated to it as Consideration. 

  

	1.6	The Contractual Price of Natural Gas and its components will be determined separately per thermal unit (million BTU) in accordance with the following: 

 

	 	(a)	The Contractual Price of Natural Gas will consider, in the relevant proportion, the value per unit and volume corresponding to the marketing of Natural Gas (methane) and each one of its other components (ethane, propane
and butane). 

  

	 	(b)	In the case that during the Period the Contractor markets under Market Rules at least fifty percent (50%) of the Natural Gas volume delivered to it in the Period based on Market Rules or if there is a commitment for
such marketing (including long term sale contracts under which the price is determined by Market Rules), the Contractual Price of Natural Gas in the Period in which the marketing is registered shall be equal to the average observed sale price,
weighted by the thermal equivalent in millions of BTU of the corresponding volume in each case, which the Contractor has marketed or committed to market. 

  
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 In case that any volume that the Contractor sells to an Affiliate or a
related party is in turn marketed to a third party without any intermediate treatment or processing, the sale price and volume corresponding to such Affiliate or related party transaction with the third party may be considered for the calculation of
the Contractual Price of Natural Gas during the Period. 
  

	 	(c)	In case that during the Period the Contractor does not market under Market Rules at least fifty per cent (50%) of Natural Gas volume delivered to it during the Period, based on Market Rules, but the Marketer has
registered marketing of Natural Gas based on the Market Rules the Contractual Price of Natural Gas during the period shall be equal to the average price, weighted by the thermal equivalent in millions of BTU of the corresponding volume, reported by
the Marketer. 

  

	 	(d)	If at the end of the Period the Contractor does not market under Market Rules at least fifty percent (50%) of the Natural Gas volume delivered to it in the Period based on Market Rules, and the Marketer did not perform
any transaction, or if marketing was carried out by the Contractor or the Marketer with related parties, the Contractual Price of Natural Gas shall be the average of the prices determined based on the daily prices set by the Energy Regulatory
Commission for the point at which Natural Gas produced pursuant to this Contract enters the Integrated National Transportation and Storage System at the date of each marketing transaction, weighted by the thermal equivalent in millions of BTU of the
volume involved in each transaction carried out during the Period. 

  

	 	(e)	In case the Contractual Price of Natural Gas in the immediately preceding Period or in the two immediately preceding Periods were determined using the formula established in subparagraph (d) of this subsection, and
that during the corresponding Period there is marketing of Natural Gas under Market Rules by the Contractor or the Marketer in accordance with subparagraphs (b) and (c) of this subsection, the Contractual Price of Natural Gas during the Period
will be determined using the following formula, as long as the difference between the estimated price based on the formula and the observed price during the marketing of Natural Gas based on Market Rules during Period t is less than or equal
to fifty per cent (50%) of the observed price: 

  
 

 
 Where: 

PCG,t = Contractual
Price of Natural Gas during Period t. 

  
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 = Price observed in the marketing of Natural Gas under Market Rules during Period t. 
 

 = Sum of the Volume of Production of Natural Gas registered at the Measurement Point during Periods t, t – 1 and if applicable, t – 2. 

 = Sum of Contractual Value of Natural Gas during Period t – 1, and if applicable, t – 2. 
 VPG,t = Volume of Production of Natural Gas registered at the Measurement Point during Period t and expressed in its thermal equivalent in
millions of BTU, in the case of Natural Gas (methane) or each Natural Gas components (ethane, propane and butane) in its applicable proportion. 

In case the difference between the price estimated by the formula and the observed price during the Condensates marketing based on Market Rules
in the Period t is greater than fifty percent (50%) of the observed price, the Contractual Price of Natural Gas shall be determined as follows: 
  

	 	i.	If the price estimated by the formula is greater than the observed price, the Contractual Price shall be: 

  

 
  

	 	ii.	If the price estimated by the formula is less than the observed price, the Contractual Price shall be: 

  

 
 Any variation in the Contractual Value of Natural Gas produced during the preceding Period or the two
immediately preceding Periods, which persists considering the determination of the Contractual Price in accordance with this subsection (e) and the price observed under Market Rules, may be settled within the three (3) following Periods
through the adjustments determined by the Ministry of Finance, as part of its verifications functions, in accordance with subsection 8.4 of this Annex 3. 
  

	 	(f)	In order for the price resulting from the marketing carried out by the Contractor to be considered in the determination of the Contractual Price of the Natural Gas, the Contractor must have indicated prior to the
closure of the Period the relevant characteristics of the marketing carried out, including the aspects to determine the applicable price under Market Rules. Notwithstanding the foregoing, the Contractor shall report the total revenues, the volume of
Natural Gas and the average weighted price it obtains, derived from the marketing of the Natural Gas allocated to it as Consideration. 

  
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	1.7	In each Period, in the case of Hydrocarbon sales by the Contractor or the Marketer that are not free on board (FOB) at the Measurement Point, the Contractual Price at the Measurement Point shall be the equivalent, in
Dollars per the respective measurement unit, of the observed net revenues received for the marketing of each type of Hydrocarbon, considering the observed necessary costs of transportation, Storage, logistics and all other costs incurred for the
transfer and marketing of Hydrocarbons between the Measurement Point and the point of sale, divided by the volume of Crude Oil, Condensates and Natural Gas, as applicable, measured at the Measurement Point. 

In these cases, the Contractual Price for the Period will be adjusted considering a reduction of the established value pursuant to subsections
1.4 and 1.6 of this Annex 3. Said reduction shall be equal to the result of dividing the total costs of transportation, Storage and logistics incurred for each type of Hydrocarbon and reported during the Period by the volume of Hydrocarbons measured
and registered during the Period. 
  

	1.8	For purposes of subsection 1.7 above, only justifiably necessary costs will be considered, including those for the contracting of transportation services and infrastructure for transportation, Storage, treatment,
conditioning, processing, liquefying (in the case of Natural Gas), marketing and insurance. 

 In any case costs incurred for
transportation, Storage and logistics shall conform to Market Rules and to the applicable published regulated rate. In case the referenced costs result from agreements with related parties, the rules relating to transfer prices established in Annex
4 shall be followed. 
  

	1.9	The following costs will not be included among the necessary costs of transportation, Storage and logistics referenced in subsection 1.7: 

 

	 	(a)	Costs of marketing services or financial costs associated with the coverage of these Hydrocarbons; 

  

	 	(b)	Interest or other costs associated with financing activities; 

  

	 	(c)	Costs resulting from acts of negligence or willful misconduct by the Contractor or from actions by the Contractor which infringe the Applicable Laws; 

 

	 	(d)	Costs associated with addressing spills or environmental emergencies resulting from negligent or intentional acts by the Contractor; 

 

	 	(e)	Tax Obligations that become applicable, and 

  

	 	(f)	Sanctions or penalties. 

  

	1.10	The information related to the determination of Contractual Prices must be presented and registered by conduit of the Operator through an IT system that the Fund will make available to the Contractor. 

  
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	2.	Contractual Value of Hydrocarbons during Period t. 

  

	 	2.1	The Contractual Value of the Hydrocarbons will be determined using the following formula: 

 VCHt = VCP,t + VCG,t + VCC,t 
 Where: 

VCHt    = Contractual Value of Hydrocarbons during Period t.

 VCP,t     = Contractual Value of Crude Oil during Period
t. 

VCG,t   
  = Contractual Value of Natural Gas during Period t. 

VCC,t     = Contractual Value of Condensates during Period
t. 
 In case that Hydrocarbon spills occur due to emergencies or disaster situations, recovered Hydrocarbon volumes during the
conduction of response activities to such emergencies or disaster situations, will be considered for the calculation of the Contractual Value of each type of Hydrocarbons. 
  

	2.2	The following formulas will be used to calculate the contractual value of each type of Hydrocarbon: 

  

	 	(a)	Contractual Value of Crude Oil during Period t. 

 VCP,t = PCP,t * VPP,t 

Where: 
 VCP,t = Contractual Value of Crude Oil during Period t. 
 PCP,t = Contractual Price of Crude Oil during Period t. The price of Crude Oil produced in the Contract Area, in Dollars per Barrel, determined each Period at the Measurement Point, in accordance with
subsection 1.4 of this Annex 3. 
 VPP,t = Net volume of Crude Oil production
registered at the Measurement Point during Period t. 
  

	 	(b)	Contractual Value of Condensates during Period t. 

 VCC,t = PCC,t * VPC,t 

Where: 
 VCC,t = Contractual Value of Condensates during Period t. 
 PCC,t = Contractual Price of Condensates during Period t: The price of Condensates produced in the Contract Area, in Dollars per Barrel, determined each Period at the Measurement Point, in
accordance with subsection 1.5 of this Annex 3. 
 VPC,t = Net volume of Production
of Condensates registered at the Measurement Point during Period t. 

  
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	 	(c)	Contractual Value of Natural Gas during Period t. 

  
 

 
 Where: 

VCG,t = Contractual
Value of Natural Gas during Period t. 
 i = Each one of the product that make up Natural Gas, whether they may be methane,
ethane, propane or butane. 
 PCG,t,i = Contractual Price of each component that constitutes Natural Gas in Period t, in Dollars per million BTU, determined each Period at the Measurement Point, in accordance with subsection
1.6 of this Annex 3. 

VPG,t,i = Net volume of
Production registered at the Measurement Point in Period t and expressed in its thermal equivalent in millions of BTU, whether it be the case of Natural Gas (methane) or each one of its components (ethane, propane and butane). 

 

	3.	Recovery of Costs 

  

	3.1	The Cost Recovery Percentage for each Period applicable for this Contract during its full term will be sixty percent (60%). 

  

	3.2	The Recoverable Costs Limit shall be the product of multiplying the Recoverable Costs Percentage by the sum of the Contractual Value of the Hydrocarbons and the other revenues indicated in subsection 8.5 of this Annex 3
in the relevant Month. 

  

	3.3	The Consideration regarding Reimbursement of Recoverable Costs will be the smaller between the Recoverable Costs Limit applicable during the Period and an amount equal to the recognized Costs that are Recoverable Costs
during the Period pursuant to Annex 4 of this Contract and to the related guidelines issued by the Ministry of Finance prevailing at the time of the award of this Contract. The resulting amount will be the Recoverable Costs recognized as recovered
by the Contractor during the Period. 

  

	3.4	In the event that, during any Month, the aggregate amount of all outstanding Recoverable Costs is greater than the Recoverable Costs Limit, in such Month the Contractor will only have the right to receive an amount
equal to the Recoverable Costs Limit for such Month. The portion of recognized Recoverable Costs not recovered in a specific Period will be credited as a Recoverable Cost in subsequent Periods, without accruing any type of interest.

  

	3.5	Any remaining unpaid balance of the Recoverable Costs upon termination of this Contract will be deemed extinguished, and the Contractor will not have any right to receive, claim or request payment of such unpaid
balance. 

  
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	3.6	The Fund will determine the recognized Costs that are recoverable during the Period based on the information related to the Costs that the Contractor, by conduit of the Operator, registers through an IT system that the
Fund will make available to the Contractor for such purposes, and on the information related to the Budgets and Work Programs approved by CNH. 

  

	4.	Operating Profit 

  

	4.1	The Operating Profit will be determined for each Period and will be obtained by subtracting from the value that results from the sum of the Contractual Value of Hydrocarbons and other revenues indicated in subsection
8.5 of this Annex 3, the Recoverable Costs Reimbursement and the Royalties actually paid to the State, in accordance with the following formula: 

  

 
 UOt
                =         Operating Profit during Period t. 

lAT
                 =         Additional revenues indicated in subsection 8.5 of this Annex 3. 

VCHt              =
        Contractual Value of the Hydrocarbons during 
 Period CRt      =         Recovery of Costs in Period t. 

Rt
                   =         Royalties actually paid to the State during Period t. 

 

	5.	Consideration as Percentage of Operating Profit 

  

	5.1	The State will receive sixty-eight percent point ninety-nine (68.99%) of the Operating Profit for the relevant Month. 

  

	5.2	The Contractor will receive the remaining percentage of the Operating Profit in such Month, after the share of the Operating Profit allocated to the State is paid in kind, which is delivered to the Marketer.

  

	5.3	The percentages established in subsections 5.1 and 5.2 will be adjusted pursuant to the Adjustment Mechanism established in section 8.3 of this Annex. 

 

	6.	Operating Result of the Contractor 

  

	6.1	The operating result of the Contractor for each Period will consist of the sum of the Considerations to which the Contractor is entitled pursuant to this Contract in the Period, including those derived from the revenues
indicated in subsection 8.5 of this Annex 3, minus an amount equal to the Costs recorded during the same Period in accordance with Annex 4. 

  

	6.2	In order to calculate the operating result of the Contractor, the Costs corresponding to the Minimum Work Program and Minimum Program Increase will be multiplied by a factor of 3 in accordance with the formula indicated
in subsection 6.3 of this Annex 3. 

  
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	6.3	The determination of the operating result of the Contractor will be calculated in accordance with the following formula: 

ROCt = UOt × SCAt + CRt – Ct – 3 × PMt, 

Where: 
 ROCt = Operating result of Contractor during Period t 
 UOt = Operating Profit during Period t. 
 SCAt = Contractor’s Share during Period t determined based on the Adjustment Mechanism. 

CRt = Recoverable Costs Recognized during Period t. 

Ct = Eligible Costs recorded in the same Period pursuant to Annex 4 different from the
costs contemplated in the Minimum Work Program and the Minimum Program Increase. 

PMt = Eligible Costs registered during the same Period in accordance with Annex 4 which
are contemplated in the Minimum Work Program and Minimum Program Increase. 
  

	7.	Metrics of Operating Result before Taxes of the Contractor (MRO) 

  

	7.1	The monthly index of operating results before taxes for Period t (rt ) will be calculated in accordance with the following equation: 

 
 

 
 Where: 

rt = Monthly index of operating results before taxes of Contractor for Period t. 

i = Index of the sum indicating the Period running from the initial Month of the Effective Date through the last referenced Period. 

ROCi = Operating result of the Contractor for Period i. 

S = Indicates the sum of the indexed elements i. 

 

	7.2	The Metrics of the operating result of the Contractor before taxes for the Period t (MROt ) will be calculated as the annualized rate of the monthly index of the operating result before taxes for the Period t, in
accordance with the following expression: 

  
 

 
 Where: 

MROt = Metric of the operating results before Contractor’s taxes for Period t.

 rt = Monthly index of the operating results before Contractor’s taxes for the
Period t. 

  
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	7.3	In the event that in one or more Periods there are multiple results for the MRO, the value which represents the smallest variation with regards to the value assigned to the MRO during the immediately preceding Period
will be used. In the event that in one or more Periods it is not possible to define a value for the MRO, zero shall be used as the applicable value. 

  

	8.	Procedures to Calculate Considerations 

  

	8.1	Royalties 

 The amount of the Royalties will be determined for each type of Hydrocarbon by
applying the rate corresponding to the Contractual Value of the Crude Oil, the Contractual Value of the Natural Gas and the Contractual Value of the Condensates produced during the Period. In the case of Natural Gas, the amount of Royalties will be
determined separately whether it be Natural Gas (methane), or each one of its other components (ethane, propane and butane) considering the rate and the Contract Value for each one, determined based on the Contractual Price and the volume of each
one of the above mentioned products. 
 The mechanism to determine the Royalties will be adjusted each Year in the month of January based on
the first publication of the annual change observed in the month of December of the prior Year (hereinafter
pn-1) in the Producer Price Index of the United States of America or its substitute , using the year 2015 as
the base Year, and making the first adjustment in the second half of the month of January of 2016. The process to determine the amounts payable will be the following: 
  

	 	(a)	The following rate will be applied to the Contractual Value of the Crude Oil: 

  

	 	i.	When the Contractual Price of Crude Oil is less than An, the following will be applied: 

Rate = 7.5% 
 To adjust for
inflation, the parameter An will be adjusted annually according to the following formula: 
  

 
 Where An takes values from the base Year through
the last reference Year,

 in the Base Year and n specifies the corresponding Year 
  

	 	ii.	When the Contractual Price of Crude Oil is equal to or greater than An : 

Rate = [(Bn * Contractual Price of Crude Oil) + 1.5]% 

  
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 To adjust for inflation, the parameter

 will be updated annually in accordance with the following formula: 
  

 
 Where Bn takes values from the base Year through
the last Year of reference, B0 = 0.125 in the base Year and n indicates the corresponding Year. 
  

	 	(b)	The following rate will be applied to the Contractual Value of Associated Natural Gas: 

  

			
	Rate=	  	 Contractual Price of Natural Gas

		  	Cn

 To adjust for inflation, the parameter Cn will be
updated annually in accordance with the following formula: 
  
 

 
 Where Cn, takes values from the base Year through
the last reference Year, C0 = 100 in the base Year and n indicates the corresponding Year. 
  

	 	(c)	The following rate will be applied to the Contractual Value of Non-Associated Natural Gas: 

  

	 	i.	When the Contractual Price of Non Associated Natural Gas is less than or equal to Dt, the Rate will be 0%. 

To adjust for inflation, the parameter Dn will be updated annually in accordance with
the following formula: 
  
 

 
 Where Dn takes values from the base Year through
the last reference year,

 in the Base Year and n specifies the corresponding Year. 

  
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	 	ii.	When the Contractual Price of Natural Gas is greater than Dn and less than En, the rate will be calculated
in accordance with the following formula: 

  
 

 
  
 To adjust for inflation, the
parameter En will be updated annually in accordance with the following formula: 
  
 

 
 Where En takes values from the base Year through the last reference Year,

in the Base year and n specifies the corresponding year. 
  

	 	iii.	When the Contractual Price of Natural Gas is equal to or greater than En: 

  

			
	Rate=	  	                Contractual Price of Natural
Gas                
		  	Fn

 To adjust for inflation, the parameter Fn is updated
annually in accordance with the following formula: 
  
 

 
 Where Fn takes value from the base Year through the
last Year of reference, F0 = 100 in the base Year and n indicates the corresponding Year. 
  

	 	(d)	The following rate will be applied to the Contractual value of the Condensates: 

  

	 	i.	When the Contractual Price of the Condensates is less than Gn, the following will apply: 

Rate= 5% 
 To adjust for
inflation, the parameter Gn is updated annually in accordance with the following formula: 
  

 
 Where Gn takes values from the base Year through
the last Year of reference,

in the base Year and n indicates the corresponding Year. 

  
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	 	ii.	When the Contractual Price of the Condensates is equal to or greater than Gn: 

Rate = [(Hn * Contractual Price of the Condensates) – 2.5]% 

To adjust for inflation, the parameter Hn is updated annually in accordance with the
following formula: 
  
  
 

 
 Where Hn takes values from the base Year through
the last Year of reference, H0 = 0.125 in the base Year and n indicates the corresponding Year. 
 The Producer Price Index of the United
States of America referred to in this section will correspond to the first index published by the Bureau of Labor Statistics of the United States of America, identified as WPU00000000 without seasonal adjustment, which represents the index of all
merchandise, or, if applicable, a substitute index designated by the issuing institution. In case of adjustments or revisions to such price index, the first version published shall prevail. If the reference index is changed, the Ministry of Finance
will announce the new reference. 
  

	8.2	Contract Fee for the Exploratory Phase 

 Monthly payment of the Contract Fee for the Exploratory
Phase made to the State by the part of the Contract Area that does not have a Development Plan approved by CNH will be made in cash in accordance with the following fees: 
  

	 	(a)	During the first 60 Months of the term of the Contract: 

 1,150 Mexican pesos per square
kilometer. 
  

	 	(b)	Beginning in Month 61 of the term of the Contract and through the end of its term: 

 2,750
Mexican pesos per square kilometer. 
 The amounts for the monthly fees will be updated each Year in accordance with the Applicable Laws, on
January 1st, considering the Period starting from the thirteenth immediately preceding Month and until the last Month in which the update is made, applying the update factor that results from dividing the National Consumer Price Index of the
immediately preceding Month to the most recent of the Period by the National Consumer Price Index corresponding to the immediately preceding Month to that of the furthermost oldest Period, published by the National Institute of Statistics and
Geography or if applicable its substitute index. 

  
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	8.3	Adjustment Mechanism 

 The Consideration as a percentage of the Operating Profit to be received
by the State shall be adjusted in accordance with the following formula: 
 SGt =
100% - SCAt 
 SGt     = Percentage of Operating Profit
received by the State during Period t. 
 SCAt  = Adjusted percentage of
Operating Profit received by the Contractor in Period t. 
 The adjusted percentage of Operating Profit received by the Contractor during
Period t(SCAt) will be calculated as follows: 
  

	 	(a)	When the metrics of the operating result before taxes of the Contractor for the Period immediately preceding the relevant Period (MROt – 1) is less than the
value U1, the percentage of the Operating Profit received by the Contractor will be SC1. 

 

	 	(b)	When the value of the metrics of the operating results before taxes of the Contractor for the Period immediately preceding the relevant Period (MROT – 1) is
between U1 and U2, the percentage of Operating Profit received by the Contractor,
SCAt, will be determined in accordance with the following formula: 

  

 
 Where: 
  

					
	  SCAt
	  	=	  	Adjusted percentage of Operating Profit received by the Contractor during Period t.
			
	  SC1
	  	=	  	Percentage of Operating Profit received by the Contractor at commencement of the term of the Contract = thirty-one percent point zero one (31.01%).
			
	  SC2
	  	=	  	Minimum percentage of Operating Profit received by the Contractor, equivalent to SC1 multiplied by a factor of 0.25.
			
	  MROt – 1
	  	=	  	Metrics of the operating result before taxes of the Contractor in Period t-1.
			
	  U1
	  	=	  	25%
			
	  U2
	  	=	  	40%

  
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	 	(c)	When the metrics of the operating result before taxes of the Contractor for the Period immediately preceding the relevant Period (MROt-1) is greater than the value
U2, the percentage of Operating Profit received by the Contractor shall be SC2. 

 

	8.4	Other adjustments of the Considerations 

 In accordance with Chapter III of Title Second of the
Hydrocarbon Revenues Law, the Ministry of Finance has verification powers which may result in adjustments of the Considerations in the event of variations during the corresponding Period, during the preceding Period or Periods, in the determination
of the Contractual Prices or the measurement of net volume produced, or as a result of the procedures for recording and recognizing costs and for auditing established in this Contract. 

 

	8.5	Other Income 

  

	 	(a)	The additional revenues received by the Contractor for the provision of services to third parties in accordance with Annex 13 or derived from the sale or disposal of Sub-Products,
shall be deemed as Contract revenues. 

  

	 	(b)	The Contractor will be responsible for the registry of the information and documentation related to the additional revenues indicated in this subsection. 

 

	9.	Procedures for payment of Considerations 

  

	9.1	The Considerations established in this Contract will be paid in kind to the State and the Contractor at the Measurement Point or will be paid in cash, as applicable, no later than the 15th Business Day of the subsequent Period. 

  

	9.2	The Hydrocarbons within the Contract Area and up to the Measurement Point are property of the State, with respect to those Hydrocarbons that, pursuant to the Contract, correspond to the Contractor as a payment of the
Considerations of the Contractor. The State shall maintain such property until it is delivered to the Contractor as payment of the Considerations made by the Fund, through the CNH, at the Measurement Point. To these effects, the delivery of those
Hydrocarbons registered in accordance with this Annex 3 and Annex 11 at the Measurement Point shall lead to the immediate legal delivery to the Fund, in order to be delivered to the Contractor, through the CNH, at that specific time, without the
need of any additional verification to be conducted by the Fund. Moreover, the Hydrocarbons that the CNH delivers to the Marketer shall remain property of the State until their disposal, without the need of any verification to be conducted by the
Fund. 

  
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	9.3	In order for the Fund to make the calculations of the Considerations, the Contractor by conduit of the Operator must have registered, within the first ten (10) Business Days of the Month, the information and
documentation relative to Contractual Prices, to the corresponding volume of production, the Contractual Value of Hydrocarbons, the Costs and other necessary elements for the determination of the Considerations in the IT system that the Fund will
make available to the Contractor for such purposes. 

  

	9.4	The net volume of each Hydrocarbon produced in the Period shall be determined at the end of the Period, in accordance with the measurement made in the Measurement Point that the Contractor will reports within the first
ten (10) Business Days of the Month. Furthermore, the CNH shall deliver to the Fund, within the first ten (10) Business Days of every Month, the information relative to the Contract production of the immediately preceding Month, including
the information relative to the volumes delivered to the Contractor and to the Marketer, following the temporary distribution indicated in subsection 9.7, as well as the information of the Hydrocarbons delivered during the Period, in terms of the
payment certificate issued by the Fund in accordance with subsection 9.8 of this Annex 3. 

 In the case that the Operator does
not report the corresponding measurement in the term indicated in the preceding paragraph or that discrepancies exist between the information presented by the Contractor and such information presented by the CNH, the Fund will calculate the
Considerations based on the measurement registered by the CNH. 
  

	9.5	The net volume of each Hydrocarbon produced in the Contract Area, will be distributed among the Parties as payment for the Considerations of each of them pursuant to the terms of this Contract, in accordance with the
measurement made, and the Contractual Prices determined pursuant to subsection 1 of this Annex 3 and under the conditions of quality required for their commercialization in the market, contemplating the following: 

 

	 	(a)	The State will receive: 

  

	 	i.	The volume of each type of Hydrocarbon equivalent to the total amount of the Royalties for the Period. 

  

	 	ii.	The volume of each type of Hydrocarbon corresponding to the percentage of the Operating Profit share for the State, determined taking into account the applicable adjustments established in subsections 8.3 and 8.4 of
this Annex 3. 

  

	 	iii.	The payment in cash of the Contract Fee for the Exploratory Phase for each Period that must be made no later than the 17th Day of the subsequent Period. 

The proportion of the net volume of each Hydrocarbon received by the State will be equal to the percentage which results from dividing the sum
of the monetary value of the Royalties and the percentage of the Operating Profit corresponding to the State by the Contractual Value of the Hydrocarbons in the Period (VCHt). The volume of
each 

  
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 Hydrocarbon corresponding to the State will be delivered to the
Marketer. 
  

	 	(b)	The Contractor will receive: 

  

	 	i.	The volume of each type of Hydrocarbon that is allocated to the recovery of Eligible Costs in the Period, as well as pending recovery costs from prior Periods. 

 

	 	ii.	The volume of each type of Hydrocarbon corresponding to the percentage of the Operating Profit for the Contractor, determined taking into account the applicable adjustments established in subsections 8.3 and 8.4.

 As payment of Consideration, the Contractor will receive the remaining net volume of each Hydrocarbon produced in the Period
once the Considerations corresponding to the State have been covered. 
 Whenever there exist other revenues as those indicated in subsection
8.5 of this Annex 3, the volume corresponding to the Contractor shall consider as a discount the volume equivalent to the amount of additional revenues received in the Period, taking in account the proportion and Contractual Price of each type of
Hydrocarbon registered in the Period. 
 In case that the volume corresponding to the State is higher than the volume produced in the Period,
the Contractor shall transfer to the Fund, within five (5) Business Days immediately following the determination of Considerations, the amount of cash equivalent to the observed difference. 

 

	9.6	The volumes of Hydrocarbons corresponding to the Contractor as payment of Considerations to which it is entitled in accordance to the present Contract will be delivered to it at the Measurement Point, place where title
to such Hydrocarbons will be transferred to the Contractor, without prejudice to the adjustments and liquidation of the payment executed by the Fund in terms of subsection 9.8 of this Annex 3. 

 

	9.7	 The distribution of Net Hydrocarbons among the Parties will be continuous, taking into account the respective
conditioning and treatment needs, and there will be daily recordings at the Measurement Point in accordance with the procedures established in this Contract. For the foregoing, during the term between the final determination of the Considerations
for each Month and the corresponding preceding Month, the net volume of each Hydrocarbon will be distributed between the Parties as temporary payment considering the distribution based on the most recent calculation of the Considerations made by the
Fund. From the beginning of the Regular Commercial Production and until 

  
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 the first determination of the Considerations corresponding to the
initial Period, the temporary distribution will be determined considering the conditions established for the calculation of the Considerations in favor of the State and the Contractor on the date of the execution of this Contract, including the
determination of the Contractual Price through the formulae established in subsections 1.4, 1.5 and 1.6, considering, in each case, the simple average of the reference prices observed during the twenty (20) Business Days previous to the
beginning of the Regular Commercial Production. In any case, the delivery to the Contractor of the Hydrocarbons indicated in this subsection, implies its material and legal delivery to the Contractor at the immediately subsequent moment after the
corresponding registry is made on the Measurement Point, without prejudice that the definite payment is executed through the granting of the corresponding payment certificate to the Contractor, by the CNH, issued by the Fund in terms of subsection
9.8. The Contractor may market the net volume of each Hydrocarbon it receives during the Month in accordance with this subsection. 
 The
payment of the corresponding Considerations through the delivery of produced Hydrocarbons shall be executed in accordance with subsection 9.8 of this Annex 3. 
  

	9.8	At the end of the Period, once the Considerations have been determined for the corresponding Month and based on the record of Hydrocarbon volumes in the Measurement Points distributed between the Parties:

  

	 	(a)	The applicable volume adjustments will be made in the event there are differences between the temporary distribution of Net Hydrocarbons volume for the Period and the distribution corresponding to the Considerations for
the Period. 

  

	 	(b)	Based on calculations made by the Fund, the CNH and the Contractor will sign a final record of the distribution of the production that shall establish the volume of the Net Hydrocarbons for the Period by type of
Hydrocarbon, the Contractual Value of the Hydrocarbons, the ownership of the volume of Net Hydrocarbons for the Period that has been distributed between the Parties pursuant to the records provided in subsection 9.7 of this Annex 3 and the
volumetric compensations that are applicable. Such order will be signed separately for each type of Hydrocarbon produced and distributed. A copy of the record shall be delivered to the Fund for its records. 

 

	 	(c)	Based on the information set in the record indicated in the preceding subparagraph, the Fund will issue a certificate of payment to the Contractor through the CNH. The CNH will be responsible for delivering, on behalf
of the Fund, the respective certificate to the Contractor and to the Marketer the Hydrocarbons that correspond to the State. 

  
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	9.9	The volumetric compensations which are applicable in accordance with the terms of subsection 9.8 of this Annex 3 will be made beginning in the Period following the Period for which the adjustment was determined. In such
Period, the distribution of the volume of Net Hydrocarbons will be allocated first to cover the respective compensation until it is fulfilled. After that, the distribution will resume pursuant to subsection 9.7 of this Annex 3. 

 

	9.10	The Considerations in favor of the Contractor will be paid once the Contractor begins production of Hydrocarbons in accordance with this Contract, and thus, as long as there is no production , in no case will there be
an obligation to pay Considerations in favor of the Contractor, nor will the Contractor be granted any advances. 

  

	9.11	In any case, the receipt procedure established in Article 12.2 of this Contract shall contain the mechanisms to guarantee that each Party receives the Hydrocarbons that correspond to it at the Measurement Point in
accordance with this Contract. 

  

	9.12	Without prejudice to the right of the Parties to receive Considerations established in the Contract, the movement of Hydrocarbon production beyond the Measurement Point, and if applicable, the use of transportation and
Storage infrastructure may be subject to agreements with the Marketer, for the purpose of establishing criteria to establish the logistics of movement of Hydrocarbon production outside the Contract Area in order for each of the Parties to receive
the Hydrocarbons corresponding to it in accordance with this Contract following the industry practice and customs for these types of transactions. 

  

	9.13	If the Contractor offers the State better marketing conditions that those offered by the Marketer, the Parties may, in consultation with the Ministry of Finance, reach an agreement whereby the Contractor markets the
percentage of the production obtained pursuant to this Contract that correspond to the State , in accordance with the rules established in this Contract. 

  

	9.14	Payment of Consideration in a Consortium: 

  

	 	(a)	The payment of Consideration to a Consortium under this Contract shall be made in accordance with the terms of the joint operating agreement entered into by the Participating Companies in the Consortium and approved by
CNH pursuant to the Applicable Laws. 

  

	 	(b)	In accordance with the provisions of such agreement, the Participating Companies, at their option, may decide to have the Consideration be delivered to the Operator for their distribution among the Participating
Companies at their corresponding proportions. 

  
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	10.	Procedures for the verification of Considerations 

  

	10.1	The Fund: 

  

	 	(a)	Will be in charge of the administration of the financial aspects of the Contract and the calculation of the Considerations and other elements provided by the Law of the Mexican Petroleum Fund, without prejudice to the
powers allocated to the CNH. 

  

	 	(b)	Will receive the Royalties, Contract Fees for the Exploratory Phase and other Considerations in favor of the State established in the Contracts. In case of those Considerations received in kind, the Fund will receive
the proceeds of the sale by the Marketer. 

  

	 	(c)	Will keep the information records required to calculate and determine the Considerations established in this Contract and to carry out other functions it is charged with. 

 

	 	(d)	Will carry out the calculation and payment of the Considerations based on the information registered in the IT system which, as applicable and in accordance with this Contract, are payable to the Contractors.

  

	 	(e)	Is obligated to notify the Ministry of Finance and CNH regarding irregularities it may detect in the exercise of its functions for the purpose of enforcing the State’s rights under this Contract, or in the event
respective penalties or sanctions apply, without prejudice to other legal, judicial or criminal actions that may be applicable. 

  

	 	(f)	Will receive information and documentation from the Operator related to Costs, as well as the deduction of such investments, required for the execution of this Contract, and it will keep a record of such items and, if
applicable, their recognition. 

  

	10.2	The Ministry of Finance: 

  

	 	(a)	Will carry out verification of the financial aspects of this Contract related to the Considerations and other elements provided by the Hydrocarbon Revenues Law. 

 

	 	(b)	Will verify the proper payment of the Royalties, Contract Fees for the Exploratory Phase and other Considerations payable to the State and the Contractor. 

 

	 	(c)	May request from the Contractors and third parties the information it requires for the proper exercise of its functions in accordance with this Contract. 

  
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	 	(d)	Will verify the operations and accounting records arising from this Contract, even by conducting audits or visits to the Contractors by itself or through the Tax Administration Service. 

  
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 ANNEX 4 

PROCEDURES FOR ACCOUNTING, REPORTING AND 

RECOVERY OF COSTS 

  
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 PROCEDURES FOR ACCOUNTING, REPORTING AND RECOVERY OF COSTS

  

	1.	Procedures for Accounting, Reporting and Recovery of Costs 

 Section I. Accounting. 

 

	1.1	The purpose of these procedures for accounting, reporting and recovery of Costs is to establish the manner in which the Operator will report and provide information on the transactions arising from the purpose of the
Contract. 

  

	    	For purposes of this Annex 4, in addition to the definitions established in the Contract, the definitions in the applicable Guidelines issued by the Ministry of Finance in effect on the date of the award of the Contract
shall be deemed to be included. 

  

	1.2	The Operator shall keep its accounting records in accordance with the Tax Code of the Federation (“Código Fiscal de la Federación”), its Regulations and the “Normas de Información
Financiera” (Financial Reporting Standards) in force in Mexico; its accounting must be maintained in Spanish and amounts must be stated in the Recording Currency, in Mexican pesos, regardless of the Functional Currency and Reporting Currency
used by the Operator which shall be in Dollars. 

  

	1.3	Regardless of the provisions of the Tax Code of the Federation, the Operator shall keep its accounting records, information and documentation related to the Costs, in its tax residence for a period of five
(5) Years after the termination of the Contract. 

 Section II. The Operating Account 

 

	1.4	The Costs relating to the purpose of the Contract shall be recorded in the Operating Account in the Period in which they are incurred in accordance with the classifications of Costs published by the Fund and in
accordance with the provisions of subsection 1.7 of this Annex 4. 

  

	1.5	For purposes of the payment of Considerations, the amounts of the items referenced in the subsection above will not be adjusted for inflation for purposes of their recovery. 

 

	1.6	The Operator shall not duplicate Costs that have already been recorded in the Operating Account. If the Consortium participates in more than one Contract, the Operator may only record the amounts supported and/or
detailed by the “Digital Tax Vouchers via the Internet” (“Comprobante Fiscal Digital por Internet”) and/or receipts for residents abroad that correspond to the Costs actually incurred for the performance of activities under the
Contract. 

  
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	1.7	The Operator must record the Costs by category under, Activity, Sub-activity and Task; Cost Center; cost category and import account established for such purposes on the
Fund’s information system in accordance with the Work Program and Budget authorized by CNH. 

 With respect to the
Activities, Sub-activities and Tasks, the following categories should be included, as applicable: 
  

					
	 Petroleum Activity
	  	 Petroleum
Sub-activity
	  	 Task

	Exploration	  	General	  	Technical economic evaluations.
	  	  	Information gathering.
	  	  	Administration, management of activities and project expenses.
	  	  	 Information review and evaluation.
  

	  	Geophysical	  	Seismic acquisition, 2D, 3D, 4D, multicomponent.
	  	  	Pre-processing, processing, interpretation and reprocessing of seismic data.
	  	  	Magneto metric elevations, acquisition, processing and interpretation.
	  	  	Gravimetric elevations, acquisition processing and interpretation.
	  	Geology	  	  
 Geochemical analysis of samples.

	  	  	Stratigraphic studies
	  	  	Hydrocarbon Analysis.
	  	  	Regional geological studies.
	  	  	Detail geological studies.
	  	  	 Petrophysical studies.
  

	  	Drilling of Wells	  	Preparation of areas and/or paths to access the location.
	  	  	Maritime and/or air transportation of personnel, Materials and/or equipment.
	  	  	Support services.
	  	  	Well drilling services.
	  	  	Performance of formation tests.
	  	  	Supplies and Materials.
	  	  	 Well completion.
  

	  	Engineering of Reservoirs	  	Estimates of prospective resources and production estimates.
	  	  	Reservoir delimitation.
	  	  	 Reservoir characterization.
  

	  	Other Engineering	  	Conceptual engineering.
	  	  	Surface facilities design.
	  	  	Seafloor studies.
	  	  	 Pipeline design.
  

	  	Safety, Health and Environment	  	Environmental impact studies.
	  	  	Prevention and detection fire and gas leaks.
		  	  	 Treatment and disposal of residues.

		  	  	 Environmental restoration.

		  	  	 Safety Audits

		  	  	 Environmental audit.

  
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	 Petroleum Activity
	  	 Petroleum
Sub-activity
	  	 Task

	Appraisal	  	General	  	Technical economic evaluations.
	  	  	Development plan with basic engineering.
	  	  	 Administration, management of activities and project expenses.

 

	  	Geophysical	  	Seismic acquisition, 2D, 3D, 4D, multicomponent.
	  	  	Pre-processing, processing, interpretation and reprocessing of seismic data.
	  	  	Magnetometric surveys, acquisition, processing and interpretation.
	  	  	 Gravimetric surveys, acquisition processing and interpretation.

 

	  	Geology	  	Geochemical analysis of samples.
	  	  	Stratigraphic studies
	  	  	Hydrocarbon Analysis.
	  	  	Regional geological studies.
	  	  	Detailed geological studies.
	  	  	 Petrophysical studies.
  

	  	Production Tests	  	Well equipment.
	  	  	 Performance of production tests.
  

	  	Engineering of Reservoirs	  	Calculation of Reserves and production estimates.
	  	  	Reservoir modelling and simulation.
	  	  	Pressure, volume and temperature studies (PVT).
	  	  	Reservoir characterization.
	  	  	 Well completion design.
  

	  	Other Engineering	  	Conceptual engineering.
	  	  	Surface facilities design.
	  	  	Seafloor studies.
	  	  	 Pipeline design.
  

	  	Drilling of Wells	  	Preparation of areas and/or access routes to the location.
	  	  	Maritime and/or air transportation of personnel, Materials and/or equipment.
	  	  	Support services.
	  	  	Well drilling services.
	  	  	Performance of formation tests.
	  	  	Supplies and Materials.
	  	  	 Well completion.
  

	  	Safety, Health and Environment	  	Environmental impact studies.
	  	  	Prevention and detection of fire and gas leaks
	  	  	Treatment and disposal of residues.
	  	  	Environmental restoration.
	  	  	Safety audits.
	  	  	Environmental audit.

  
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	 Petroleum Activity
	  	 Petroleum
Sub-activity
	  	 Task

	Development	  	General	  	Technical economic evaluations.
	  	  	Contract administration.
	  	  	Development plan with detailed engineering.
	  	  	 Administration, management of activities and general project expenses.

 

	  	Geophysical	  	Detailed seismic reinterpretation.
	  	  	 Seismic data processing and reprocessing.
  

	  	Geology	  	Geological – petrophysical characterization of Reservoirs
	  	  	Geochemical analysis of samples.
	  	  	Stratigraphic studies
	  	  	Hydrocarbon analysis.
	  	  	 Petrophysical studies.
  

	  	Drilling of Wells	  	Preparation of areas and/or access routes to the location.
	  	  	Maritime and/or air transportation of personnel, Materials and/or equipment.
	  	  	Support services.
	  	  	Well drilling services.
	  	  	Supplies and Materials.
	  	  	 Well completion.
  

	  	Production Tests	  	Well equipment.
	  	  	 Performance of production tests.
  

	  	Engineering of Reservoirs	  	Calculation of Reserves and production estimates.
	  	  	Reservoir modelling and simulation.
	  	  	Pressure, volume and temperature studies (PVT).
	  	  	Characterization of reservoirs.
	  	  	 Well completion design.
  

	  	Well Intervention	  	Well intervention for restoration.
	  	  	 Other specific Well interventions.
  

	  	 Other Engineering
	  	 Detailed engineering.

	  	  	 Conceptual engineering.

	  	  	 Surface facilities design.

	  	  	 Seafloor studies.

	  	  	 Pipeline design.

 

	  	Construction of Facilities	  	Construction of onshore and offshore facilities.
	  	  	 Pipeline construction and laying.
  

	  	Safety, Health and Environment	  	Preparation of safety and environment plan.
	  	  	Fire and gas leak prevention and detection.
	  		  	Environmental audit.
	  		  	Treatment and elimination of residues.
	  		  	Environmental restoration.
	  		  	Implementation and follow-up.
	  		  	Safety audits.

  
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	 Petroleum Activity
	  	 Petroleum
Sub-activity
	  	 Task

	Production	  	General	  	Contract administration.
	  	  	Administration, management of activities and general project expenses.
	  	  	Maritime and/or air transportation of personnel, Materials and/or equipment.
	  	  	 Support services.
  

	  	Geology	  	Processing and reprocessing of geophysical and petro physical information
	  	  	Geological and petrophysical characterization of reservoirs.
	  	  	Geochemical analysis of samples.
	  	  	 Petrophysical studies.
  

	  	Production Tests	  	Well equipment.
	  	  	 Performance of production tests.
  

	  	Engineering of Reservoirs	  	Calculation of Reserves and production estimates.
	  	  	Reservoir modelling and simulation.
	  	  	Pressure, volume and temperature studies (PVT).
	  	  	 Well completion design.
  

	  	 Other Engineering
  
	  	 Detailed engineering for reconditioning of facilities.
  

	  	 Construction of Facilities
  
	  	 Construction and/or adaptation of infrastructure or other facilities.

 

	  	 Well Intervention
  
	  	Well intervention for maintenance and rehabilitation.
	  	  	 Other specific Well interventions.
  

	  	Operation of Production Facilities	  	Maintenance of production facilities.
	  	  	Production engineering.
	  	  	 Operation of production facilities.
  

		  	Pipelines	  	Pipeline maintenance.
		  	  	 Pipeline operation.
  

		  	Safety, Health and Environment	  	Updating the safety and environment plan.
		  	  	Fire and gas leak prevention and detection.
		  	  	 Environmental audit.
  

		  		  	 Treatment and disposal of residues.

Environmental restoration.
 Implementation and follow-up.
 Safety audits.

  
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	 Petroleum Activity
	  	 Petroleum
Sub-activity
	  	 Task

	Abandonment	  	General	  	Technical economic evaluations.
	  	  	Contract administration.
	  	  	 Administration, management of activities and general project expenses.

 

	  	Other Engineering	  	 Abandonment plans.
  

	  	Dismantling of Facilities	  	Execution of Abandonment of surface facilities.
	  	  	Execution of recovery plans.
	  	  	Execution of Abandonment plan of depth facilities.
	  	  	Maritime and/or air transportation of personnel, Materials and/or equipment.
	  	  	 Support services.
  

	  	Safety, Health and Environment	  	Environmental impact studies.
	  	  	Prevention and detection of fire and gas leaks
	  	  	Environmental restoration.
	  	  	Treatment and disposal of residues.
	  	  	Safety audit.

 The Costs will be identified in accordance with the Financial Reporting Standards (NIF) in force in Mexico and
will be assigned first, by the Cost Center of each Well from which it originated; second, by the Cost Center of each Reservoir; third, by the Cost Center of each Field, and lastly, they will be assigned by the Cost Centers of the common
infrastructure or general administration of the Contract Area in accordance with the following structure: 
 Cost Center Structure

  

							
	 Area
	  	 Field
	  	 Reservoir
	  	 Well

	Contract Area or Allocation Area	  	Field(1)	  	Reservoir(1,1)	  	Well(1,1,1)
	  	  	  	Well(1,1,2)
	  	  	  	Well(1,1,...)
	  	  	  	 Well(1,1,f)

 

	  	  	Reservoir(1,2)	  	Well(1,2,1)
	  	  	  	Well(1,2,2)
	  	  	  	Well(1,2,...)
		  		  		  	 Well(1,2,g)

 

		  		  	Reservoir(1,...)	  	Well(1,...,1)
	  	  	  	Well(1,...,2)
	  	  	  	Well(1,...,...)
	  	  	  	 Well(1,...,h)

 

		  		  	Reservoir(1,b)	  	Well(1,b,1)
	  	  	  	Well(1,b,2)
	  	  	  	Well(1,b,...)
	  	  	  	Well(1,b,i)

  

  
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	 Area
	  	 Field
	  	 Reservoir
	  	 Well

		  	Field(2)	  	Reservoir(2,1)	  	Well(2,1,1)
	  	  	  	Well(2,1,2)
	  	  	  	Well(2,1,...)
	  	  	  	 Well(2,1,j)

 

	  	  	Reservoir(2,2)	  	Well(2,2,1)
	  	  	  	Well(2,2,2)
	  	  	  	Well(2,2,...)
	  	  	  	 Well(2,2,k)

 

	  	  	Reservoir(2,...)	  	Well(2,...,1)
	  	  	  	Well(2,...,2)
	  	  	  	Well(2,...,...)
	  	  	  	 Well(2,...,l)

 

	  	  	Reservoir(2,c)	  	Well(2,c,1)
	  	  	  	Well(2,c,2)
	  	  	  	Well(2,c,...)
	  	  	  	 Well(2,c,m)

 

	  	  	Reservoir(...,1)	  	Well(...,1,1)
	  	Field(...)	  	  	Well(...,1,2)
	  	  	  	Well(...,1,...)
	  	  	  	 Well(...,1,n)

 

	  	  	Reservoir(...,2)	  	Well(...,2,1)
	  	  	  	Well(...,2,2)
	  	  	  	Well(...,2,...)
	  	  	  	Well(...,2,o)
		  		  	Reservoir(...,...)	  	Well(...,...,1)
	  	  	  	Well(...,...,2)
	  	  	  	Well(...,...,...)
	  	  	  	 Well(...,...,p)

 

		  		  	Reservoir(...,d)	  	Well(...,d,1)
		  		  		  	 Well(...,d,2)

		  		  		  	 Well(...,d,...)

		  		  		  	
Well(...,d,q)

  
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	 Area
	  	 Field
	  	 Reservoir
	  	 Well

	Contract Area or Allocation Area	  	Field(a)	  	Reservoir(a,1)	  	Well(a,1,1)
	  	  	  	Well(a,1,2)
	  	  	  	Well(a,1,...)
	  	  	  	 Well(a,1,r)

 

	  	  	Reservoir(a,2)	  	Well(a,2,1)
	  	  	  	Well(a,2,2)
	  	  	  	Well(a,2,...)
	  	  	  	 Well(a,2,s)

 

	  	  	Reservoir(a,...)	  	Well(a,...,1)
	  	  	  	Well(a,...,2)
	  	  	  	Well(a,...,...)
	  	  	  	 Well(a,...,t)

 

	  	  	Reservoir(a,e)	  	Well(a,e,1)
	  	  	  	Well(a,e,2)
	  	  	  	Well(a,e,...)
	  	  	  	Well(a,e,u)
	  	Common Infrastructure of Contract Area
	  	General Administration

 The delimitation of the Field shall consider the Development Plans approved by CNH for the Contract Area. 

The import accounts shall be grouped together by category of Costs in accordance with the classification of Costs issued by the Fund for such
purposes. 

  
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 Section III. Information Recording System. 

 

	1.8	The Operator shall have an electronic system allowing the preparation of records and the production of reports of the financial and accounting transactions for the electronic transfer of the accounting records,
information, and documentation related to the Costs on the transactions of the Operating Account to the computer system published by the Fund for such purposes. The information must meet the specifications established by the Fund, which will need to
be updated according to modifications that are issued for such purpose. 

 The electronic system of the Operator shall include,
but it should not be limited to the following: 
  

	 	(a)	Capacity, flexibility, and effectiveness in generating reports; 

  

	 	(b)	Annual comparisons; 

  

	 	(c)	Quarterly comparisons of Budget observed against scheduled Budget; 

  

	 	(d)	Expenditures per fiscal year by activity, Cost Center, and cost category; 

  

	 	(e)	Multiple data entry categories such as accounts payable invoices, cash disbursements, accounts receivable invoices, cash receipts, records, transfers of Materials, return of invoices, canceled checks, adjustments,
inventories, and allocation of indirect costs, among others; 

  

	 	(f)	Ability to report cash management and analysis of obsolescence; 

  

	 	(g)	Ability to manage accounts payable, and 

  

	 	(h)	Effective auditing mechanisms for transactions, including access to all charges used as the basis for each allocation of Costs, in particular, Recoverable Costs as defined under this Annex. 

The Contractor’s information system shall be designed to contain financial information related to costs and credits, as well as production
and its valuation. Additionally, the Contractor must have the ability to record other quantitative non-financial information as required for the adequate administration of the Contract. 

Section IV. Requirements for information and documentation related to the Costs. 

 

	1.9	The information and documentation related to Costs shall include, as applicable: 

  

	 	(a)	The Digital Tax Voucher via Internet (CFDI); 

  
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	 	(b)	Customs documentation (pedimentos); 

  

	 	(c)	Contracts; 

  

	 	(d)	Proof of payment (transfers and/or checks). Payments in amounts in excess of $2,000.00 M.N. (two thousand pesos) shall be made via electronic funds transfer from accounts opened in the Operator’s name at
Institutions comprising the Mexican Financial System and entities authorized by the Bank of Mexico for such purposes; nominative check drawn on the Operator’s account, or by credit, debit or service card; 

 

	 	(e)	Proof of providers residing abroad, which shall comply with the requirements of the tax provisions in effect in Mexico; 

  

	 	(f)	Additionally, for the recovery of Abandonment reserves: 

  

	 	i.	Agreement for Abandonment Trust formation; 

  

	 	ii.	Quarterly records of contributions to the Abandonment Trust, and 

  

	 	iii.	Total estimated amount of Abandonment costs in accordance with the Exploration Plan, the Development Plan, and the Financial Reporting Standard C-18 (NIF). 

Section V. Conversion of Costs paid in Foreign Currency. 
  

	1.10	For the conversion of Costs in a Foreign Currency, the exchange rate of the Recording Currency against the Dollar, rounded to the nearest ten thousandth figure, as published by the Bank of Mexico in the “Diario
Oficial de la Federación” hereinafter (DOF) (Official Gazette of the Federation) on the Business Day before the day the transaction was effected, shall be considered. On days when the Bank of Mexico does not publish such exchange rate,
the last exchange rate published prior to the Day the transaction is effected will apply. 

 The Mexican peso equivalent in
Foreign Currencies other than the Dollar that will govern for reporting purposes shall be calculated by multiplying the exchange rate indicated in the preceding paragraph by the equivalent in Dollars of the relevant foreign currency, in accordance
with the table published monthly by the Bank of Mexico during the first week of the Month immediately following the relevant Month. 
 All
transactions in Foreign Currency shall be initially recognized in the Recording Currency using the Historical Exchange Rate, calculated by multiplying the transaction by the exchange rate rounded to the nearest hundredth. 

  
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 Section VI. Eligible Costs. 

 

	1.11	Costs deemed as Eligible Costs are those that are strictly indispensable for the performance of the Petroleum Activities incurred from the Effective Date until the termination of the Contract, provided that they comply
with the requirements indicated in Annexes 4, 10, and 11, and in the Guidelines issued for such purpose by the Ministry of Finance in effect as of the date of the award of the Contract. 

 

	1.12	Costs not deemed Eligible Costs are those that are not strictly indispensable, nor inherent to the purpose of the Contract; do not comply with Annexes 4, 10 and 11, and the Guidelines issued for such purpose by the
Ministry of Finance in effect as of the date of the award of the Contract; Costs incurred prior to the Effective Date, beyond the Measurement Point; those that lack the required supporting documentation or were not recorded in the Operating Account
and those indicated in subsection 1.17 of this Annex 4. 

 Section VII. Recoverable Costs in Contracts 

 

	1.13	Eligible Costs shall be considered as Recoverable Costs included in the Budgets and Work Programs approved by CNH as long as they have been actually paid and that their determination and registry they comply with
Annexes 4, 10 and 11 and with the Guidelines issued for such purposes by the Ministry of Finance in effect on the date of the award of the Contract. 

For the application of Recoverable Costs, operating expenses will be considered first and investments second. Within each of these categories
the order of priority applied will be based on their exercise. 
 For the determination of Recoverable Costs, Eligible Costs considered in
the Minimum Work Program and the Minimum Program Increase shall be recognized with an additional value of twenty five percent (25%) of the original amount included in the Budgets and Work Programs approved by CNH, as long as they comply with the
previsions in Annexes 4, 10 and 11, and with the Guidelines issued for such purposes by the Ministry of Finance in effect on the date of the award of the Contract. 

The recovery of Costs in favor of the Contractor will be paid after the Contractor starts Hydrocarbon production under this Contract. Under no
circumstances will there be an obligation to pay Consideration nor will the Contractor be granted any advances, as long as there has not been any production. 
  

	1.14	The Contractor may recover the rights and benefits established through the administration and supervision of the Contract or the supervision and monitoring of the activities conducted pursuant thereto, carried out by
CNH and the Agency. 

  
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	1.15	The Contractor may recover any indirect or other similar administrative cost and expense (overhead), generated as a consequence of performing activities outside the Mexican territory, regardless of what they are called
up to one point five percent (1.5%) of the authorized Budget. The payment of these costs up to the percentage indicated will include full compensation of related Persons wherever they are located and whatever their participation. The direct
administrative costs and expenses generated within the Mexican territory shall be recognized as an element of the catalogue of accounts. 

  

	1.16	The following items shall be considered Recoverable Costs, in terms of this Annex 4: 

 (a)
Payments made in the concept of tariffs incurred by the Contractor due to the use of shared facilities in terms of Annex 13, as long as they do not exceed the maximum tariff as indicated in Annex 13; 

(b) Additional Costs incurred by the Contractor due to the provision of services to third parties in accordance with Annex 13; 

(c) Additional Costs incurred by the Contractor, required for the sale or disposal of Sub-Products, and

 (d) Insurance premiums payments required by the Agency. 

All Costs considered in this subsection must be included in the corresponding Budgets and Work Programs authorized by CNH. 

 

	1.17	The following items shall not be considered as Eligible Costs and thus they shall not be considered as Recoverable Costs, even if they relate directly or indirectly to the activities inherent to the Contract:

 (a) Any Cost other than Eligible Costs; 

(b) Costs pertaining to categories or activities not included in the Budgets and Work Programs approved by CNH, or those in excess of the
Costs, which having been contemplated in the Budget in force: (i) increase the total Budget by more than 5% (five percent) of the current amount approved by CNH, or (ii) increase the Budget contemplated for the item or activity under the
catalog of accounts by more than 10% (ten percent) of the Budget in accordance with the provisions of this Annex 4 and the Guidelines issued for such purpose by the Ministry of Finance in effect on the date of the award of the Contract; 

(c) Financial costs; 
 (d) Costs
incurred by negligence or fraudulent conduct, criminal act, bad faith or fault of the Operator, its Subcontractors or their respective Affiliates; 

(e) Any donation or gift; 

  
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 (f) Costs for servitudes, rights of way, temporary or permanent
occupations, leasing or acquisition of land, indemnifications and any other analogous item arising under the provisions of article 27 and Chapter IV of Title IV of the Hydrocarbons Law; 

(g) Costs and expenses incurred for any type of legal services and advice, except those that derive from geological studies for the Exploration
and Extraction of Hydrocarbons approved in the Work Program and its corresponding Budget; 
 (h) Any cost, expense or investment incurred by
breach, whether directly or indirectly, of the Contract, in accordance with prudent petroleum industry practices and experience, or of the applicable laws; 

(i) Costs and expenses arising from a violation of the Applicable Laws and Industry Best Practices, including those related to risk management;

 (j) Costs related to training activities and programs which are not indispensable for the efficient operation of the project, and which
are not implemented generally; 
 (k) Any cost and expense related to long-term incentive plans for the Operator’s personnel; 

(l) Costs and expenses derived from breach of the conditions of guarantees of acquired goods and services, as well as those which result from
the acquisition of property that is not warranted by the manufacturer or its representative with respect to manufacturing defects in accordance with generally accepted practices in the petroleum industry; 

(m) Costs incurred in the use of the Contractor’s own technologies, except those for which there is information, documentation and/or
evidence to demonstrate that, for purposes of transactions entered into with Related Parties residing in national territory or abroad, they were determined using the prices and amount of consideration that would have been used with or between
independent parties in comparable transactions; 
 (n) Amounts reported as provisions and reserves of funds, except those for the Abandonment
of the facilities in accordance with the Exploration Plan, the Development Plan and the Financial Reporting Standard (NIF) C-18; 

(o) Costs associated with the Abandonment activities in accordance with the Exploration Plan and the Development Plan, which are funded by the
reserve constituted in the Abandonment Trust Fund. 
 (p) Legal costs and expenses incurred in any arbitration, conciliation or dispute that
involves the Contractor, Operator, its contractors or subcontractors; 
 (q) Commissions paid to brokers, agents or commission agents; 

  
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 (r) Payments for purposes of Contract Fees for the Exploratory Phase
pursuant to the Contract; 
 (s) Considerations in favor of the State, as well as any other consideration, cost, expense, investment
corresponding to other contract; 
 (t) Costs which exceed benchmarks or Market Prices according to what is stated in subsection 1.21 of this
Annex 4 and 1.5 of Annex 10; 
 (u) Those that are not strictly indispensable for the activity under the Contract; 

(v) Payments to holders of mining concessions as a result of interference with their mining activities; 

(w) Costs related to the marketing or transportation of Crude Oil, Natural Gas, and Condensates and/or their delivery beyond the Measurement
Points; 
 (x) Fines or financial penalties incurred for breach of legal or contractual obligations; 

(y) Costs and expenses related to the employment of an independent expert for the purpose of resolving legal disputes; 

(z) Any retention associated with taxes relating to the Operator’s employees, as well as the payment of employee sharing in corporate
profits; 
 (aa) Decreases in the value of assets not used in the oil industry; 

(bb) Any cost and expense related to public relations and/or Costs and expenses relating to the representation of the Operator and its Related
Parties, including lobbying, promotion or advertising; 
 (cc) Any cost and expense relating to activities arising from emergency situations
that require immediate action and have not been subsequently authorized by CNH or the Agency; 
 (dd) Payments for insurance premiums that
are not authorized by the Agency, and 
 (ee) Tax Obligations paid by the Participating Companies, except for specific taxes applicable to
the Exploration and Extraction of Hydrocarbons industry which are different from those in effect at the time of the award of the Contract, and in such case, an amount may be recovered that will permit the Contractor to restore its economic balance
with respect to such taxes had the economic conditions relating to tax aspects prevailing at the time of the award of the Contract continued to exist. The Ministry of Finance will establish a corresponding mechanism for this purpose. 

  
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	1.18	Once the Exploration Plan and/or Development Plan has been approved by CNH, the Operator shall create an Abandonment reserve in accordance with Financial Reporting Standard (NIF)
C-18, in which the Contractor shall record the provisions and reserves for Abandonment according to the rules issued for such purpose by CNH and the Agency. For such purpose, the Operator shall constitute the
Abandonment Trust. 

  

	1.19	The Operator shall establish as the purpose of the Abandonment Trust the creation of a reserve to fund Abandonment activities in the Contract Area. The Operator may only use funds deposited in such trust for the
execution of activities relating to Abandonment, in accordance with the Development Plans approved by CNH. In each Period, the Operator will contribute resources to such trust to fund Abandonment activities in the Contract Area as established in the
Contract, and shall not be entitled to pledge, assign or otherwise dispose of these funds without prior written consent of CNH and prior notice to the Ministry of Finance. 

If funds from the Abandonment account are insufficient to cover all Costs and expenses of Abandonment, the Operator shall be responsible for
covering the deficiency; in which case, such Costs shall be explicitly indicated in the corresponding Budget in order to be considered as Recoverable Costs. The Abandonment Trust contract shall provide that in the event any amount remains in the
fund after all costs and expenses of Abandonment have been covered, such resources shall be remitted to the Fund. 
 Section VIII. Transactions with
Related Parties. 
  

	1.20	The Operator will be deemed to have conducted transactions with Related Parties residing abroad or in the country, when it falls within the circumstances established in articles 90, last paragraph, and 179, fifth
paragraph, of the Income Tax Law. For these purposes, in the transactions conducted with Related Parties, the Operator will be required to determine its revenues and Costs, considering the prices and amount of consideration that would have been used
with or between independent parties in comparable transactions on the terms, methods and conditions set forth in the referenced law. 

  

	1.21	The Operator that conducts transactions with Related Parties shall demonstrate that those transactions were agreed to at Market Prices. To prove that the transaction was agreed to at Market Prices, the Operator shall
make use of the methods established in this Annex 4 and Annex 10 of the Contract and described in the Guidelines on Transfer Pricing for Multinational Enterprises and Tax Administrations, adopted by the Council of the Organization for Economic
Cooperation and Development in 1995 or any substitute guidelines, to show that the transaction was agreed at Market Prices. 

For transactions valued less than US$20,000,000 (twenty million Dollars), or the equivalent in national currency, the Operator shall preserve
such information, documentation and/or evidence in accordance with this Annex and Annex 10 of the Contract, and 

  
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 For transactions valued at more than US$20,000,000 (twenty million
Dollars), or the equivalent in national currency, the Operator shall preserve and deliver such information, documentation and/or evidence in accordance with the Guidelines issued for such purpose by the Ministry of Finance in effect as of the date
of the award of the Contract, through the information system established for such purpose by the Fund, as well as all information necessary for its delivery to the Ministry of Finance, if required, to replicate the analysis or analyses conducted.

 Section IX. Fixed Assets. 
  

	1.22	When the Operator intends to transfer property as to which the Cost has been partially or completely recovered, it must obtain a technical opinion from CNH to justify that the asset to be transferred is no longer
indispensable for the purpose of the Contract. 

 To determine the value of the asset transferred, the remaining book value or
scrap value of the asset will be considered, provided that it is not less than the Market Price in accordance with subsections 1.20 and 1.21 of this Annex. 

As a result of the verification work by the Ministry of Finance, and if it is not demonstrated that the sale was conducted at Market Prices,
the difference identified between the median of the range of Market Prices and the agreed upon sale price, in accordance with the interquartile method procedure pursuant to the Applicable Laws, shall be delivered to the Fund or deducted from the
Considerations that correspond to the Contractor. 
 With respect to the restitution of partially or totally damaged goods, the corresponding
insurance compensation shall be deducted from the Recoverable Costs. 
  

	1.23	When the Cost of the asset transferred has been recovered in its entirety, subsection 1.22 of this Annex 4 must be complied with and the amount derived from the sale must be delivered to the Fund no later than ten
(10) Business Days after the settlement of the sale or, subject to authorization from the Ministry of Finance, an equivalent amount will be deducted from the Consideration corresponding to the Contractor. 

 

	1.24	In the event that the Cost of the asset assigned has been partially recovered, the amount generated by such transaction will be distributed according to the percentage actually recovered at the time of the sale as
between the State and the Contractor as provided in the Contract. 

  

	1.25	 The Contractor, through the Operator may request authorization from the Ministry of Finance that the
Considerations that correspond to it be discounted by an amount equal to the value of the transfer determined in accordance with subsection 1.22 of this Annex 4, 

  
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 attaching to its request the technical opinion provided by CNH, as well
as the accounting record and support related to the transferred asset. The Ministry of Finance will have a period of five (5) Business Days to grant the referenced authorization by informing the Operator and the Fund of the authorization or
denial. 
  

	1.26	The Operator shall notify the Ministry of Finance when it rents, leases or provides services with assets recorded as Recoverable Costs, and, as applicable, recovered under the Contract. The Fund will deduct from the
Recoverable Costs the revenues which the Operator receives as a result of the rental or lease of goods. In case of the revenues that the Contractor receives for the provision of services in accordance with Annex 13, along with other costs associated
with such services, they will be treated as indicated in subsection 1.16 and in Annex 13. 

  

	1.27	For the acquisition of goods whose Costs have been partially or completely recovered under another Contract, subject to approval by CNH, the book value, remaining or scrap value of the asset shall be considered,
provided that it does not exceed the Market Price, adjusted to its useful life. In the event that the price of such assets exceeds the Market Price, the difference between the agreed upon price and the median range of Market Price, in accordance
with the interquartile method procedure pursuant to the applicable tax laws, will not be considered a Recoverable Cost. 

 Section X.
Inventories. 
  

	1.28	The Operator shall keep a record of all Materials indicating their specification, value and location. The Operator shall provide a quarterly report of its record of inventories containing: (i) a description and the
codes of all Materials; (ii) the amount charged to the accounts for each Material, and (iii) the Month in which each Material was charged to the accounts. Any revenues derived from the disposal of any Material shall be credited to the
Operating Account. 

  

	1.29	At least once a Year and upon termination of the Contract, the Operator shall take a physical inventory of all Materials acquired for the Contract. The Contractor shall send CNH written notice at least thirty
(30) Days in advance of the date on which the Contractor will commence such inventory. At its option, CNH may be present while the physical inventory is taken. The Contractor shall make the corresponding reconciliations in the records of the
Materials which result from the physical inventory. 

 To the extent possible, all Materials shall be capable of being easily
identified by simple inspection by their respective codes. 
  

	1.30	The Inventory shall be subject to articles 59, section VIII and 60, and section II, third paragraph of the Tax Code of the Federation ; to article41 of the Income Tax Law, and to Bulletin
C-4 of the Financial Reporting Standards. 

  
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 Section XI. Reports. 

 

	1.31	All reports the Operator is required to make relating to transactions constituting Eligible Costs shall be submitted through the information system made available by the Fund and signed using an Advanced Electronic
Signature (FIEL). The Fund shall provide and announce the mechanisms to receive such reports in cases where the Operator is not able to file or execute them for reasons of Act of God or Force Majeure. 

 

	1.32	The Operator shall record production volumes according to the provisions of the Contract, and such volumes will be validated with the information submitted to CNH through the information system established for such
purposes by the Fund. 

  

	1.33	The Contractor shall submit to the Fund, within the ten (10) Business Days following the end of the relevant Month, the information it is required to report on a monthly basis, through the electronic system made
available by the Fund for such purpose. 

  

	1.34	The Fund shall pay the Considerations in accordance with the relevant Contract, once the Contractual Value of Hydrocarbons and the Costs have been recorded, and such information has been validated, in accordance with
the requirements of the Contract in the information system provided for such purpose by the Fund. 

  

	1.35	If the Operator changes tax residence, it must inform CNH and the Fund of the new tax domicile for hearing and receiving Notice within a period no greater than five (5) Business Days after the approval of the
change of residence by the Tax Administration Service. 

 2. External Audits. 

 

	2.1	The Contractor’s Financial Statements shall be audited annually, by an independent external auditor, pursuant to the Tax Code of the Federation and its Regulations in force. 

 

	2.2	The external independent auditor shall deliver the following information to the Ministry of Finance through the information system provided for such purpose by the Fund: 

Written report prepared by the external independent auditor. 

Financial statements: 
 Statement
of financial condition; 
 Statement of results; 

Statement of changes in shareholder’s equity, and 

Statement of cash flows. 
 Notes
to the Financial Statements; 
 If there are transactions with Related Parties, the Transfer Pricing Study; 

  
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 Letters of recommendations to the Operator regarding internal control
pursuant to international accounting practices; and 
 The Operator’s response regarding actions to be implemented as a result of the
internal control recommendations proposed by the external independent auditor. 
 Such information shall be delivered no later than
July 15 of the tax year following the tax year for which the financial statements are audited. 
  

	2.3	Any adjustment resulting from the independent audit shall be immediately recorded in the Operating Account. Furthermore, such adjustment shall be reported to the Ministry of Finance, together with the information
referenced in subsection 2.2 of this Annex 4. 

  

	2.4	The costs of the annual external audit referred to in subsection 2.1 of this Annex 4 shall be paid by the Operator and shall be considered Recoverable Costs. 

3. Verification. 
  

	3.1	The Ministry of Finance will verify that the Operator complies with the accounting and financial aspects provided in Annexes 3, 4, 10 and 11, by performing: 

 

	 	(a)	Audits, and 

  

	 	(b)	Visits. 

 The verification works will be performed with respect to the Operating Account, the
Costs, as well as the originals of the supporting documents related to the Operating Account, and the Recoverable Costs, in the course of any Year or part thereof. 

Similarly, the verification work will be undertaken with respect to the procurement of goods and/or services performed by the Contractor. 

Section I. Audits 
  

	3.2	The Ministry of Finance may perform audits consisting of requests for information from the Operator. For such purpose, the Operator will be notified of any such request, which notice must contain at least the following:

  

	 	(a)	Objective or purpose of the information request; 

  

	 	(b)	Description of the required information; 

  

	 	(c)	Period for delivery of the information, which may not be less than five nor more than fifteen (15) Business Days, both as of the effective date of the notice of the request; 

  
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	 	(d)	Format for the delivery of the information, and 

  

	 	(e)	Address where the required information and documentation should be delivered, or if applicable, the medium or information system for its transmission. 

Upon the written request of the Operator, the period for submitting the required information may be extended only once, but in no case may the
extension exceed one- half of the period originally granted. 
  

	3.3	Based upon the analysis and review of the information submitted by the Operator pursuant to the preceding subsection, the Ministry of Finance may make requests for additional information in compliance with the
requirements set forth therein. 

  

	3.4	When the Ministry of Finance determines that the information received must be verified at the location where the activities under the Contract are conducted or at the location considered its tax residence, the Ministry
of Finance shall notify the Operator of a Visitation Order pursuant to this Annex 4. 

  

	3.5	After having analyzed and reviewed the information received, together with other information it may have, if applicable, the Ministry of Finance will provide the Operator with notice of the Partial Report of Completion
of Audit in accordance with subsection 3.18 of this Annex 4, and will proceed pursuant to subsections 3.19 to 3.23 of this Annex 4. 

  

	3.6	The Ministry of Finance may, at any time, instruct that audits be performed by the Tax Administration Service. 

Section II. Visits. 
  

	3.7	To visit the Operator, the Ministry of Finance will issue and provide notice of a visitation order, which shall indicate at least: 

  

	 	(a)	Its objective or purpose; 

  

	 	(b)	The location or locations where it shall be made. The Contractor must be notified in writing of any increase in the locations to be visited within a period no greater than five (5) Business Days before the end of
the visit; 

  

	 	(c)	The duration of the visit, and 

  

	 	(d)	The name of the Person or Persons that will conduct the visit, which may be substituted, increased or reduced in number at any time by the Ministry of Finance. The Operator will be notified of any replacement or of
increase in Persons conducting the visit. 

  
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	3.8	Minute of the Commencement of the Visit. For the purpose of evidencing the commencement of the visit. The legal representative or the Person arranging the visit will designate two (2) witnesses and, if these
witnesses are no designated or the designees do not agree to serve as such, the Visitor or Visitors will designate them as such, without this circumstance invalidating the results of the visit. 

The Visitors must credited as personnel designated to conduct visits upon arriving at the location or locations where the visit will be
conducted, before the Person designated by the Operator to receive notices and attend the visit. 
  

	3.9	The visit may encompass, but shall not be limited to, the review of all types of records, books, documents, papers, files, data, bank statements, whether in physical or electronic form, discs, tapes, or any other
procesable data storage medium related to the purpose of the visit. It may also include inspection or verification of goods and merchandise, as well as interviews with the Operator’s personnel, all relating to the purpose of the visit.

 In the course of the visit, the Operator and its personnel will be obligated to provide the Visitors with assistance and
logistical support without any charge, and shall allow them access to the facilities, as well as make available the accounting and other physical and electronic documents that are the object of the visit and relate to compliance with the contractual
provisions and Guidelines issued for such purpose by the Ministry of Finance in effect on the date of award of the Contract and other Applicable Laws. 
  

	3.10	The visits may be conducted at any location where activities that are the object of the Contract are conducted, or at the location considered its tax residence, indistinctly. 

 

	3.11	The scheduled time for the visit may be extended only once by determination of the Ministry of Finance or by written request by the Operator, with the extension not to exceed
one-half of the original period, and must comply with the provisions of subsection 3.7 of this Annex 4. 

The Ministry of Finance shall notify the Operator of the extension of the period at least five (5) Business Days before the end of the
original period. If the request is made by the Operator, the request shall be submitted at least ten (10) Business Days before the end of the original deadline. 
  

	3.12	The Visitors designated by the Ministry of Finance may require copies from the Operator so that, after comparison with their originals, they may be certified by the Visitors and attached to the Partial and Final
Completion Reports that are issued. 

  

	3.13	The Ministry of Finance may make visits directly, as well as through the Tax Administration Service or through third parties hired for this purpose, as well as with the support of CNH, who shall at all times be subject
to the terms of the Contract, its Annexes and the Guidelines issued by the Ministry of Finance in effect on the date it was awarded. 

  
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	3.14	After completion of the visit, the Ministry of Finance will provide the Operator with notice of the Partial Report of Completion pursuant to subsection 3.18 of this Annex 4 and will proceed pursuant to subsections 3.19
to 3.23 of this Annex 4. 

 Prior to the issuance of the Partial Completion Report, the Ministry of Finance may require
additional information from the Operator, in compliance with the provisions of subsection 3.2 of this Annex 4. 
  

	3.15	Regardless of the Operators’ obligations, when the Operator changes its residence from the place where the visit is being conducted, the Contractor shall provide a written motion to the Ministry of Finance
notifying it of such situation. 

 Section III. Provisions Common to Audits and Visits. 

 

	3.16	The verification work will have a maximum duration of twenty-four (24) Months following the date of notification of the first information request or of the visitation order. 

 

	3.17	In the event that no irregularities are detected during the verification work, the Ministry of Finance will issue a resolution of closure and make the Operator aware of the same. 

 

	3.18	Partial Completion Report. If inconsistencies are found as a result of the verification work, the Ministry of Finance shall give the Operator notice of the Partial Completion Report. 

 

	3.19	Response to Partial Completion Report. The Operator shall submit in writing a response and clarification of the findings indicated in the Partial Completion Report to the Ministry of Finance, attaching sufficient and
complete evidence, within a period no greater than fifteen (15) Business Days, from the effective date of the notice. 

At the express request of the Operator, the period established in the preceding paragraph may be extended only once for up to eight
(8) more Business Days. 
 The acts or omissions set forth in the above-mentioned Partial Completion Report will be deemed consented by
the Operator if it does not submit supporting documentation to refute those acts or omissions within the period indicated above. 
  

	3.20	Completion Report. Once the information indicated in the preceding subsection is analyzed, the Ministry of Finance will provide the Operator with the Completion Report which will indicate the findings, irregularities
and conclusions that have not been clarified within the period granted in the Partial Completion Report. 

 The Completion
Report shall: 
  

	 	(a)	Be issued within a period no greater than twenty (20) Business Days after the response and clarification by the Operator of the findings indicated in the Partial Completion Report; 

  
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	 	(b)	Comply with International Standards on Auditing; 

  

	 	(c)	Describe in detail the irregularities detected and the conclusions reached, and 

  

	 	(d)	Be signed by the authorized officer. 

  

	3.21	The Ministry of Finance, has the faculty to deem clarified or remedied all inconsistencies and conclusions presented by the Operator detected in the Partial Completion Report, it shall issue and notify the Operator of a
resolution of closure. 

  

	3.22	In the event that the Completion Report determines irregularities, the Contractor shall have a period of fifteen (15) Business Days after notice to remedy such irregularities, for which the Operator must deliver
documentation proving conclusively that they have been cured. 

 Upon written request of the Operator, the period specified in
the preceding paragraph may be extended only once for up to eight (8) Business Days. 
  

	3.23	Final Verification Resolution. The Ministry of Finance will assess the documentation submitted by the Operator in response to the Completion Report and, if the irregularities detected have been remedied, will issue a
resolution of closure and notify the Operator. 

 If in the opinion of the Ministry of Finance the irregularities were not
remedied, it will issue the Final Verification Resolution, complying for such purpose with the requirements specified in subparagraphs (a) to (d) of subsection 3.20 of this Annex 4. 

The Ministry of Finance will indicate in the Final Verification Resolution any discounts and/or adjustments that should be made to the
Considerations of the Operator corresponding to the immediately following Period, as well as the other effects and consequences that arise in accordance with the Contract and the Applicable Laws. 

 

	3.24	Any adjustment resulting from the Partial Completion and Final Verification Resolutions shall be recorded immediately in the Operating Account. 

 

	3.25	Disputes arising by reason of the provisions of this Chapter shall be resolved pursuant to the provisions of the Contract or the Applicable Laws. 

 

	3.26	In addition to the information and documentation requirements that the Operator must comply with, in accordance with Annexes 3, 4, 10, and 11, the Ministry of Finance may request documentation that, in each particular
case, must be preserved in accordance with the laws, regulations and tax provisions in effect as of the date the transaction was conducted. 

  
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	3.27	The Ministry of Finance will establish a committee for evaluation and follow-up of the verification work. 

Section IV. Requests for Information to Third Parties and Related Parties 
  

	3.28	The Ministry of Finance at any time may require Third Parties and Related Parties of the Operator to submit documentation and information relating to their operations with the Operator or relating to the activities
performed by it under the Contract, for the purposes of complementing, supporting, and enhancing the verification work with which it is charged. 

The information requirements referenced in the preceding paragraph shall be subject, in relevant part, to the provisions of subsections 3.2 and
3.3 of this Annex 4. 
 Section V. Notices. 
  

	3.29	The legal representative of the Operator, Related Party or Third Party, will be considered authorized to receive notices and to attend the audits, visits and requests for information pursuant to this Annex 4.

 The Operator shall register its legal representative(s) with the Fund as indicated in Annex 11, which may be freely removed,
without prejudice to the fact that for purposes of this Annex 4 and the Contract, they will be deemed removed so long as notice is provided to the Fund within a period not to exceed five (5) Business Days from the date the removal or granting
of power is protocoled. The removal will be effective from the Day following receipt of notice. 
  

	3.30	Notices will be effective on the Day they are performed. The periods specified in this Chapter shall start running on the Day after the notice becomes effective. 

 

	3.31	If the legal representative of the interested party is not present when the person arrives to deliver the notice at the tax domicile or the location where it conducts its activities, a summons will be left with the
Person who is present at that time at such domicile. 

  

	3.32	If the legal representative does not answer the summons, notice may be delivered to the Person who is present at the time at the tax domicile or the place where the activities are conducted. 

 

	3.33	The Ministry of Finance may decide to deliver notices to the Operator at the e-mail address designated for such purpose, or through information systems it may establish or
determine. 

 For this purpose, the Ministry of Finance shall notify the Operator in writing, at least ten (10) Business Days
in advance, of its decision to initiate the notices referred to in this Chapter by the electronic systems indicated in the preceding paragraph, informing it of any necessary technical and operational requirements and other provisions that will
apply. 

  
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 Section VI. The Verification Work. 

 

	3.34	To perform the verification work by it for such purpose, referenced in this Chapter, the Ministry of Finance, and the personnel designated, shall adhere to the International Standards on Auditing, this Contract and its
Annexes, and the applicable procedures, in addition to complying with the following: 

  

	 	(a)	Preserve their independence to perform any verification work with the objective of being free of any impediments to issuing its opinion without being affected by influences that compromise professional judgment,
permitting it to act with integrity, objectivity and professionalism; avoiding facts and circumstances that compromise its opinion such as personal relationships, economic or other interests, as well as any conflict of interest; 

 

	 	(b)	Have the necessary technical knowledge and professional capability for the particular case; 

  

	 	(c)	Submit to a training and self-evaluation program for continual improvement of their work, and 

  

	 	(d)	Treat as confidential the data, reports, documents and other information of the Operator, Related Party, or Third Party that they receive or aknowledge. 

  
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 ANNEX 5 

MINIMUM WORK PROGRAM 

  
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 Minimum Work Program 

 

	1.	The Minimum Work Program, the Minimum Program Increase and, if applicable, the additional commitments acquired during the Additional Exploration Period are expressed in Work Units. 

 

	2.	For purposes of this Contract, the amount of Work Units undertaken as the Minimum Work Program to be performed during the Initial Exploration Period of this Contract is defined in the following table: 

 

					
	 Contract/Field
	  	Work Units (Number)	 
	 7
	  	 	66,000 work units	 

  

	3.	For purposes of this Contract, the amount of Work Units agreed to as the Minimum Work Program Increase is 6,600 Work Units, to be performed during the Exploration Period for a total of 72,600. 

 

	4.	The performance of the Minimum Work Program, the Minimum Program Increase and, if applicable, the additional commitments will be evaluated based on the execution of Exploration activities within the Contract Area,
according to their value in Work Units regardless of the Costs incurred in their execution. 

  

	5.	For purposes of penalty fees to be paid for nonperformance on the Minimum Work Program, the Minimum Program Increase and, if applicable, the additional commitments acquired for the Additional Exploration Period, the
reference value for each Work Unit not carried out will be indexed to the price of Hydrocarbons in accordance with the following table: 

  
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 Reference Value per Work Unit 

 

					
	 Price of Brent Crude2

(Dollars per Barrel)
	  	Value of one (1) Work Unit
(Dollars)	 
	 Less than 45
	  	 	767	 
	 Between 45 and 50
	  	 	796	 
	 Between 50 and 55
	  	 	852	 
	 Between 55 and 60
	  	 	905	 
	 Between 60 and 65
	  	 	954	 
	 Between 65 and 70
	  	 	1,000	 
	 Between 70 and 75
	  	 	1,044	 
	 Between 75 and 80
	  	 	1,086	 
	 Between 80 and 85
	  	 	1,127	 
	 Between 85 and 90
	  	 	1,165	 
	 Between 90 and 95
	  	 	1,203	 
	 Between 95 and 100
	  	 	1,239	 
	 Between 100 and 105
	  	 	1,274	 
	 Between 105 and 110
	  	 	1,308	 
	 Greater than 110
	  	 	1,341	 

  

	6.	For purposes of calculating the penalty fees for nonperformance of the Minimum Work Program, the Minimum Program Increase and the additional commitments acquired for the Additional Exploration Period, the reference
value for each Work Unit defined in this Annex 5 that is applicable upon termination of the Initial Exploration Period or Additional Exploration Period, as applicable, to the administrative or contractual rescission of this Contract or at
termination of the Contract during the Exploration Period for any reason, without prejudice to provisions of the Contract and the Applicable Laws. The penalty fee amounts for nonperformance will be calculated as the minimum of: (i) the product
of multiplying the applicable reference value by the number of Work Units not carried out during the Exploration Period, and (ii) the amount of the corresponding Performance Guarantee in accordance with Article 4.4. 

 

	7.	The amounts of the Performance Guarantee shall be calculated by multiplying the reference value for each Work Unit as defined in this Annex 5 applicable on the date of the award of the Contract by the number of Work
Units corresponding to the Minimum Work Program and the Minimum Program Increase or the Minimum Program Increase not completed during the Initial Exploration Period and the Contractor’s additional work commitment for the Additional Exploration
Period, respectively, in accordance with Article 17.1. 

  

 

	2 	The price of Brent Crude shall be the simple average of the daily quotes for Brent Crude ICE observed during the ninety (90) Days immediately preceding the date in which the corresponding penalty is determined,
published by an international company, specialized in the publishing of price reference information. 

  
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	8.	In order to prove performance of the Minimum Work Program, the Minimum Program Increase and, if applicable, the additional commitments, the Contractor shall carry out the Exploration Plan activities, including drilling,
exploratory studies and seismic. 

  

	 	8.1	The Contractor may accumulate Work Units per meter perforated per Well accordingly to the following: 

Work Unit per Exploratory Well 
  

					
	 Well Depth

(meters)
	  	Work Units
(number)	 
	 0
	  	 	0	 
	 500
	  	 	15,000	 
	 1,000
	  	 	20,000	 
	 1,500
	  	 	23,000	 
	 2,000
	  	 	26,000	 
	 2,500
	  	 	30,000	 
	 3,000
	  	 	34,000	 
	 3,500
	  	 	38,000	 
	 4,000
	  	 	43,000	 
	 4,500
	  	 	48,000	 
	 5,000
	  	 	53,000	 
	 5,500
	  	 	59,000	 
	 6,000
	  	 	65,000	 
	 6,500
	  	 	71,000	 
	 7,000
	  	 	78,000	 
	 7,500
	  	 	86,000	 
	 3 8,000
	  	 	94,000	 

  

	8.1.1	The meters perforated in exploratory Wells drilled by the Contractor within the framework of the Contract will only be proven.. 

  

	8.1.2	Exploratory Well depth shall be measured in meters throughout the Well hole starting from the ground level or seabed and rounded up to the highest integer meter. 

 

	8.1.3	For a Well with a depth under 8,000 meters, if the depth of such Well does not correspond to a quantity expressed in the preceding table, the number of Work Units shall be determined using a linear interpolation based
on such table. 

  
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	8.2	The Contractor may accumulate Work Units per the exploratory studies in accordance with the following: 

Work Units per Exploratory Studies 
  

							
	 Exploratory Studies
	  	Unit	  	Work Units
(number)	 
	 Well geophysical registry1
	  	Per meter	  	 	0.5	 
	 Special geophysical registry
	  	Per meter	  	 	1.5	 
	 Pressure analysis and fluid
sampling3
	  	Unitary	  	 	1,500	 
	 Core studies and sampling
	  	Unitary	  	 	200	 
	 Special Core Analysis (SCAL)
	  	Unitary	  	 	500	 
	 Phase Behavior (PVT) studies4
	  	Unitary	  	 	100	 
	 Production test (in case of a discovery)
	  	Unitary	  	 	700	 

  

	1 	3D resistivity array, Density, Neutron, Dipole Sonic, Gamma Rays/SP 

	2 	Spectral Gamma Rays [SGR], Nuclear Magnetic Resonance [NMR], Elemental Capture Spectroscopy [ECS], Formation Microimager [FMI] 

	3 	Optic or Magnetic Resonance [CFA], Modular Dynamic Test [MDT], fluid sampling 

	4 	Flow rate measurement, properties, composition, pressure and temperature (Multiphase flowmeter sampling and testing [MPFM]), Pressure transient testing. 

 

	 	8.2.1	Only the relevant studies with respect to exploratory Wells drilled by the Contractor within the framework of the Contract will only be proven. 

 

	 	8.2.2	The proof of such studies will be subject to the delivery of related information to CNH. 

  

	8.3	The Contractor may accumulate and prove Work Units per seismic activities in accordance with the following: 

Work Units for Seismic Activities 
  

									
	 Seismic related activities
	  	Unit	 	  	Work Units
(Number)	 
	 3D acquisition, processing and interpretation
	  	 	Per km	2 	  	 	15	 
	 3D re-processing and interpretation 3D
	  	 	Per km	2 	  	 	8	 
	 2D acquisition, processing and interpretation or 2D
re-processing and interpretation
	  	 	Per km	2 	  	 	1	 

  
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	 	8.3.1	Acquisition, re-processing, and interpretation seismic activities will only account as Work Units if they are limited to the Contract Area. 

 

	 	8.3.2	Accounted area (km2) for the acquisition of 3D seismic shall not exceed 200% of the total surface of the Contract Area. 

  

	 	8.3.3	Accounted distance (km) for the acquisition of 2D seismic will be limited to the Contract Area and will be subject to the approval of CNH. 

 

	 	8.3.4	Accounting of Work Units per exploratory studies will be subject to the delivery of related information to CNH. 

  

	 	8.3.5	The Contractor may verify compliance of acquisition and seismic reprocessing with data obtained as a result of the Surface Reconnaissance and Exploration authorizations 

  
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 ANNEX 6 MINIMUM 

SCOPE OF THE APPRAISAL 

ACTIVITIES 

  

 Contract No. CNH-R01-L01-A7/2015 

 
 Minimum Scope of the Appraisal Activities 

Any Work Program related to the Appraisal activities shall contain and develop as minimum the following items: 

 

	 	1.	A map and coordinates of the prospect area to be appraised. 

  

	 	2.	Report of the studies and work performed that led to the Discovery. 

  

	 	3.	Report of the nature of the Discovery and its estimated size. 

  

	 	4.	A plan of Appraisal activities, including drilling, testing and Appraisal, as well as the technical, economic, social and environmental studies to be conducted to determine recovery factors, as well as the requirements
with for processing and transportation of Hydrocarbons relating to the Discovery. 

  

	 	5.	Estimated number and possible location of the Appraisal Wells to be drilled. 

  

	 	6.	Preliminary drilling programs for the Appraisal Wells. 

  

	 	7.	A detailed estimate of the Costs of conducting the Appraisal activities. 

  

	 	8.	Proposal for duration of the Appraisal Period. 

  

	 	9.	Safety and environmental protection measures. 

  

	 	10.	Execution program of the Appraisal activities. 

  

	 	11.	Location at which Hydrocarbons obtained during any production test shall be delivered to the Marketer. 

  
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 ANNEX 7 

APPRAISAL REPORT 

  
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 Appraisal Report 

The Appraisal Report shall include as a minimum the following information: 

1. A report describing all Surface Reconnaissance and Exploration, Exploration and Appraisal activities carried out by the Contractor in the
Contract Area during the Exploration Period, including the Appraisal Periods; 
 2. The technical data, maps, and reports relating to the
Contract Area, including, but not limited to: topographical, geological, geophysical and information on analysis of the subsoil; the density of potential production areas; the depths of the various contact points for gases and/or fluids; the
petrophysical properties of the rocks in the reservoir; an analysis of the data relating to pressure-volume-temperature (PVT) of the fluids and gases in the reservoir; the characteristics and pertinent analysis of the Crude Oil discovered, and the
depth, pressure and other characteristics of the reservoir and the fluids found therein; 
 3. An estimate of the Hydrocarbons found at the
site and of the ultimate recovery from the reservoir; 
 4. A forecast of the maximum efficient rate of production of each individual Well
and of any reservoir discovered, as indicated in Article 8.1; 
 5. A study of the feasibility of development of the Appraisal Area, which
shall contain an economic analysis based on reasonable forecasts, on a Year-by-Year basis, of the production profiles, required investments, revenues and Operating
Costs; 
 6. Any opinion provided by experts responsible for conducting operational, technical and economic studies related to the Discovery;

 7. Any other fact considered relevant by the Contractor and the conclusions resulting from such fact, and 

8. General conclusions and discussion of the reasoning behind them, including any conclusion as to whether any Discovery may be considered a
Commercial Discovery. 

  
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 ANNEX 8 

MINIMUM CONTENT OF THE 

DEVELOPMENT PLAN 

  
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 Minimum Content of the Development Plan 

The Development Plan shall be prepared in accordance with the Applicable Laws and shall contain the following items as a minimum: 

 

	1.	Description of the Commercial Discovery to be developed. 

  

	 	(a)	General description; 

  

	 	(b)	Delimitation of the Field; 

  

	 	(c)	Description of the area in which it is located, and 

  

	 	(d)	Description of the formations containing the Hydrocarbons. 

  

	2.	Information on Reserves and Production. 

  

	 	(a)	Estimate of the volumes in situ, proven, probable and possible Reserves with respect to each reservoir in the relevant Field (determined in each case on the basis of the life of the reservoir without taking into
account the duration of the Development Period). The information shall be broken down by Petroleum, Condensates and Natural Gas. If applicable, an estimate of contingent resources shall be included; 

 

	 	(b)	Estimate of production profile for each reservoir that is expected to be delivered at the Measurement Point each Year during the Development Period. The information shall be broken down by proven, probable, and possible
Reserves; 

  

	 	(c)	Explanation of how the production profile of the proven Reserve permits achievement of the commercial potential of such Reserve as efficiently as possible, taking into account alternative development schemes that were
considered or rejected, and 

  

	 	(d)	Estimated date for commencement of Regular Commercial Production. 

  

	3.	Description of the Proposed Activities. 

  

	 	(a)	A description of the development approach proposed that includes the following: 

  

	 	(i)	General description of expected activities for the relevant Development Period; 

  

	 	(ii)	General description of the Materials to be constructed or employed in connection with the relevant Development Plan, including a description of the Gathering Facilities and in such case, those in which shared use of
facilities is contemplated in accordance with Annex 13; 

  
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	 	(iii)	General description of required Commercialization Facilities; 

  

	 	(iv)	Description of the development and management policy for the reservoir; 

  

	 	(v)	The Measurement System and Measurement Points that the Contractor proposes to use; 

  

	 	(vi)	The proposed location and drilling and completion techniques for Wells; and 

  

	 	(vii)	Expected actions for Abandonment of the facilities to be used during the Development Plan, including the total estimated Cost that the Contractor expects with respect to Abandonment operations. 

 

	 	(b)	Main characteristics of the proposed works, services, and Materials and of the probable additional works, services and Materials to be performed or purchased depending on the results of the initial work, services and
Materials, including those necessary for Hydrocarbon conditioning into commercially accepted conditions with respect to sulfur, water and other elements in accordance with the Applicable Laws and the Industry Best Practices. 

 

	 	(c)	Alternative approaches to development considered and reasons for selection of the proposed approach. 

  

	 	(d)	Schedule for works, services and supply or construction of Materials including the tentative schedule for construction or purchase of major facilities and timetable for reaching commercial production rates. The
Contractor shall include the first Work Program and Budget in accordance with Articles 10.3 and 11.3 of the Contract. 

  

	 	(e)	If a Commercial Discovery extends beyond the Contract Area, a proposed program for the unified development of the Fields. 

  

	 	(f)	In case that shared use of infrastructure is foreseen, a proposal for the corresponding agreement, in accordance with Annex 13 and the Applicable Laws. 

 

	4.	Budget and Economics. 

  

	 	(a)	An estimate of the Recoverable Costs for each Year. Such estimate shall be prepared for each case of proven, probable, and possible Reserves. Such estimates shall be submitted in constant Dollars without adjustment for
expected inflation; 

  
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	 	(b)	Any proposed arrangement for sharing facilities or Costs, or combining and redistributing production, with Persons outside of the Contract Area, and 

 

	 	(c)	Expected program for the return of the Contract Area or any part of it. 

  

	5.	Risk Management Programs. The Risk Management Programs shall derived from the Management System and contain, at least, the following items: 

 

	 	(a)	A description of the measures and actions for prevention, monitoring and mitigation of the identified, analyzed and evaluated risks, as well as the improvement of the performance of a facility, or group of facilities,
including emergency and contingency plans to be implemented in accordance with Industry Best Practices, and 

  

	 	(b)	Other considerations determined by the Agency in accordance with Applicable Laws. 

  

	6.	Subcontracting. A reasonably detailed description of the works, services, and Materials to be carried out by Subcontractors, in addition to the development approach, including a program for the selection and
contracting of Subcontractors. 

  

	7.	Additional Information. The Contractor shall include in its proposal of the Development Plan any other information it considers to be necessary for a complete evaluation of the Development Plan, including the
information requested by CNH. 

  

	8.	Additional Information for Modifications of the Development Plan. If the Contractor wishes to make changes to the Development Plan, the Contractor shall submit: 

 

	 	(a)	Detailed reasons for the proposed modification; 

  

	 	(b)	A discussion of activities that have been conducted under the original Development Plan or its most recent modification, as the case may be, and 

 

	 	(c)	All information set forth in this Annex 8 (or, if applicable, only such information being modified). 

In the understanding that in the event that CNH does not approve the modifications to the Development Plan proposed by the Contractor, the
Contractor shall implement the previously approved Development Plan. 
  

	9.	National Content and Transfer of Technology. The Contractor shall include a chapter in its proposed Development Plan containing the applicable periods and stages to ensure achievement of the national content goal
set forth in Article 19.3. In addition, the Contractor shall include a chapter containing a transfer of technology program. Such chapters shall be considered a commitment by the Contractor and an integral part of the Contract 

  
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	10.	Geological, geophysical and engineering information considered. The Contractor shall make available to CNH the supporting information it used for the proposed Development Plan. Such information shall be kept
throughout the duration of the Contract. 

  
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 ANNEX 9 

FORM OF EXPLORATION 

PERFORMANCE GUARANTEE 

  
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 Form of Exploration Performance Guarantee 

Date: 
 Irrevocable Standby Letter of Credit No:
                      
 From: [Name of Issuing
Bank] (the “ISSUING/CONFIRMING BANK”) 
 By request and on account of [NAME OF ISSUING/CONFIRMING BANK CUSTOMER], we hereby issue
this Irrevocable Standby Letter of Credit number (the “Letter of Credit”) in favor of the National Hydrocarbons Commission (the “BENEFICIARY”) for an amount up to USD$ ( million Dollars 00/100 USCY), available on demand at the
desks of the ISSUING/CONFIRMING BANK. 
 The BENEFICIARY may make one or more Disposals under this Letter of Credit against a written payment
request (each one of those written payment requests, a “Disposal”) that states the amount requested for payment and that: 

(a) (i) There has been a default by the Contractor (as such term is defined in the Contract) on the Minimum Work Program or the applicable
additional drilling commitment under the Contract for Exploration and Extraction of Hydrocarbons under the modality of production sharing, dated
                    , entered into by and between the National Hydrocarbons Commission of Mexico and [NAME OF THE PARTICIPATING COMPANIES] (the
“Contract”), and (ii) the BENEFICIARY is entitled in accordance with the Contract to make a Disposal under the Letter of Credit for the amount requested to be paid, or 

[(b) (i) The BENEFICIARY has received a notice pursuant to the following paragraph of this Letter of Credit to the effect that the
ISSUING/CONFIRMING BANK has decided not to extend the Expiration Date of this Letter of Credit for an additional period of one (1) year, and (ii) the Contractor (pursuant to the definition of such term in the Contract) did not provide a
substitute letter of credit, in form and substance acceptable to the BENEFICIARY, before a period of thirty (30) Days prior to the Expiration Date, issued by a bank acceptable to the BENEFICIARY, with the understanding that in such case the
BENEFICIARY will be entitled to draw the total amount available under this Letter of Credit.] 
 This Letter of Credit shall expire
on                     (the “Expiration Date”), with the understanding that such date shall be automatically extended as indicated in the
International Practices for Letters of Credit—ISP98, ICC publication 590. This Letter of Credit shall be automatically extended for additional periods of one (1) Year as of the Expiration Date and each subsequent expiration date, unless
the ISSUING/CONFIRMING BANK notifies the BENEFICIARY at least thirty (30) calendar Days prior the Expiration Date, by written notice delivered by hand with acknowledgement of receipt requested, that the ISSUING/CONFIRMING BANK has decided not
to renew this Letter of Credit for such period. 

  
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 The ISSUING/CONFIRMING BANK agrees that any Disposal by the BENEFICIARY
complying with the terms and conditions of this Letter of Credit shall be punctually honored and paid by the ISSUING/CONFIRMING BANK with its own funds on or before the end of the second Business Day following proper submission, on or before the
Expiration Date, of the required documents. Under this Letter of Credit “Business Day” means any Day other than Saturday, Sunday or another Day when banks are authorized or required to close in Mexico. 

This Standby Letter of Credit is subject to International Practices for Letters of Credit - ISP98, ICC publication 590, and, to the
extent there is no conflict with ISP98, shall be governed and construed by the laws of Mexico. Any dispute arising from this Letter of Credit shall be subject to the exclusive jurisdiction of the competent federal courts of Mexico located in Mexico
City. 
 Upon receipt of a request for a Disposal by the BENEFICIARY, within one Business Day thereafter, the ISSUING/CONFIRMING BANK shall
determine whether the documents constituting the Disposal were in order and adequate in accordance with the conditions of this Letter of Credit, or whether such Disposal does not meet the requirements of this Letter of Credit, and shall inform the
BENEFICIARY in writing of the inconsistences resulting in such rejection. The BENEFICIARY may present new requests meeting the terms and conditions of this Letter of Credit. 

All payments that ISSUING/CONFIRMING BANK makes to BENEFICIARY under this Letter of Credit shall be made via electronic transfer of funds to
the bank account in Mexico City specified by the BENEFICIARY in the payment request. 
 The rights of the BENEFICIARY under this Letter of
Credit are not transferable, except where such rights are assigned to the Federal Government of Mexico. 
 All banking expenses related to
this Letter of Credit shall be borne by [NAME OF ISSUING/CONFIRMING BANK’S CUSTOMER]. 
 The BENEFICIARY may submit a Disposal request
for the entire amount or for partial Disposals. 

  
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 ANNEX 10 

PROCUREMENT 
 OF GOODS
AND SERVICES 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 PROCUREMENT OF GOODS AND SERVICES 

 

	1.	Procedures for the Procurement of Goods and Services 

 Section I. Procurement of Goods and Services.

  

	 	1.1.	For the procurement of goods and services, the Operator shall observe the rules and guidelines on the procurement of goods and services for the activities carried out under this Contract, subject to principles of
transparency, economy and efficiency. 

 For purposes of this Annex 10, in addition to the definitions established in the
Contract, the definitions in the applicable Guidelines issued by the Ministry of Finance in effect on the date of the award of the Contract shall be deemed to be included. 
  

	 	1.2.	The Operator shall observe provisions below with respect to acquisitions and contracting: 

  

	 	I.	Comply with the provisions of the agreement establishing the Methodology for the Measurement of National Content in Assignments and Contracts for the Exploration and Extraction of Hydrocarbons, as well as the permits in
force in the Hydrocarbons industry, issued by the Ministry of the Economy; 

  

	 	II.	Give preference in contracting local companies, when the services they offer are similar in quality and availability to those existing in the international market and when the prices for their services are within
benchmarks or market prices, and 

  

	 	III.	Give preference to purchasing Materials, equipment, machinery and other consumer goods produced domestically when their quantity, quality and delivery dates are similar to those Materials, equipment, machinery and other
consumer goods available in the international market and when prices of their goods are within benchmarks or market prices. 

 Section II.
Procedure for Contracting Suppliers of Goods and Services. 
  

	 	1.3.	When contracting suppliers, the company that offers the best quality, price, logistics and guarantees as to the volumes of goods and amount of services required throughout the project shall be considered. For such
purposes, the Operator shall adhere to the provisions of this Annex 11, and if applicable, submit relevant documentation in order to demonstrate that the contracting of such goods and/or services was not agreed upon at prices higher than benchmarks
or market prices. 

 For the contracting of suppliers, the company that offers the best technical, economic and financial
conditions, as well as those that guarantee the provision of inputs, on a timely and efficient basis and at the lowest total integrated Cost, shall be considered. 

  
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	 	1.4.	The goods or services that are linked to joint processes shall be agreed upon on an integrated basis, provided that this represents a greater guarantee on supply and greater economic benefit. 

The guidelines or bidding requirements for the terms of reference for contests or biding processes shall establish legal conditions, and
conditions of economic, financial and technical capability and of experience and other conditions that the contestants or bidders shall satisfy to participate. The Operator shall not establish requirements that prevent and hamper the participation
of companies or violate the equality of applicants. 
  

	 	1.5.	In any event, the contest or bidding processes shall be carried out under principles of transparency, maximum publicity, equality, competitiveness and simplicity. The Operator may provide different awarding mechanisms.
In the contest or bidding processes, tiebreaker criteria shall be stipulated, which shall be included in the corresponding contest or bidding guidelines. 

The Operator shall observe the following: 
  

	 	I.	For contracts or acquisitions valued less than or equal to US$1,000,000 (one million Dollars) or the equivalent in national currency, the Operator shall be free to determine the procedures and methods to choose the
supplier it considers appropriate. The Operator shall retain the information, documentation, and/or evidence to demonstrate, for purposes of transactions related to such subcontracting or acquisition entered into with related parties, both residents
in national territory and abroad, that they were determined considering the prices and amounts of consideration that would have been used with or between independent parties in comparable transactions. With respect to transactions with third parties
subject to procurement or supply agreements on a regional or global basis, the Operator shall retain the information, documentation, and/or evidence that proves that such transactions were carried out pursuant to market benchmarks and, if
applicable, that the benefits derived from these contracts are reflected in lower Costs to recover; 

  

	 	II.	For contracts and acquisitions with a value greater than US$1,000,000 (one million Dollars) and less than or equal to US$20,000,000 (twenty million Dollars) or its equivalent in national currency, the Operator shall
obtain at least three (3) quotes for the goods or services contracted. If the value of the quote selected exceeds by 5% (five percent) from the lowest priced quote found in benchmarks or market prices, the Contractor shall justify why it
selected such quote and the technical and economic criteria considered. If, as a result of conducting the process previously described, the selected supplier is a related party, the Operator shall deliver the contract relating to the transaction and
the corresponding transfer price study to the Ministry of Finance and to CNH, via the Fund’s systems; and 

  
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	 	III.	For contracts or acquisitions with a value higher than US$20,000,000 (twenty million Dollars) or its equivalent in national currency, the Operator shall conduct an international public contest or bidding process in
which all participants are treated equally and it shall select the participant that offers the best economic conditions. If a proposal is chosen but such proposal does not offer the lowest price, Operator shall justify the reason for such choice and
the technical and economic criteria considered. 

 An international public contest or bidding process shall be considered as
the first method for awarding a contract, with the purpose of promoting the participation of the greatest number of qualified bidders to obtain the best market conditions. 

Furthermore, the Operator shall ensure same treatment to all participants so that effective competition exists, avoiding all types of
preference or discrimination that favor or prejudice to any of them in benefit or detriment of others. The Contractor shall also clearly identify the subject matter of the contest or bidding process, the conditions of the service or delivery of the
goods and/or services in order to determine the terms of the future contract. To the extent that goods and/or services are the subject matter of a contest or bidding process, unnecessary restrictions that reduce the number of qualified contestants
or bidders should be avoided. 
 The method for the contest or bidding process shall preferably be one in which offers be submitted in
writing, in sealed envelopes within the established time limits, signed by the legal representatives of the bidders, and complying with the requirements indicated in the contest or bidding documents. 

Such contests or bidding processes shall provide the procedures for the selection of the winner and for the resolution of disputes permitting
defense or challenge by the bidders. 
 Once the procedure for the corresponding contest or bidding process has been completed, the Operator
shall submit a detailed report on the conditions of the development of the contest or bidding process, the evaluation and comparison of the bids, and the grounds for awarding the contract. Also, a certified copy of the contract and the corresponding
report of the contest or bidding process shall be provided to the Ministry of Finance via the Fund’s systems. If applicable, the Operator shall provide a comparative analysis of the proposals of the participants and with the reasons on why the
winner was selected, as well as the technical, commercial and contractual terms of the proposals. 

  
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 The Operator shall not unnecessarily divide the acquisition and
contracting processes in order to avoid the thresholds indicated in this subsection. 
 The thresholds referred to in this subsection shall
be updated in the month of January based on the changes in the United States Producer Price Index, as published by the Bureau of Labor Statistics of the United States of America, with identification number WPU00000000, without seasonal adjustment,
which represents an index of all merchandise or, if applicable, its substitute index by decision of the issuing institution. In case such price index changes or is revised, the first published version of the index will prevail. If the reference
Index changes, the Ministry of Finance will announce a new reference that is representative for such purposes. 
  

	 	1.6.	In the event that, in any contracting conducted under the procedures referred to in sections II and III of the preceding subsection, the Costs increase due to unforeseen circumstances, the Contractor shall observe the
following: 

  

	 	I.	If the Costs increase by an amount equal to or lower than 5% (five percent), but are not higher than the benchmarks or market prices, in accordance with the analysis previously performed, it will not be necessary to
justify such increase; 

  

	 	II.	If the Costs increase by an amount greater than 5% (five percent), but are not higher than the benchmarks or market prices, in accordance with the analysis previously performed, it will be necessary to justify such
increase, and 

  

	 	III.	If the increase in Costs is higher than the benchmarks or market prices, the portion of the Costs beyond the range shall not be considered as Recoverable Costs. 

 

	 	1.7	The Operator may directly allocate the contract or acquisition to a related party or a third party, without the need for a contest or bidding process, so long as it is first demonstrated that the bid submitted by the
related party or third party offers a price or consideration that is not higher than the benchmarks or market prices, amounts of consideration or profit margins found in reasonable markets, in accordance with the interquartile method procedure under
the Applicable Laws and, if applicable, the benefits arising from such contracts are reflected in lower Costs to recover. 

If under an accounting and financial verification it is identified that the value of the price is higher than the market benchmark or price,
the difference will not be considered as a Recoverable Cost. 
 In the case of contracting goods and/or services with prices regulated by
the State and no other purchase option exists, the Contractor may carry out make such contracts without a contest or bidding process and without conducting preceding studies. 

  
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	 	1.8	If, instead of choosing to conduct any contracting under procedures II and III of subsection 1.5, the Operator directly allocates the procurement of goods and/or services to a related party or third party, the criteria
in subsection 1.6 of this Annex will apply if there are increases in Costs. 

 Any analysis or study with the purpose of
showing that an acquisition or contract is at reference values for transactions with third parties or at market prices for related parties must be accompanied by all information to permit replication of the results obtained, as well as the criteria
followed in its preparation. If the information that the Operator provides is insufficient for the Ministry of Finance to replicate the results, the difference above the median value of the relevant Cost, in accordance with the interquartile method
procedure under the Applicable Laws, shall not be considered as Recoverable Cost. 

  
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 ANNEX 11 

PROCEDURES FOR DELIVERY OF INFORMATION OF 

CONSIDERATIONS TO THE MEXICAN FUND OF 

PETROLEUM FOR STABILIZATION AND 

DEVELOPMENT AND ITS PAYMENT 

  
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 PROCEDURES FOR DELIVERY OF INFORMATION AND CONSIDERATIONS 

OF THE MEXICAN FUND OF PETROLEUM FOR STABILIZATION 

AND DEVELOPMENT AND ITS PAYMENT 
  

	1.	Procedures. 

  

	1.1	The Fund shall establish and administer a registry in which every Contract for the Exploration and Extraction of Hydrocarbons shall be registered. The Fund shall announce the requirements for the Contractor to complete
such registration. Such requirements shall include at a minimum: 

  

	 	(a)	Application for registration; 

  

	 	(b)	Certified copy of the corresponding contract, as well as any modification thereto; 

  

	 	(c)	Notarial instrument that certifies the capacity of its legal representative. In case of a consortium, the Participating Companies shall appoint a common representative who will interact with the Fund. 

 

	 	(d)	In case of Consortia, a Public Instrument that proves the personality of the Operator, as well as the participation and personality of each of the Participating Companies. 

The Contractor shall deliver the necessary documentation to CNH in order to register the contract in the Registry made available by the Fund in
accordance with the guidelines it issues. 
  

	1.2	No later than three (3) Business Days after the Contractor has complied with all the requirements to register the Contract in the registry, the Fund shall deliver a certificate of registration to the Contractor.

  

	1.3	The Fund may register the Contract and accordingly, pay the Contractor the Considerations to which it is entitled under this Contract, if the requirements to register are met and the respective certificate of
registration is used. The Fund and its representatives shall not incur any liability in the event a Contract cannot be registered in the registry due to failure to comply with the registration requirements. 

 

	1.4	For the payment of Consideration under this Contract to a Consortium, the Contractor shall notify the Fund of the manner in which such payment is to be made, in accordance with the joint operating agreement entered into
by the Participating Companies, which has been approved by CNH: 

  

	 	(a)	That each Participating Company receives its respective share of the Consideration; or 

  
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	 	(b)	That the Considerations be delivered to the Operator to be distributed by it among the Participating Companies in their respective portions. 

 

	1.5	The Fund shall manager a computer system that will allow it to collect and safeguard the information provided by the Contractors in accordance with the respective contracts and to carry out its objectives. The Fund
shall announce on its website the means, protocols, catalogues, formats, and other specifications to be able to upload electronically this information in its computer system, including the signature by means of the advanced electronic signature
(FIEL). 

  

	1.6	By means of the computer system developed for such purpose, the Fund shall keep a record of the production, Contractual Prices and Contractual Value of the Hydrocarbons, Costs, and all other elements necessary to
determine the Considerations. Based on the information provided by the Contractors and CNH, the Fund shall calculate the respective State’s Considerations. The foregoing shall be without prejudice of: (i) the verification authorities of
the Ministry of Finance, and (ii) the authorities of CNH to manage and supervise the Contracts, within the scope of their respective authorities, as to compliance by the Contractors with their contractual obligations. Prior to the calculation,
the Fund may consult with CNH or the Ministry of Finance to the extent it deems relevant, in order to verify actual performance of the Contractors of their contractual obligations. 

 

	1.7	The Fund will make available to the Contractor an exclusive access portal to the above- mentioned computer system and grant an access key to such portal to every Person designated by the Contractor for such purpose by
means of security systems determined by the Fund. Information related to the Contract as well as information regarding production, prices, recorded costs and expenses, and considerations, among other items, may be consulted in such portal.

  

	1.8	The Fund will calculate the Considerations based on the information that the Contractor registered by the end of the term in accordance with the procedures related to information receipt established by the Fund, without
implying a declaration on the validation or verification thereto, thus such calculation does not limit the revision, validation, and verification duties regarding such information and its supporting documentation covered in this Contract. The
Ministry of Finance, in exercise of its verification duties, may review the registered information and the supporting documentation, and, if appropriate, determine the adjustments in favor of the State or the Contractor, as applicable, in accordance
with the Contract. Any information that has not been registered with the Fund during the receipt period shall be deemed as not submitted. In exceptional cases, the Operator may register and, if applicable, submit the corresponding supporting
information no later than sixty (60) Business Days following the delivery of the corresponding receipts from the Operator, for the calculation of the foregoing Considerations in accordance with the procedures of information receipt established
by the Fund. 

  

  
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	1.9	The Contractor, by conduit of the Operator and via the IT system developed by the Fund, may review, and in such case, submit comments on the calculation of the Considerations made by the Fund. The Fund shall receive
such comments starting from the seventeenth Business Day of the Month and during the next two (2) Periods through the means provided by the Fund to the Operator for such purpose. From the analyses of the observations of the Operator, the Fund
may determine that the Considerations did not consider all of the available information for their determination and shall notify the Ministry of Finance, so that the latter exercises its verification duties and, as applicable, determines the
corresponding adjustments in favor of the State or the Contractor, as appropriate, in accordance with the Contract. 

  

	1.10	The Fund shall issue a certificate of payment of the Considerations to which the Contractor is entitled under the terms of this Contract, in accordance with the procedure established in subsection 9.8 of Annex 3

  

	1.11	The Fund shall issue the time schedules for receipt of notifications and prior notices. The delivery of resources and payment of State Considerations in kind shall be effected exclusively by electronic means, using the
relevant payment systems, in the accounts and through the means published for such effects by the Fund. 

  

	1.12	The Contractor, by conduit of the Operator, shall transfer to the account of the Fund all revenues arising from the transfer of assets which Costs have been recovered in terms of the Contract within ten
(10) Business Days following the settlement of the sale. 

  

	1.13	In cases of Acts of God or Force Majeure determined by CNH, the terms shall be suspended until the Act of God Force Majeure ceases. 

  

	1.14	Each Participating Company, by conduit of the Operator, shall deliver to the Fund all the accounting reports regarding economic benefits prepared in accordance with the Applicable Laws, considering the guidelines issued
for such effect by the National Bank and Securities Commission, so that issuing companies report, for financial and accounting purposes, the Contracts and the corresponding expected benefits thereto. 

 

	2.	Application for registration to the Mexican Petroleum Fund for Stabilization and Development. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 BANK OF MEXICO AS TRUSTEE 

AVENIDA 5 DE MAYO, COLONIA CENTRO, DELEGACIÓN CUAUHTEMOC 

MEXICO, DISTRITO FEDERAL 

Ref: Application for Registration 

In reference to the Public Trust Fund of the State referred to as the MEXICAN PETROLEUM FUND FOR STABILIZATION AND DEVELOPMENT (interchangeably the
“Fund” or the “Trust Fund”) executed on September 30, 2014 by the Ministry of Finance, as Trustor, and the Bank of Mexico as Trustee. 

All undefined capitalized terms used in this Application shall have the meaning set forth in the Fund. 

To this regard, based on the provisions in Clause Seventh of the Trust, we hereby request the registration of the (Contract / Assignment) described in this
Application for Registration in the Registry of the Trustee, therefore this Application for Registration is accompanied by the following documents and information: 
  

	 	(I)	Certified Copy of the (Contract / Assignment Title) as Annex A; and 

  

	 	(II)	The undersigned, [Full Name of the Legal Representative], [Position], related to the Trust, certifies that: (i) the persons whose names are indicated below (the “Authorized Persons”)
are duly empowered to subscribe in representation of the [Contractor/Assignee] any documents and notices in accordance with the terms and conditions of the Trust Fund; (ii) the signature that appears in this certificate next to the Authorized
Persons’ names is the wielding signature, and (iii) the Trustee shall only recognize as valid the documents signed by the Authorized Persons, and 

  

							
	 NAME
	 	 SIGNATURE
	 	 PHONE NUMBER
	 	 E-MAIL

		 		 		 	
		 		 		 	
		 		 		 	

  

	 	(III)	With respect to the Contractor’s Considerations, which in any case, the Trustee must pay to the Contractor in accordance with the provisions of the Trust, it is hereby informed that these quantities shall be
deposited in the corresponding account [    ]. 

 [Contractor/Assignee] 

By: [    ] 

Position: [    ] 

i This fraction shall only be included in the Applications for Registration submitted by
the Contractors whose contracts include cash payments for the corresponding     considerations. 

  
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4 

 Contract No. CNH-R01-L01-A7/2015 

 
 ANNEX 12 

ASSET INVENTORY 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 ANNEX 12 

ASSET INVENTORY 
  

 
  

	 	•	 	In the Contractual Area, based on the information of the Data Room, with respect to the wells and materials inventory, there is no record of facilities on surface. 

 

  
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2 

 Contract No. CNH-R01-L01-A7/2015 

 
 ANNEX 13 

SHARED USE OF FACILITIES 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 ANNEX 13 SHARED USE OF INFRASTRUCTURE 

 

	1.	General Provisions 

  

	1.1	For purposes of this Annex 13 the following will apply: 

  

	 	(a)	The Contractor acts as a service provider when it has developed infrastructure in terms of the Contract and uses such infrastructure to assist a user – contractor or assignee – in exchange for a fee, in terms
of this Annex 13. 

  

	 	(b)	A third party who enters into an agreement with the Contractor for the shared use of infrastructure developed in terms of the Contract shall be deemed as “User”. 

 

	2.	Available Capacity Evaluation 

  

	2.1	As part of the Development Plan submission, in case that such Development Plan considers the construction of new Gathering, displacement, and logistics facilities for unprocessed Hydrocarbons, outside of the Contract
Area, the Operator will have the obligation to conduct a market research, for the purpose of detecting any possible needs for additional capacity regarding the planned infrastructure. As part of this research an open season shall be conducted in
accordance with the applicable regulations and the regulations from the Energy Regulatory Commission. 

 In case that the
market research outlined in the previous paragraph determines third party interest regarding the shared use of facilities, they shall be deemed as transportation or Storage facilities, as appropriate, and they will be subject to the regulations from
the Energy Regulatory Commission. In accordance with the applicable regulations for transportation and Storage, the Operator and Participating Companies may not conduct such activities directly with respect to its corporate purpose. 

 

	2.2	In case that the market research determine no third party interest regarding the shared use of facilities, or in case that such facilities are catalogued as regulated facilities, and its construction suffered delays due
to the lack of purchase guarantees, in accordance with the maximum term established in the Development Plan approved by CNH, the Operator may proceed with the construction of the facilities as originally proposed in the Development Plan by its own
and in terms of this Contract. Without prejudice of the forgoing, the Contractor through the Operator shall make such facilities available when it is technically viable, in accordance with subsections 3 and 4 of this Annex 13. 

  
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	3.	Shared Use of Facilities Developed in Accordance with the Contract 

  

	3.1	The facilities developed in accordance with the Contract with the purpose of gathering, conditioning and displacing of Hydrocarbons may be subject to shared use; and hence, the Contractor, by conduit of the Operator,
shall share and make available such facilities, in accordance with the following: 

  

	 	(a)	The Contractor, through the Operator, may reach an agreement with a third party regarding the access to the facilities developed in accordance with the Contract for its shared use, and in such case, it will be deemed as
service provider in exchange for a fee that shall not be greater than such fee determined in accordance with the methodology for the maximum fee determination established in subsection 4 of this Annex 13. 

 

	 	(b)	In the case that a third party does not reach an agreement with a third party, CNH will submit an opinion regarding the conditions for the a service provision agreement in order to grant access to the third party for
the shared use in accordance with the principles established in the next paragraph. The decision of CNH will be bonding for both parties. 

  

	 	(c)	The shared use of facilities shall not be unduly discriminatory and will be subject to: 

  

	 	i.	The availability of volumetric capacity of the systems and technical feasibility. 

  

	 	ii.	The minimum quality thresholds used by the Operator in the Contractor’s infrastructure. 

  

	3.2	The Contractor, through the Operator, and the third parties shall determine the terms and conditions for their access, subject to the principles established in paragraph (c) of the previous subsection and the
Applicable Laws. 

 Such terms and conditions shall determine the responsibilities of each party with respect to the
infrastructure and the provided services, as well as guarantee, among other aspects, that the Contractor, through the Operator, and the User shall have the quantities and qualities of Hydrocarbons equivalent to those delivered in the interconnection
point, without prejudice of the volumetric adjustments at the exit point, to compensate for quality profits or losses. 
 The terms and
conditions shall be approved by CNH, before their underwriting. 
  

	3.3	Third parties interested in the shared use of infrastructure referred to in this section 3, shall present the corresponding request form to the Contractor, through the Operator. These requests will be subject to the
capacity use rules as provided in the Applicable Laws. 

 The Contractor, through the Operator, shall allow shared use of
infrastructure based on the terms and conditions agreed upon with the User, which will be included in the agreement entered into by the parties. 

  
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	3.4	In case that there are technical obstacles, the Operator and the User shall jointly reach an agreement in good faith to resolve such obstacles. If the Operator and the User do not reach an agreement to solve the
technical obstacles, any of them may request the opinion of CNH, which will fix its position within the following thirty (30) Days after the receipt of the referred request. The decision of CNH shall be binding for both parties.

  

	3.5	In the event that the Operator denies access to the facilities to a User and it is actually proven that the Contractor has available capacity, or is offering such service in unduly discriminatory conditions, the User
may request the opinion of CNH, which will fix its position within the following thirty (30) Days after the receipt of the referred request. The decision of CNH shall be binding for both parties. In the first case, the Contractor shall
demonstrate to CNH the lack of capacity or any other technical obstacle at the moment that it denied access. 

  

	3.6	In the event that the Operator claims that restriction to the shared use of the infrastructure is due to Acts of God or Force Majeure, this shall be notified to CNH on the next Day after such cause has taken place by
the means determined by CNH for such purpose. The Operator shall present a continuity plan for the activities in the term established by CNH in accordance with the particular conditions of the event. 

 

	3.7	In case that the Contract corresponding to the Contractor that is providing services terminates for any reason, CNH will determine the third party that will operate, on behalf of the State, the shared infrastructure.
The User shall conduct the corresponding payment in accordance with the agreed unitary fee for the use of infrastructure that corresponds in favor of the third party operator determined by CNH. 

 

	4.	Maximum Unitary Fee for the Shared Use of infrastructure 

  

	4.1	The cost for the User for the use of the shared infrastructure is subject to the following: 

  

	 	(a)	The cost for the User will be the result of multiplying the agreed unitary fee times the handled volume in the infrastructure of the service provider. 

 

	 	(b)	The agreed unitary fee between the Contractor and the User shall not be greater than the maximum unitary fee established in accordance with this section 4. In case that the Contractor and the User are related parties,
the determination of the components of the formula regarding the maximum unitary fee shall follow the provisions relative to transfer prices established in Annex 4. 

 

	 	(c)	If necessary, the maximum unitary fee shall consider additional required infrastructure to allow the interconnection as well as operation and maintenance costs associated with such additional infrastructure for the
efficient handling of the volume of the User in the existing infrastructure. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
  

	 	(d)	Operation and maintenance of the shared infrastructure, as well as the construction and installation of additional required infrastructure for the interconnection will be conducted by the Operator and financed by the
Contractor. 

  

	4.2	In such case, the costs associated to the User interconnection with the infrastructure subject to the shared use shall be covered by the User. 

 

	4.3	The maximum unitary fee shall be determined in accordance with the next formula: 

  

 
 

 
 Where: 

Mt = Maximum unitary fee in Dollars per unit of volume, for the use of infrastructure
in Period t. 
 l0 = Investment originally made by the Contractor to develop
infrastructure in terms of the Contract intended to be shared, in Dollars considering provisions registered and recognized in the Contract. 

Q0 = Annual installed capacity of the infrastructure associated with l0. 
 N0 = Contractual life in
Years that the infrastructure associated with l0 operate since the beginning of the Period in which construction is finalized, until the end of the Contract of the Contractor. 

lA = Additional investment in infrastructure made by the Contractor in order to provide
the service to the User, in Dollars. 
 QA = Annual capacity of the infrastructure
associated with lA. In such case, this annual capacity shall consider the additional capacity that lA brings to the original
infrastructure associated with lA. 
 NA = Contractual life in Years that the infrastructure associated with lA operate since the beginning of the Period in which
construction of such facilities is finalized, until the end of the Contract of the Contractor. 
 Ot = Operation and maintenance costs incurred by the Contractor, associated with IO, in Dollars per unit of volume handled in such
infrastructure during Period t. 
 At = Operation and maintenance costs incurred by
the Contractor, associated with IA, in Dollars per unit of volume handled in such infrastructure during Period t. 

  
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5 

 Contract No. CNH-R01-L01-A7/2015 

 
 t = Tax rate equal to 30%. 

 = Formula for the present value of an annuity of NI periods with yield r. 
  

 
 r = Nominal return rate, equivalent to 10.81%. 

  
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 Contract No. CNH-R01-L01-A7/2015 

 
 ANNEX 14 

PRIVATE AGREEMENT FOR JOINT BID 

  
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 CNH 4 FORM PRIVATE AGREEMENT FOR JOINT BID 

PRIVATE AGREEMENT FOR JOINT BID, entered into by and between Sierra Oil & Gas, S. de R.L. de C.V., represented herein by Salvador Beltrán del
Río Madrid; Talos Energy LLC, represented herein by Ana Irma Amado Córdova; and Premier Oil Plc., represented herein by José Jhacob Hinojosa Tah (jointly as the “Members”), respectively, in order to submit a joint bid
in the Bidding CNH-R01-L01/2014, with respect to the awarding of Sharing Production Contracts for the Exploration and Extraction of Hydrocarbons in Shallow Waters –
First Round, pursuant to the Bidding CNH-R01-C01/2014, published by the National Hydrocarbons Commission in the Federal Official Gazette on December 11, 2014;
pursuant to the following representations and clauses: 
 REPRESENTATIONS 

 

	I.	The company, Sierra Oiil & Gas, S. de R.L. de C.V., represents that: 

 I.1. It is a company
incorporated pursuant to the laws of the United Mexican States and proves its legal existence with Notarial Instrument number 71,114 dated July 10, 2014, issued by Mr. Roberto Núñez y Bandera, Notary Public number One for the
Federal District; such notarial instrument was filed with the Public Registry of Commerce under commercial electronic folio number 518615-1, on July 16, 2014. 

I.2. Its domicile is located on Juan Salvador Agraz (street) #40-505, Colonia (neighborhood) Desarrollo Santa Fe,
Delegación (district) Cuajimalpa de Morelos, México, Distrito Federal, C.P. (postal code) 05348. 
 I.3 That Mr. Salvador
Beltrán del Río Madrid proves its capacity and authorities with the power-of-attorney granted by Sierra Oil & Gas S. de R.L. de C.V. in Notarial
Instrument number 67,221 dated March 24, 2015, issued by Mr. Erik Namur Campesino, Notary Public number Ninety-Four for the Federal District, and he states, under oath, that to this date such authorities have not been revoked, limited, or
modified in any manner whatsoever. 
  

	II.	The company, Talos Energy LLC, represents that: 

 II.1 It is a company organized pursuant to the laws of
Delaware, United States of America, and proves its legal existence with the Certificate of Formation issued by the State of Delaware, granted by the Corporate Division of the Secretary of the State of Delaware. 

II.2 That its domicile is located in Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801. 

II. 3 That Ms. Ana Irma Amado Córdova proves its capacity and authorities with the
power-of-attorney granted by Talos Energy LLC in Notarial Instrument number sixty-seven thousand three hundred ninety-five dated the eighth of April 2015, issued by
Mr. Erik Namur Campesino, Notary Public number Ninety-Four for the Federal District, and she states, under oath, that to this date such authorities have not been revoked, limited, or modified in any manner whatsoever. 

  
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	III.	The company, Premier Oil Plc., represents that: 

 III.1 That it is a company incorporated pursuant to the
laws of the United Kingdom of Great Britain and Northern Ireland and proves its legal existence with corporate certificate dated July 31, 2002, issued by the Companies House with the presence of authorized officer Alyson Jane Thomas. 

III.2 That its address is located at 23 Lower Belgrave Street, London, SWLW ONR, United Kingdom. 

III.3 That Mr. José Jhacob Hinojosa Tah proves its capacity and authorities with the power-of-attorney granted by Premier Oil Plc. in Notarial Instrument number 94,142 dated the tenth of February 2015, issued by Mr. José Ignacio Senties Laborde, Notary Public number One Hundred
Four for the Federal District, and he states, under oath, that to this date such authorities have not been revoked, limited, or modified in any manner whatsoever. 
  

	IV.	The Members represent that: 

 IV.1 They agree to perfect and formalize this agreement for purposes of
submitting a joint bid pursuant to the Bidding Guidelines; 
 IV.2 They provide as common domicile the following: Juan Salvador Agraz (street) #40-505, Colonia (neighborhood) Desarrollo Santa Fe, Delegación (district) Cuajimalpa de Morelos, México, Distrito Federal, C.P. (postal code) 05348; and as common email for hearing and receiving
notifications: salvador.beltrandelrio@sierraoil.mx; and 
 IV.3 They agree to the following: 

CLAUSES 
 FIRST: Purpose. The Members agree to
group for purposes of filing a joint Bid to participate in the Bidding Process as a Bidding Group (Licitante Agrupado). 
 SECOND: Activities and
obligations each company hereby undertakes to perform and assume. If the Bidding Group results to be a Winning Bidder, the members agree to undertake the following: 

I. Sierra Oil & Gas, S. de R.L. de C.V., agrees and undertakes towards the Consortium Members, to timely provide the necessary resources in order to
comply with the obligations arising from the Exploration and Extraction Contract that is, as applicable, awarded, based on the percentage interest provided in the Fifth Clause of this agreement. Moreover, it shall actively engage in the
decision-making of the Consortium in order to carry out the activities of the Contractor in the Exploration and Extraction Contract. 
 II. Talos Energy LLC
shall be in charge of the operations and agrees to perform, subject to the terms and conditions set forth in the Exploration and Extraction Contract and the obligations specified therein, the duties and obligations of the Operator as defined in the
Exploration and Extraction Contract. Moreover, in order to comply with its obligations, it may contract independent contractors, agents, including Operator’s affiliates, other participating companies and its affiliates. 

  
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 III. Premier Oil Plc, agrees and undertakes towards the Consortium Members, to timely provide the necessary
resources in order to comply with the obligations arising from the Exploration and Extraction Contract that is, as applicable, awarded, based on the percentage interest provided in the Fifth Clause of this agreement. Moreover, it shall actively
engage in the decision-making of the Consortium in order to carry out the activities of the Contractor in the Exploration and Extraction Contract. 
 THIRD:
Appointment of a common representative to file and submit the Bid. The Members agree that the company, Sierra Oil & Gas, S. de R.L. de C.V., will be the common representative for filing and submitting the Bid. Therefore, the legal
representative of Sierra Oil & Gas, S. de R.L. de C.V., Ms. Ana Irma Amado Córdova, shall have the necessary and sufficient authorities to act towards and with the authority that issued the call, on behalf of the Members, in any
and all acts and stages of the Bid and those arising therefrom, as well to execute all documents of any kind and receive all notifications of all kind, including personal notifications, as provided by the notarial power-of-attorney granted to her by Premier Oil, Plc. for such purposes; such power-of-attorney is attached hereto as “Sole
Exhibit”. 
 FOURTH: Operator. Subject to the execution of the Agreement, the Members hereby appoint Talos Energy LLC as Operator for all legal
purposes that may take place. 
 FIFTH: Interest Percentage. The Members of the Bidding Group agree that the interest percentage set forth below that will
correspond to them shall be as follows: 
  

	I.	45% Talos Energy LLC 

  

	II.	45% Sierra Oil & Gas, S. de R.L. de C.V. 

  

	III.	10% Premier Oil Plc. 

 SIXTH. Joint and Several Obligation. The Members agree to undertake and comply with the
obligations arising from the Bid on a joint and several basis, including the execution of the relevant Contract. 
 SEVENTH: Confidentiality of the
Information. The Members may not reveal the Confidential Information obtained from the Data Room of Shallow Waters – First Invitation, without the express approval of the authority that issued the call. 

This Private Agreement for Joint Bid is executed by the Members in 3 original counterparts, in Mexico City on June 26, 2015. 

 

	
	 Company: Sierra Oil & Gas, S. de R.L. de C.V.

 

                    /s/ Salvador
Beltrán del Río Madrid                    

Legal Representative
 Salvador
Beltrán del Río Madrid

	
	 Company: Talos Energy LLC
  

                    /s/ Ana Irma Amado
Córdova                    

Legal Representative
 Ana Irma Amado
Córdova

  
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signatures] 
  

	
	 Company: Premier Oil Plc.
  

                    /s/ José
Jhacob Hinojosa Tah                    

Legal Representative
 José
Jhacob Hinojosa Tah

  
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signatures]

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