Document:

Exhibit 10.1

 

EXECUTION VERSION

 

Published CUSIP Number: 94105JAM7

 

REVOLVING
CREDIT AND TERM LOAN AGREEMENT

 

Dated as of January
26, 2015,

 

among

 

WASTE CONNECTIONS,
INC.,

and its Subsidiaries listed on Schedule 1 hereto

under the heading “Borrower Subsidiaries”,

as the Borrowers,

 

BANK OF AMERICA,
N.A.,

as the Administrative Agent,

Swing Line Lender and L/C Issuer,

 

and

 

THE OTHER LENDERS
PARTY HERETO,

 

with

 

MERRILL LYNCH, PIERCE,
FENNER & SMITH INCORPORATED,

J.P. MORGAN SECURITIES LLC,

and

WELLS FARGO SECURITIES, LLC,

as the Joint Lead Arrangers and Joint Bookrunners,

 

and

 

JPMORGAN CHASE BANK,
N.A.,

and

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Co-Syndication Agents,

 

and

 

COMPASS BANK, PNC
BANK, NATIONAL ASSOCIATION, MUFG UNION BANK, N.A. AND U.S. BANK, NATIONAL ASSOCIATION,

as Co-Documentation Agents

 

    	 

    	 

    

  

TABLE
OF CONTENTS

 

	ARTICLE I.
         DEFINITIONS AND ACCOUNTING TERMS	1
	 	 	 
	1.01	Defined Terms	1
	1.02	Other Interpretive Provisions	28
	1.03	Accounting Terms	28
	1.04	Rounding	29
	1.05	Times of Day; Rates	29
	1.06	Letter of Credit Amounts	29
	 	 	 
	ARTICLE II.
         THE COMMITMENTS AND CREDIT EXTENSIONS	30
	 	 	 
	2.01	The Loans	30
	2.02	Borrowings, Conversions and Continuations of Loans	31
	2.03	Letters of Credit	32
	2.04	Swing Line Loans	42
	2.05	Prepayments	45
	2.06	Termination or Reduction of the Aggregate Commitments	46
	2.07	Repayment of Loans	46
	2.08	Interest	46
	2.09	Fees	47
	2.10	Computation of Interest and Fees; Retroactive Adjustments of Applicable
    Rate	48
	2.11	Evidence of Debt	48
	2.12	Payments Generally; the Administrative Agent’s Clawback	49
	2.13	Sharing of Payments	51
	2.14	Accordion Advances (Increases and Replacements of the Aggregate Commitments
    and New or Increased Term Loans)	52
	2.15	Joint and Several Liability of the Borrowers	55
	2.16	Designation of Parent as the Agent for the Borrowers	58
	2.17	Cash Collateral	58
	2.18	Defaulting Lenders	59
	 	 	 
	ARTICLE III.
          TAXES, YIELD PROTECTION AND ILLEGALITY	61
	 	 	 
	3.01	Taxes	61
	3.02	Illegality	66
	3.03	Inability to Determine Rates	67
	3.04	Increased Costs; Reserves on LIBOR Rate Loans	68
	3.05	Compensation for Losses	69
	3.06	Mitigation Obligations; Replacement of Lenders	70
	3.07	Survival	70
	 	 	 
	ARTICLE IV.
         CONDITIONS PRECEDENT TO CREDIT EXTENSIONS	71
	 	 	 
	4.01	Conditions of Initial Credit Extension and Amendment and Restatement	71
	4.02	Conditions to all Credit Extensions	73
	 	 	 
	ARTICLE V.
         REPRESENTATIONS AND WARRANTIES	74
	 	 	 
	5.01	Corporate Authority	74
	5.02	Governmental Approvals	75

 

    	i

    	 

    

 

	5.03	Title to Properties; Leases	75
	5.04	Financial Statements; Solvency	75
	5.05	No Material Changes, Etc.	75
	5.06	Permits, Franchises, Patents, Copyrights,
    Etc.	75
	5.07	Litigation	75
	5.08	No Materially Adverse Contracts, Etc.	76
	5.09	Compliance with Other Instruments, Laws,
    Etc.	76
	5.10	Tax Status	76
	5.11	No Event of Default	76
	5.12	Holding Company and Investment Company
    Acts	76
	5.13	Absence of Financing Statements, Etc.	76
	5.14	ERISA Compliance	76
	5.15	Use of Proceeds	77
	5.16	Environmental Compliance	78
	5.17	Transactions with Affiliates	79
	5.18	Subsidiaries	79
	5.19	True Copies of Charter and Other Documents	80
	5.20	Disclosure	80
	5.21	Capitalization	80
	5.22	Permits and Licenses	80
	5.23	Excluded Subsidiaries	80
	5.24	OFAC	80
	5.25	Anti-Corruption Laws	81
	 	 	 
	ARTICLE VI.      
    AFFIRMATIVE COVENANTS	81
	 	 	 
	6.01	Punctual Payment	81
	6.02	Maintenance of Offices	81
	6.03	Records and Accounts	81
	6.04	Financial Statements, Certificates and
    Information	81
	6.05	Legal Existence and Conduct of Business	83
	6.06	Maintenance of Properties	83
	6.07	Insurance	83
	6.08	Taxes	84
	6.09	Inspection of Properties, Books, and Contracts	84
	6.10	Compliance with Laws, Contracts, Licenses
    and Permits; Maintenance of Material Licenses and Permits	84
	6.11	Environmental Indemnification	85
	6.12	Further Assurances	85
	6.13	Notice of Potential Claims or Litigation	85
	6.14	Notice of Certain Events Concerning Insurance
    and Environmental Claims	85
	6.15	Notice of Default	86
	6.16	New Subsidiaries	86
	6.17	[Reserved]	87
	6.18	Additional Notices	87
	6.19	Designation of Excluded Subsidiaries	87
	6.20	Anti-Corruption Laws	87

 

    	ii

    	 

    

 

	ARTICLE VII.      NEGATIVE
    COVENANTS	87
	 	 	 
	7.01	Restrictions on Indebtedness	87
	7.02	Restrictions on Liens	89
	7.03	Restrictions on Investments	90
	7.04	Merger, Consolidation and Disposition of
    Assets	91
	7.05	Sale and Leaseback	92
	7.06	Restricted Payments and Redemptions	92
	7.07	Employee Benefit Plans	93
	7.08	Burdensome Agreements	93
	7.09	Business Activities	94
	7.10	Transactions with Affiliates	94
	7.11	Prepayments of Indebtedness	94
	7.12	Accounting Changes	94
	7.13	Use of Proceeds	94
	7.14	Financial Covenants	95
	7.15	Restrictions on Excluded Subsidiaries	95
	7.16	Sanctions	95
	7.17	Anti-Corruption Laws	95
	 	 	 
	ARTICLE VIII.      EVENTS
    OF DEFAULT AND REMEDIES	96
	 	 	 
	8.01	Events of Default	96
	8.02	Remedies Upon Event of Default	98
	8.03	Application of Funds	98
	 	 	 
	ARTICLE IX.      ADMINISTRATIVE
    AGENT	99
	 	 	 
	9.01	Appointment and Authorization of the Administrative
    Agent	99
	9.02	Rights as a Lender	99
	9.03	Exculpatory Provisions	100
	9.04	Reliance by the Administrative Agent	101
	9.05	Delegation of Duties	101
	9.06	Resignation of the Administrative Agent	101
	9.07	Non-Reliance on the Administrative Agent
    and Other the Lenders	103
	9.08	No Other Duties, Etc.	103
	9.09	The Administrative Agent May File Proofs
    of Claim	103
	9.10	Release of Borrowers	104
	 	 	 
	ARTICLE X.      MISCELLANEOUS	104
	 	 	 
	10.01	Amendments, Etc.	104
	10.02	Notices; Effectiveness; Electronic Communications	106
	10.03	No Waiver; Cumulative Remedies; Enforcement	108
	10.04	Expenses; Indemnity; Damage Waiver.	109
	10.05	Payments Set Aside	111
	10.06	Successors and Assigns	111
	10.07	Treatment of Certain Information; Confidentiality	117
	10.08	Right of Setoff	118
	10.09	Interest Rate Limitation	118

 

    	iii

    	 

    

 

	10.10	Counterparts; Effectiveness	118
	10.11	Survival of Representations and Warranties	119
	10.12	Severability	119
	10.13	Replacement of Lenders	119
	10.14	Governing Law; Jurisdiction; Etc.	120
	10.15	Waiver of Right to Trial by Jury	121
	10.16	Electronic Execution of Assignments and Certain Other Documents	121
	10.17	USA PATRIOT Act Notice	122
	10.18	No Advisory or Fiduciary Responsibility	122
	10.19	ENTIRE AGREEMENT	122
	10.20	Existing Credit Agreements Consolidated, Amended and Restated	123

 

    	iv

    	 

    

 

SCHEDULES

 

	1	 	List of Subsidiaries of the Parent
	1.01A	 	Existing Letters of Credit
	1.01B	 	Covenanted Senior Debt
	2.01	 	Commitments and Applicable Percentages
	5.07	 	Litigation
	5.16	 	Environmental Matters
	5.17	 	Related Party Transactions
	6.07	 	Permitted Self-Insurance
	7.01	 	Existing Indebtedness
	7.02	 	Existing Liens
	10.02	 	Administrative Agent’s Office, Certain Addresses for Notices

 

EXHIBITS

 

	A-1	 	Form of Committed Loan Notice
	A-2	 	Form of Swing Line Loan Notice
	A-3	 	Form of Term Loan Notice
	B-1	 	Form of Revolving Credit Note
	B-2	 	Form of Swing Line Note
	B-3	 	Form of Term Note
	C	 	Form of Compliance Certificate
	D-1	 	Form of Assignment and Assumption
	D-2	 	Form of Administrative Questionnaire
	E	 	Form of Instrument of Accession
	F	 	Forms of U.S. Tax Compliance Certificates

 

    	v

    	 

    

 

REVOLVING
CREDIT AND TERM LOAN AGREEMENT

 

REVOLVING CREDIT
AND TERM LOAN AGREEMENT (this “Agreement”) is entered into as of January 26, 2015, among WASTE CONNECTIONS,
INC., a Delaware corporation (the “Parent”), the Subsidiaries listed on Schedule 1 hereto under the
heading “Borrower Subsidiaries” (together with Parent, collectively the “Borrowers”), each lender
from time to time party hereto (collectively, the “Lenders”, and each individually, a “Lender”),
and BANK OF AMERICA, N.A., as the Administrative Agent, Swing Line Lender and L/C Issuer.

 

WHEREAS, the Borrowers,
the Administrative Agent and certain of the Lenders are parties to that certain Second Amended and Restated Credit Agreement,
dated as of May 6, 2013 (as in effect on the date hereof, the “Existing Revolver Agreement”), pursuant to which
the lenders thereunder have made loans and other extensions of credit to the Borrowers;

 

WHEREAS, the Borrowers,
Bank of America, N.A., and certain lenders are parties to that certain Term Loan Agreement dated as of October 25, 2012 (as amended,
the “Existing Term Loan Agreement” and together with the Existing Revolver Agreement, the “Existing
Credit Agreements”), pursuant to which the lenders thereunder have made loans to the Borrowers;

 

WHEREAS, the Borrowers
have requested, among other things, that the Lenders and the Administrative Agent consolidate, amend and restate the Existing
Credit Agreements as set forth in this Agreement, and the Lenders and Administrative Agent are willing to do so on the terms and
conditions set forth herein;

 

NOW, THEREFORE, in
consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto covenant and agree that on the Closing Date, the Existing Credit
Agreements shall be consolidated, amended and restated in their entirety by this Agreement, the terms of which are as follows:

 

ARTICLE I.  DEFINITIONS
AND ACCOUNTING TERMS

 

1.01         Defined
Terms

 

. As used in this
Agreement, the following terms shall have the meanings set forth below:

 

“Acceding
Lender” has the meaning set forth in Section 2.14(c).

 

“Accordion
Advance” has the meaning set forth in Section 2.14(a).

 

“Accordion
Funding Date” has the meaning set forth in Section 2.14(e).

 

“Accordion
Tranche” has the meaning set forth in Section 2.14(b).

 

“Accountants”
means an independent accounting firm of national standing reasonably acceptable to the Required Lenders and the Administrative
Agent.

 

“Act”
has the meaning specified in Section 10.17.

 

    	1

    	 

    

 

“Administrative
Agent” means Bank of America in its capacity as administrative agent under any of the Loan Documents, or any successor
administrative agent.

 

“Administrative
Agent’s Office” means the Administrative Agent’s address and, as appropriate, account as set forth on Schedule
10.02, or such other address or account as the Administrative Agent may from time to time notify the Borrowers and the Lenders.

 

“Administrative
Questionnaire” means an Administrative Questionnaire substantially in the form of Exhibit D-2 or any other form
approved by the Administrative Agent.

 

“Affiliate”
means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls
or is Controlled by or is under common Control with the Person specified.

 

“Aggregate
Commitments” means the aggregate Revolving Commitments of the Revolving Lenders outstanding from time to time, which
amount shall initially equal $1,200,000,000, as such amount may be reduced or increased pursuant to the terms hereof.

 

“Applicable
Percentage” means (a) in respect of the Aggregate Commitments, with respect to any Revolving Lender at any time,
the percentage (carried out to the ninth decimal place) of the Aggregate Commitments represented by such Revolving Lender’s
Revolving Commitment at such time, subject to adjustment as provided in Section 2.18, (b) in respect of the Term Facility,
with respect to any Term Loan Lender at any time, the percentage (carried out to the ninth decimal place) of the Term Loan Commitments
represented by such Term Loan Lender’s Term Loan Commitment at such time, subject to adjustment as provided in Section
2.18, and (c) in respect of any term loan advanced hereunder from time to time pursuant to Section 2.14, with
respect to any Lender advancing a portion of such term loan at any time, the percentage (carried out to the ninth decimal place)
of the term loan represented by the principal amount of such term loan Lender’s portion of the Outstanding Amount of the
term loan at such time.

 

If the commitments
of all of the Revolving Lenders to make Committed Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have
been terminated pursuant to Section 8.02(a) or if the Aggregate Commitments have expired, then the Applicable Percentages
of the Revolving Lenders shall be determined based on the Applicable Percentages of the Revolving Lenders most recently in effect,
giving effect to any subsequent assignments. The initial Applicable Percentage of each Lender is set forth opposite the name of
such Lender on Schedule 2.01 or in the Assignment and Assumption, Instrument of Accession or other instrument, as the case
may be, pursuant to which such Lender becomes a party hereto.

 

“Applicable
Rate” means, from time to time, the following percentages per annum, based upon the Leverage Ratio as set forth in the
most recent Compliance Certificate received by the Administrative Agent pursuant to (i) Section 4.01(a)(ix) for the
initial period following the Closing Date (based upon which the initial Applicable Rate shall be determined by reference to Level
II) and (ii) thereafter, Section 6.04(c):

 

    	2

    	 

    

 

	Level	 	Leverage Ratio	 	LIBOR Rate
 Loans & L/C Fees	 	 	Base Rate
 Loans	 	 	Commitment
 Fee	 
	I	 	≥ 3.00:1.00	 	 	1.500	%	 	 	0.500	%	 	 	0.200	%
	II	 	≥ 2.25:1.00 and 
 < 3.00:1.00	 	 	1.200	%	 	 	0.200	%	 	 	0.150	%
	III	 	≥ 1.75:1.00 and 
 < 2.25:1.00	 	 	1.100	%	 	 	0.100	%	 	 	0.120	%
	IV	 	< 1.75:1.00	 	 	1.000	%	 	 	0.000	%	 	 	0.090	%

Any increase or decrease in the Applicable Rate resulting from a change in the Leverage Ratio shall become effective as of the
first Business Day immediately following the date a Compliance Certificate is received by the Administrative Agent pursuant to
Section 6.04(c); provided, however, that if a Compliance Certificate is not delivered within ten (10) days
after the time periods specified in such Section 6.04(c), then Level I (as set forth in the table above) shall apply as
of the first Business Day thereafter, subject to prospective adjustment upon actual receipt of such Compliance Certificate.

 

Notwithstanding anything
to the contrary contained in this definition, the determination of the Applicable Rate for any period shall be subject to the
provisions of Section 2.10(b).

 

“Approved
Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an
entity or an Affiliate of an entity that administers or manages a Lender.

 

“Arrangers”
means, collectively, Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC and Wells Fargo Securities,
LLC, in their respective capacities as joint lead arrangers and joint bookrunners.

 

“Assignment
and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent
of any party whose consent is required by Section 10.06(b)), and accepted by the Administrative Agent, in substantially
the form of Exhibit D-1 or any other form (including electronic documentation generated by use of an electronic platform)
approved by the Administrative Agent.

 

“Attributable
Indebtedness” means, with respect to any Person, on any date, (a) in respect of any Capital Lease, the capitalized
amount thereof that would appear on the balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in
respect of any Synthetic Lease, the capitalized amount of the remaining lease payments thereunder that would appear on a balance
sheet of such Person prepared as of such date in accordance with GAAP if such Synthetic Lease were accounted for as a Capital
Lease.

 

“Audited
Financial Statements” means the audited consolidated balance sheet of the Parent and its Subsidiaries for the fiscal
year ended December 31, 2013, and the related consolidated statements of income or operations, shareholders’ equity and
cash flows for such fiscal year of the Parent and its Subsidiaries, including the notes thereto.

 

    	3

    	 

    

 

“Availability
Period” means, with respect to the Committed Loans, the period from and including the Closing Date to the earliest of
(a) the Maturity Date for the Committed Loans, (b) the date of termination of the Aggregate Commitments pursuant to
Section 2.06, and (c) the date of termination of the Revolving Commitment of each Revolving Lender to make Committed
Loans and of the obligation of the L/C Issuer to make L/C Credit Extensions pursuant to Section 8.02.

 

“Balance
Sheet Date” means December 31, 2013.

 

“Bank of
America” means Bank of America, N.A. and its successors.

 

“Bankruptcy
Code” means the Federal Bankruptcy Reform Act of 1978 (11 U.S.C. §101, et seq.), as amended and in
effect from time to time.

 

“Base Rate”
means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 1/2 of 1%, (b) the
LIBOR Rate plus 1%, and (c) the rate of interest in effect for such day as publicly announced from time to time by Bank of
America as its “prime rate”; and if the Base Rate shall be less than zero, such rate shall be deemed zero for purposes
of this Agreement. The “prime rate” is a rate set by Bank of America based upon various factors including Bank of
America’s costs and desired return, general economic conditions and other factors, and is used as a reference point for
pricing some loans, which may be priced at, above, or below such announced rate. Any change in such prime rate announced by Bank
of America shall take effect at the opening of business on the day specified in the public announcement of such change.

 

“Base Rate
Committed Loan” means a Committed Loan that is a Base Rate Loan.

 

“Base Rate
Loan” means a Loan that bears interest based on the Base Rate.

 

“Benefit
Amount” has the meaning specified in Section 2.15(f).

 

“Borrowers”
has the meaning specified in the introductory paragraph hereto.

 

“Borrower
Materials” has the meaning specified in Section 6.04.

 

“Borrowing”
means a Committed Borrowing, a Term Loan Borrowing, a Swing Line Borrowing or a borrowing consisting of a portion of any term
loan advanced hereunder from time to time pursuant to Section 2.14, as the context may require.

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under
the Laws of, or are in fact closed in, the state where the Administrative Agent’s Office is located and, if such day relates
to any LIBOR Rate Loan, means any such day that is also a London Banking Day.

 

    	4

    	 

    

 

“Capital
Lease” means, with respect to any Person, any lease of (or other agreement conveying the right to use) any real or personal
property by such Person that, in conformity with GAAP, is accounted for as a capital lease on the balance sheet of such Person.

 

“Cash Collateral”
has the meaning given it in the definition of “Cash Collateralize”.

 

“Cash Collateralize”
means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of one or more of an L/C Issuer or the
Lenders, as collateral for L/C Obligations or obligations of the Lenders to fund participations in respect of L/C Obligations,
cash or deposit account balances or, if the Administrative Agent and the applicable L/C Issuer shall agree in their sole discretion,
other credit support, in each case pursuant to documentation in form and substance reasonably satisfactory to the Administrative
Agent and the applicable L/C Issuer. “Cash Collateral” shall have a meaning correlative to the foregoing and
shall include the proceeds of such cash collateral and other credit support.

 

“CERCLA”
means the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended and in effect from time to
time.

 

“CFO”
means the principal financial or accounting officer of the Borrowers.

 

“Change in
Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking
effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration,
interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any
request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided,
that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and
all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines
or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor
or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each
case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.

 

“Closing
Date” means the first date all the conditions precedent set forth in Section 4.01 are satisfied or waived in
accordance with Section 10.01, which date is January 26, 2015.

 

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

 

“Commitment”
means a Revolving Commitment or a Term Loan Commitment, as the context may require.

 

“Commitment
Fee” has the meaning specified in Section 2.09(a) hereof.

 

“Committed
Borrowing” means a borrowing consisting of simultaneous Committed Loans of the same Type and, in the case of LIBOR Rate
Loans, having the same Interest Period made by each of the Revolving Lenders pursuant to Section 2.01 or Section 2.14.

 

    	5

    	 

    

 

“Committed
Loan” has the meaning specified in Section 2.01.

 

“Committed
Loan Notice” means a notice of (a) a Committed Borrowing, (b) a conversion of Committed Loans from one Type to the other,
or (c) a continuation of Committed Loans that are LIBOR Rate Loans, pursuant to Section 2.02(a), which shall be substantially
in the form of Exhibit A-1 or such other form as may be approved by the Administrative Agent (including any form on an electronic
platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed
by a Responsible Officer of the Borrowers.

 

“Compliance
Certificate” means a certificate substantially in the form of Exhibit C.

 

“Conforming
Amendment” has the meaning specified in Section 2.14(f).

 

“Connection
Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that
are franchise Taxes or branch profits Taxes.

 

“Consolidated
EBIT” means, for any period, the Consolidated Net Income (or Deficit) of the Consolidated Group determined in accordance
with GAAP, plus (a) interest expense, plus (b) income taxes, plus (c) non-cash stock compensation
charges, to the extent that such charges were deducted in determining Consolidated Net Income (or Deficit), all as determined
in accordance with GAAP, including, without limitation, charges for stock options and restricted stock grants, plus (d) one-time,
non-recurring acquisition costs to the extent such costs are expensed in accordance with FAS 141R and not capitalized, plus
(e) non-controlling interest expense, plus (f) non-cash extraordinary non-recurring writedowns or writeoffs
of assets, including non-cash losses on the sale of assets outside the ordinary course of business, plus (g) any losses
associated with the extinguishment of Indebtedness, plus (h) special charges relating to the termination of a Swap
Contract, plus (i) any accrued settlement payments in respect of any Swap Contract owing by any members of the Consolidated
Group, plus (j) one-time, non-recurring charges in connection with the modification of employment agreements with
certain members of senior management as approved by the Administrative Agent (with such approval not to be unreasonably withheld),
minus (k) non-cash extraordinary gains on the sale of assets to the extent included in Consolidated Net Income (or
Deficit), and minus (l) any accrued settlement payments in respect of any Swap Contact payable to any members of the
Consolidated Group.

 

“Consolidated
EBITDA” means, for any period (without duplication), (a) Consolidated EBIT plus the depreciation expense
and amortization expense, to the extent that each was deducted in determining Consolidated Net Income (or Deficit), determined
in accordance with GAAP, plus (b) the depreciation expense and amortization expense (without duplication) of any company
whose Consolidated EBITDA was included under clause (c) hereof, plus (c) Consolidated EBITDA for the prior
twelve (12) months of companies or business segments acquired by the Consolidated Group during the respective reporting period
(without duplication); provided, that (i) the financial statements of such acquired companies or business segments
have been audited for the period sought to be included by an independent accounting firm satisfactory to the Administrative Agent,
or (ii) the Administrative Agent consents to such inclusion after being furnished with other acceptable financial statements;
and provided further, that such acquired Consolidated EBITDA may be further adjusted to add-back non-recurring private
company expenses which are discontinued upon acquisition (such as owner’s compensation), as approved by the Administrative
Agent. Simultaneously with the delivery of the financial statements referred to in clauses (c)(i) and (c)(ii) hereof,
the CFO shall deliver to the Administrative Agent a Compliance Certificate and appropriate documentation certifying the historical
operating results, adjustments and balance sheet of the acquired company or business segment.

 

    	6

    	 

    

 

“Consolidated
Group” means the Parent and its consolidated Subsidiaries.

 

“Consolidated
Net Income (or Deficit)” means the consolidated net income (or deficit) of the Consolidated Group after deduction of
all expenses, taxes, and other proper charges, determined in accordance with GAAP.

 

“Consolidated
Total Funded Debt” means, with respect to the Consolidated Group, the sum, without duplication, of (a) the aggregate
amount of Indebtedness of the Consolidated Group on a consolidated basis, relating to (i) the borrowing of money or the obtaining
of credit, including the issuance of notes, bonds, debentures or similar debt instruments, (ii) Attributable Indebtedness
in respect of any Capital Leases and Synthetic Leases, (iii) the non-contingent deferred purchase price of assets and companies
(typically known as holdbacks) to the extent recognized as a liability in accordance with GAAP, but excluding short-term trade
payables incurred in the ordinary course of business, and (iv) any unpaid reimbursement obligations with respect to letters
of credit outstanding, but excluding any contingent obligations with respect to letters of credit outstanding; plus (b) Indebtedness
of the type referred to in clause (a) of another Person who is not a member of the Consolidated Group Guaranteed by one
or more members of the Consolidated Group.

 

“Consolidated
Total Interest Expense” means, for any period, the aggregate amount of interest required to be paid or accrued by the
Consolidated Group during such period on all Indebtedness of the Consolidated Group outstanding during all or any part of such
period, whether such interest was or is required to be reflected as an item of expense or capitalized, including payments treated
as interest under GAAP in respect of any Capital Lease or any Synthetic Lease and including commitment fees, agency fees, facility
fees, balance deficiency fees and similar fees or expenses in connection with the borrowing of money, but (a) excluding
(i) any amortization and other non-cash charges or expenses incurred during such period to the extent included in determining
consolidated interest expense, including without limitation, non-cash amortization of deferred debt origination and issuance costs
and amortization of accumulated other comprehensive income, (ii) all amounts associated with the unwinding or termination
of any Swap Contract, (iii) any accrued settlement payments in respect of any Swap Contract payable to any member of the
Consolidated Group and (iv) to the extent included as an item of interest expense, any premium paid to prepay, repurchase
or redeem any Indebtedness incurred pursuant to Section 7.01, and (b) including any accrued settlement payments
in respect of any Swap Contract owing by any member of the Consolidated Group.

 

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

 

    	7

    	 

    

 

“Covenanted
Senior Debt” means those notes identified on Schedule 1.01B hereto and all other senior Indebtedness for borrowed
money incurred by the Borrowers from time to time which impose performance-based covenants upon any Borrower.

 

“Credit Extension”
means each of the following: (a) a Borrowing and (b) an L/C Credit Extension.

 

“Debtor Relief
Laws” means the Bankruptcy Code and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of
creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States
or other applicable jurisdictions from time to time in effect.

 

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

 

“Default
Rate” means (a) with respect to any Loan, the interest rate otherwise applicable to such Loan plus 2% per annum,
(b) with respect to the L/C Fees, the Applicable Rate used in determining the L/C Fees plus 2% per annum, and (c) with
respect to all other Obligations under this Agreement then due and payable, an interest rate equal to the Base Rate plus the Applicable
Rate otherwise applicable to Base Rate Loans plus 2% per annum.

 

“Defaulting
Lender” means, subject to Section 2.18(b), any Lender that (a) has failed to (i) fund all or any portion
of its Loans within two (2) Business Days after the date such Loans were required to be funded hereunder, unless such Lender notifies
the Administrative Agent and the Borrowers in writing that such failure is the result of such Lender’s good faith determination
that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall
be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, the L/C Issuer,
the Swing Line Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation
in Letters of Credit or Swing Line Loans) within two (2) Business Days after the date such payment is due, (b) has notified
the Borrowers, the Administrative Agent, the L/C Issuer or the Swing Line Lender in writing that it does not intend to comply
with its funding obligations hereunder, or has made a public statement to the effect that it does not intend to comply with its
funding obligations hereunder or under other agreements generally in which it commits to extend credit, unless such writing or
public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on
such Lender’s good faith determination that a condition precedent to funding (which condition precedent, together with any
applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied, (c) has failed,
within two (2) Business Days after written request by the Administrative Agent or the Borrowers, to confirm in writing to the
Administrative Agent and the Borrowers that it will comply with its prospective funding obligations hereunder (provided that such
Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the
Administrative Agent and the Borrowers), or (d) has, or has a direct or indirect parent company that has, (i) become
the subject of a proceeding under any Debtor Relief Law, or (ii) had appointed for it a receiver, custodian, conservator,
trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of
its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority
acting in such a capacity, or (iii) has consented to, approved of or acquiesced in any such proceeding or appointment; provided,
that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that
Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not
result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement
of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate,
disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender
is a Defaulting Lender under any one or more of clauses (a) through (d) above, and of the effective date of such
status, shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject
to Section 2.18(b)) as of the date established therefor by the Administrative Agent in a written notice of such determination,
which shall be delivered by the Administrative Agent to the Borrowers, the L/C Issuer, the Swing Line Lender and each other Lender
promptly following such determination.

 

    	8

    	 

    

 

“Designated
Jurisdiction” means any country or territory to the extent that such country or territory itself is the subject of any
Sanction.

 

“Disposition”
or “Dispose” means the sale, transfer, license, lease or other disposition (including any sale and leaseback
transaction) of any property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse,
of any notes or accounts receivable or any rights and claims associated therewith.

 

“Distribution”
means the declaration or payment of any dividend or distribution on or in respect of any Equity Interest (other than dividends
or other distributions payable solely in additional Equity Interests); the purchase, redemption, retirement or other acquisition
of any Equity Interest, directly or indirectly through a Subsidiary or otherwise; the return of equity capital by any Person to
its shareholders, partners or members as such; or any other distribution on or in respect of any Equity Interest.

 

“Distribution
Limitation” means an amount equal to (a) $200,000,000 or (b) such greater amount not exceeding $300,000,000, which is
permitted as a dividend and stock repurchase basket under (i) the Master Note Purchase Agreement and (ii) any other note purchase
agreement or other Indebtedness for borrowed money containing similar restrictions to which a Borrower is a party, as certified
to the Administrative Agent by the Parent prior to the effectiveness of any increase of the Distribution Limitation above $200,000,000
(or other permitted amount).

 

“Dollar”
and “$” mean lawful money of the United States.

 

“Domestic
Subsidiary” means any Subsidiary that is organized under the laws of any political subdivision of the United States.

 

    	9

    	 

    

 

“Eligible
Assignee” means any Person that meets the requirements to be an assignee under Sections 10.06(b)(iii) and (v)
(subject to such consents, if any, as may be required under Section 10.06(b)(iii)).

 

“Environmental
Laws” has the meaning specified in Section 5.16(a).

 

“Environmental
Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental
remediation, fines, penalties or indemnities), of the Borrowers directly or indirectly resulting from or based upon (a) violation
of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous
Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials
into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed
or imposed with respect to any of the foregoing.

 

“Environmental
Permit” means any permit, approval, identification number, license or other authorization required under any Environmental
Law.

 

“Equity Interests”
means, with respect to any Person, all of the shares of capital stock of any class of, or other ownership or profit interests
in, such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital
stock of (or other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares
of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or
acquisition from such Person of such shares (or such other interests), and all of the other ownership or profit interests in such
Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares,
warrants, options, rights or other interests are outstanding on any date of determination.

 

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

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) under common control with any Borrower within the meaning of Section
414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).

 

    	10

    	 

    

 

“ERISA Event”
means (a) a Reportable Event with respect to a Pension Plan (other than a Multiemployer Plan); (b) the withdrawal of
any Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which such entity
was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated
as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by any Borrower or any ERISA Affiliate
from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent
to terminate or the treatment of a Pension Plan (other than a Multiemployer Plan) amendment as a termination under Section 4041
of ERISA or notification of a filing of a notice of intent to terminate or the treatment of a Multiemployer Plan amendment as
a termination under Section 4041A of ERISA; (e) the institution by the PBGC of proceedings to terminate a Pension Plan (other
than a Multiemployer Plan) or notification of the institution by the PBGC of proceedings to terminate a Multiemployer Plan; (f) any
event or condition which could reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of,
or the appointment of a trustee to administer, any Pension Plan (other than a Multiemployer Plan); (g) the determination
that any Pension Plan (other than a Multiemployer Plan) is considered an at-risk plan within the meaning of Section 430 of the
Code or Section 303 of ERISA or notification that any Multiemployer Plan is considered a plan in endangered or critical status
within the meaning of Sections 431 and 432 of the Code or Sections 304 and 305 of ERISA; or (h) the imposition of any liability
under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any Borrower or
any ERISA Affiliate.

 

“Event of
Default” has the meaning specified in Section 8.01.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended and in effect from time to time.

 

“Excluded
Subsidiaries” means each of the Subsidiaries listed on Schedule 1 under the heading “Excluded Subsidiaries”,
each Foreign Subsidiary and each other Subsidiary from time to time designated as an Excluded Subsidiary in accordance with Section
6.19 and subject to Section 7.15.

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to any Recipient or required to be withheld or deducted
from a payment to a Recipient: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch
profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal
office or, in the case of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision
thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts
payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law
in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment
request by the Borrowers under Section 10.13) or (ii) such Lender changes its Lending Office, except in each case to the
extent that, pursuant to Section 3.01(a)(ii), (a)(iii) or (c), amounts with respect to such Taxes were payable
either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before
it changed its Lending Office, (c) Taxes attributable to such Recipient’s failure to comply with Section 3.01(e),
and (d) any U.S. federal withholding Taxes imposed pursuant to FATCA.

 

“Existing
Credit Agreements” has the meaning specified in the first recital hereto.

 

“Existing
Letters of Credit” means all “Letters of Credit” (as defined in the Existing Revolver Agreement) and set
forth on Schedule 1.01A.

 

“Existing
Term Loan Agreement” has the meaning specified in the second recital hereto.

 

“Facility”
means the Revolving Credit Facility or the Term Loan Facility, as the context may require.

 

    	11

    	 

    

 

“FASB ASC”
means the Accounting Standards Codification of the Financial Accounting Standards Board.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof
and any agreements entered into pursuant to Section 1471(b)(1) of the Code.

 

“Federal
Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds
transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal
Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business
Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published
on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal
Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to
Bank of America on such day on such transactions as determined by the Administrative Agent.

 

“Fee Letters”
means, collectively, (a) the letter agreement, dated as of December 16, 2014, among the Parent, the Administrative Agent and Merrill
Lynch, Pierce, Fenner & Smith Incorporated, (b) the letter agreement, dated as of December 16, 2014, between the Parent and
J.P. Morgan Securities LLC, and (c) the letter agreement, dated as of December 16, 2014, between the Parent and Wells Fargo Securities,
LLC.

 

“Foreign
Lender” means (a) with respect to any Borrower that is a U.S. Person, a Lender that is not a U.S. Person, and (b) with
respect to any Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than
that in which such Borrower is resident for tax purposes. For purposes of this definition, the United States, each State thereof
and the District of Columbia shall be deemed to constitute a single jurisdiction.

 

“Foreign
Subsidiary” means any Subsidiary of the Parent that is not a Domestic Subsidiary.

 

“Fronting
Exposure” means, at any time there is a Defaulting Lender, (a) with respect to the L/C Issuer, such Defaulting Lender’s
Applicable Percentage of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender’s
participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof, and
(b) with respect to the Swing Line Lender, such Defaulting Lender’s Applicable Percentage of Swing Line Loans other than
Swing Line Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders in
accordance with the terms hereof.

 

“Fronting
Fee” has the meaning specified in Section 2.03(i).

 

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

 

    	12

    	 

    

 

“Fuel Derivatives
Obligations” means fuel price swaps, fuel price caps and fuel price collar and floor agreements, and similar agreements
or arrangements designed to protect against or manage fluctuations in fuel prices.

 

“Fund”
means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing
in commercial loans and similar extensions of credit in the ordinary course of business.

 

“GAAP”
means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting
Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in
the United States, that are applicable to the circumstances as of the date of determination, consistently applied.

 

“Governmental
Authority” means the government of the United States or any other nation, or of any political subdivision thereof, whether
state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any
supra-national bodies such as the European Union or the European Central Bank).

 

“Guarantee”
means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect
of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”)
in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or
lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation
of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any
other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary
obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the
obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against
loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other
obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right,
contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of any Guarantee shall be deemed
to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of
which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof
as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning.

 

“Hazardous
Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or
other pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls,
radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental
Law.

 

    	13

    	 

    

 

“Indebtedness”
means, as to any Person and whether recourse is secured by or is otherwise available against all or only a portion of the assets
of such Person and whether or not contingent, but without duplication:

 

(a)          every
obligation of such Person for money borrowed;

 

(b)          every
obligation of such Person evidenced by bonds, debentures, notes or other similar instruments, including obligations incurred in
connection with the acquisition of property, assets or businesses;

 

(c)          every
reimbursement obligation of such Person with respect to letters of credit, bankers’ acceptances or similar facilities issued
for the account of such Person;

 

(d)          the
net present value (using the Base Rate as the discount rate) of every obligation of such Person issued or assumed as the deferred
purchase price of property or services (including securities repurchase agreements but excluding (A) trade accounts payable or
accrued liabilities arising in the ordinary course of business which are not overdue or which are being contested in good faith
and (B) contingent purchase price obligations solely to the extent that the contingency upon which such obligation is conditioned
has not yet occurred);

 

(e)          Attributable
Indebtedness of such Person in respect of Capital Leases;

 

(f)          Attributable
Indebtedness of such Person in respect of Synthetic Leases;

 

(g)          all
sales by such Person of (A) accounts or general intangibles for money due or to become due, (B) chattel paper, instruments or
documents creating or evidencing a right to payment of money or (C) other receivables (collectively, “Receivables”),
whether pursuant to a purchase facility or otherwise, other than in connection with the disposition of the business operations
of such Person relating thereto or a disposition of defaulted Receivables for collection and not as a financing arrangement, and
together with any obligation of such Person to pay any discount, interest, fees, indemnities, penalties, recourse, expenses or
other amounts in connection therewith; provided, however, that sales referred to in clauses (B) and
(C) shall not constitute Indebtedness to the extent that such sales are non-recourse to such Person;

 

(h)          every
obligation of such Person (an “equity related purchase obligation”) to purchase, redeem, retire or otherwise acquire
for value any Equity Interest of any class issued by such Person, or any rights measured by the value of such Equity Interest;

 

(i)          every
obligation of such Person under any forward contract, futures contract, swap, option or other financing agreement or arrangement
(including, without limitation, caps, floors, collars and similar agreements), the value of which is dependent upon interest rates,
currency exchange rates, commodities or other indices;

 

    	14

    	 

    

 

(j)          every
obligation in respect of Indebtedness of any other entity (including any partnership in which such Person is a general partner)
to the extent that such Person is liable therefor as a result of such Person’s ownership interest in or other relationship
with such entity, except to the extent that the terms of such Indebtedness provide that such Person is not liable therefor and
such terms are enforceable under applicable law; and

 

(k)          all
Guarantees of such Person in respect of any of the foregoing.

 

The “amount”
or “principal amount” of any Indebtedness at any time of determination represented by (x) any Indebtedness, issued
at a price that is less than the principal amount at maturity thereof, shall be the amount of the liability in respect thereof
determined in accordance with generally accepted accounting principles, (y) any sale of Receivables shall be the amount of unrecovered
capital or principal investment of the purchaser (other than the Borrowers) thereof, excluding amounts representative of yield
or interest earned on such investment, and (z) any equity related purchase obligation shall be the maximum fixed redemption or
purchase price thereof inclusive of any accrued and unpaid dividends to be comprised in such redemption or purchase price.

 

“Indemnified
Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of
any obligation of any Borrower under any Loan Document and (b) to the extent not otherwise described in the foregoing clause
(a), Other Taxes.

 

“Indemnitees”
has the meaning specified in Section 10.04(b).

 

“Information”
has the meaning specified in Section 10.07.

 

“Instrument
of Accession” has the meaning specified in Section 2.14(c).

 

“Interest
Payment Date” means, (a) as to any Loan other than a Base Rate Loan, the last day of each Interest Period applicable
to such Loan and the Maturity Date applicable to such Loan; provided, however, that if any Interest Period for a
LIBOR Rate Loan, exceeds three (3) months, the respective dates that fall every three (3) months after the beginning of such Interest
Period shall also be Interest Payment Dates and (b) as to any Base Rate Loan (including a Swing Line Loan), the last Business
Day of each March, June, September and December and the Maturity Date applicable to such Loan.

 

“Interest
Period” means, as to each LIBOR Rate Loan, the period commencing on the date such LIBOR Rate Loan is disbursed or converted
to or continued as a LIBOR Rate Loan and ending on the date one (1), two (2), three (3) or six (6) months thereafter (in each
case, subject to availability), as selected by the Borrowers in a Loan Notice; provided, that:

 

(a)          any
Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business
Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding
Business Day;

 

    	15

    	 

    

 

(b)          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; and

 

(c)          no
Interest Period shall extend beyond the Maturity Date applicable to such Loan.

 

“Interim
Balance Sheet Date” means September 30, 2014.

 

“Investment”
means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase
or other acquisition (or assumption, as applicable) of capital stock or other Equity Interests, Indebtedness, assets constituting
a business unit or all or a substantial part of the business of, another Person, (b) a loan, advance or capital contribution to,
Guarantee or assumption of debt of, or purchase or other acquisition of any other debt or equity participation or interest in,
another Person, including any partnership or joint venture interest in such other Person and any arrangement pursuant to which
the investor Guarantees Indebtedness of such other Person, or (c) the purchase or other acquisition (in one transaction or a series
of transactions) of assets of another Person that constitute a business unit. For purposes of covenant compliance, the amount
of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value
of such Investment.

 

“IRB LOC”
means any Letter of Credit providing credit support for an IRB, which may be a so-called “direct pay” Letter of Credit.

 

“IRBs”
means industrial revenue bonds, solid waste disposal bonds or similar tax-exempt bonds issued by or at the request of the Borrowers.

 

“ISP”
means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute
of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).

 

“Issuer Documents”
means with respect to any Letter of Credit, the L/C Application, and any other document, agreement and instrument entered into
by the L/C Issuer and any Borrower or in favor of the L/C Issuer and relating to any such Letter of Credit.

 

“KYC Requirement
Information” means, with respect to any Subsidiary of the Parent, such Subsidiary’s tax identification number,
physical address, country of principal place of business, headquarters and formation, type of legal entity and phone number.

 

“Laws”
means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, regulations, ordinances,
codes and administrative or judicial determinations, including the interpretation or administration thereof by any Governmental
Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed
duties, licenses, authorizations and permits of, and agreements with, any Governmental Authority; provided, however,
that with respect to Taxes, “Laws” shall also include guidelines issued by any Governmental Authority, whether or
not having the force of law.

 

    	16

    	 

    

 

“L/C Advance”
means, with respect to each Revolving Lender, such Revolving Lender’s funding of its participation in any L/C Borrowing
in accordance with its Applicable Percentage.

 

“L/C Application”
means an application and agreement for the issuance or amendment of a Letter of Credit in the form from time to time in use by
the L/C Issuer.

 

“L/C Borrowing”
means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when
made or refinanced as a Committed Borrowing.

 

“L/C Credit
Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof,
or the increase of the amount thereof.

 

“L/C Expiration
Date” means the day that is seven (7) days prior to the Maturity Date then in effect for the Committed Loans (or, if
such day is not a Business Day, the next preceding Business Day).

 

“L/C Fee”
has the meaning specified in Section 2.03(h).

 

“L/C Issuer”
means Bank of America, JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association, each in its capacity as an issuer
of Letters of Credit hereunder, any successor issuer of Letters of Credit hereunder or any other Lender which has agreed in writing
to become an “L/C Issuer” hereunder and has been appointed by the Borrowers and approved by the Administrative Agent.
In addition, any Lender that is an issuer of an Existing Letter of Credit shall be deemed to be an L/C Issuer hereunder for purposes
of such Existing Letters of Credit. All singular references to the L/C Issuer shall mean any L/C Issuer, the L/C Issuer that has
issued the applicable Letter of Credit, or all L/C Issuers, as the context may require.

 

“L/C Obligations”
means, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus
the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available to be
drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06.
For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount
may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be
“outstanding” in the amount so remaining available to be drawn.

 

“L/C Supported
IRBs” means IRBs which are enhanced by IRB LOCs.

 

“Lender”
has the meaning specified in the introductory paragraph hereto and, unless the context otherwise requires, includes the Swing
Line Lender.

 

“Lending
Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative
Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrowers and the Administrative Agent.

 

“Letter of
Credit” means any standby letter of credit issued hereunder and shall include IRB LOCs and the Existing Letters of Credit.

 

    	17

    	 

    

 

“Letter of
Credit Sublimit” means an aggregate amount equal to $250,000,000, and with respect to Bank of America, $100,000,000;
with respect to JPMorgan Chase Bank, N.A., $75,000,000; and with respect to Wells Fargo Bank, National Association, $75,000,000.
The Letter of Credit Sublimit is part of, and not in addition to, the Revolving Credit Facility.

 

“Leverage
Ratio” has the meaning specified in Section 7.14(a).

 

“LIBOR Rate”
means,

 

(a)          for
any Interest Period with respect to a LIBOR Rate Loan, the rate per annum equal to (i) the London Interbank Offered Rate (“LIBOR”)
or a comparable or successor rate, which rate is approved by the Administrative Agent, as published on the applicable Bloomberg
screen page (or such other commercially available source providing such quotations as may be designated by the Administrative
Agent from time to time) at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest
Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period;
and if the LIBOR Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement; and

 

(b)          for
any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to LIBOR, at or about 11:00 a.m.,
London time determined two (2) Business Days prior to such date for U.S. Dollar deposits with a term of one (1) month commencing
that day;

 

provided that to the
extent a comparable or successor rate is approved by the Administrative Agent in connection herewith, the approved rate shall
be applied in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively
feasible for the Administrative Agent, such approved rate shall be applied in a manner as otherwise reasonably determined by the
Administrative Agent.

 

“LIBOR Rate
Loan” means a Loan that bears interest at a rate based on clause (a) of the definition of “LIBOR Rate”.

 

“Lien”
means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or
preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or
nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance
on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing).

 

“Loan”
means an extension of credit by a Lender to the Borrowers under Article II in the form of a Committed Loan, a Term Loan,
a Swing Line Loan or any term loan advanced hereunder from time to time pursuant to Section 2.14 and “Loans”
shall mean all of such extensions of credit collectively.

 

    	18

    	 

    

 

“Loan Documents”
means this Agreement, each Note, each Issuer Document, any agreement creating or perfecting rights in Cash Collateral pursuant
to the provisions of Section 2.17, the Fee Letters, each joinder agreement and related documents entered into or delivered
by a Subsidiary of the Parent in connection with such Subsidiary becoming a Borrower hereunder, and each amendment, consent and/or
waiver executed in connection with any of the foregoing imposing Obligations of any kind on any Borrower, each as amended, modified,
supplemented or replaced from time to time.

 

“Loan Notice”
means a Committed Loan Notice, a Term Loan Notice, a Swing Line Loan Notice or a similar notice relating to any term loan advanced
hereunder from time to time pursuant to Section 2.14.

 

“London Banking
Day” means any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar
market.

 

“Master Note
Purchase Agreement” means that certain Master Note Purchase Agreement, dated July 15, 2008, by and among certain of the
Borrowers and certain accredited institutional investors (as amended, supplemented or otherwise modified from time to time).

 

“Material
Adverse Effect” means, with respect to any event or occurrence of whatever nature (including any adverse determination
in any litigation, arbitration or governmental investigation or proceeding), (a) a material adverse effect on the business, properties,
condition (financial or otherwise), assets or operations of the Borrowers taken as a whole or (b) any impairment of the validity,
binding effect or enforceability of this Agreement or any of the other Loan Documents against any Borrower or any impairment of
the material rights, remedies or benefits available to the Administrative Agent or any Lender under any Loan Document. In determining
whether any individual event could reasonably be expected to result in a Material Adverse Effect, notwithstanding that such event
does not of itself have such effect, a Material Adverse Effect shall be deemed to have occurred if the cumulative effect of such
event and all other then-existing events could reasonably be expected to result in a Material Adverse Effect.

 

“Maturity
Date” means (a) with respect to the Committed Loans, January 24, 2020 and (b) with respect to the Term Loan, January
24, 2020; provided, however, that, in each case, if such date is not a Business Day, the Maturity Date shall be the next
preceding Business Day.

 

“Minimum
Collateral Amount” means, at any time, (i) with respect to Cash Collateral consisting of cash or deposit account balances
provided to reduce or eliminate Fronting Exposure during the existence of a Defaulting Lender, an amount equal to one hundred
two percent (102%) of the Fronting Exposure of the L/C Issuer with respect to Letters of Credit issued and outstanding at such
time, (ii) with respect to Cash Collateral consisting of cash or deposit account balances provided in accordance with the provisions
of Section 2.17(a)(i), (a)(ii) or (a)(iii), an amount equal to one hundred two percent (102%) of the Outstanding
Amount of all LC Obligations, and (iii) otherwise, an amount determined by the Administrative Agent and the L/C Issuer in their
sole discretion.

 

“Multiemployer
Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which any Borrower or
any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five (5) plan years, has made or been
obligated to make contributions.

 

    	19

    	 

    

 

“Multiple
Employer Plan” means a Plan covered by Title IV of ERISA (other than a Multiemployer Plan) which has two or more contributing
sponsors (including any Borrower or any ERISA Affiliate) at least two of whom are not under common control, as such a plan is
described in Section 4064 of ERISA.

 

“Municipal
Contracts” means governmental permits issued to a Borrower by, and franchises and contracts entered into between a Borrower
and, any municipal or other governmental entity, as the same may be amended from time to time.

 

“Non-Consenting
Lender” means any Lender that does not approve any consent, waiver or amendment that (i) requires the approval of all
Lenders or all affected Lenders in accordance with the terms of Section 10.01 and (ii) has been approved by the Required
Lenders.

 

“Non-Defaulting
Lender” means, at any time, each Lender that is not a Defaulting Lender at such time.

 

“Note”
means a Term Note, a Revolving Credit Note, a Swing Line Note or a promissory note representing any term loan advanced hereunder
from time to time pursuant to Section 2.14, as the context may require.

 

“Obligations”
means all advances to, and debts, liabilities, obligations, covenants and duties of, any Borrower arising under any Loan Document
or otherwise with respect to any Loan or Letter of Credit, in each case whether direct or indirect (including those acquired by
assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that
accrue after the commencement by or against any Borrower or any Affiliate thereof of any proceeding under any Debtor Relief Laws
naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding.

 

“OFAC”
means the Office of Foreign Assets Control of the United States Department of the Treasury.

 

“Organization
Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or
equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability
company, the certificate or articles of formation or organization and operating agreement; and (c) with respect to any partnership,
joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation
or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or
organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and including any
certificate or articles of formation or organization of such entity.

 

“Other Connection
Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such
Recipient and the jurisdiction imposing such Tax (other than connections solely to the extent arising from such Recipient having
executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security
interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in
any Loan or Loan Document pursuant to Section 3.06).

 

    	20

    	 

    

 

“Other Taxes”
means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment
made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security
interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed
with respect to an assignment (other than an assignment made pursuant to Section 3.06).

 

“Outstanding
Amount” means (i) with respect to Committed Loans and Swing Line Loans on any date, the aggregate outstanding principal
amount thereof after giving effect to any borrowings and prepayments or repayments of Committed Loans and Swing Line Loans, as
the case may be, occurring on such date; (ii) with respect to any L/C Obligations on any date, the amount of such L/C Obligations
on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount
of the L/C Obligations as of such date, including as a result of any reimbursements by the Borrowers of Unreimbursed Amounts;
(iii) with respect to the Term Loan on any date, the outstanding principal amount of the Term Loan on such date; and (iv) with
respect to any term loan to the extent advanced hereunder from time to time pursuant to Section 2.14, the outstanding principal
amount of such term loan on such date.

 

“Parent”
has the meaning specified in the preamble to this Agreement.

 

“Participant”
has the meaning specified in Section 10.06(d).

 

“Participant
Register” has the meaning specified in Section 10.06(d).

 

“PBGC”
means the Pension Benefit Guaranty Corporation, or any Governmental Authority succeeding to any of its principal functions under
ERISA. 

 

“Pension
Act” means the Pension Protection Act of 2006, as amended and in effect from time to time.

 

“Pension
Funding Rules” means the rules of the Code and ERISA regarding minimum required contributions (including any installment
payment thereof) to Pension Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension
Act, Section 412 of the Code and Section 302 of ERISA, each as in effect prior to the Pension Act and, thereafter, Section 412,
430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.

 

“Pension
Plan” means any employee pension benefit plan (including a Multiple Employer Plan or a Multiemployer Plan) that is maintained
or is contributed to by any Borrower and any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum
funding standards under Section 412 of the Code.

 

“Permitted
Lien” has the meaning specified in Section 7.02.

 

    	21

    	 

    

 

“Permitted
Receivables Transactions” means any sale or sales of, and/or securitization of, or transfer of, any Receivables of the
Borrowers pursuant to which (a) the Receivables SPV realizes aggregate net proceeds of not more than $100,000,000 at any one time
outstanding, including, without limitation, any revolving purchase(s) of Receivables where the maximum aggregate uncollected purchase
price (exclusive of any deferred purchase price) for such Receivables at any time outstanding does not exceed $100,000,000, (b)
the Receivables shall be transferred or sold to the Receivables SPV at fair market value or at a market discount, and shall not
exceed $125,000,000 in the aggregate at any one time and (c) obligations arising therefrom shall be non-recourse to the Parent
and its Subsidiaries (other than the Receivables SPV).

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.

 

“Plan”
means any employee benefit plan within the meaning of Section 3(3) of ERISA (including a Pension Plan), maintained for employees
of any Borrower or any ERISA Affiliate or any such Plan to which any Borrower or any ERISA Affiliate is required to contribute
on behalf of any of its employees.

 

“Platform”
has the meaning specified in Section 6.04.

 

“Pro Forma
Reference Period” means, as of the calculation date for any pro forma covenant calculation hereunder, the most
recently completed Reference Period prior to such calculation date for which financial statements have been delivered pursuant
to Section 6.04.

 

“Public Lender”
has the meaning specified in Section 6.04.

 

“Real Estate”
means all real property at any time owned or leased (as lessee or sublessee) by any Borrower.

 

“Receivables”
has the meaning set forth in clause (g) of the definition of “Indebtedness”.

 

“Receivables
SPV” means any one or more direct or indirect wholly-owned Subsidiaries of the Parent formed for the sole purpose of
engaging in Permitted Receivables Transactions, and which engage in no business activities other than those related to Permitted
Receivables Transactions.

 

“Recipient”
means the Administrative Agent, any Lender, the L/C Issuer or any other recipient of any payment to be made by or on account of
any obligation of any Borrower hereunder.

 

“Reference
Period” means as of any date of determination, the period of four (4) consecutive fiscal quarters of the Consolidated
Group or the twelve (12) month period ending on such date, or if such date is not a fiscal quarter end date, the period of four
(4) consecutive fiscal quarters or the twelve (12) month period most recently ended (in each case treated as a single accounting
period).

 

“Register”
has the meaning specified in Section 10.06(c).

 

    	22

    	 

    

 

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

 

“Release”
has the meaning specified in CERCLA; provided that in the event CERCLA is amended so as to broaden the meaning of any term
defined thereby, such broader meaning shall apply as of the effective date of such amendment; and provided further,
to the extent that the laws of a state wherein the property lies establishes a meaning for “Release” which is broader
than specified in CERCLA, such broader meaning shall apply.

 

“Reportable
Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the thirty (30) day
notice period has been waived.

 

“Request
for Credit Extension” means (a) with respect to a Borrowing, conversion or continuation of Loans, a Committed Loan Notice,
a Term Loan Notice or a Loan Notice delivered in connection with any term loan advanced hereunder from time to time pursuant to
Article II (including pursuant to Section 2.14), as the case may be, (b) with respect to an L/C Credit Extension,
an L/C Application and (c) with respect to a Swing Line Loan, a Swing Line Loan Notice.

 

“Required
Lenders” means, at any time, Lenders having Total Credit Exposures representing more than 50% of the Total Credit Exposures
of all Lenders. The Total Credit Exposure of any Defaulting Lender shall be disregarded in determining Required Lenders at any
time; provided, that the amount of any participation in any Swing Line Loan and Unreimbursed Amounts that such Defaulting Lender
has failed to fund that have not been reallocated to and funded by another Lender shall be deemed to be held by the Lender that
is the Swing Line Lender or L/C Issuer, as the case may be, in making such determination.

 

“Resignation
Effective Date” has the meaning specified in Section 9.06(a).

 

“Responsible
Officer” means (a) the chief executive officer, president, chief operating officer, CFO, chief accounting officer, Vice
President – Finance, treasurer or assistant treasurer of a Borrower, (b) solely for purposes of the delivery of the certificate
referred to in Section 4.01(a)(iii), the secretary or any assistant secretary of a Borrower, and (c) solely for purposes
of notices given pursuant to Article II, any other officer or employee of the applicable Borrower so designated by any of the
foregoing officers in a notice to the Administrative Agent or any other officer or employee of the applicable Borrower designated
in or pursuant to an agreement between the applicable Borrower and the Administrative Agent. Any document delivered hereunder
that is signed by a Responsible Officer of a Borrower shall be conclusively presumed to have been authorized by all necessary
corporate, partnership and/or other action on the part of such Borrower and such Responsible Officer shall be conclusively presumed
to have acted on behalf of such Borrower.

 

    	23

    	 

    

 

“Restricted
Payment” means any (a) Distribution, (b) payment or prepayment by any Borrower or any Subsidiary to (i) such Borrower’s
or such Subsidiary’s shareholders (or other equity holders), in each case, other than to another Borrower, or (ii) any Affiliate
of such Borrower or such Subsidiary or any Affiliate of such Borrower’s or such Subsidiary’s shareholders (or other
equity holders), in each case, other than to another Borrower; provided, however, that in the case of each of clauses
(b)(i) and (b)(ii), no Restricted Payment shall be deemed to have occurred as a result of a payment to an executive
or an employee of a Borrower in such Person’s capacity as an executive or an employee, or (c) derivatives or other transactions
with any financial institution, commodities or stock exchange or clearinghouse (a “Derivatives Counterparty”)
obligating such Borrower or such Subsidiary to make payments to such Derivatives Counterparty as a result of any change in market
value of any Equity Interest of such Borrower or such Subsidiary.

 

“Revolving
Commitment” means, as to each Revolving Lender, its obligation to (a) make Committed Loans to the Borrowers pursuant
to Section 2.01, (b) purchase participations in L/C Obligations, and (c) purchase participations in Swing Line Loans, in
an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name
on Schedule 2.01 under the caption “Revolving Commitment” or opposite such caption in the Assignment and Assumption
pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance
with this Agreement.

 

“Revolving
Credit Exposure” means, as to any Lender at any time, the aggregate principal amount at such time of its outstanding
Committed Loans and such Lender’s participation in L/C Obligations and Swing Line Loans at such time.

 

“Revolving
Credit Facility” means, at any time, the aggregate amount of the Revolving Lenders’ Revolving Commitments at such
time.

 

“Revolving
Credit Note” means a promissory note made by the Borrowers in favor of a Revolving Lender evidencing Committed Loans
or Swing Line Loans, as the case may be, made by such Revolving Lender, substantially in the form of Exhibit B-1.

 

“Revolving
Lender” means, at any time, any Lender that has a Revolving Commitment at such time.

 

“Sanction(s)”
means any sanction administered or enforced by the United States government (including OFAC), the United Nations Security Council,
the European Union, Her Majesty’s Treasury (“HMT”) or other relevant sanctions authority.

 

“Sarbanes-Oxley”
means the Sarbanes-Oxley Act of 2002, as amended and in effect from time to time.

 

“Securities
Laws” means the Securities Act of 1933, the Exchange Act, Sarbanes-Oxley and the applicable accounting and auditing
principles, rules, standards and practices promulgated, approved or incorporated by the SEC or the Public Company Accounting Oversight
Board, as each of the foregoing may be amended and in effect on any applicable date hereunder.

 

    	24

    	 

    

 

“Solvent”
and “Solvency” mean, with respect to any Person on any date of determination, that on such date (a) the fair
value of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of such
Person, (b) the present fair salable value of the assets of such Person is not less than the amount that will be required to pay
the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and
does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities
as they mature, (d) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction,
for which such Person’s property would constitute an unreasonably small capital, and (e) such Person is able to pay its
debts and liabilities, contingent obligations and other commitments as they mature in the ordinary course of business. The amount
of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances existing
at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

 

“Subsidiary”
of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority
of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body
(other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially
owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both,
by such Person. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries”
shall refer to a Subsidiary or Subsidiaries of the Parent.

 

“Swap Contract”
means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity
swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index
swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign
exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate
swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any
master agreement and, for the avoidance of doubt, the foregoing shall include Fuel Derivatives Obligations and (b) any and all
transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any
form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange
Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master
Agreement”), including any such obligations or liabilities under any Master Agreement.

 

“Swing Line”
means the revolving credit facility made available by the Swing Line Lender pursuant to Section 2.04.

 

“Swing Line
Borrowing” means a borrowing of a Swing Line Loan pursuant to Section 2.04.

 

“Swing Line
Lender” means Bank of America in its capacity as provider of Swing Line Loans, or any successor swing line lender hereunder.

 

“Swing Line
Loan” has the meaning specified in Section 2.04(a).

 

    	25

    	 

    

 

“Swing Line
Loan Notice” means a notice of a Swing Line Borrowing pursuant to Section 2.04(b), which shall be substantially
in the form of Exhibit A-2 or such other form as approved by the Administrative Agent (including any form on an electronic
platform or electronic transmission system as shall be approve by the Administrative Agent), appropriately completed and signed
by a Responsible Officer of the applicable Borrower.

 

“Swing Line
Note” means a promissory note made by the Borrowers in favor of the Swing Line Lender evidencing Swing Line Loans made
by the Swing Line Lender, substantially in the form of Exhibit B-2.

 

“Swing Line
Sublimit” means an amount equal to the lesser of (a) $35,000,000 and (b) the Aggregate Commitments. The Swing Line Sublimit
is part of, and not in addition to, the Aggregate Commitments.

 

“Synthetic
Lease” means, with respect to any Person, any (a) so-called synthetic, off-balance sheet or tax retention lease, or
(b) agreement for the use or possession of property creating obligations that do not appear on the balance sheet of such Person
but which, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without
regard to accounting treatment).

 

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

 

“Term Loan
Lender” means (a) at any time on or prior to the Closing Date, any Lender that has a Term Loan Commitment at such time
and (b) at any time after the Closing Date, any Lender that holds Term Loans at such time.

 

“Term Loan”
and “Term Loans” has the meaning specified in Section 2.01.

 

“Term Loan
Borrowing” means a borrowing consisting of simultaneous Term Loans of the same Type and, in the case of LIBOR Rate Loans,
having the same Interest Period made by each of the Term Loan Lenders pursuant to Section 2.01.

 

“Term Loan
Commitment” means, as to each Term Loan Lender, its obligation to make a Term Loan to the Borrowers pursuant to Section
2.01, in an aggregate principal amount not to exceed the amount set forth opposite such Term Loan Lender’s name on Schedule
2.01 under the caption “Term Loan Commitment”, as such amount may be adjusted from time to time in accordance
with this Agreement. As of the Closing Date, prior to any Term Loan Borrowing, the aggregate Term Loan Commitments of the Term
Loan Lenders is equal to $800,000,000.

 

“Term Loan Facility”
means (a) at any time prior to any Term Loan Borrowing on the Closing Date, the aggregate amount of the Term Loan Commitments
at such time, and (b) thereafter, the aggregate principal amount of the Term Loans of all Term Loan Lenders outstanding at such
time.

 

    	26

    	 

    

 

“Term Loan Notice”
mean a notice of (a) a Term Loan Borrowing, (b) a conversion of any portion of the Term Loan from one Type to the other, or (c)
a continuation of LIBOR Rate Loans, pursuant to Section 2.02(a), which shall be substantially in the form as Exhibit A-3 or such
other form as approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system
as shall be approve by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the applicable
Borrower.

 

“Term Loan
Percentage” means, with respect to any Term Loan Lender at any time, the percentage (carried out to the ninth decimal
place) of the Term Loan Facility represented by (a) prior to any Term Loan Borrowing on the Closing Date, such Term Loan Lender’s
Term Loan Commitment at such time, and (b) thereafter, the outstanding principal amount of such Term Loan Lender’s Term
Loan at such time. The initial Term Loan Percentage of each Term Loan Lender is set forth in Schedule 2.01 or in the Assignment
and Assumption pursuant to which such Term Loan Lender becomes a party hereto, as applicable.

 

“Term Loan
Outstandings” means, as to any Term Loan Lender, the principal amount of the Term Loan advanced by such Lender outstanding
at the applicable time of reference.

 

“Term Note”
means a promissory note made by the Borrowers in favor of a Term Loan Lender evidencing the Term Loan made by such Term Loan Lender,
substantially in the form of Exhibit B-3.

 

“Total Credit
Exposure” means, as to any Lender at any time, without duplication, the unused Revolving Commitments, the unused Term
Loan Commitment (if applicable), the Revolving Credit Exposure and the Term Loan Outstandings of such Lender at such time.

 

“Total Facility
Amount” means, as at any date of determination, the sum of (i) the Aggregate Commitments plus (ii) the aggregate
Outstanding Amount of the Term Loan and, if applicable, any of the term loan advanced hereunder from time to time pursuant to
Section 2.14, in each case as the same may be increased from time to time pursuant to Section 2.14 hereof or reduced
from time to time in accordance with the terms hereof. As of the Closing Date, the Total Facility Amount is equal to $2,000,000,000.

 

“Total Outstandings”
means the aggregate Outstanding Amount of all Loans and all L/C Obligations.

 

“Total Revolving
Outstandings” means the aggregate Outstanding Amount of Committed Loans, Swing Line Loans and L/C Obligations.

 

“Type”
means, with respect to a Loan, its character as a Base Rate Loan or a LIBOR Rate Loan.

 

“UCC”
means the Uniform Commercial Code as in effect in the State of New York.

 

“United States”
and “U.S.” mean the United States of America.

 

“U.S. Person”
means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.

 

    	27

    	 

    

 

“U.S. Tax
Compliance Certificate” has the meaning specified in Section 3.01(e)(ii)(B)(III).

 

“Unreimbursed
Amount” has the meaning specified in Section 2.03(c)(i).

 

1.02       Other
Interpretive Provisions.    With
reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document:

 

(a)          The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes”
and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will”
shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise,
(i) any definition of or reference to any agreement, instrument or other document (including any Organization Document) shall
be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise
modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document),
(ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words
“hereto,” “herein,” “hereof” and “hereunder,” and words of similar import when
used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision
thereof, (iv) all references in a Loan Document to Recitals, Articles, Sections, Exhibits and Schedules shall be construed to
refer to Recitals, Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear,
(v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting
such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended,
modified or supplemented from time to time, and (vi) the words “asset” and “property” shall be construed
to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash,
securities, accounts and contract rights.

 

(b)          In
the computation of periods of time from a specified date to a later specified date, the word “from” means “from
and including”; the words “to” and “until” each mean “to but excluding”; and the word
“through” means “to and including.”

 

(c)          Section
headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation
of this Agreement or any other Loan Document.

 

1.03       Accounting
Terms.

 

(a)          Generally.
All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data
(including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared
in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that
used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein. Notwithstanding
the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant)
contained herein, Indebtedness of the Parent and its Subsidiaries shall be deemed to be carried at one hundred percent (100%)
of the outstanding principal amount thereof, and the effects of FASB ASC 825 on financial liabilities shall be disregarded.

 

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(b)          Changes
in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in
any Loan Document, and either the Borrowers or the Required Lenders shall so request, the Administrative Agent, the Lenders and
the Borrowers shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light
of such change in GAAP (subject to the approval of the Required Lenders); provided, that until so amended, (i) such ratio
or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrowers shall
provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or
as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before
and after giving effect to such change in GAAP. Without limiting the foregoing, leases shall continue to be classified and accounted
for on a basis consistent with that reflected in the Audited Financial Statements for all purposes of this Agreement, notwithstanding
any change in GAAP relating thereto, unless the parties hereto shall enter into a mutually acceptable amendment addressing such
changes, as provided for above.

 

(c)          Consolidation
of Variable Interest Entities. All references herein to consolidated financial statements of the Parent and its Subsidiaries
or to the determination of any amount for the Parent and its Subsidiaries on a consolidated basis or any similar reference shall,
in each case, be deemed to include each variable interest entity that the Parent is required to consolidate pursuant to FASB ASC
810 as if such variable interest entity were a Subsidiary as defined herein.

 

1.04       Rounding.
  Any financial ratios required to be maintained by the Consolidated Group pursuant to this Agreement shall be calculated
by dividing the appropriate component by the other component, carrying the result to one place more than the number of places
by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there
is no nearest number).

 

1.05       Times
of Day; Rates.   Unless otherwise specified, all references herein to times of day
shall be references to Eastern time (daylight or standard, as applicable). The Administrative Agent does not warrant, nor accept
responsibility, nor shall the Administrative Agent have any liability with respect to the administration, submission or any other
matters related to the rates in the definition of “LIBOR Rate” or with respect to any comparable or successor rate
thereto.

 

1.06       Letter
of Credit Amounts.   Unless otherwise specified herein the amount of a Letter of Credit
at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, however,
that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for
one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum
stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is
in effect at such time.

 

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ARTICLE II. THE
COMMITMENTS AND CREDIT EXTENSIONS

 

2.01       The
Loans. (a) The Term Loan Borrowing. Subject to the terms and conditions set forth herein, each
Term Loan Lender severally agrees to make a single term loan (each such loan, a “Term Loan” and all such loans
together, either the “Term Loan” or the “Term Loans” as the context may require) to the Borrowers on the
Closing Date in an aggregate amount of up to but not to exceed such Term Loan Lender’s Applicable Percentage of the Term
Loan Facility. The Term Loan Borrowing shall consist of Term Loans made simultaneously by the Term Loan Lenders on the Closing
Date in accordance with their respective Applicable Percentage of the Term Loan Facility. Only one Term Loan Borrowing shall be
permitted on the Closing Date, unless the Borrowers request Term Loans of different Types and/or (in the case of LIBOR Rate Loans)
Interest Periods, in which case multiple simultaneous Term Loan Borrowings shall be permitted on the Closing Date. Amounts borrowed
under this Section 2.01(a) and repaid or prepaid may not be reborrowed. Term Loans may be Base Rate Loans or LIBOR Rate
Loans, as further provided herein. The Borrowers jointly and severally promise to pay to the Administrative Agent, for the account
of the Term Loan Lenders in accordance with their respective Term Loan Percentage, all amounts due under the Term Loan on the
Maturity Date applicable to the Term Loan or such earlier date as is required hereunder.

 

(b) Committed Borrowings.
Subject to the terms and conditions set forth herein, each Revolving Lender severally agrees to make loans (each such loan, a
“Committed Loan”) to the Borrowers from time to time, on any Business Day during the Availability Period, in
an aggregate amount not to exceed at any time outstanding the amount of such Revolving Lender’s Revolving Commitment; provided,
however, that after giving effect to any Committed Borrowing, (i) the Total Revolving Outstandings shall not exceed the
Aggregate Commitments, and (ii) the Revolving Credit Exposure of any Revolving Lender shall not exceed such Revolving Lender’s
Revolving Commitment (other than as described in Section 2.04 with respect to the Swing Line Lender). Within the limits
of each Revolving Lender’s Revolving Commitment, and subject to the other terms and conditions hereof, the Borrowers may
borrow under this Section 2.01, prepay under Section 2.05, and reborrow under this Section 2.01. Committed
Loans may be Base Rate Loans or LIBOR Rate Loans, as further provided herein. The Borrowers jointly and severally promise to pay
to the Administrative Agent, for the account of the Revolving Lenders, all amounts due under the Committed Loans on the Maturity
Date applicable to Committed Loans or such earlier date as is required hereunder.

 

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2.02      Borrowings,
Conversions and Continuations of Loans.

 

(a)          Each
Borrowing, each conversion of Loans from one Type to the other, and each continuation of LIBOR Rate Loans shall be made upon the
Borrowers’ irrevocable notice to the Administrative Agent, which may be given by (A) telephone, or (B) a Loan Notice; provided
that any telephonic notice must be confirmed promptly by delivery to the Administrative Agent of a Loan Notice. Each such notice
must be received by the Administrative Agent (i) not later than 1:00 p.m. not less than three (3) Business Days prior to the requested
date of any Borrowing of, conversion to or continuation of LIBOR Rate Loans or of any conversion of LIBOR Rate Loans to Base Rate
Loans, and (ii) not later than 1:00 p.m. not less than one (1) Business Day prior to the requested date of any Borrowing of Base
Rate Loans. Each Borrowing of, conversion to or continuation of LIBOR Rate Loans shall be in a principal amount of $5,000,000
or a whole multiple of $1,000,000 in excess thereof. Except as provided in Sections 2.03(c) and 2.04(c), each Borrowing
of or conversion to Base Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $100,000 in excess thereof.
Each Loan Notice (telephonic or written) shall specify (i) whether the Borrowers are requesting a Committed Borrowing, a Term
Loan Borrowing, any other Borrowing, a conversion of Loans from one Type to the other or a continuation of LIBOR Rate Loans, (ii)
the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the
principal amount of Loans to be borrowed, converted or continued, (iv) the Type of Loans to be borrowed or to which existing Loans
are to be converted and (v) if applicable, the duration of the Interest Period with respect thereto. If the Borrowers fail to
specify a Type of Loan in a Loan Notice or if the Borrowers fail to give a timely notice requesting a conversion or continuation,
then the applicable Loans shall be made as, or converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans
shall be effective as of the last day of the Interest Period then in effect with respect to the applicable LIBOR Rate Loans. If
the Borrowers request a Borrowing of, conversion to, or continuation of LIBOR Rate Loans in any such Loan Notice, but fail to
specify an Interest Period, they will be deemed to have specified an Interest Period of one (1) month.

 

(b)          Following
receipt of a Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount of its Applicable Percentage
under the applicable Facility, of the applicable Loans, and if no timely notice of a conversion or continuation is provided by
the Borrowers, the Administrative Agent shall notify each Lender of the details of any automatic conversion to Base Rate Loans
described in the preceding subsection. In the case of a Term Loan Borrowing or a Committed Borrowing, each applicable Lender shall
make the amount of its Loan available to the Administrative Agent in immediately available funds at the Administrative Agent’s
Office not later than (i) in the case of any Committed Borrowing, 1:00 p.m. on the Business Day specified in the applicable Loan
Notice or (ii) in the case of any Term Loan Borrowing, not later than 10:00 a.m. on the Closing Date (or such later time as may
be agreed by the Administrative Agent). Upon satisfaction of the applicable conditions set forth in Section 4.02 (and,
if such Borrowing is the initial Credit Extension, Section 4.01), the Administrative Agent shall make all funds so received
available to the Borrowers in like funds as received by the Administrative Agent either by (i) crediting the account of the relevant
Borrower on the books of the Administrative Agent with the amount of such funds or (ii) wire transfer of such funds, in each case
in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrowers; provided,
however, that if, on the date a Committed Loan Notice with respect to a Committed Borrowing is given by the Borrowers,
there are L/C Borrowings outstanding, then the proceeds of such Committed Borrowing first, shall be applied, to the payment
in full of any such L/C Borrowings, and second, shall be made available to the Borrowers as provided above.

  

(c)          Except
as otherwise provided herein, a LIBOR Rate Loan may be continued or converted only on the last day of an Interest Period for such
LIBOR Rate Loan. During the existence of a Default, no Loans may be requested as, converted to or continued as LIBOR Rate Loans
without the consent of the Required Lenders.

 

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(d)          The
Administrative Agent shall promptly notify the Borrowers and the Lenders of the interest rate applicable to any Interest Period
for LIBOR Rate Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, the Administrative
Agent shall notify the Borrowers and the Lenders of any change in the Administrative Agent’s prime rate used in determining
the Base Rate promptly following the public announcement of such change.

 

(e)          After
giving effect to all Borrowings, all conversions of Loans from one Type to the other, and all continuations of Loans as the same
Type, unless the Administrative Agent otherwise consents, there shall not be more than fifteen (15) Interest Periods in effect
with respect to all Loans.

 

(f)          Notwithstanding
anything to the contrary in this Agreement, any Lender may exchange, continue or rollover all of the portion of its Loans in connection
with any refinancing, extension, loan modification or similar transaction permitted by the terms of this Agreement, pursuant to
a cashless settlement mechanism approved by the Borrowers, the Administrative Agent, and such Lender.

 

2.03       Letters
of Credit.

 

(a)          The
Letter of Credit Commitment.

 

(i)          Subject
to the terms and conditions set forth herein, (A) each L/C Issuer agrees, in reliance upon the agreements of the Revolving Lenders
set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until
the L/C Expiration Date, to issue Letters of Credit, including IRB LOCs, for the account of any Borrower, and to amend or extend
Letters of Credit previously issued by it, in accordance with subsection (b) below and otherwise subject to compliance
with this Section 2.03, and (2) to honor drawings properly drawn under the Letters of Credit; and (B) the Revolving Lenders
severally agree to participate in Letters of Credit issued for the account of the Borrowers and any drawings thereunder; provided
that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Outstandings
shall not exceed the Aggregate Commitments, (y) the Revolving Credit Exposure of any Lender shall not exceed such Revolving Lender’s
Revolving Commitment and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit and,
in addition, with respect to the L/C Issuer, the Outstanding Amount of the L/C Obligations relating to Letters of Credit issued
by such L/C Issuer shall not exceed the Letter of Credit Sublimit applicable to such L/C Issuer. Each request by the Borrowers
for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrowers that the L/C Credit
Extension so requested complies with the conditions set forth in the proviso to the preceding sentence. Within the foregoing limits,
and subject to the terms and conditions hereof, the Borrowers’ ability to obtain Letters of Credit shall be fully revolving,
and accordingly the Borrowers may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have
expired or that have been drawn upon and reimbursed. This Agreement shall be the “Reimbursement Agreement” referred
to in the IRB LOCs. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the
Closing Date shall be subject to and governed by the terms and conditions hereof.

 

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(ii)          No
L/C Issuer shall issue any Letter of Credit, if:

 

(A)         subject
to Section 2.03(b)(iii), the expiry date of such requested Letter of Credit (other than IRB LOCs) would occur more than
twelve (12) months after the date of issuance or last extension, unless Revolving Lenders holding in excess of fifty percent (50%)
of the Aggregate Commitments have approved such expiry date; or

 

(B)         the
expiry date of such requested Letter of Credit would occur after the L/C Expiration Date, unless all the Revolving Lenders have
approved such expiry date.

 

(iii)         No
L/C Issuer shall be under any obligation to issue any Letter of Credit if:

 

(A)         any
order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such L/C
Issuer from issuing such Letter of Credit, or any Law applicable to such L/C Issuer or any request or directive (whether or not
having the force of law) from any Governmental Authority with jurisdiction over such L/C Issuer shall prohibit, or request that
such L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose
upon such L/C Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such L/C
Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon such L/C Issuer any unreimbursed
loss, cost or expense which was not applicable on the Closing Date and which such L/C Issuer in good faith deems material to it;

 

(B)         the
issuance of such Letter of Credit would violate one or more policies of such L/C Issuer applicable to letters of credit generally;

 

(C)         such
Letter of Credit is to be denominated in a currency other than Dollars; or

 

(D)         any
Revolving Lender is at that time a Defaulting Lender, unless such L/C Issuer has entered into arrangements, including the delivery
of Cash Collateral, satisfactory to such L/C Issuer (in its sole discretion) with the Borrowers or such Defaulting Lender to eliminate
such L/C Issuer’s actual or potential Fronting Exposure (after giving effect to Section 2.18(a)(iv)) with respect
to the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all
other L/C Obligations as to which such L/C Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion.

 

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(iv)        No
L/C Issuer shall amend any Letter of Credit if such L/C Issuer would not be permitted at such time to issue such Letter of Credit
in its amended form under the terms hereof.

 

(v)         No
L/C Issuer shall be under any obligation to amend any Letter of Credit if (A) such L/C Issuer would have no obligation at such
time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit
does not accept the proposed amendment to such Letter of Credit.

 

(vi)        Each
L/C Issuer shall act on behalf of the Revolving Lenders with respect to any Letters of Credit issued by it and the documents associated
therewith, and such L/C Issuer shall have all of the benefits and immunities (A) provided to the Administrative Agent in Article
IX with respect to any acts taken or omissions suffered by such L/C Issuer in connection with Letters of Credit issued by
it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “the
Administrative Agent” as used in Article IX included the L/C Issuer with respect to such acts or omissions, and (B)
as additionally provided herein with respect to an L/C Issuer.

 

(b)          Procedures
for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit; Auto-Reinstatement Letters of Credit.

 

(i)          Each
Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrowers delivered to the applicable
L/C Issuer (with a copy to the Administrative Agent) in the form of a L/C Application, appropriately completed and signed by a
Responsible Officer of the Borrowers (or through such other procedures as may otherwise be approved by the applicable L/C Issuer
and the Administrative Agent, including electronic communications in accordance with Section 10.02(b)). Such applicable
L/C Application (other than for IRB LOCs) must be received by the applicable L/C Issuer and the Administrative Agent not later
than 1:00 p.m. at least two (2) Business Days (or such later date and time as the Administrative Agent and the applicable L/C
Issuer may agree in a particular instance in their sole discretion) prior to the proposed issuance date or date of amendment,
as the case may be, and the timing of submission of the Letter of Credit Application with respect to an IRB LOC shall be as determined
by the applicable L/C Issuer and the Borrowers. In the case of a request for an initial issuance of a Letter of Credit, the related
applicable L/C Application shall specify in form and detail reasonably satisfactory to the L/C Issuer: (A) the proposed issuance
date of the requested Letter of Credit (which shall be a Business Day); (B) the amount thereof; (C) the expiry date thereof; (D)
the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing
thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; (G) the
purpose and nature of the requested Letter of Credit; and (H) such other matters as the L/C Issuer may reasonably require. In
the case of a request for an amendment of any outstanding Letter of Credit, such L/C Application shall specify in form and detail
reasonably satisfactory to the applicable L/C Issuer (w) the Letter of Credit to be amended; (x) the proposed date of amendment
thereof (which shall be a Business Day); (y) the nature of the proposed amendment; and (z) such other matters as the applicable
L/C Issuer may reasonably require. Additionally, the Borrowers shall furnish to the applicable L/C Issuer and the Administrative
Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, including any
Issuer Documents, as such L/C Issuer or the Administrative Agent may require.

 

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(ii)         Promptly
after receipt of any L/C Application at the address set forth in Section 10.02 for receiving L/C Applications and related
correspondence, the applicable L/C Issuer will confirm with the Administrative Agent (by telephone or in writing) that the Administrative
Agent has received a copy of such L/C Application from the Borrowers and, if not, the applicable L/C Issuer will provide the Administrative
Agent with a copy thereof. Unless such L/C Issuer has received written notice from any Revolving Lender, the Administrative Agent
or any Borrower, at least one (1) Business Day prior to the requested date of issuance or amendment of the applicable Letter of
Credit, that one or more applicable conditions contained in Article IV shall not then be satisfied, then, subject to the
terms and conditions hereof, such L/C Issuer shall, on the requested date (which, in the case of an IRB LOC, shall be a date satisfactory
to the L/C Issuer), issue a Letter of Credit for the account of the Borrowers or enter into the applicable amendment, as the case
may be, in each case in accordance with such applicable L/C Issuer’s usual and customary business practices. Immediately
upon the issuance of each Letter of Credit, each Revolving Lender shall be deemed to, and hereby irrevocably and unconditionally
agrees to, purchase from the applicable L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product
of such Revolving Lender’s Applicable Percentage times the amount of such Letter of Credit.

 

(iii)        If
the Borrowers so request in any applicable L/C Application, the applicable L/C Issuer may, in its sole and absolute discretion,
agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”);
provided that any such Auto-Extension Letter of Credit must permit such L/C Issuer to prevent any such extension at least once
in each twelve (12) month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the
beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each such twelve (12) month period
to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by such L/C Issuer, the Borrowers shall
not be required to make a specific request to such L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit
has been issued, the Revolving Lenders shall be deemed to have authorized (but may not require) such L/C Issuer to permit the
extension of such Letter of Credit at any time prior to an expiry date not later than such L/C Expiration Date; provided,
however, that such L/C Issuer shall not permit any such extension if (A) such L/C Issuer has determined that it would not
be permitted, or would have no obligation, at such time to issue such Letter of Credit in its revised form (as extended) under
the terms hereof (by reason of the provisions of clause (ii) or (iii) of Section 2.03(a) or otherwise), or
(B) it has received notice (which may be by telephone or in writing) on or before the day that is seven (7) Business Days before
the Non-Extension Notice Date (1) from the Administrative Agent that Revolving Lenders holding in excess of fifty percent (50%)
of the Aggregate Commitments have elected not to permit such extension or (2) from the Administrative Agent, any Revolving Lender
or the Borrowers that one or more of the applicable conditions specified in Section 4.02 is not then satisfied, and in
each such case directing such L/C Issuer not to permit such extension.

 

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(iv)        If
the Borrowers so request in any applicable L/C Application, the applicable L/C Issuer may, in its sole and absolute discretion,
agree to issue an IRB LOC that permits the automatic reinstatement of all or a portion of the stated amount thereof after any
drawing thereunder (each, an “Auto-Reinstatement Letter of Credit”). Unless otherwise directed by the L/C Issuer,
the Borrowers shall not be required to make a specific request to such L/C Issuer to permit such reinstatement. Once an Auto-Reinstatement
Letter of Credit has been issued, except as provided in the following sentence, the Revolving Lenders shall be deemed to have
authorized (but may not require) the applicable L/C Issuer to reinstate all or a portion of the stated amount thereof in accordance
with the provisions of such IRB LOC. Notwithstanding the foregoing, if such Auto-Reinstatement Letter of Credit permits the applicable
L/C Issuer to decline to reinstate all or any portion of the stated amount thereof after a drawing thereunder by giving notice
of such non-reinstatement within a specified number of days after such drawing (the “Non-Reinstatement Deadline”),
such L/C Issuer shall not permit such reinstatement if it has received a notice (which may be by telephone or in writing) on or
before the day that is seven (7) Business Days before the Non-Reinstatement Deadline (A) from the Administrative Agent that Revolving
Lenders holding in excess of fifty percent (50%) of the Aggregate Commitments have elected not to permit such reinstatement or
(B) from the Administrative Agent, any Revolving Lender or the Borrowers that one or more of the applicable conditions specified
in Section 4.02 is not then satisfied or that such reinstatement would violate the proviso to the first sentence of Section
2.03(a)(i) (treating such reinstatement as an L/C Credit Extension for purposes of this clause) and, in each case, directing
such L/C Issuer not to permit such reinstatement.

 

(v)         Promptly
after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or
to the beneficiary thereof, the applicable L/C Issuer will also deliver to the Borrowers and the Administrative Agent a true and
complete copy of such Letter of Credit or amendment.

 

(c)          Drawings
and Reimbursements; Funding of Participations.

 

(i)          Upon
receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the applicable L/C
Issuer shall notify the Borrowers and the Administrative Agent thereof. Not later than 12:00 Noon on the date of any payment by
the applicable L/C Issuer under a Letter of Credit (or, with respect to any IRB LOC, the time set forth therein) (each such date,
an “Honor Date”), the Borrowers shall reimburse the applicable L/C Issuer through the Administrative Agent
in an amount equal to the amount of such drawing; provided, that if any payment is made by the such L/C Issuer after 12:00
Noon (or, with respect to any IRB LOC, the time set forth therein) on an Honor Date, such reimbursement shall occur not later
than 12:00 Noon (or, with respect to any IRB LOC, the time set forth therein) on the first Business Day occurring after such Honor
Date. If the Borrowers fail to so reimburse the applicable L/C Issuer by such time, the Administrative Agent shall promptly notify
each Revolving Lender of the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount”),
and the amount of such Revolving Lender’s Applicable Percentage thereof. In such event, the Borrowers shall be deemed to
have requested a Committed Borrowing of Base Rate Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed
Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans,
but subject to the amount of the unutilized portion of the Aggregate Commitments and the conditions set forth in Section 4.02
(other than the delivery of a Committed Loan Notice), and, subject to Section 2.03(c)(iii), the Borrowers’ failure
to have reimbursed the applicable L/C Issuer on the Honor Date shall not be deemed a breach of this Agreement provided that such
Committed Borrowing of a Base Rate Loan is deemed to be disbursed and that the making of such Loan is otherwise permitted by this
Agreement. Any notice given by the applicable L/C Issuer or the Administrative Agent pursuant to this Section 2.03(c)(i)
may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation
shall not affect the conclusiveness or binding effect of such notice.

 

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(ii)         Each
Revolving Lender shall upon any notice pursuant to Section 2.03(c)(i) make funds available to the Administrative Agent
(and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable L/C Issuer
at the Administrative Agent’s Office in an amount equal to its Applicable Percentage of the Unreimbursed Amount not later
than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions
of Section 2.03(c)(iii), each Revolving Lender that so makes funds available shall be deemed to have made a Base Rate Committed
Loan to the Borrowers in such amount. The Administrative Agent shall remit the funds so received to the applicable L/C Issuer.

 

(iii)        With
respect to any Unreimbursed Amount that is not fully refinanced by a Committed Borrowing of Base Rate Loans because the conditions
set forth in Section 4.02 cannot be satisfied or for any other reason, the Borrowers shall be deemed to have incurred from
the applicable L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing
shall be due and payable on demand (together with interest) and shall bear interest at the Default Rate. In such event, each Revolving
Lender’s payment to the Administrative Agent for the account of the applicable L/C Issuer pursuant to Section 2.03(c)(ii)
shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such
Revolving Lender in satisfaction of its participation obligation under this Section 2.03.

 

(iv)        Until
each Revolving Lender funds its Committed Loan or L/C Advance pursuant to this Section 2.03(c) to reimburse the applicable
L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Revolving Lender’s Applicable Percentage
of such amount shall be solely for the account of such L/C Issuer.

 

(v)         Each
Revolving Lender’s obligation to make Committed Loans or L/C Advances to reimburse the L/C Issuer for amounts drawn under
Letters of Credit, as contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not be affected
by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Revolving Lender may
have against such L/C Issuer, the Borrowers or any other Person for any reason whatsoever; (B) the occurrence or continuance of
a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however,
that each Revolving Lender’s obligation to make Committed Loans pursuant to this Section 2.03(c) is subject to the
conditions set forth in Section 4.02 (other than delivery by the Borrowers of a Committed Loan Notice). No such making
of an L/C Advance shall relieve or otherwise impair the obligation of the Borrowers to reimburse the applicable L/C Issuer for
the amount of any payment made by such L/C Issuer under any Letter of Credit, together with interest as provided herein.

 

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(vi)        If
any Revolving Lender fails to make available to the Administrative Agent for the account of the applicable L/C Issuer any amount
required to be paid by such Revolving Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified
in Section 2.03(c)(ii), then, without limiting the other provisions of this Agreement, such L/C Issuer shall be entitled
to recover from such Revolving Lender (acting through the Administrative Agent), on demand, such amount with interest thereon
for the period from the date such payment is required to the date on which such payment is immediately available to such L/C Issuer
at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by such L/C Issuer in accordance with
banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by such
L/C Issuer in connection with the foregoing. If such Revolving Lender pays such amount (with interest and fees as aforesaid),
the amount so paid (other than interest and fees as aforesaid) shall constitute such Revolving Lender’s Committed Loan included
in the relevant Committed Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate
of the applicable L/C Issuer submitted to any Revolving Lender (through the Administrative Agent) with respect to any amounts
owing under this clause (vi) shall be conclusive absent manifest error.

 

(d)          Repayment
of Participations.

 

(i)          At
any time after the applicable L/C Issuer has made a payment under any Letter of Credit and has received from any Revolving Lender
such Revolving Lender’s L/C Advance in respect of such payment in accordance with Section 2.03(c), if the Administrative
Agent receives for the account of such L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon
(whether directly from the Borrowers or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative
Agent), the Administrative Agent will distribute to such Revolving Lender its Applicable Percentage thereof (appropriately adjusted,
in the case of interest payments, to reflect the period of time during which such Revolving Lender’s L/C Advance was outstanding)
in the same funds as those received by the Administrative Agent.

 

(ii)         If
any payment received by the Administrative Agent for the account of the applicable L/C Issuer pursuant to Section 2.03(c)(i)
is required to be returned under any of the circumstances described in Section 10.05 (including pursuant to any settlement
entered into by such L/C Issuer in its discretion), each Revolving Lender shall pay to the Administrative Agent for the account
of such L/C Issuer its Applicable Percentage thereof on demand of the Administrative Agent, plus interest thereon from
the date of such demand to the date such amount is returned by such Revolving Lender, at a rate per annum equal to the Federal
Funds Rate from time to time in effect. The obligations of the Revolving Lenders under this clause shall survive the payment in
full of the Obligations and the termination of this Agreement.

 

(e)          Obligations
Absolute. The obligation of the Borrowers to reimburse each L/C Issuer for each drawing under each Letter of Credit issued
by such L/C Issuer and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly
in accordance with the terms of this Agreement under all circumstances, including the following:

 

(i)          any
lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan Document;

 

(ii)         the
existence of any claim, counterclaim, setoff, defense or other right any of the Borrowers may have at any time against any beneficiary
or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting),
any L/C Issuer or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such
Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;

 

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(iii)        any
draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or
insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission
or otherwise of any document required in order to make a drawing under such Letter of Credit;

 

(iv)        waiver
by the applicable L/C Issuer of any requirement that exists for such L/C Issuer’s protection and not the protection of the
Borrowers or any waiver by the applicable L/C Issuer which does not in fact materially prejudice the Borrowers;

 

(v)         honor
of a demand for payment presented electronically even if such Letter of Credit requires that demand be in the form of a draft;

 

(vi)        any
payment made by the applicable L/C Issuer in respect of an otherwise complying item presented after the date specified as the
expiration date of, or the date by which documents must be received under such Letter of Credit if presentation after such date
is authorized by the UCC or the ISP, as applicable;

 

(vii)       any
payment by the applicable L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not
strictly comply with the terms of such Letter of Credit; or any payment made by the applicable L/C Issuer under such Letter of
Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator,
receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any
arising in connection with any proceeding under any Debtor Relief Law; or

 

(viii)      any
other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that
might otherwise constitute a defense available to, or a discharge of, any of the Borrowers.

 

The relevant Borrower shall promptly examine
a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance
with such Borrower’s instructions or other irregularity, such Borrower will immediately notify the applicable L/C Issuer.
The Borrowers shall be conclusively deemed to have waived any such claim against the L/C Issuer and its correspondents unless
such notice is given as aforesaid.

 

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(f)          Role
of L/C Issuer. Each Revolving Lender and each of the Borrowers agree that, in paying any drawing under a Letter of Credit,
no L/C Issuer shall have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly
required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority
of the Person executing or delivering any such document. None of any L/C Issuer, the Administrative Agent, any of their respective
Related Parties nor any correspondent, participant or assignee of any L/C Issuer shall be liable to any Lender for (i) any action
taken or omitted in connection herewith at the request or with the approval of Revolving Lenders holding in excess of fifty percent
(50%) of the Aggregate Commitments (or of the Total Revolving Outstandings if the Aggregate Commitments have been terminated);
(ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness,
validity or enforceability of any document or instrument related to any Letter of Credit or Issuer Document. The Borrowers hereby
assume all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided,
however, that this assumption is not intended to, and shall not, preclude the Borrowers’ pursuing such rights and
remedies as they may have against the beneficiary or transferee at law or under any other agreement. None of any L/C Issuer, the
Administrative Agent, any of their respective Related Parties nor any correspondent, participant or assignee of any L/C Issuer,
shall be liable or responsible for any of the matters described in clauses (i) through (v) of Section 2.03(e);
provided, however, that anything in such clauses to the contrary notwithstanding, the Borrowers may have a claim
against the applicable L/C Issuer, and the applicable L/C Issuer may be liable to the Borrowers, to the extent, but only to the
extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrowers which the Borrowers prove were
caused by such L/C Issuer’s willful misconduct or gross negligence or such L/C Issuer’s willful failure to pay under
any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with
any terms and conditions of a Letter of Credit. In furtherance and not in limitation of the foregoing, the L/C Issuer may accept
documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice
or information to the contrary, and such L/C Issuer shall not be responsible for the validity or sufficiency of any instrument
transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds
thereof, in whole or in part, which may prove to be invalid or ineffective for any reason. Each L/C Issuer may send a Letter of
Credit or conduct any communication to or from the beneficiary via the Society for Worldwide Interbank Financial Telecommunication
(“SWIFT”) message or overnight courier, or any other commercially reasonable means of communicating with a beneficiary.

 

(g)          Applicability
of ISP; Limitation of Liability. Unless otherwise expressly agreed by the applicable L/C Issuer and the Borrowers when a Letter
of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), the rules of the ISP shall apply
to each Letter of Credit. Notwithstanding the foregoing, no L/C Issuer shall be responsible to the Borrowers for, and no L/C Issuer’s
rights and remedies against the Borrowers shall be impaired by, any action or inaction of the applicable L/C Issuer required or
permitted under any Law, order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement,
including the Law or any order of a jurisdiction where such L/C Issuer or the beneficiary is located, the practice stated in the
ISP, or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association
for Finance and Trade - International Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law
& Practice, whether or not any Letter of Credit chooses such law or practice.

 

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(h)          L/C
Fee. The Borrowers, jointly and severally, agree to pay to the Administrative Agent for the account of each Lender in accordance
with its Applicable Percentage a fee for each Letter of Credit equal to the Applicable Rate times the daily amount available
to be drawn under such Letter of Credit (the “L/C Fee”), subject to adjustment as provided in Section 2.18(a)(iii)(C)(z).
For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit
shall be determined in accordance with Section 1.06. The L/C Fee shall be (i) computed on a quarterly basis in arrears
and (ii) due and payable on the first Business Day after the end of each March, June, September and December, commencing with
the first such date to occur after the issuance of such Letter of Credit, on the L/C Expiration Date and thereafter on demand.
If there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each Letter of
Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable
Rate was in effect. Notwithstanding anything to the contrary contained herein, upon the request of Revolving Lenders holding in
excess of fifty percent (50%) of the Aggregate Commitments (or of the Total Revolving Outstandings if the Aggregate Commitments
have been terminated), while any Event of Default exists, the L/C Fee shall accrue at the Default Rate.

 

(i)          Fronting
Fee and Documentary and Processing Charges Payable to L/C Issuer. The Borrowers, jointly and severally, agree to pay directly
to each L/C Issuer for its own account a fronting fee with respect to each Letter of Credit issued by such L/C Issuer equal to
a rate of 0.15% per annum times the daily amount available to be drawn under such Letter of Credit (the “Fronting Fee”).
The Fronting Fee shall be (i) computed on a quarterly basis in arrears, and (ii) due and payable on the first Business Day after
the end of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter
of Credit, on the L/C Expiration Date and thereafter on demand. In addition, unless otherwise agreed with the L/C Issuer, the
Borrowers shall pay directly to each L/C Issuer for its own account the customary issuance, presentation, amendment and other
processing fees, and other standard costs and charges, of the applicable L/C Issuer relating to letters of credit as from time
to time in effect. Such customary fees and standard costs and charges are due and payable on demand and are nonrefundable.

 

(j)          Conflict
with Issuer Documents. In the event of any conflict between the terms hereof and the terms of any Issuer Documents, the terms
hereof shall control.

 

(k)          Action
Taken by Revolving Lenders. Subject to the last sentence of the second proviso to Section 10.01 and notwithstanding
anything to the contrary set forth in this Section 2.03, the Revolving Commitments of, or the portion of the Total Revolving
Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of determining the percentage of Revolving
Lenders taking or approving any action under this Section 2.03 and such matters shall be determined as though such Defaulting
Lenders’ Revolving Commitments and portion of the Total Revolving Outstandings held by such Defaulting Lenders did not exist.

 

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2.04       Swing
Line Loans.

 

(a)          The
Swing Line. Subject to the terms and conditions set forth herein, the Swing Line Lender agrees, in reliance upon the agreements
of the other Revolving Lenders set forth in this Section 2.04, to make loans (each such loan, a “Swing Line Loan”)
to the Borrowers from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed at
any time outstanding the amount of the Swing Line Sublimit, notwithstanding the fact that such Swing Line Loans, when aggregated
with the Applicable Percentage of the Outstanding Amount of Committed Loans and L/C Obligations of the Revolving Lender acting
as Swing Line Lender, may exceed the amount of such Revolving Lender’s Revolving Commitment; provided, however,
that (x) after giving effect to any Swing Line Loan, (i) the Total Revolving Outstandings shall not exceed the Aggregate Commitments,
and (ii) the Revolving Credit Exposure of any Lender shall not exceed such Revolving Lender’s Revolving Commitment (other
than that of the Swing Line Lender as set forth above), (y) the Borrowers shall not use the proceeds of any Swing Line Loan to
refinance any outstanding Swing Line Loan, and (z) the Swing Line Lender shall not be under any obligation to make any Swing Line
Loan if it shall determine (which determination shall be conclusive and binding absent manifest error) that it has, or by such
Credit Extension may have, Fronting Exposure. Within the foregoing limits, and subject to the other terms and conditions hereof,
the Borrowers may borrow under this Section 2.04, prepay under Section 2.05, and reborrow under this Section
2.04. Each Swing Line Loan shall be deemed a Base Rate Loan notwithstanding anything to the contrary in Section 2.08(a)(iii)
regarding the interest rate applicable to such Swing Line Loan. Immediately upon the making of a Swing Line Loan, each Revolving
Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swing Line Lender a risk participation
in such Swing Line Loan in an amount equal to the product of such Revolving Lender’s Applicable Percentage times the amount
of such Swing Line Loan. Notwithstanding anything to the contrary contained herein, a Swing Line Loan may not be converted to
a LIBOR Rate Loan. The Borrowers jointly and severally promise to pay to the Swing Line Lender all amounts due under the Swing
Line Loans in accordance with Section 2.07(c) or such earlier date as required hereunder.

 

(b)          Borrowing
Procedures. Each Swing Line Borrowing shall be made upon the Borrowers’ irrevocable notice to the Swing Line Lender
and the Administrative Agent, which may be given by (A) telephone or (B) by a Swing Line Loan Notice; provided that any telephonic
notice must be confirmed promptly by delivery to the Swing Line Lender and the Administrative Agent of a Swing Line Loan Notice.
Each such notice must be received by the Swing Line Lender and the Administrative Agent not later than 2:30 p.m. on the requested
borrowing date, and shall specify (i) the amount to be borrowed, which shall be not less than $500,000, and (ii) the requested
borrowing date, which shall be a Business Day. Promptly after receipt by the Swing Line Lender of any Swing Line Loan Notice,
the Swing Line Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has
also received such Swing Line Loan Notice and, if not, the Swing Line Lender will notify the Administrative Agent (by telephone
or in writing) of the contents thereof. Unless the Swing Line Lender has received notice (by telephone or in writing) from the
Administrative Agent (including at the request of any Revolving Lender) prior to 3:30 p.m. on the date of the proposed Swing Line
Borrowing (A) directing the Swing Line Lender not to make such Swing Line Loan as a result of the limitations set forth in the
proviso to the first sentence of Section 2.04(a), or (B) that one or more of the applicable conditions specified in Article
IV is not then satisfied, then, subject to the terms and conditions hereof, the Swing Line Lender will, not later than 4:00
p.m. on the borrowing date specified in such Swing Line Loan Notice, make the amount of its Swing Line Loan available to the Borrowers
at their office by crediting the account of the Borrowers on the books of the Swing Line Lender in immediately available funds.

 

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(c)          Refinancing
of Swing Line Loans.

 

(i)          The
Swing Line Lender at any time in its sole and absolute discretion may request, on behalf of the Borrowers (which hereby irrevocably
authorize the Swing Line Lender to so request on their behalf), that each Revolving Lender make a Base Rate Committed Loan in
an amount equal to such Revolving Lender’s Applicable Percentage of the amount of Swing Line Loans then outstanding. Such
request shall be made in writing (which written request shall be deemed to be a Committed Loan Notice for purposes hereof) and
in accordance with the requirements of Section 2.02, without regard to the minimum and multiples specified therein for
the principal amount of Base Rate Loans, but subject to the unutilized portion of the Aggregate Commitments and the conditions
set forth in Section 4.02. The Swing Line Lender shall furnish the Borrowers with a copy of the applicable Committed Loan
Notice promptly after delivering such notice to the Administrative Agent. Each Revolving Lender shall make an amount equal to
its Applicable Percentage of the amount specified in such Committed Loan Notice available to the Administrative Agent in immediately
available funds for the account of the Swing Line Lender at the Administrative Agent’s Office not later than 1:00 p.m. on
the day specified in such Committed Loan Notice, whereupon, subject to Section 2.04(c)(ii), each Revolving Lender that
so makes funds available shall be deemed to have made a Base Rate Committed Loan to the Borrowers in such amount. The Administrative
Agent shall remit the funds so received to the Swing Line Lender.

 

(ii)         If
for any reason any Swing Line Loan cannot be refinanced by such a Committed Borrowing in accordance with Section 2.04(c)(i),
the request for Committed Loans submitted by the Swing Line Lender as set forth herein shall be deemed to be a request by the
Swing Line Lender that each of the Revolving Lenders fund its risk participation in the relevant Swing Line Loan and each Revolving
Lender’s payment to the Administrative Agent for the account of the Swing Line Lender pursuant to Section 2.04(c)(i)
shall be deemed payment in respect of such participation.

 

(iii)        If
any Revolving Lender fails to make available to the Administrative Agent for the account of the Swing Line Lender any amount required
to be paid by such Revolving Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified
in Section 2.04(c)(i), the Swing Line Lender shall be entitled to recover from such Revolving Lender (acting through the
Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the
date on which such payment is immediately available to the Swing Line Lender at a rate per annum equal to the greater of the Federal
Funds Rate and a rate determined by the Swing Line Lender in accordance with banking industry rules on interbank compensation,
plus any administrative, processing or similar fees customarily charged by the Swing Line Lender in connection with the
foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid (other than interest and
fees as aforesaid) shall constitute such Revolving Lender’s Committed Loan included in the relevant Committed Borrowing
or funded participation in the relevant Swing Line Loan, as the case may be. A certificate of the Swing Line Lender submitted
to any Revolving Lender (through the Administrative Agent) with respect to any amounts owing under this clause (iii) shall
be conclusive absent manifest error.

 

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(iv)        Each
Revolving Lender’s obligation to make Committed Loans or to purchase and fund risk participations in Swing Line Loans pursuant
to this Section 2.04(c) shall be absolute and unconditional and shall not be affected by any circumstance, including (A)
any setoff, counterclaim, recoupment, defense or other right which such Revolving Lender may have against the Swing Line Lender,
the Borrowers or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default, or (C) any other
occurrence, event or condition, whether or not similar to any of the foregoing; provided, however, that each Revolving
Lender’s obligation to make Committed Loans pursuant to this Section 2.04(c) is subject to the conditions set forth
in Section 4.02 (other than the delivery of a Committed Loan Notice). No such funding of risk participations shall relieve
or otherwise impair the obligation of the Borrowers to repay Swing Line Loans, together with interest as provided herein.

 

(d)          Repayment
of Participations.

 

(i)          At
any time after any Revolving Lender has purchased and funded a risk participation in a Swing Line Loan, if the Swing Line Lender
receives any payment on account of such Swing Line Loan, the Swing Line Lender will distribute to such Revolving Lender its Applicable
Percentage of such payment (appropriately adjusted, in the case of interest payments, to reflect the period of time during which
such Revolving Lender’s risk participation was funded) in the same funds as those received by the Swing Line Lender.

 

(ii)         If
any payment received by the Swing Line Lender in respect of principal or interest on any Swing Line Loan is required to be returned
by the Swing Line Lender under any of the circumstances described in Section 10.05 (including pursuant to any settlement
entered into by the Swing Line Lender in its discretion), each Revolving Lender shall pay to the Swing Line Lender its Applicable
Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such
amount is returned, at a rate per annum equal to the Federal Funds Rate. The Administrative Agent will make such demand upon the
request of the Swing Line Lender. The obligations of the Revolving Lenders under this clause shall survive the payment in full
of the Obligations and the termination of this Agreement.

 

(e)          Interest
for Account of the Swing Line Lender. The Swing Line Lender shall be responsible for invoicing the Borrowers for interest
on the Swing Line Loans. Until each Revolving Lender funds its Base Rate Loan or risk participation pursuant to this Section
2.04 to refinance such Revolving Lender’s Applicable Percentage of any Swing Line Loan, interest in respect of its Applicable
Percentage shall be solely for the account of the Swing Line Lender.

 

(f)          Payments
Directly to the Swing Line Lender. The Borrowers shall make all payments of principal and interest in respect of the Swing
Line Loans directly to the Swing Line Lender.

 

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2.05       Prepayments.

 

(a)          The
Borrowers may, upon notice to the Administrative Agent, at any time or from time to time, voluntarily prepay the Committed Loans
and the Term Loans in whole or in part without premium or penalty; provided, that (i) such notice must be in a form reasonably
acceptable to the Administrative Agent and be received by the Administrative Agent not later than 1:00 p.m. (A) three (3) Business
Days prior to any date of prepayment of LIBOR Rate Loans and (B) on the date of prepayment of Base Rate Loans and (ii) any such
prepayment of LIBOR Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof
and any such prepayment of Base Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess
thereof or, in each case, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date
and amount of such prepayment, the Type(s) of Committed Loans to be prepaid and, if LIBOR Rate Loans are to be prepaid, the Interest
Period(s) of such Committed Loans. The Administrative Agent will promptly notify each Lender of its receipt of each such notice,
and of the amount of such Lender’s ratable portion of such prepayment (based on such Lender’s Applicable Percentage).
If such notice is given, the Borrowers shall make such prepayment and the payment amount specified in such notice shall be due
and payable on the date specified therein; provided, that any such notice may state that such notice is conditioned upon
the effectiveness of other credit facilities or debt incurrences, in which case such notice may be revoked by the Borrowers (by
notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any prepayment
of a LIBOR Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required
pursuant to Section 3.05. Subject to Section 2.18, each such prepayment of the Term Loan shall be applied to the
Term Loan and shall be paid to the Lenders in accordance with their respective Applicable Percentages of the Term Loan. Subject
to Section 2.18, each such prepayment of the Committed Loan shall be applied to the Committed Loans of the Lenders in accordance
with their Applicable Percentages of the Committed Loans.

 

(b)          The
Borrowers may, upon notice to the Swing Line Lender (with a copy to the Administrative Agent), at any time or from time to time,
voluntarily prepay Swing Line Loans in whole or in part without premium or penalty; provided that (i) such notice must be
received by the Swing Line Lender and the Administrative Agent not later than 1:00 p.m. on the date of the prepayment, and (ii)
any such prepayment shall be in a minimum principal amount of $100,000. Each such notice shall specify the date and amount of such
prepayment. If such notice is given, the Borrowers shall make such prepayment and the payment amount specified in such notice shall
be due and payable on the date specified therein.

 

(c)          If
for any reason the Total Revolving Outstandings at any time exceed the Aggregate Commitments then in effect, the Borrowers shall
immediately prepay Committed Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to (i) such excess,
to the extent Committed Loans are being prepaid, or (ii) the Minimum Collateral Amount with respect to such excess, to the extent
L/C Obligations are being Cash Collateralized; provided, however, that the Borrowers shall not be required to Cash
Collateralize the L/C Obligations pursuant to this clause (c) unless after the prepayment in full of the Loans, the Total
Revolving Outstandings exceed the Aggregate Commitments then in effect.

 

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2.06       Termination
or Reduction of the Aggregate Commitments. The Borrowers may, upon notice to the Administrative Agent, terminate the Aggregate
Commitments, or from time to time permanently reduce the Aggregate Commitments; provided that (i) any such notice shall
be received by the Administrative Agent not later than 1:00 p.m. three (3) Business Days prior to the date of termination or reduction
(except that if no Loans are outstanding hereunder and no Letters of Credit are issued and outstanding hereunder or the effectiveness
of a new credit facility for the Borrowers is conditioned on the termination of this Agreement, any notice of termination of the
Aggregate Commitments may be received on the date of termination), (ii) any such partial reduction shall be in an aggregate amount
of $5,000,000 or any whole multiple of $1,000,000 in excess thereof, (iii) the Borrowers shall not terminate or reduce the Aggregate
Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Revolving Outstandings would
exceed the Aggregate Commitments; provided that the Borrowers may terminate the Aggregate Commitments if all Loans have
been paid in full, the Borrowers have Cash Collateralized, or provided other support acceptable to the L/C Issuer for, all outstanding
Letters of Credit, and there are no outstanding L/C Borrowings, and (iv) if, after giving effect to any reduction of the Aggregate
Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the amount of the Aggregate Commitments, the Letter
of Credit Sublimit and/or the Swing Line Sublimit, as the case may be, shall be automatically reduced by the amount of such excess.
The Administrative Agent will promptly notify the Revolving Lenders of any such notice of termination or reduction of the Aggregate
Commitments. Any reduction of the Aggregate Commitments shall be applied to the Revolving Commitment of each Revolving Lender
according to its Applicable Percentage. All fees accrued until the effective date of any termination of the Aggregate Commitments
shall be paid on the effective date of such termination.

 

2.07       Repayment
of Loans.

 

(a)          The
Term Loans. The Borrowers shall repay to the Term Loan Lenders on the Maturity Date applicable to the Term Loan the aggregate
principal amount of the Term Loans outstanding on such date.

 

(b)          Committed
Loans. The Borrowers shall repay to the Revolving Lenders on the Maturity Date applicable to Committed Loans the aggregate
principal amount of all Committed Loans outstanding on such date.

 

(c)          Swing
Line Loans. The Borrowers shall repay to the Swing Line Lender each Swing Line Loan on the earlier to occur of (i) the date
ten (10) Business Days after such Swing Line Loan is made and (ii) on the Maturity Date applicable to Committed Loans.

 

2.08       Interest.

 

(a)          Subject
to the provisions of subsection (b) below, (i) each LIBOR Rate Loan shall bear interest on the outstanding principal amount
thereof for each Interest Period at a rate per annum equal to the LIBOR Rate for such Interest Period plus the Applicable
Rate for LIBOR Loans; (ii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable
borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate for Base Rate Loans; and (iii) each Swing
Line Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum
equal to the Base Rate plus the Applicable Rate for Base Rate Loans or such other rate as may be agreed to from time to
time by the Borrowers and the Swing Line Lender; provided that after any purchase by the Lenders of a participation in any
Swing Line Loan, the rate of interest on such Swing Line Loan shall not be less than the Base Rate plus the Applicable Rate
for Base Rate Loans.

  

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(b)

 

(i)          If
any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether at stated maturity,
by acceleration (including automatic acceleration) or otherwise, such amount shall thereafter bear interest at a fluctuating interest
rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

 

(ii)         If
any amount (other than principal of any Loan) payable by the Borrowers under any Loan Document is not paid when due (including
any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required
Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default
Rate to the fullest extent permitted by applicable Laws.

 

(iii)        Upon
the request of the Required Lenders, while any Event of Default exists (other than as set forth in clauses (b)(i) and (b)(ii)
above), the Borrowers shall pay interest on the principal amount of all outstanding Loans and all other Obligations that are then
due and payable at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted
by applicable Laws.

 

(iv)        Accrued
and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand.

 

(c)          Interest
on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may
be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment,
and before and after the commencement of any proceeding under any Debtor Relief Law.

 

2.09       Fees.
In addition to certain fees described in subsections (h) and (i) of Section 2.03:

 

(a)          Commitment
Fee. The Borrowers, jointly and severally, agree to pay to the Administrative Agent for the account of each Revolving Lender
in accordance with its Applicable Percentage, a commitment fee (the “Commitment Fee”) equal to the Applicable
Rate for the Commitment Fee times the actual daily amount by which the Aggregate Commitments exceed the sum of (i) the Outstanding
Amount of Committed Loans and (ii) the Outstanding Amount of L/C Obligations, subject to adjustment as provided in Section 2.18.
The Commitment Fee shall accrue at all times during the Availability Period, including at any time during which one or more of
the conditions in Article IV is not met, and shall be due and payable quarterly in arrears on the first Business Day after
the end of each March, June, September and December, commencing with the first such date to occur after the Closing Date, and on
the Maturity Date or any earlier date on which the Revolving Commitments shall terminate. The Commitment Fee shall be calculated
quarterly in arrears, and if there is any change in the Applicable Rate during any quarter, the actual daily amount shall be computed
and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect. For
purposes of computing the Commitment Fee, Swing Line Loans shall not be counted towards or considered usage of the Aggregate Commitments.

 

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(b)          Other
Fees. The Borrowers, jointly and severally, shall pay to each Arranger and the Administrative Agent for their own respective
accounts fees in the amounts and at the times specified in the Fee Letters. Such fees shall be fully earned when paid and shall
not be refundable for any reason whatsoever.

 

2.10       Computation
of Interest and Fees; Retroactive Adjustments of Applicable Rate.

 

(a)          All
computations of interest for Base Rate Loans shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual
days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed
(which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall
accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day
on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall,
subject to Section 2.12(a), bear interest for one (1) day. Each determination by the Administrative Agent of an interest
rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

 

(b)          If,
as a result of any restatement of or other adjustment to the financial statements of the Borrowers or for any other reason, the
Borrowers or the Lenders determine that (i) the Leverage Ratio as calculated by the Borrowers as of any applicable date was inaccurate
and (ii) a proper calculation of the Leverage Ratio would have resulted in higher pricing for such period, the Borrowers shall
immediately and retroactively be obligated to pay to the Administrative Agent for the account of the applicable Lenders or the
L/C Issuer, as the case may be, promptly on demand by the Administrative Agent (or, after the occurrence of an actual or deemed
entry of an order for relief with respect to any Borrower under the Bankruptcy Code, automatically and without further action by
the Administrative Agent, any Lender or the L/C Issuer), an amount equal to the excess of the amount of interest and fees that
should have been paid for such period over the amount of interest and fees actually paid for such period. This paragraph shall
not limit the rights of the Administrative Agent, any Lender or the L/C Issuer, as the case may be, under Section 2.03(c)(iii),
2.03(i) or 2.08(b) or under Article VIII. The Borrowers’ obligations under this paragraph shall survive
the termination of the Aggregate Commitments and the repayment of all Obligations hereunder.

 

2.11       Evidence
of Debt.

 

(a)          The
Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the
Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each
Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrowers and
the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect
the obligation of the Borrowers hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict
between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of
such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. Upon the request
of any Lender made through the Administrative Agent, the Borrowers shall execute and deliver to such Lender (through the Administrative
Agent) a Revolving Credit Note and/or a Term Note, which shall evidence such Lender’s Committed Loans and/or Term Loan, as
applicable, in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date,
Type (if applicable), amount and maturity of its Loans and payments with respect thereto.

 

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(b)          In
addition to the accounts and records referred to in subsection (a) above, each Lender and the Administrative Agent shall
maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations
in Letters of Credit and Swing Line Loans. In the event of any conflict between the accounts and records maintained by the Administrative
Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of the Administrative Agent
shall control in the absence of manifest error.

 

2.12       Payments
Generally; the Administrative Agent’s Clawback.

 

(a)          General.
All payments to be made by the Borrowers shall be made free and clear of and without condition or deduction (subject to Section
3.01) for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the
Borrowers hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment
is owed, at the Administrative Agent’s Office in Dollars and in immediately available funds not later than 12:00 Noon on
the date specified herein. The Administrative Agent will promptly distribute to each Lender its Applicable Percentage (or other
applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending
Office. All payments received by the Administrative Agent after 12:00 Noon shall be deemed received on the next succeeding Business
Day and any applicable interest or fee shall continue to accrue. If any payment to be made by the Borrowers shall come due on a
day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected
in computing interest or fees, as the case may be.

 

(b)

 

(i)          Funding
by the Lenders; Presumption by the Administrative Agent. Unless the Administrative Agent shall have received notice from a
Lender prior to the proposed date of any Borrowing of LIBOR Rate Loans (or, in the case of any Borrowing of Base Rate Loans, prior
to 12:00 Noon on the date of such Borrowing) that such Lender will not make available to the Administrative Agent such Lender’s
share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance
with Section 2.02 or Section 2.14, as applicable (or, in the case of a Borrowing of Base Rate Loans, that such Lender
has made such share available in accordance with and at the time required by Section 2.02) and may, in reliance upon such
assumption, make available to the Borrowers a corresponding amount. In such event, if a Lender has not in fact made its share of
the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrowers severally agree to
pay to the Administrative Agent forthwith on demand such corresponding amount in immediately available funds with interest thereon,
for each day from and including the date such amount is made available to the Borrowers to but excluding the date of payment to
the Administrative Agent, at (A) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and
a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, plus any administrative,
processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing and (B) in the case
of a payment to be made by the Borrowers, the interest rate applicable to Base Rate Loans. If the Borrowers and such Lender shall
pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit
to the Borrowers the amount of such interest paid by the Borrowers for such period. If such Lender pays its share of the applicable
Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan included in such Borrowing.
Any payment by the Borrowers shall be without prejudice to any claim the Borrowers may have against a Lender that shall have failed
to make such payment to the Administrative Agent.

 

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(ii)         Payments
by the Borrowers; Presumptions by the Administrative Agent. Unless the Administrative Agent shall have received notice from
the Borrowers prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or an L/C
Issuer hereunder that the Borrowers will not make such payment, the Administrative Agent may assume that the Borrowers have made
such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the appropriate Lenders
or such L/C Issuer, as the case may be, the amount due. In such event, if the Borrowers have not in fact made such payment, then
each of the appropriate Lenders or L/C Issuers, as the case may be, severally agrees to repay to the Administrative Agent forthwith
on demand the amount so distributed to such Lender or such L/C Issuer, in immediately available funds with interest thereon, for
each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative
Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry
rules on interbank compensation.

 

A notice of the Administrative
Agent to any Lender or any Borrower with respect to any amount owing under this subsection (b) shall be conclusive, absent
manifest error.

 

(c)          Failure
to Satisfy Conditions Precedent. If any Lender makes available to the Administrative Agent funds for any Loan to be made by
such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the Borrowers
by the Administrative Agent because the conditions to the applicable Credit Extension set forth in Article IV are not satisfied
or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from
such Lender) to such Lender, without interest.

 

(d)          Obligations
of the Lenders Several. The obligations of the Lenders hereunder to make the Term Loans, Committed Loans and any other Loan
advanced hereunder from time to time, to fund participations in Letters of Credit and Swing Line Loans and to make payments under
Section 10.04(c) are several and not joint. The failure of any Lender to make any Loan, to fund any such participation or
to make any payment under Section 10.04(c) on any date required hereunder shall not relieve any other Lender of its corresponding
obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan, as
the case may be, purchase its participation or to make its payment under Section 10.04(c).

 

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(e)          Funding
Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner
or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place
or manner.

 

(f)          Insufficient
Funds. If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts
of principal, L/C Borrowings, interest and fees then due hereunder, such funds shall be applied (i) first, toward payment
of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest
and fees then due to such parties, and (ii) second, toward payment of principal and L/C Borrowings then due hereunder, ratably
among the parties entitled thereto in accordance with the amounts of principal and L/C Borrowings then due to such parties.

 

2.13      Sharing
of Payments.

 

(a)          If
any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of
or interest on any of the Loans made by it, or the participations in L/C Obligations or in Swing Line Loans held by it, resulting
in such Lender’s receiving payment of a proportion of the aggregate amount of such Loans or participations and accrued interest
thereon greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall
(a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans and subparticipations
in L/C Obligations and Swing Line Loans of the other Lenders, or make such other adjustments as shall be equitable, so that the
benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and
accrued interest on their respective Loans and other amounts owing them, provided that:

 

(i)          if
any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto is recovered,
such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without
interest; and

 

(ii)         the
provisions of this Section shall not be construed to apply to (A) any payment made by or on behalf of the Borrowers pursuant to
and in accordance with the express terms of this Agreement (including, but not limited to, the application of funds arising from
the existence of a Defaulting Lender), (B) the application of Cash Collateral provided for in Section 2.17, (C) any payment
obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or subparticipations
in L/C Obligations or Swing Line Loans to any assignee or participant, or (D) any payment of consideration for executing any amendment,
waiver or consent in connection with this Agreement so long as such consideration has been offered to all consenting Lenders.

 

Each Borrower consents to the foregoing
and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to
the foregoing arrangements may exercise against such Borrower rights of setoff and counterclaim with respect to such participation
as fully as if such Lender were a direct creditor of such Borrower in the amount of such participation.

 

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2.14       Accordion
Advances (Increases and Replacements of the Aggregate Commitments and New or Increased Term Loans).

 

(a)          Request
for Accordion Advance. Provided there exists no Default or Event of Default, upon notice to the Administrative Agent (which
shall thereafter promptly notify the Lenders as set forth in this Section), and subject to the terms of this Section 2.14,
the Borrowers may from time to time, without obtaining further consent from the Lenders, request (i) an increase in or replacement
of the Aggregate Commitments (which increase or replacement and the proceeds of any Committed Loans to be advanced thereunder may
be used, in whole or in part, to prepay any Loans then outstanding in accordance with the terms hereof), and (ii) one or more term
loans (which term loan may be in the form of a new term loan tranche or an increase to the Term Loan or any other term loan advanced
hereunder from time to time and then outstanding), the proceeds of which may be used, in whole or in part, to prepay any Loans
then outstanding in accordance with the terms hereof (any such term loan or increase in or replacement of the Aggregate Commitments,
an “Accordion Advance”); provided that the aggregate amounts so requested under clauses (i) and
(ii) above after the date hereof (excluding any such amounts to the extent concurrently used to prepay term loans or replace
Aggregate Commitments) shall not exceed $300,000,000; and provided, further, that, after giving effect to any such
Accordion Advance, the Total Facility Amount shall not at any time exceed $2,300,000,000 in the aggregate (minus any and
all permanent reductions of the Aggregate Commitments previously effected by the Borrowers pursuant to Section 2.06 or prepayments
of the Term Loan or any other term loan advanced hereunder from time to time and then outstanding (other than in connection with
a prior term loan or replacement of the Aggregate Commitments under this Section 2.14(a))). In no event shall any existing
Lender be required to increase its Revolving Commitment or fund any portion of any Accordion Advance.

 

Any Accordion Advance
will be subject to pricing and fees based on the then-current market for borrowers with similar credit profiles and ratings as
mutually agreed to by the Borrowers, the Administrative Agent and the Lenders providing commitments for such Accordion Advance,
as set forth in any applicable Conforming Amendment (defined below) or related fee letters.

 

(b)          Loan
Terms and Conditions. To the extent that a new or increased term loan or a replacement of the Aggregate Commitments is requested
pursuant to the terms of this Agreement (any such new or increased term loan or replacement of the Aggregate Commitments, an “Accordion
Tranche”), such Accordion Tranche shall, in addition to compliance with the other applicable terms of this Section
2.14, be subject to additional customary terms and conditions as are agreed among the Borrowers, the Administrative Agent and
the Lenders participating in such Accordion Tranche, in any event including the following:

 

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(i)          Evidence
of Indebtedness; Loan Accounts. Each Lender participating in such Accordion Tranche shall maintain, in accordance with its
usual practice, an account or accounts evidencing indebtedness of the Borrowers to such Lender resulting from such Lender’s
share of such Accordion Tranche from time to time, including the amounts of principal, interest or fees payable and paid to such
Lender from time to time under this Agreement. The Administrative Agent shall maintain accounts (including the Register) in which
it shall record (A) the amount of such Accordion Tranche, the amount of any Loans advanced thereunder and each Interest Period
applicable thereto, (B) the amount of any principal, interest or fees due and payable or to become due and payable from the Borrowers
to each Lender participating in such Accordion Tranche, and (C) both the amount of any sum received by the Administrative Agent
hereunder for the account of the Lenders and each Lender’s share thereof (if any). The entries made in the accounts maintained
by each Lender participating in such Accordion Tranche pursuant to this Section 2.14 shall be conclusive absent manifest
error; provided, however, that the failure of any Lender or the Administrative Agent to maintain any such accounts
or note record, or any error therein, shall not in any manner affect the obligation of the Borrowers to repay (with applicable
interest) any Loans advanced under such or the applicable Accordion Tranche made in accordance with the terms of this Agreement.
If requested by any Lender participating in such Accordion Tranche, the Borrowers shall execute a promissory note with respect
to such Lender’s portion of such Accordion Tranche.

 

(ii)         Interest
on any Accordion Tranche. After such Accordion Tranche has been created, (x) the provisions of Section 2.02 hereof shall
apply mutatis mutandis with respect to all or any portion of any Loans advanced under such Accordion Tranche so that,
to the extent applicable, the Borrowers may have the same interest rate options with respect to all or any portion of the Loans
advanced under such Accordion Tranche as they would be entitled to with respect to the Loans then outstanding, and (y) the provisions
of Article III of this Agreement shall also apply to Loans advanced under such Accordion Tranche.

 

(iii)        Pari
Passu Treatment of any Accordion Tranche. Any Loans advanced under any Accordion Tranche created hereunder (A) shall rank pari
passu in right of payment and of security (if any) with all other Loans and (B) shall be governed by and subject to all
of the provisions, terms and conditions set forth in this Agreement and the other Loan Documents in every respect as though such
Loan was an original “Loan” (and in the case of a replacement of the Aggregate Commitments, an original “Committed
Loan”) referred to herein and will constitute an Obligation of the Borrowers hereunder.

 

(c)          Acceding
Lenders. Subject to the approval of the Administrative Agent (and the L/C Issuers and the Swing Line Lender only with respect
to an increase in the Aggregate Commitments), which approvals shall not be unreasonably withheld, the Borrowers may invite any
Lender and/or one or more other commercial banks, other financial institutions or other Persons (in each case, an “Acceding
Lender”) to become party to this Agreement as a Lender. Such Acceding Lender shall become a Lender hereunder by entering
into an instrument of accession in substantially the form of Exhibit E hereto (an “Instrument of Accession”)
with the Borrowers and the Administrative Agent and assuming thereunder the rights and obligations (as the case may be) of a Revolving
Lender hereunder, including, without limitation, commitments to make Committed Loans and participate in the risk relating to Letters
of Credit and Swing Line Loans and/or the obligation to fund a portion of a new or increased term loan subject to the terms of
this Section, and the Aggregate Commitments and/or the new or increased term loan (as the case may be) shall be funded by the amount
of such Acceding Lender’s interest all in accordance with the provisions of this Section.

 

(d)          Reallocation.
The Borrowers shall indemnify the Lenders and the Administrative Agent for any cost or expense incurred as a consequence of the
reallocation of any LIBOR Rate Loans to an Acceding Lender pursuant to the provisions of Section 3.05 hereof.

 

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(e)          Effective
Date and Allocations. Upon a request by the Borrowers for an Accordion Advance in accordance with this Section, the Administrative
Agent and the Borrowers shall determine, as applicable, the effective date of any such Accordion Advance (any such date, the “Accordion
Funding Date”) and the final allocation of any such Accordion Advance. The Administrative Agent shall promptly notify
the Borrowers and the Lenders and Acceding Lenders, if any, of the final allocation of such Accordion Advance. On any Accordion
Funding Date, Schedule 2.01 hereto shall be amended to reflect, as the case may be, (x) the name, address, and, as the case
may be, the Revolving Commitment of the Lenders and/or the amount of the portion of the new or increased term loan advanced or
to be advanced by each Term Loan Lender (and, if applicable, any Acceding Lender), (y) the amount of the Aggregate Commitments
and/or any new or increased term loan (after giving effect to any Accordion Advance), and (z) the changes to the respective Applicable
Percentages of the Lenders (after giving effect to any Accordion Advance).

 

(f)          Conforming
Amendment. To the extent that conforming changes (including incorporating the Accordion Advances and payment and pricing provisions
applicable thereto) to this Agreement must be made to effect an Accordion Advance in accordance with this Section, the Administrative
Agent and the Borrowers may enter into an amendment (a “Conforming Amendment”) effecting such changes. Any such
Conforming Amendment shall not require the consent of any Person other than the participating Lenders or Acceding Lenders, as applicable,
the Borrowers and the Administrative Agent so long as such Conforming Amendment does not provide for new or amended covenants or
events of default applicable to any Accordion Advance; provided, that upon the execution of any Conforming Amendment, the
Administrative Agent shall distribute a copy thereof to all of the Lenders. If such Conforming Amendment provides for new or amended
covenants or events of default applicable to any Accordion Advance, the provisions of such Conforming Amendment giving effect to
such new or amended covenants or events of default shall be subject to the consent of the Required Lenders (in accordance with
Section 10.01) calculated without giving effect to the applicable Accordion Advance.

 

(g)          Conditions
to Effectiveness of any Accordion Advance. As a condition precedent to any such Accordion Advance under this Section 2.14,
the Borrowers shall deliver to the Administrative Agent (i) upon the request of any Lender, a Note (or an allonge to such Lender’s
existing Note) evidencing such Lender’s portion of any Accordion Advance, (ii) evidence of applicable corporate authorization
and other corporate documentation from the Borrowers and the legal opinion of counsel to the Borrowers, each in form and substance
reasonably satisfactory to the Administrative Agent and such Lenders as are participating in such Accordion Advance, (iii) a certificate,
dated as of any Accordion Funding Date, signed by a Responsible Officer of the Parent certifying that, before and after giving
effect to such Accordion Advance, the applicable conditions set forth in Section 4.02 will be satisfied, (iv) a pro forma
Compliance Certificate reflecting compliance with Section 7.14 (using Consolidated EBITDA of the Consolidated Group as of
the last day of the applicable Pro Forma Reference Period (but including any addbacks to Consolidated EBITDA previously approved
in the period following the last day of the applicable Pro Forma Reference Period) and Consolidated Total Funded Debt as of the
date of, and after giving effect to, such Accordion Advance (with such amounts adjusted as if such Accordion Advance occurred on
the first day of the applicable Pro Forma Reference Period)), (v) to the extent applicable, executed counterparts to a Conforming
Amendment, and (vi) payment of (A) all of the Administrative Agent’s reasonable legal fees and expenses incurred in connection
with such Accordion Advance and (B) the fees set forth in any applicable fee letter. In addition, the Borrowers shall, after taking
into account the application of any Accordion Advance, if applicable, prepay any Committed Loans or the Term Loan outstanding on
any Accordion Funding Date (and pay any additional amounts required under Article III of this Agreement) to the extent necessary
to keep the outstanding Committed Loans and Term Loan ratable with any revised Applicable Percentages in respect of Committed Loans
or the Term Loan arising from any nonratable increase in the Aggregate Commitments or the Term Loan.

 

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(h)          Conflicting
Provisions. This Section shall supersede any provisions in Section 2.13 or 10.01 to the contrary.

 

2.15       Joint
and Several Liability of the Borrowers.

 

(a)          Each
of the Borrowers is accepting joint and several liability for the Obligations of all of the Borrowers hereunder and under the other
Loan Documents in consideration of the financial accommodations to be provided by the Administrative Agent and the Lenders under
this Agreement, for the mutual benefit, directly and indirectly, of each of the Borrowers and in consideration of the undertakings
of each other Borrower to accept joint and several liability for the Obligations.

 

(b)          Each
of the Borrowers, jointly and severally, hereby irrevocably and unconditionally accepts, not merely as a surety but also as a co-debtor,
joint and several liability with the other the Borrowers with respect to the payment and performance of all of the Obligations
of the Borrowers (including, without limitation, any Obligations arising under this Section 2.15), it being the intention
of the parties hereto that all of the Obligations shall be the joint and several obligations of each of the Borrowers without preferences
or distinction among them.

 

(c)          If
and to the extent that any of the Borrowers shall fail to make any payment with respect to any of the Obligations as and when due
or to perform any of the Obligations in accordance with the terms thereof, then in each such event the Borrowers will make such
payment with respect to, or perform, such Obligation.

 

(d)          The
Obligations of each of the Borrowers under the provisions of this Section 2.15 constitute full recourse obligations of each
of such the Borrowers enforceable against each such Borrower to the full extent of its properties and assets.

 

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(e)          Except
as otherwise expressly provided in this Agreement, each of the Borrowers, to the fullest extent permitted by applicable law, hereby
waives notice of acceptance of its joint and several liability, notice of any Loans or other extensions of credit made under this
Agreement, notice of any action at any time taken or omitted by the Administrative Agent or the Lenders under or in respect of
any of the Obligations, and, generally, to the extent permitted by applicable law, all demands, notices (other than those required
pursuant to the terms of this Agreement or the Loan Documents) and other formalities of every kind in connection with this Agreement.
Each Borrower, to the fullest extent permitted by applicable law, hereby waives all defenses which may be available by virtue of
any valuation, stay, moratorium law or other similar law now or hereafter in effect, any right to require the marshaling of assets
of the Borrowers and any other entity or Person primarily or secondarily liable with respect to any of the Obligations and all
suretyship defenses generally. Each of the Borrowers, to the fullest extent permitted by applicable law, hereby assents to, and
waives notice of, any extension or postponement of the time for the payment of any of the Obligations, the acceptance of any payment
of any of the Obligations, the acceptance of any partial payment thereon, any waiver, consent or other action or acquiescence by
the Lenders at any time or times in respect of any default by any of the Borrowers in the performance or satisfaction of any term,
covenant, condition or provision of this Agreement, any and all other indulgences whatsoever by the Lenders in respect of any of
the Obligations, and the taking, addition, substitution or release, in whole or in part, at any time or times, of any security
for any of the Obligations or the addition, substitution or release, in whole or in part, of any of the Borrowers. Without limiting
the generality of the foregoing, each of the Borrowers assents to any other action or delay in acting or failure to act on the
part of the Lenders with respect to the failure by any of the Borrowers to comply with any of its respective Obligations including,
without limitation, any failure strictly or diligently to assert any right or to pursue any remedy or to comply fully with applicable
laws or regulations thereunder, which might, but for the provisions of this Section 2.15, afford grounds for terminating,
discharging or relieving any Borrower, in whole or in part, from any of its Obligations under this Section 2.15, it being
the intention of each of the Borrowers that, so long as any of the Obligations hereunder remain unsatisfied, the Obligations of
such the Borrowers under this Section 2.15 shall not be discharged except by performance and then only to the extent of
such performance. The Obligations of each of the Borrowers under this Section 2.15 shall not be diminished or rendered unenforceable
by any winding up, reorganization, arrangement, liquidation, re-construction or similar proceeding with respect to any of the Borrowers,
the Administrative Agent or the Lenders. The joint and several liability of the Borrowers hereunder shall continue in full force
and effect notwithstanding any absorption, merger, amalgamation or any other change whatsoever in the name, membership, constitution
or place of formation of any of the Borrowers, the Administrative Agent or the Lenders.

 

(f)          To
the extent any Borrower makes a payment hereunder in excess of the aggregate amount of the benefit received by such Borrower in
respect of the extensions of credit under this Agreement (the “Benefit Amount”), then such Borrower, after the
payment in full in cash, of all of the Obligations, shall be entitled to recover from each other Borrower such excess payment,
pro rata, in accordance with the ratio of the Benefit Amount received by each such other Borrower to the total Benefit Amount
received by all the Borrowers, and the right to such recovery shall be deemed to be an asset and property of such Borrower so funding;
provided, that each of the Borrowers hereby agrees that it will not enforce any of its rights of contribution or subrogation
against the other the Borrowers with respect to any liability incurred by it hereunder or under any of the other Loan Documents,
any payments made by it to any of the Lenders or the Administrative Agent with respect to any of the Obligations or any collateral
security therefor until such time as all of the Obligations have been irrevocably paid in full in cash, the Aggregate Commitments
have been terminated and no Letters of Credit remain outstanding. Any claim which any Borrower may have against any other Borrower
with respect to any payments to the Lenders or the Administrative Agent hereunder or under any other Loan Document are hereby expressly
made subordinate and junior in right of payment, without limitation as to any increases in the Obligations arising hereunder or
thereunder, to the prior payment in full of the Obligations and, in the event of any insolvency, bankruptcy, receivership, liquidation,
reorganization or other similar proceeding under the laws of any jurisdiction relating to any Borrower, its debts or its assets,
whether voluntary or involuntary, all such Obligations shall be paid in full before any payment or distribution of any character,
whether in cash, securities or other property, shall be made to any other Borrower therefor.

 

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(g)          Each
of the Borrowers hereby agrees that the payment of any amounts due with respect to the indebtedness owing by any Borrower to any
other Borrower is hereby subordinated to the prior payment in full in cash of the Obligations. Each Borrower hereby agrees that
after the occurrences and during the continuance of any Default or Event of Default, such Borrower will not demand, sue for or
otherwise attempt to collect any indebtedness of any other Borrower owing to such Borrower until the Obligations shall have been
paid in full in cash. If, notwithstanding the foregoing sentence, such Borrower shall collect, enforce or receive any amounts in
respect of such indebtedness before payment in full in cash of the Obligations, such amounts shall be collected, enforced, received
by such Borrower as trustee for the Administrative Agent and be paid over to the Administrative Agent for the pro rata accounts
of the Lenders (in accordance with each such Lender’s Applicable Percentage) to be applied to repay (or be held as security
for the repayment of) the Obligations.

 

(h)          The
provisions of this Section 2.15 are made for the benefit of the Administrative Agent and the Lenders and their successors
and assigns, and may be enforced in good faith by them from time to time against any or all of the Borrowers as often as the occasion
therefor may arise and without requirement on the part of the Administrative Agent or the Lenders first to marshal any of their
claims or to exercise any of their rights against any other Borrower or to exhaust any remedies available to them against any other
Borrower or to resort to any other source or means of obtaining payment of any of the Obligations hereunder or to elect any other
remedy. The provisions of this Section 2.15 shall remain in effect until all of the Obligations shall have been paid in
full or otherwise fully satisfied. If at any time, any payment, or any part thereof, made in respect of any of the Obligations,
is rescinded or must otherwise be restored or returned by the Administrative Agent or the Lenders upon the insolvency, bankruptcy
or reorganization of any of the Borrowers or is repaid in good faith settlement of a pending or threatened avoidance claim, or
otherwise, the provisions of this Section 2.15 will forthwith be reinstated in effect, as though such payment had not been
made.

 

(i)          It
is the intention and agreement of the Borrowers and the Lenders that the obligations of the Borrowers under this Agreement shall
be valid and enforceable against each Borrower to the maximum extent permitted by applicable law. Accordingly, if any provision
of this Agreement creating any obligation of the Borrowers in favor of the Administrative Agent and the Lenders shall be declared
to be invalid or unenforceable in any respect or to any extent, it is the stated intention and agreement of the Borrowers, the
Administrative Agent and the Lenders that any balance of the obligation created by such provision and all other obligations of
the Borrowers to the Administrative Agent and the Lenders created by other provisions of this Agreement shall remain valid and
enforceable. Likewise, if by final order a court of competent jurisdiction shall declare any sums which the Administrative Agent
and the Lenders may be otherwise entitled to collect from the Borrowers under this Agreement to be in excess of those permitted
under any law (including any federal or state fraudulent conveyance or like statute or rule of law) applicable to the Borrowers’
obligations under this Agreement, it is the stated intention and agreement of the Borrowers and the Administrative Agent and the
Lenders that all sums not in excess of those permitted under such applicable law shall remain fully collectible by the Administrative
Agent and the Lenders from the Borrowers.

 

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(j)          Notwithstanding
anything contained herein, the obligations of each Borrower under this Section 2.15 at any time shall be limited to an aggregate
amount equal to the largest amount that would not render its obligations hereunder subject to avoidance as a fraudulent transfer
or conveyance under Section 548 of the Bankruptcy Code or any other Debt Relief Laws.

 

2.16      Designation
of Parent as the Agent for the Borrowers. For purposes of this Agreement, each of the Borrowers hereby designates the Parent
as its agent and representative for all purposes hereunder (including with respect to any notices, demands, communications or requests
under this Agreement or the other Loan Documents) and the Parent hereby accepts each such appointment. The Administrative Agent
and each Lender may regard any notice or other communication pursuant to any Loan Document from the Parent as a notice or communication
from all the Borrowers, and may give any notice or communication required or permitted to be given to any Borrower or the Borrowers
hereunder to the Parent on behalf of such Borrower or the Borrowers. Each Borrower agrees that each notice, election, representation
and warranty, covenant, agreement and undertaking made on its behalf by the Parent shall be deemed for all purposes to have been
made by such Borrower and shall be binding upon and enforceable against such Borrower to the same extent as if the same had been
made directly by such Borrower.

 

2.17      Cash
Collateral.

 

(a)          Certain
Credit Support Events. If (i) any L/C Issuer has honored any full or partial drawing request under any Letter of Credit and
such drawing has resulted in an L/C Borrowing, (ii) as of the Letter of Credit Expiration Date, any L/C Obligation for any reason
remains outstanding, (iii) the Borrowers are be required to provide Cash Collateral pursuant to Section 2.05(c) or 8.02(c),
or (iv) there exists a Defaulting Lender, then, in any such case, the Borrowers shall immediately (in the case of clause (iii)
above) or within one (1) Business Day (in all other cases) following any request by the Administrative Agent or such L/C Issuer,
provide Cash Collateral in an amount not less than the applicable Minimum Collateral Amount (determined, in the case of Cash Collateral
provided pursuant to clause (iv) above, after giving effect to Section 2.18(a)(iv) and any Cash Collateral provided
by the Defaulting Lender).

 

(b)          Grant
of Security Interest. The Borrowers, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants
to (and subjects to the control of) the Administrative Agent, for the benefit of the Administrative Agent, the L/C Issuers and
the Lenders, and agrees to maintain, a first priority security interest in all such cash, deposit accounts and all balances therein,
and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the
obligations to which such Cash Collateral may be applied pursuant to Section 2.17(c). If at any time the Administrative
Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent or the
L/C Issuers as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the
Borrowers will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral
in an amount sufficient to eliminate such deficiency. All Cash Collateral (other than credit support not constituting funds subject
to deposit) shall be maintained in blocked, non-interest bearing deposit accounts at the Administrative Agent. The Borrowers shall
pay on demand therefor from time to time all reasonable and customary account opening, activity and other administrative fees and
charges in connection with the maintenance and disbursement of Cash Collateral.

 

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(c)          Application.
Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this Section 2.17
or Sections 2.03, 2.05, 2.18 or 8.02 in respect of Letters of Credit shall be held and applied to the
satisfaction of the specific L/C Obligations, obligations to fund participations therein (including, as to Cash Collateral provided
by a Defaulting Lender, any interest accrued on such obligation) and other obligations (as identified at the time of the provision
thereof) for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be provided
for herein.

 

(d)          Release.
Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or to secure other obligations shall
be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto
(including by the termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee following
compliance with Section 10.06(b)(vi))) or (ii) the good faith determination by the Administrative Agent or the L/C Issuer
that there exists excess Cash Collateral; provided, however, that the Person providing Cash Collateral and the applicable
L/C Issuer may agree that Cash Collateral shall not be released but instead held to support future anticipated Fronting Exposure
or other obligations.

 

2.18       Defaulting
Lenders.

 

(a)          Adjustments.
Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such
time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law:

 

(i)          Waivers
and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect
to this Agreement shall be restricted as set forth in the definition of “Required Lenders” and Section 10.01.

 

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(ii)         Defaulting
Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account
of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise) or received
by the Administrative Agent by such Defaulting Lender pursuant to Section 10.08, shall be applied at such time or times
as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting
Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by
such Defaulting Lender to the L/C Issuers or the Swing Line Lender hereunder; third, to Cash Collateralize the L/C Issuers’
Fronting Exposure, on a pro rata basis, with respect to such Defaulting Lender in accordance with Section 2.17; fourth,
as the Borrowers may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which
such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative
Agent; fifth, if so determined by the Administrative Agent and the Borrowers, to be held in a non-interest bearing deposit
account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations
with respect to Loans under this Agreement and (y) Cash Collateralize the L/C Issuers’ future Fronting Exposure with respect
to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with Section 2.16;
sixth, to the payment of any amounts owing to the Lenders, any L/C Issuer or the Swing Line Lender as a result of any judgment
of a court of competent jurisdiction obtained by any Lender, the L/C Issuers or the Swing Line Lender against such Defaulting Lender
as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default
or Event of Default exists, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent
jurisdiction obtained by the Borrowers against such Defaulting Lender as a result of such Defaulting Lender’s breach of its
obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent
jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings in respect
of which such Defaulting Lender has not fully funded its appropriate share and (y) such Loans were made or the related Letters
of Credit were issued at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall
be applied solely to pay the Loans of, and L/C Obligations owed to, all Non-Defaulting Lenders on a pro rata basis prior
to being applied to the payment of any Loans of, or L/C Obligations owed to, such Defaulting Lender until such time as all Loans
and funded and unfunded participations in L/C Obligations and Swing Line Loans are held by the Lenders pro rata in accordance
with the Commitments hereunder without giving effect to Section 2.18(a)(iv). Any payments, prepayments or other amounts
paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral
pursuant to this Section 2.18(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably
consents hereto.

 

(iii)        Certain
Fees.

 

(A)         No
Defaulting Lender shall be entitled to receive any Commitment Fee pursuant to Section 2.09(a) for any period during which
that Lender is a Defaulting Lender (and the Borrowers shall not be required to pay any such fee that otherwise would have been
required to have been paid to such Defaulting Lender).

 

(B)         Each
Defaulting Lender shall be entitled to receive L/C Fees for any period during which that Lender is a Defaulting Lender only to
the extent allocable to its Applicable Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral
pursuant to Section 2.17.

 

(C)         With
respect to any L/C Fee not required to be paid to any Defaulting Lender pursuant to clause (B) above, the Borrowers shall
(x) pay to each Non-Defaulting Lender that portion of such fee otherwise payable to such Defaulting Lender with respect to such
Defaulting Lender’s participation in L/C Obligations or Swing Line Loans that has been reallocated to such Non-Defaulting
Lender pursuant to clause (iv) below, (y) pay to the applicable L/C Issuer and Swing Line Lender, as applicable, the amount
of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such L/C Issuer’s or Swing Line Lender’s
Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee.

 

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(iv)        Reallocation
of Applicable Percentages to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in L/C
Obligations and Swing Line Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable
Percentages (calculated without regard to such Defaulting Lender’s Revolving Commitment) but only to the extent that such
reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting
Lender’s Revolving Commitment. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder
against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting
Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.

 

(v)         Cash
Collateral, Repayment of Swing Line Loans. If the reallocation described in clause (a)(iv) above cannot, or can only
partially, be effected, the Borrowers shall, without prejudice to any right or remedy available to it hereunder or under applicable
Law, (x) first, prepay Swing Line Loans in an amount equal to the Swing Line Lender’s Fronting Exposure and (y) second,
Cash Collateralize the applicable L/C Issuers’ Fronting Exposure in accordance with the procedures set forth in Section
2.17.

 

(b)          Defaulting
Lender Cure. If the Borrowers, the Administrative Agent, the Swing Line Lender and the L/C Issuers agree in writing that a
Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective
date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any
Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders
or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded
participations in Letters of Credit and Swing Line Loans to be held on a pro rata basis by the Lenders in accordance with
their Applicable Percentages (without giving effect to Section 2.18(a)(iv)), whereupon that Lender will cease to be a Defaulting
Lender; provided, that no adjustments will be made retroactively with respect to fees accrued or payments made by or on
behalf of the Borrowers while that Lender was a Defaulting Lender; and provided, further, that except to the extent
otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver
or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.

 

ARTICLE III.         TAXES,
YIELD PROTECTION AND ILLEGALITY

 

3.01       Taxes.

 

(a)          Payments
Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.

 

(i)          Any
and all payments by or on account of any obligation of any Borrower under any Loan Document shall be made without deduction or
withholding for any Taxes, except as required by applicable Laws. If any applicable Laws (as determined in the good faith discretion
of a Borrower or the Administrative Agent) require the deduction or withholding of any Tax from any such payment by the Administrative
Agent or such Borrower, then the Administrative Agent or such Borrower shall be entitled to make such deduction or withholding,
upon the basis of the information and documentation to be delivered pursuant to subsection (e) below.

 

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(ii)         If
any Borrower or the Administrative Agent shall be required by the Code to withhold or deduct any Taxes, including both United States
Federal backup withholding and withholding taxes, from any payment, then (A) such Borrower or the Administrative Agent, as applicable,
shall withhold or make such deductions as are determined by it to be required based upon the information and documentation it has
received pursuant to subsection (e) below, (B) such Borrower or the Administrative Agent, as applicable, shall timely pay
the full amount withheld or deducted to the relevant Governmental Authority in accordance with the Code, and (C) to the extent
that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Borrower shall be
increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable
to additional sums payable under this Section 3.01) the applicable Recipient receives an amount equal to the sum it would
have received had no such withholding or deduction been made.

 

(iii)        If
any Borrower or the Administrative Agent shall be required by any applicable Laws other than the Code to withhold or deduct any
Taxes from any payment, then (A) such Borrower or the Administrative Agent, as required by such Laws, shall withhold or make such
deductions as are determined by it to be required based upon the information and documentation it has received pursuant to subsection
(e) below, (B) such Borrower or the Administrative Agent, to the extent required by such Laws, shall timely pay the full amount
withheld or deducted to the relevant Governmental Authority in accordance with such Laws, and (C) to the extent that the withholding
or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Borrower shall be increased as necessary
so that after any required withholding or the making of all required deductions (including deductions applicable to additional
sums payable under this Section 3.01) the applicable Recipient receives an amount equal to the sum it would have received
had no such withholding or deduction been made.

 

(b)          Payment
of Other Taxes by the Borrowers. Without limiting the provisions of subsection (a) above, but subject to subsection
(c) below, the Borrowers shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the
option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

 

(c)          Tax
Indemnifications.

 

(i)          Each
of the Borrowers shall, and does hereby, jointly and severally indemnify each Recipient, and shall make payment in respect thereof
within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted
on or attributable to amounts payable under this Section 3.01) payable or paid by such Recipient or required to be withheld
or deducted from a payment to such Recipient, and any penalties, interest and reasonable expenses arising therefrom or with respect
thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority;
provided, however, that the Borrowers shall not be obligated to make payment to such Recipient pursuant to this Section
3.01 in respect of penalties, interest and other similar liabilities attributable to any Indemnified Taxes or Other Taxes if
(A) written demand therefor has not been made by such Recipient within one hundred eighty (180) days after the date on which such
Recipient received written notice of the imposition of Indemnified Taxes or Other Taxes by the relevant Governmental Authority,
but only to the extent such penalties, interest and other similar liabilities are attributable to such failure or delay by such
Recipient in making such written demand, or (B) such penalties, interest and other similar liabilities are attributable to the
gross negligence or willful misconduct of such Recipient or its Affiliates. A certificate as to the amount of such payment or liability
delivered to the Borrowers by a Lender or an L/C Issuer (with a copy to the Administrative Agent), or by the Administrative Agent
on its own behalf or on behalf of a Lender or an L/C Issuer, shall be conclusive absent manifest error. Each of the Borrowers shall,
and does hereby, jointly and severally indemnify the Administrative Agent, and shall make payment in respect thereof within 10
days after demand therefor, for any amount which a Lender or an L/C Issuer for any reason fails to pay indefeasibly to the Administrative
Agent as required pursuant to Section 3.01(c)(ii).

 

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(ii)         Each
Lender and each L/C Issuer shall, and does hereby, severally indemnify, and shall make payment in respect thereof within 10 days
after demand therefor, (x) the Administrative Agent against any Indemnified Taxes attributable to such Lender or such L/C Issuer
(but only to the extent that any Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without
limiting the obligation of the Borrowers to do so), (y) the Administrative Agent and the Borrowers, as applicable, against any
Taxes attributable to such Lender’s failure to comply with the provisions of Section 10.06(d) relating to the maintenance
of a Participant Register and (z) the Administrative Agent and the Borrowers, as applicable, against any Excluded Taxes attributable
to such Lender or such L/C Issuer, in each case, that are payable or paid by the Administrative Agent or a Borrower in connection
with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly
or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability
delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender and each L/C Issuer
hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender or such L/C
Issuer, as the case may be, under this Agreement or any other Loan Document against any amount due to the Administrative Agent
under this clause (ii).

 

(d)          Evidence
of Payments. As soon as practicable after any payment of Taxes by any Borrower or by the Administrative Agent to a Governmental
Authority as provided in this Section 3.01, the Borrowers shall deliver to the Administrative Agent (but only to the extent
available to the Borrowers with respect to any such payment made by the Administrative Agent) the original or a certified copy
of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by Laws to report such
payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

 

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(e)          Status
of Lenders; Tax Documentation.

 

(i)          Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document
shall deliver to the Borrowers and the Administrative Agent, at the time or times reasonably requested by the Borrowers or the
Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrowers or the Administrative
Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender,
if reasonably requested by the Borrowers or the Administrative Agent, shall deliver such other documentation prescribed by applicable
Law or reasonably requested by the Borrowers or the Administrative Agent as will enable the Borrowers or the Administrative Agent
to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding
anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other
than such documentation set forth in Section 3.01(e)(ii)(A), (e)(ii)(B) and (e)(ii)(D) below) shall not be
required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any
material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

 

(ii)         Without
limiting the generality of the foregoing, in the event that any Borrower is a U.S. Person,

 

(A)         any
Lender that is a U.S. Person shall deliver to the Borrowers and the Administrative Agent on or prior to the date on which such
Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrowers or
the Administrative Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding
tax;

 

(B)         any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrowers and the Administrative Agent (in
such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request of the Borrowers or the Administrative Agent),
whichever of the following is applicable:

 

(I)         in
the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect
to payments of interest under any Loan Document, executed copies of IRS Form W-8BENE (or W-8BEN, as applicable) establishing an
exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty
and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BENE (or W-8BEN, as applicable) establishing
an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other
income” article of such tax treaty;

 

(II)        executed
copies of IRS Form W-8ECI;

 

(III)       in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x)
a certificate substantially in the form of Exhibit F-1 to the effect that such Foreign Lender is not a “bank”
within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of any Borrower within the meaning
of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the
Code (a “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BENE (or W-8BEN, as applicable);
or

 

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(IV)        to
the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS
Form W-8BENE (or W-8BEN, as applicable), a U.S. Tax Compliance Certificate substantially in the form of Exhibit F-2 or Exhibit
F-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided, that if
the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio
interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit F-4
on behalf of each such direct and indirect partner;

 

(C)         any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrowers and the Administrative Agent (in
such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request of the Borrowers or the Administrative Agent),
executed copies of any other form prescribed by applicable Law as a basis for claiming exemption from or a reduction in U.S. federal
withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable Law to permit
the Borrowers or the Administrative Agent to determine the withholding or deduction required to be made; and

 

(D)         if
a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b)
of the Code, as applicable), such Lender shall deliver to the Borrowers and the Administrative Agent at the time or times prescribed
by law and at such time or times reasonably requested by the Borrowers 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 Borrowers or the Administrative Agent as may be necessary for the Borrowers and the Administrative Agent to comply
with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA
or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement. For purposes of determining withholding Taxes imposed
under FATCA, from and after the Closing Date, the Borrowers and the Administrative Agent shall treat (and the Lenders hereby authorize
the Administrative Agent to treat) the Loans and this Agreement as not qualifying as a “grandfathered obligation” within
the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

 

(iii)        Each
Lender agrees that if any form or certification it previously delivered pursuant to this Section 3.01 expires or becomes
obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrowers and the Administrative
Agent in writing of its legal inability to do so.

 

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(f)          Treatment
of Certain Refunds. Unless required by applicable Laws, at no time shall the Administrative Agent have any obligation to file
for or otherwise pursue on behalf of a Lender or the L/C Issuer, or have any obligation to pay to any Lender or the L/C Issuer,
any refund of Taxes withheld or deducted from funds paid for the account of such Lender or the L/C Issuer, as the case may be.
If any Recipient determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which
it has been indemnified by any Borrower or with respect to which any Borrower has paid additional amounts pursuant to this Section
3.01, it shall pay to such Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional
amounts paid, by such Borrower under this Section 3.01 with respect to the Taxes giving rise to such refund), net of all
out-of-pocket expenses (including Taxes) incurred by such Recipient, and without interest (other than any interest paid by the
relevant Governmental Authority with respect to such refund), provided that such Borrower, upon the request of the Recipient, agrees
to repay the amount paid over to such Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental
Authority) to the Recipient in the event the Recipient is required to repay such refund to such Governmental Authority. Notwithstanding
anything to the contrary in this subsection, in no event will the applicable Recipient be required to pay any amount to such Borrower
pursuant to this subsection the payment of which would place the Recipient in a less favorable net after-Tax position than such
Recipient would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld
or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This
subsection shall not be construed to require any Recipient to make available its tax returns (or any other information relating
to its taxes that it deems confidential) to any Borrower or any other Person.

 

(g)          Survival.
Each party’s obligations under this Section 3.01 shall survive the resignation or replacement of the Administrative
Agent or any assignment of rights by, or the replacement of, a Lender or any L/C Issuer, the termination of the Commitments and
the repayment, satisfaction or discharge of all Loans and other Obligations.

 

3.02       Illegality.
If any Lender reasonably determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it
is unlawful, for any Lender or its Lending Office to perform any of its obligations hereunder or make, maintain or fund or charge
interest with respect to any Credit Extension or to determine or charge interest rates based upon the LIBOR Rate, or any Governmental
Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars
in the London interbank market, then, on notice thereof by such Lender to the Borrowers through the Administrative Agent, (i) any
obligation of such Lender to issue, make, maintain, fund or charge interest with respect to any such Credit Extension or continue
LIBOR Rate Loans or to convert Base Rate Loans to LIBOR Rate Loans shall be suspended, and (ii) if such notice asserts the illegality
of such Lender making or maintaining Base Rate Loans the interest rate on which is determined by reference to the LIBOR Rate component
of the Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined
by the Administrative Agent without reference to the LIBOR Rate component of the Base Rate, in each case until such Lender notifies
the Administrative Agent and the Borrowers that the circumstances giving rise to such determination no longer exist. Upon receipt
of such notice, (x) the Borrowers shall, upon demand from such Lender (with a copy to the Administrative Agent), at the Borrowers’
option, prepay or, if applicable, convert all LIBOR Rate Loans of such Lender to Base Rate Loans (the interest rate on which Base
Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference
to the LIBOR Rate component of the Base Rate), either on the last day of the Interest Period therefor, if such Lender may lawfully
continue to maintain such LIBOR Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such
LIBOR Rate Loans and (y) if such notice asserts the illegality of such Lender determining or charging interest rates based upon
the LIBOR Rate, the Administrative Agent shall during the period of such suspension compute the Base Rate applicable to such Lender
without reference to the LIBOR Rate component thereof until the Administrative Agent is advised in writing by such Lender that
it is no longer illegal for such Lender to determine or charge interest rates based upon the LIBOR Rate. Upon any such prepayment
or conversion, the Borrowers shall also pay accrued interest on the amount so prepaid or converted.

 

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3.03       Inability
to Determine Rates. If in connection with any request for a LIBOR Rate Loan or a conversion to or continuation thereof (a)
the Administrative Agent determines that (i) Dollar deposits are not being offered to banks in the London interbank eurodollar
market for the applicable amount and Interest Period of such LIBOR Rate Loan or (ii) adequate and reasonable means do not exist
for determining the LIBOR Rate for any requested Interest Period with respect to a proposed LIBOR Rate Loan or in connection with
an existing or proposed Base Rate Loan (in each case with respect to clause (a)(i) above, “Impacted Loans”), or (b)
the Administrative Agent or the Required Lenders determine that for any reason the LIBOR Rate for any requested Interest Period
with respect to a proposed LIBOR Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such LIBOR
Rate Loan, the Administrative Agent will promptly so notify the Borrowers and each Lender. Thereafter, (x) the obligation of the
Lenders to make or maintain LIBOR Rate Loans shall be suspended (to the extent of the affected LIBOR Rate Loans or Interest Periods),
and (y) in the event of a determination described in the preceding sentence with respect to the LIBOR Rate component of the Base
Rate, the utilization of the LIBOR Rate component in determining the Base Rate shall be suspended (to the extent of the affected
LIBOR Rate Loans or Interest Periods), in each case until the Administrative Agent upon the instruction of the Required Lenders
revokes such notice. Upon receipt of such notice, the Borrowers may revoke any pending request for a Borrowing of, conversion to
or continuation of LIBOR Rate Loans (to the extent of the affected LIBOR Rate Loans or Interest Periods) or, failing that, will
be deemed to have converted such request into a request for a Borrowing of Base Rate Loans in the amount specified therein.

 

Notwithstanding the
foregoing, if the Administrative Agent has made the determination described in clause (a)(i) of this section, the Administrative
Agent, in consultation with the Borrowers and the affected Lenders, may establish an alternative interest rate for the Impacted
Loans, in which case, such alternative rate of interest shall apply with respect to the Impacted Loans until (1) the Administrative
Agent revokes the notice delivered with respect to the Impacted Loans under clause (a) of the first sentence of this section, (2)
the Administrative Agent or the Required Lenders notify the Administrative Agent and the Borrowers that such alternative interest
rate does not adequately and fairly reflect the cost to such Lenders of funding the Impacted Loans, or (3) any Lender determines
that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for such Lender or its
applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to such alternative rate of
interest or to determine or charge interest rates based upon such rate or any Governmental Authority has imposed material restrictions
on the authority of such Lender to do any of the foregoing and provides the Administrative Agent and the Borrowers written notice
thereof.

 

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3.04       Increased
Costs; Reserves on LIBOR Rate Loans.

 

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

 

(i)          impose,
modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets
of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement contemplated
by Section 3.04(e)) or any L/C Issuer;

 

(ii)         subject
any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the
definition of “Excluded Taxes” and (C) Connection Income Taxes) on its loans, loan principal, commitments or other
obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

 

(iii)        impose
on any Lender or any L/C Issuer or the London interbank market any other condition, cost or expense (other than Taxes) affecting
this Agreement or LIBOR Rate Loans made by such Lender or any Letter of Credit or participation therein;

 

and the result of any of the foregoing
shall be to increase the cost to such Lender of making, converting to, continuing or maintaining any Loan the interest of which
is determined by reference to the LIBOR Rate (or of maintaining its obligation to make any such Loan), or to increase the cost
to such Lender or such L/C Issuer of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation
to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or
such L/C Issuer hereunder (whether of principal, interest or any other amount) then, upon request of such Lender or such L/C Issuer,
the Borrowers will pay to such Lender or such L/C Issuer, as the case may be, such additional amount or amounts as will compensate
such Lender or such L/C Issuer, as the case may be, for such additional costs incurred or reduction suffered.

 

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

 

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(c)          Certificates
for Reimbursement. A certificate of a Lender or an L/C Issuer setting forth the amount or amounts necessary to compensate such
Lender or such L/C Issuer or its holding company, as the case may be, as specified in subsection (a) or (b) of this
Section, together with a brief explanation for the increased costs and the basis for the calculation thereof, and delivered to
the Borrowers shall be conclusive absent manifest error. The Borrowers shall pay such Lender or such L/C Issuer, as the case may
be, the amount shown as due on any such certificate within ten (10) days after receipt thereof.

 

(d)          Delay
in Requests. Failure or delay on the part of any Lender or any L/C Issuer to demand compensation pursuant to the foregoing
provisions of this Section shall not constitute a waiver of such Lender’s or the L/C Issuer’s right to demand such
compensation, provided that the Borrowers shall not be required to compensate a Lender or the L/C Issuer pursuant to the
foregoing provisions of this Section for any increased costs incurred or reductions suffered more than 180 days prior to the date
that such Lender or such L/C Issuer, as the case may be, notifies the Borrowers of the Change in Law giving rise to such increased
costs or reductions and of such Lender’s or such L/C Issuer’s intention to claim compensation therefor (except that,
if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180 day period referred to above
shall be extended to include the period of retroactive effect thereof).

 

(e)          Reserves
on LIBOR Rate Loans. The Borrowers shall pay to each Lender, as long as such Lender shall be required to maintain reserves
with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency
liabilities”), additional interest on the unpaid principal amount of each LIBOR Rate Loan equal to the actual costs of such
reserves allocated to such LIBOR Rate Loan by such Lender (as determined by such Lender in good faith, which determination shall
be conclusive), which shall be due and payable on each date on which interest is payable on such LIBOR Rate Loan, provided the
Borrowers shall have received at least ten (10) days’ prior notice (with a copy to the Administrative Agent) of such additional
interest from such Lender. If a Lender fails to give notice ten (10) days’ prior to the relevant Interest Payment Date, such
additional interest shall be due and payable ten (10) days from receipt of such notice.

 

3.05       Compensation
for Losses. Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrowers shall promptly
compensate such Lender (except, in the case of Section 3.05(c), any Defaulting Lender) for and hold such Lender (except,
in the case of Section 3.05(c), any Defaulting Lender) harmless from any loss, cost or expense incurred by it as a result
of:

 

(a)          any
continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the
Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);

 

(b)          any
failure by the Borrowers (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert
any Loan other than a Base Rate Loan on the date or in the amount notified by the Borrowers; or

 

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(c)          any
assignment of a LIBOR Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request by the
Borrowers pursuant to Section 10.13;

 

including any cost or expense arising from
the liquidation, or redeployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from
which such funds were obtained. The Borrowers shall also pay any customary administrative fees charged by such Lender in connection
with the foregoing. For purposes of calculating amounts payable by the Borrowers to the Lenders under this Section 3.05,
each Lender shall be deemed to have funded each LIBOR Rate Loan made by it at the LIBOR Rate used in determining the LIBOR Rate
for such LIBOR Rate Loan by a matching deposit or other borrowing in the London interbank eurodollar market for a comparable amount
and for a comparable period, whether or not such LIBOR Rate Loan was in fact so funded.

 

3.06       Mitigation
Obligations; Replacement of Lenders.

 

(a)          Designation
of a Different Lending Office. Each Lender may make any Credit Extension to the Borrowers through any Lending Office, provided
that the exercise of this option shall not affect the obligation of the Borrowers to repay the Credit Extension in accordance with
the terms of this Agreement. If any Lender requests compensation under Section 3.04, or requires the Borrowers to pay any
Indemnified Taxes or additional amounts to any Lender, the L/C Issuer or any Governmental Authority for the account of any Lender
or the L/C Issuer pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then at the
request of the Borrowers such Lender or the L/C Issuer, as applicable, shall use reasonable efforts to designate a different Lending
Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices,
branches or affiliates, if, in the judgment of such Lender or the L/C Issuer, such designation or assignment (i) would eliminate
or reduce amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need
for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such Lender or the L/C
Issuer, as the case may be, to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender or the
L/C Issuer, as the case may be. The Borrowers hereby agree to pay all reasonable costs and expenses incurred by any Lender or the
L/C Issuer in connection with any such designation or assignment.

 

(b)          Replacement
of Lenders. If any Lender requests compensation under Section 3.04, or if the Borrowers are required to pay any Indemnified
Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01,
or if any Lender gives a notice pursuant to Section 3.02, and, in each case, such Lender has declined or is unable to designate
a different lending office in accordance with Section 3.06(a), the Borrowers may replace such Lender in accordance with
Section 10.13.

 

3.07       Survival.
All of the Borrowers’ obligations under this Article III shall survive termination of the Aggregate Commitments and
other Loans advanced hereunder from time to time and the repayment of all other Obligations hereunder, only if such Obligations
accrue prior to the termination of this Agreement and the repayment in full in cash of all Obligations outstanding hereunder and
the resignation of the Administrative Agent.

 

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ARTICLE IV.          CONDITIONS
PRECEDENT TO CREDIT EXTENSIONS

 

4.01       Conditions
of Initial Credit Extension and Amendment and Restatement. The obligation of the L/C Issuer and each Lender to make its initial
Credit Extension hereunder, and the effectiveness of this Agreement as a consolidation, amendment and restatement of the Existing
Credit Agreements, are subject to satisfaction of the following conditions precedent:

 

(a)          the
Administrative Agent’s receipt of the following, each of which shall be originals or electronic copies (followed promptly
by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Borrower, each dated the
Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date or such other date
acceptable to the Administrative Agent) and each in form and substance satisfactory to the Administrative Agent and each of the
Lenders unless otherwise specified:

 

(i)          counterparts
of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Parent;

 

(ii)         a
Note in favor of each Lender requesting a Note;

 

(iii)        a
certificate of a Responsible Officer of each Borrower, attaching copies of the following for such Borrower and certifying that
the same are true, correct and complete and in full force and effect, as applicable (or, with respect to its charter or similar
formation documents and bylaws or similar governing document of Borrowers other than the Parent, certifying that the same have
not been amended, restated, supplemented or otherwise modified since the prior copy of such documents previously certified and
delivered to the Administrative Agent in connection with the Existing Revolver Agreement): (A) its charter (or similar formation
document), certified by the appropriate Governmental Authority, (B) its bylaws (or similar governing document), (C) resolutions
duly adopted by its board of directors (or similar governing body) approving such Borrower’s execution, delivery and performance
of this Agreement and the other Loan Documents to which it is party, and (D) incumbency certificates evidencing the identity, authority
and capacity of each Responsible Officer of such Borrower authorized to act as a Responsible Officer in connection with this Agreement
and the other Loan Documents to which such Borrower is a party;

 

(iv)        such
documents and certifications as the Administrative Agent may reasonably require to evidence that each Borrower is duly organized
or formed, and that each such Borrower is (A) validly existing and (B) in good standing in its jurisdiction of organization, and;

 

(v)         a
favorable opinion of Latham & Watkins LLP, counsel to the Borrowers, addressed to the Administrative Agent and each Lender,
covering such matters concerning the Borrowers and the Loan Documents as the Administrative Agent may reasonably request (limited
to New York law, federal law and Delaware corporate and limited liability company matters) and otherwise in form and substance
reasonably satisfactory to the Administrative Agent;

 

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(vi)        a
certificate of a Responsible Officer of each Borrower (A) either (x) attaching copies of all material consents and approvals required
in connection with the execution, delivery and performance by such Borrower and the validity against such Borrower of the Loan
Documents to which it is a party, and certifying that such consents and approvals are in full force and effect, or (y) certifying
that no such consents or approvals are so required, and (B) certifying that the conditions specified in Sections 4.01(b),
(c) and (d) and Sections 4.02(a) and (b) have been satisfied;

 

(vii)       copies
of (A) the Audited Financial Statements, (B) the unaudited consolidated balance sheet of the Consolidated Group as at the Interim
Balance Sheet Date, and the related consolidated statements of income and cash flows of the Consolidated Group for the Reference
Period ended on the Interim Balance Sheet Date, and (C) financial projections and business assumptions covering the period from
the Closing Date through the fiscal year of the Consolidated Group ending December 31, 2018, all in form and substance reasonably
satisfactory to the Administrative Agent;

 

(viii)      the
results of bringdown UCC searches from those delivered to the Administrative Agent in connection with the Existing Revolver Agreement
and bankruptcy, judgment and tax lien searches, in each case with respect to the Parent, indicating no Liens other than Permitted
Liens and otherwise in form and substance satisfactory to the Administrative Agent;

 

(ix)         a
duly completed Compliance Certificate in form and detail reasonably satisfactory to the Administrative Agent and the Lenders, evidencing
pro forma compliance with each of the covenants set forth in Section 7.14 (using Consolidated EBITDA of the Consolidated
Group for the Reference Period ended on the Interim Balance Sheet Date (but including any addbacks to Consolidated EBITDA approved
under the Existing Credit Agreements in the period from the Interim Balance Sheet Date through the Closing Date) and Consolidated
Total Funded Debt after giving effect to all Indebtedness of the Consolidated Group incurred or otherwise outstanding at close
of business on the day prior to the Closing Date, but including the Indebtedness anticipated to be outstanding under this Agreement
upon closing and funding on the Closing Date) and Section 7.15; and

 

(x)          such
other assurances, reports, audits, certificates, documents, consents or opinions as the Administrative Agent or the Required Lenders
reasonably may require.

 

(b)          The
absence of any event or circumstance since the Balance Sheet Date that has had or could be reasonably expected to have, either
individually or in the aggregate, a Material Adverse Effect.

 

(c)          The
absence of any action, suit, investigation or proceeding pending or, to the knowledge of the Borrowers, threatened in any court
or before any arbitrator or Governmental Authority that could reasonably be expected to impair or prevent the consummation of the
transactions contemplated by this Agreement or have a Material Adverse Effect.

 

(d)          The
absence of any default by the Parent or any of its Subsidiaries under any material contract or agreement to which the Parent or
such Subsidiary is a party that could reasonably be expected to have a Material Adverse Effect.

 

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(e)          The
Administrative Agent’s reasonable satisfaction that all financial statements delivered to it fairly present the business
and financial condition of the Consolidated Group.

 

(f)          Arrangements
completely satisfactory to the Administrative Agent for the payment at closing of all accrued fees and expenses of the Administrative
Agent required to be paid on or prior to the Closing Date shall have been made (including the reasonable fees and expenses of counsel
for the Administrative Agent to the extent invoiced prior to the Closing Date) and arrangements completely satisfactory to each
Arranger for the payment of the fees to be paid on or prior to the Closing Date to such Arranger pursuant to its Fee Letter.

 

(g)          The
Administrative Agent’s and the Lenders’ receipt of all documentation and other information reasonably required by them
under applicable “know your customer” and anti-money laundering rules and regulations, including the Act.

 

(h)          To
the extent such loans and obligations are not evidenced hereby, evidence that the loans and other obligations under the Existing
Credit Agreements, concurrently with the Closing Date, are being repaid and all, if any, commitments thereunder are terminated.

 

Without limiting the generality of the
provisions of Section 9.04, for purposes of determining compliance with the conditions specified in this Section 4.01,
each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with,
each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless
the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection
thereto.

 

4.02       Conditions
to all Credit Extensions. The obligation of each Lender to honor any Request for Credit Extension (other than a Committed Loan
Notice requesting only a conversion of Loans to the other Type or a continuation of LIBOR Rate Loans) is subject to the following
conditions precedent:

 

(a)          The
representations and warranties of the Borrowers contained in Article V or any other Loan Document, or which are contained
in any document furnished at any time under or in connection herewith or therewith (other than, solely in connection with any Credit
Extension that is to be used by the Borrowers to refinance any Indebtedness under the Master Note Purchase Agreement (as certified
by the Borrowers in the applicable Notice of Borrowing), the representation and warranty contained in the first sentence of Section
5.05 hereof), shall be true and correct in all material respects (except, if a qualifier relating to materiality, Material
Adverse Effect or a similar concept applies, such representation or warranty shall be required to be true and correct in all respects)
on and as of the date of such Credit Extension, except to the extent that such representations and warranties specifically refer
to an earlier date, in which case they shall be true and correct in such respects as of such earlier date, and except that for
purposes of this Section 4.02, the representations and warranties contained in Section 5.04(a) shall be deemed to
refer to the most recent statements furnished pursuant to clauses (a) and (b), as applicable, of Section 6.04.

 

(b)          No
Default or Event of Default shall exist, or would result from such proposed Credit Extension or from the application of the proceeds
thereof.

 

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(c)          The
Administrative Agent and, if applicable, the L/C Issuer or the Swing Line Lender shall have received a Request for Credit Extension
in accordance with the requirements hereof and, if the Credit Extensions made on the Closing Date will include any LIBOR Rate Loans,
a funding indemnity letter in form reasonably satisfactory to the Administrative Agent.

 

Each Request for Credit Extension (other
than a Committed Loan Notice requesting only a conversion of Loans to the other Type or a continuation of LIBOR Rate Loans) submitted
by the Borrowers shall be deemed to be a representation and warranty that the conditions specified in Sections 4.02(a) and
(b) have been satisfied on and as of the date of the applicable Credit Extension.

 

ARTICLE V.REPRESENTATIONS
AND WARRANTIES

 

The Borrowers represent and warrant to
the Administrative Agent and the Lenders that:

 

5.01       Corporate
Authority.

 

(a)          Incorporation;
Good Standing. Each Borrower (i) is a corporation, partnership, limited liability company or similar business entity duly organized,
validly existing and in good standing or in current status under the laws of its respective state of organization, (ii) has all
requisite corporate (or equivalent company or partnership) power to own its property and conduct its business as now conducted
and as presently contemplated, and (iii) is in good standing as a foreign corporation, partnership, limited liability company or
similar business entity and is duly authorized to do business in each jurisdiction in which its property or business as presently
conducted or contemplated makes such qualification necessary, except where a failure to be in good standing or so qualified would
not have a Material Adverse Effect.

 

(b)          Authorization.
The execution, delivery and performance of the Loan Documents and the transactions contemplated hereby and thereby (i) are within
the corporate (or equivalent company or partnership) authority of each Borrower, (ii) have been duly authorized by all necessary
corporate (or equivalent company or partnership) proceedings, (iii) do not conflict with or result in any material breach or contravention
of any provision of law, statute, rule or regulation to which any Borrower is subject or any judgment, order, writ, injunction,
license or permit applicable to any Borrower so as to materially adversely affect the assets, business or any activity of the Borrowers,
and (iv) do not conflict with any provision of the Organization Documents of any Borrower or any agreement or other instrument
binding upon them including, without limitation, those documents executed and/or delivered in connection with any Covenanted Senior
Debt.

 

(c)          Enforceability.
The execution, delivery and performance of the Loan Documents will result in valid and legally binding obligations of the Borrowers
enforceable against each in accordance with the respective terms and provisions hereof and thereof, except as enforceability is
limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting generally the enforcement
of creditors’ rights and except to the extent that availability of the remedy of specific performance or injunctive relief
is subject to the discretion of the court before which any proceeding therefor may be brought.

 

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5.02       Governmental
Approvals. The execution, delivery and performance by the Borrowers of the Loan Documents and the transactions contemplated
hereby and thereby do not require any approval or consent of, or filing with, any Governmental Authority or other Person, other
than those approvals and consents already obtained and filings already made.

 

5.03       Title
to Properties; Leases. The Borrowers own all of the assets reflected in the consolidated balance sheets as at the Balance Sheet
Date or acquired since that date (except property and assets sold or otherwise disposed of in the ordinary course of business since
that date), subject to no mortgages, capitalized leases, conditional sales agreements, title retention agreements or other Liens
except Permitted Liens.

 

5.04       Financial
Statements; Solvency.

 

(a)          There
has been furnished to the Lenders (i) audited consolidated financial statements of the Consolidated Group dated the Balance Sheet
Date and (ii) consolidated financial statements of the Consolidated Group dated the Interim Balance Sheet Date. Said financial
statements have been prepared in accordance with GAAP and fairly present in all material respects the financial condition of the
Consolidated Group on a consolidated basis, as at the close of business on the respective dates thereof and the results of operations
for the respective periods then ended. There are no contingent liabilities of the Consolidated Group involving material amounts,
known to the officers of the Borrowers, which have not been disclosed in said balance sheets and the related notes thereto or otherwise
in writing to the Lenders.

 

(b)          The
Borrowers on a consolidated basis (both before and after giving effect to the transactions contemplated by this Agreement) are
and will be Solvent.

 

5.05       No
Material Changes, Etc. Since the Balance Sheet Date, no Material Adverse Effect has occurred with respect to the financial
condition or businesses of the Borrowers, taken as a whole, as shown on or reflected in the consolidated balance sheet of the Borrowers
as of the Balance Sheet Date, or the consolidated statement of income for the four (4) fiscal quarters then ended. Since the Balance
Sheet Date, there have not been any Restricted Payments other than as permitted by Section 7.06.

 

5.06       Permits,
Franchises, Patents, Copyrights, Etc. Each Borrower owns or has been granted the right to use from another Borrower, all franchises,
patents, copyrights, trademarks, trade names, licenses and permits, and rights in respect of the foregoing, adequate for the conduct
of its business substantially as now conducted without known conflict with any rights of others.

 

5.07       Litigation.
Except as shown on Schedules 5.07 and 5.16 hereto, there are no actions, suits, proceedings or investigations of
any kind pending or, to the knowledge of any Borrower, threatened against any Borrower before any court, tribunal or administrative
agency or board which either in any individual case or in the aggregate, has or could reasonably be expected to have a Material
Adverse Effect.

 

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5.08       No
Materially Adverse Contracts, Etc. No Borrower is subject to any charter, corporate or other legal restriction, or any judgment,
decree, order, rule or regulation which in the judgment of the Borrowers’ officers has or is expected in the future to have
a Material Adverse Effect. No Borrower is a party to any contract or agreement which in the judgment of the Borrowers’ officers
has or is expected to have a Material Adverse Effect, except as otherwise reflected in adequate reserves.

 

5.09       Compliance
with Other Instruments, Laws, Etc. No Borrower is violating any provision of its Organization Documents, any agreement or instrument
by which any of them may be subject or by which any of them or any of their properties may be bound, or any Law, in a manner which
could reasonably be expected to result in the imposition of substantial penalties or have a Material Adverse Effect.

 

5.10       Tax
Status. Each of the Borrowers has (a) made or filed (x) all federal income tax returns, reports and declarations,
(y) all material state income tax returns, reports and declarations, and (z) all other material tax returns, reports
and declarations required by any jurisdiction to which it is subject (unless and only to the extent that such Borrower has set
aside on its books provisions reasonably adequate for the payment of all unpaid and unreported taxes), (b) has paid all taxes and
other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports
and declarations, except those being contested in good faith, and (c) has set aside on its books provisions adequate for the
payment of all material Taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There
are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction.

 

5.11       No
Event of Default. No Default or Event of Default has occurred and is continuing.

 

5.12       Holding
Company and Investment Company Acts. Neither the Parent nor any of its Subsidiaries is a “public utility”, as that
term is defined under the Federal Power Act, as amended, and the regulations of the Federal Energy Regulatory Commission (“FERC”)
promulgated thereunder. Neither the Parent nor any of its Subsidiaries (i) is subject to any of the accounting or cost-allocation
requirements of the Public Utility Holding Company Act of 2005, or the regulations or orders of the FERC promulgated thereunder
or (ii) is or is required to be registered as an “investment company” under the Investment Company Act of 1940.

 

5.13       Absence
of Financing Statements, Etc. Other than Permitted Liens, there is no financing statement, security agreement, chattel mortgage,
real estate mortgage or other document filed or recorded with any filing records, registry, or other public office, which purports
to cover, affect or give notice of any present or possible future Lien on, or security interest in, any assets or property of any
Borrower, or any rights relating thereto.

 

5.14       ERISA
Compliance.

 

(a)          Each
Plan (other than a Multiemployer Plan) and, to the Borrowers’ knowledge, each Multiemployer Plan, is in compliance with the
applicable provisions of ERISA, the Code and other Federal or state laws except as could not reasonably be expected to result in
a Material Adverse Effect. Each Pension Plan (other than a Multiemployer Plan) that is intended to be a qualified plan under Section
401(a) of the Code has received a favorable determination or opinion letter from the Internal Revenue Service to the effect that
the form of such Pension Plan is qualified under Section 401(a) of the Code and the trust related thereto has been determined by
the Internal Revenue Service to be exempt from federal income tax under Section 501(a) of the Code, or an application for such
a letter is currently being processed by the Internal Revenue Service. To the best knowledge of the Borrowers, nothing has occurred
that would prevent or cause the loss of such tax-qualified status.

 

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(b)          There
are no pending or, to the best knowledge of the Borrowers, threatened claims, actions or lawsuits, or action by any Governmental
Authority, with respect to any Plan that could reasonably be expected to have a Material Adverse Effect. There has been no prohibited
transaction or violation of the fiduciary responsibility rules with respect to any Plan that has resulted or could reasonably be
expected to result in a Material Adverse Effect.

 

(c)          (i) No
ERISA Event has occurred, and neither any Borrower nor any ERISA Affiliate is aware of any fact, event or circumstance that could
reasonably be expected to constitute or result in an ERISA Event with respect to any Pension Plan; (ii) each Borrower and
each ERISA Affiliate has met all applicable requirements under the Pension Funding Rules in respect of each Pension Plan (other
than a Multiemployer Plan), and no waiver of the minimum funding standards under the Pension Funding Rules has been applied for
or obtained; (iii) as of the most recent valuation date for any Pension Plan (other than a Multiemployer Plan), the funding
target attainment percentage (as defined in Section 430(d)(2) of the Code) is sixty percent (60%) or higher and neither any Borrower
nor any ERISA Affiliate knows of any facts or circumstances that could reasonably be expected to cause the funding target attainment
percentage for any such plan to drop below sixty percent (60%) as of the most recent valuation date; (iv) neither any Borrower
nor any ERISA Affiliate has incurred any liability to the PBGC other than for the payment of premiums, and there are no premium
payments which have become due that are unpaid; (v) neither any Borrower nor any ERISA Affiliate has engaged in a transaction
that could be subject to Section 4069 or Section 4212(c) of ERISA; and (vi) no Pension Plan (other than a Multiemployer Plan)
has been terminated by the plan administrator thereof nor by the PBGC, and no event or circumstance has occurred or exists that
could reasonably be expected to cause the PBGC to institute proceedings under Title IV of ERISA to terminate any Pension Plan (other
than a Multiemployer Plan) and, to the knowledge of the Borrowers, there has been no notification to the Borrowers that a Multiemployer
Plan has been terminated by the plan administrator thereof or by the PBGC, and, to the knowledge of the Borrowers, no event or
circumstance has occurred or exists that could reasonably be expected to cause the PBGC to institute proceedings under Title IV
of ERISA to terminate any Multiemployer Plan.

 

5.15       Use
of Proceeds.

 

(a)          General.
 The proceeds of the Loans shall be used solely as follows: (a) to the extent applicable, to refinance Indebtedness of
the Borrowers under the Existing Credit Agreements on the Closing Date; (b) to finance acquisitions permitted pursuant to
Section 7.04; and (c) for capital expenditures, working capital, Letters of Credit, and general corporate purposes.

 

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(b)          No
Credit Extension, use of proceeds or other transaction contemplated by this Agreement will violate any applicable Sanctions.

 

(c)          Regulations
U and X. The Borrowers are not engaged and will not engage, principally or as one of their important activities, in the business
of purchasing or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose
of purchasing or carrying margin stock. Following the application of the proceeds of each Borrowing or drawing under each Letter
of Credit, not more than 25% of the value of the assets (either of the applicable Borrower only or of the Consolidated Group) subject
to any restriction on sale, pledge, or disposal under this Agreement or subject to any restriction contained in any agreement or
instrument between the Borrowers and any Lender or any Affiliate of any Lender relating to Indebtedness and within the scope of
Section 8.01(f) will be margin stock.

 

5.16       Environmental
Compliance. The Borrowers have taken all necessary steps to investigate the past and present condition and usage of the Real
Estate and the operations conducted thereon and, based upon such diligent investigation, have determined that, except as set forth
on Schedule 5.16:

 

(a)          none
of the Borrowers or Excluded Subsidiaries, nor any operator of any Real Estate, nor any operations thereon, is in violation, or
alleged violation, of any judgment, decree, order, law, permit, license, rule or regulation pertaining to environmental matters,
including without limitation, those arising under the Resource Conservation and Recovery Act of 1976, CERCLA, the Superfund Amendments
and Reauthorization Act of 1986, the Federal Clean Water Act, the Federal Clean Air Act, the Toxic Substances Control Act, or any
Federal, state, local or foreign law, statute, regulation, ordinance, rule, order, decree, permit, concession, grant, franchise,
license, agreement or governmental restriction relating to health, safety, waste transportation or disposal, pollution or the protection
of the environment or the release of any materials into the environment, including those related to hazardous substances or wastes,
air emissions or discharges to public or private wastewater systems (the “Environmental Laws”), which violation
would have a Material Adverse Effect;

 

(b)          none
of the Borrowers has received written notice from any third party, including any Governmental Authority, (i) that any one
of them has been identified by the United States Environmental Protection Agency (“EPA”) as a potentially responsible
party under CERCLA with respect to a site listed on the National Priorities List, 40 C.F.R. Part 300 Appendix B; (ii) that
any hazardous waste, as defined by 42 U.S.C. §6903(5), any hazardous substances as defined by 42 U.S.C. §9601(14), any
pollutant or contaminant as defined by 42 U.S.C. §9601(33), or any other Hazardous Materials which any one of them has generated,
transported or disposed of has been found at any site at which a Governmental Authority has conducted or has ordered that the Borrowers
conduct a remedial investigation, removal or other response action pursuant to any Environmental Law; or (iii) that any one
of them is or will be named party to any claim, action, cause of action, complaint or legal or administrative proceeding (in each
case, contingent or otherwise) arising out of any third party’s incurrence of costs, expenses, losses or damages of any kind
whatsoever in connection with the release of Hazardous Materials, which notice (or any related proceeding or other action) would
have a Material Adverse Effect;

 

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(c)          except
where it would not have a Material Adverse Effect, (i) no portion of the Real Estate has been used for the handling, processing,
storage or disposal of Hazardous Materials and no underground tank or other underground storage receptacle for Hazardous Materials
is located on any portion of the Real Estate; (ii) in the course of any activities conducted by the Borrowers, or, to the
Borrowers’ knowledge by any other operators of the Real Estate, no Hazardous Materials have been generated or are being used
on the Real Estate; (iii) there have been no unpermitted Releases or threatened Releases of Hazardous Materials on, upon,
into or from the Real Estate; (iv) to the Borrowers’ knowledge, there have been no Releases of Hazardous Materials on,
upon, into or from any real property in the vicinity of any of the Real Estate which, through soil or groundwater contamination,
may have come to be located on the Real Estate; and (v) any Hazardous Materials that have been generated on any of the Real
Estate that are regulated as hazardous have been transported offsite only by carriers having an identification number issued by
the EPA (or the equivalent thereof in any foreign jurisdiction), and treated or disposed of only by treatment or disposal facilities
maintaining valid permits as required under applicable Environmental Laws, which transporters and facilities have been and are,
to the Borrowers’ knowledge, operating in compliance with such permits and applicable Environmental Laws; and

 

(d)          except
where it would not have a Material Adverse Effect, none of the Borrowers is required under any applicable Environmental Law to
perform Hazardous Materials site assessments, or remove or remediate Hazardous Materials, or provide notice to any Governmental
Authority or record or deliver to other Persons an environmental disclosure document or statement by virtue of the transactions
set forth herein and contemplated hereby, or as a condition to the effectiveness of any other transactions contemplated hereby.

 

5.17       Transactions
with Affiliates. Except as disclosed in Schedule 5.17 or filings made by the Borrowers under the Exchange Act prior
to the Closing Date, and except for arm’s length transactions pursuant to which a Borrower makes payments in the ordinary
course of business upon terms no less favorable than such Borrower could obtain from third parties, none of the officers, directors,
or employees of any Borrower is presently a party to any transaction with another Borrower (other than for services as employees,
officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or
by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from any officer, director
or such employee or, to the knowledge of any Borrower, any corporation, partnership, trust or other entity in which any officer,
director, or any such employee has a substantial interest or is an officer, director, trustee or partner.

 

5.18       Subsidiaries.
Schedule 1 (as updated from time to time pursuant to Section 6.16) sets forth a complete and accurate list of the
Subsidiaries of the Parent, including the name of each Subsidiary and its jurisdiction of incorporation. Each Subsidiary listed
on Schedule 1 is (a) wholly owned by the Parent (except as noted in such Schedule) and (b) is a Borrower hereunder
(except the Excluded Subsidiaries and any Receivables SPVs). The Parent has good and marketable title to all of the Equity Interests
it purports to own of each such Subsidiary, and each other Borrower has good and marketable title to all of the Equity Interests
it purports to own of such Subsidiary, free and clear in each case of any Lien. All such Equity Interests have been duly issued
and are fully paid and non-assessable.

 

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5.19         True
Copies of Charter and Other Documents. Each Borrower has furnished the Administrative Agent copies, in each case true and complete
as of the Closing Date, of its Organization Documents, including any amendments thereto.

 

5.20         Disclosure.
Neither this Agreement, nor any of the other Loan Documents, nor any document or information furnished by the Borrowers in connection
therewith contains any untrue statement of a material fact or omits to state a material fact (known to any Borrower in the case
of any document or information not furnished by the Borrowers) necessary in order to make the statements herein or therein not
misleading. There is no fact known to any Borrower which materially adversely affects, or which is reasonably likely in the future
to materially adversely affect, the business, assets, or financial condition of any Borrower, exclusive of effects resulting from
changes in general economic conditions, legal standards or regulatory conditions.

 

5.21         Capitalization.
As of the Interim Balance Sheet Date, the authorized Equity Interests of the Parent consist of (i) 250,000,000 shares of common
stock (par value $0.01 per share) of which 124,119,712 shares were outstanding as of such date, and (ii) 7,500,000 shares of preferred
stock of which none were outstanding as of such date.  All of such outstanding shares are fully paid and non-assessable. 
In addition, as of the Closing Date, the board of directors of the Parent has duly reserved (A) 1,255,607 shares of the Parent’s
common stock for issuance upon vesting of outstanding restricted stock units, (B) 37,000 shares of the Parent’s common stock
for issuance upon exercise of outstanding options, (C) 133,591 shares of the Parent’s common stock for issuance upon exercise
of outstanding warrants, (D) zero shares of the Parent’s common stock for issuance upon the vesting of outstanding restricted
stock, and (E) 3,133,024 shares of the Parent’s common stock for issuance upon the exercise of stock options or warrants
or on satisfaction of conditions in restricted stock or restricted stock unit awards, all of which are available to be granted
pursuant to the Parent’s equity incentive plans.

 

5.22         Permits
and Licenses. All permits and licenses (other than those the absence of which would not have a Material Adverse Effect) required
for the construction, ownership and operation of the landfills, solid waste facilities, and solid waste collection, transfer, hauling,
recycling and disposal operations owned or operated by the Parent and the Subsidiaries have been obtained and remain in full force
and effect and are not subject to any appeals or further proceedings or to any unsatisfied conditions that may allow material modification
or revocation. Neither any Parent nor any Subsidiary nor, to the knowledge of a Responsible Officer of the Borrowers, the holder
of such licenses or permits is in violation of any such licenses or permits, except for any violation which would not have a Material
Adverse Effect.

 

5.23         Excluded
Subsidiaries. Except as permitted under Section 7.01 or Section 7.03, no Borrower has or has committed to (a) Guarantee
Indebtedness or other financial obligations of any Excluded Subsidiary or (b) make any advance, loan, assumption of debt,
extension of credit or capital contribution to or any other Investment in any Excluded Subsidiary.

 

5.24         OFAC.
Neither any Borrower, nor any Subsidiary, nor, to the knowledge of any Borrower or any Subsidiary, any director, officer, employee,
agent, affiliate or representative thereof, is an individual or entity that is, or is owned 50% or more by, or controlled by, any
individual or entity that is (i) currently the subject or target of any Sanctions , (ii) included on OFAC’s List of Specially
Designated Nationals, HMT’s Consolidated List of Financial Sanctions Targets and the Investment Ban List, or any similar
list enforced by any other relevant sanctions authority or (iii) located, organized or resident in a Designated Jurisdiction.

 

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5.25       Anti-Corruption
Laws.

 

The Borrowers and their
respective Subsidiaries have conducted their businesses in compliance with the United States Foreign Corrupt Practices Act of 1977,
the UK Bribery Act 2010, and other similar anti-corruption legislation in other jurisdictions.

 

ARTICLE VI.          AFFIRMATIVE
COVENANTS

 

So long as any Lender shall have any Commitment
hereunder and this Agreement has not been terminated, any Loan or other Obligation hereunder (other than contingent indemnity obligations
with respect to then unasserted claims) shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding:

 

6.01       Punctual
Payment. The Borrowers will duly and punctually pay or cause to be paid the principal and interest on the Loans, all L/C Obligations,
fees and other amounts provided for in this Agreement and the other Loan Documents, all in accordance with the terms of this Agreement
and such other Loan Documents.

 

6.02       Maintenance
of Offices. The Parent will maintain its chief executive offices at 3 Waterway Square Place, Suite 110, The Woodlands, Texas
77380 or such other place in the United States as the Parent shall designate upon thirty (30) days prior written notice to the
Administrative Agent. Upon request of the Administrative Agent from time to time after the Closing Date, the Borrowers shall promptly
provide the Administrative Agent with the principal place of business of each Borrower.

 

6.03       Records
and Accounts. Each Borrower will (i) keep true and accurate records and books of account in which full, true and correct
entries will be made in accordance with generally accepted accounting principles, (ii) maintain adequate accounts and reserves
for all taxes (including income taxes), depreciation, depletion, obsolescence and amortization of its properties, contingencies,
and other reserves, and (iii) at all times engage the Accountants as the independent certified public accountants of the Borrowers.

 

6.04       Financial
Statements, Certificates and Information. The Borrowers will deliver to the Administrative Agent and any Lender upon request
of such Lender (made through the Administrative Agent):

 

(a)          within
five (5) days after the filing with the Securities and Exchange Commission of the Parent’s Annual Report on Form 10-K with
respect to each fiscal year (and in any event within one hundred (100) days after the end of such fiscal year), the consolidated
balance sheets of the Consolidated Group as at the end of such year, and the related consolidated statements of income and cash
flows of the Consolidated Group, each setting forth in comparative form the figures for the previous fiscal year, all such financial
statements to be in reasonable detail, prepared in accordance with GAAP and audited and accompanied by a report and opinion of
the Accountants, which report and opinion shall state that such financial statements present fairly the financial position of the
Consolidated Group and shall not be subject to any qualification as to going concern or the scope of the audit;

 

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(b)          within
five (5) days after the filing with the Securities and Exchange Commission of the Parent’s Quarterly Report on Form 10-Q
with respect to each of the first three (3) fiscal quarters of each fiscal year (and in any event within 55 days after the end
of each such fiscal quarter), copies of the consolidated balance sheets of the Consolidated Group as at the end of such fiscal
quarter, and the related consolidated statements of income and cash flows of the Consolidated Group as at the end of such quarter,
subject to normal year-end adjustments and the absence of footnotes, all in reasonable detail and prepared in accordance with GAAP
subject to normal year-end adjustments and the absence of footnotes, with a certification by the CFO that the consolidated financial
statements are prepared in accordance with GAAP and fairly present the consolidated financial condition of the Consolidated Group
as at the close of business on the date thereof and the results of operations for the period then ended;

 

(c)          simultaneously
with the delivery of the financial statements referred to in subsections (a) and (b) above, a Compliance Certificate
certified by the CFO that the Consolidated Group is in compliance with the covenants contained in Sections 7.14 and 7.15
as of the end of the applicable period setting forth in reasonable detail computations evidencing such compliance; provided,
that if the Borrowers shall at the time of issuance of such certificate or at any other time obtain knowledge of any Default or
Event of Default, the Borrowers shall include in such certificate or otherwise deliver forthwith to the Lenders a certificate specifying
the nature and period of existence thereof and what action the Borrowers propose to take with respect thereto;

 

(d)          contemporaneously
with, or promptly following, the filing or mailing thereof, copies of all material of a financial nature filed with the Securities
and Exchange Commission or sent to the stockholders of the Borrowers; and

 

(e)          from
time to time, such other financial data and other information (including accountants’ management letters and a copy of the
Borrowers’ annual budget and projections for any fiscal year) as the Lenders may reasonably request.

 

Borrowers shall be
deemed to have delivered reports and other information referred to in clauses (a), (b), and (d) of this Section
6.04 when (A) such reports or other information have been posted on the Internet website of the Securities and Exchange
Commission (http://www.sec.gov) or on Parent’s Internet website as previously identified to the Administrative Agent and
Lenders and (B) Parent or Borrowers have notified the Administrative Agent by electronic mail of such posting.

 

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The Borrowers hereby
acknowledge that (a) the Administrative Agent and/or the Arrangers may, but shall not be obligated to, make available to the
Lenders and the L/C Issuer materials and/or information provided by or on behalf of the Borrowers hereunder (collectively, “Borrower
Materials”) by posting the Borrower Materials on, IntraLinks, Syndtrak, ClearPar, or a substantially similar electronic
transmission system (the “Platform”) and (b) certain of the Lenders (each, a “Public Lender”)
may have personnel who do not wish to receive material non-public information with respect to the Parent or its Subsidiaries, or
the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with
respect to such Persons’ securities. The Borrowers hereby agree that (w) all Borrower Materials that are to be made
available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that
the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,”
the Borrowers shall be deemed to have authorized the Administrative Agent, the Arrangers, the L/C Issuer and the Lenders to treat
such Borrower Materials as not containing any material non-public information (although it may be sensitive and proprietary) with
respect to the Borrowers or their securities for purposes of United States Federal and state securities laws (provided,
however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section
10.07); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of
the Platform designated “Public Side Information;” and (z) the Administrative Agent and the Arrangers shall be
entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion
of the Platform not designated “Public Side Information.” Notwithstanding the foregoing, the Borrowers shall be under
no obligation to mark any Borrower Materials “PUBLIC.”

 

6.05         Legal
Existence and Conduct of Business. Except as otherwise permitted by Section 7.04, each Borrower will do or cause to
be done all things necessary to preserve and keep in full force and effect its legal existence, legal rights and franchises; effect
and maintain its foreign qualifications, licensing, domestication or authorization except as terminated by such Borrower’s
board of directors (or similar governing body) in the exercise of its reasonable judgment and except where the failure of a Borrower
to remain so qualified would not have a Material Adverse Effect; and shall not become obligated under any contract or binding arrangement
which, at the time it was entered into would have a Material Adverse Effect. Each Borrower will continue to engage primarily in
the businesses conducted by it on the Closing Date and in related businesses, except to the extent otherwise permitted under Sections
7.03 and 7.04.

 

6.06         Maintenance
of Properties. The Borrowers will cause all material properties used or useful in the conduct of their businesses to be maintained
and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary
repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of the Borrowers may be necessary
so that the businesses carried on in connection therewith may be properly and advantageously conducted at all times; provided,
however, that nothing in this section shall prevent the Borrowers from discontinuing the operation and maintenance of any
of their properties if such discontinuance is, in the judgment of the Borrowers, desirable in the conduct of their business and
which does not in the aggregate have a Material Adverse Effect.

 

6.07         Insurance.
The Borrowers will maintain with financially sound and reputable insurance companies, funds or underwriters insurance of the kinds,
covering the risks (other than risks arising out of or in any way connected with personal liability of any officers and directors
thereof) and in the relative proportionate amounts typically carried by reasonable and prudent companies conducting businesses
similar to that of the Borrowers. In addition, the Borrowers will furnish from time to time, upon the Administrative Agent’s
request, a summary of the insurance coverage, which summary shall be in form and substance reasonably satisfactory to the Administrative
Agent and, if requested by the Administrative Agent, will furnish to the Administrative Agent certificates evidencing such insurance
and, with respect to the certificate evidencing liability insurance, naming the Administrative Agent as the certificate holder
thereunder. Notwithstanding the foregoing, the Borrowers shall be permitted to maintain self insurance programs of the kinds, covering
the risks and in the relative amounts as more particularly described on Schedule 6.07.

 

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6.08         Taxes.
The Borrowers will duly pay and discharge, or cause to be paid and discharged, before any material penalty accrues thereon, all
taxes, assessments and other governmental charges (other than taxes, assessments and other governmental charges imposed by foreign
jurisdictions which in the aggregate are not material to the business or assets of any Borrower on an individual basis or of the
Borrowers on a consolidated basis) imposed upon it and its real properties, sales and activities, or any material part thereof,
or upon the income or profits therefrom, as well as all claims for labor, materials, or supplies, which if unpaid might by law
become a Lien or charge upon any material portion of its property, unless such Lien is a Permitted Lien; provided, however,
that any such tax, assessment, charge, levy or claim need not be paid if the validity or amount thereof shall currently be contested
in good faith by appropriate proceedings and if such Borrower shall have set aside on its books adequate reserves with respect
thereto; and provided further, that the Borrowers will pay all such taxes, assessments, charges, levies or claims
forthwith upon the commencement of proceedings to foreclose any Lien which may have attached as security therefor.

 

6.09         Inspection
of Properties, Books, and Contracts. The Borrowers will permit the Administrative Agent or any other designated representative
of the Lenders (including any Lender), upon reasonable notice and during normal business hours, to visit and inspect any of their
properties, to examine their books of account (including the making of periodic accounts receivable reviews), or contracts (and
to make copies thereof and extracts therefrom), and to discuss their affairs, finances and accounts with, and to be advised as
to the same by, their officers, all at such times and intervals as the Lenders or the Administrative Agent may reasonably request.

 

6.10         Compliance
with Laws, Contracts, Licenses and Permits; Maintenance of Material Licenses and Permits. The Borrowers will and will cause
the Excluded Subsidiaries to (i) comply with the provisions of their Organization Documents, (ii) comply with the provisions
of all agreements and instruments by which they or any of their properties may be bound; and (iii) comply with all applicable
Laws (including Environmental Laws and Environmental Permits) except, in the cause of subsections (ii) and (iii),
where noncompliance with such applicable Laws would not have a Material Adverse Effect. If at any time while any Loan or Letter
of Credit is outstanding or any Lender or the Administrative Agent has any obligation to make Loans or issue Letters of Credit
hereunder, any authorization, consent, approval, permit or license from any Governmental Authority shall become necessary or required
in order that the Borrowers may fulfill any of their obligations hereunder, the Borrowers will immediately take or cause to be
taken all reasonable steps within the power of the Borrowers to obtain such authorization, consent, approval, permit or license
and furnish the Lenders with evidence thereof.

 

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6.11       Environmental
Indemnification. Each Borrower covenants and agrees that it will indemnify and hold the Administrative Agent and the Lenders
harmless from and against any and all claims, expense, damage, loss or liability incurred by the Administrative Agent or the Lenders
(including all costs of legal representation) relating to (a) any Release or threatened Release of Hazardous Materials on
the Real Estate; (b) any violation of any Environmental Laws with respect to conditions at the Real Estate or the operations
conducted thereon; (c) the investigation or remediation of offsite locations at which any Borrower or its predecessors are
alleged to have directly or indirectly disposed of Hazardous Materials; or (d) any Environmental Liability related in any
way to any Borrower or any Excluded Subsidiary. It is expressly acknowledged by each Borrower that this covenant of indemnification
shall include claims, expense, damage, loss or liability incurred by the Administrative Agent or the Lenders based upon the Administrative
Agent’s or the Lenders’ negligence (but not gross negligence or willful misconduct, in each case as determined by a
court of competent jurisdiction by a final and nonappealable judgment), and this covenant shall survive any foreclosure or any
modification, release or discharge of the Loan Documents or the payment of the Loans and shall inure to the benefit of the Administrative
Agent, the Lenders and their successors and assigns.

 

6.12       Further
Assurances. The Borrowers will cooperate with the Administrative Agent and the Lenders and execute such further instruments
and documents as the Lenders or the Administrative Agent shall reasonably request to carry out to the Lenders’ satisfaction
the transactions contemplated by this Agreement and the Loan Documents.

 

6.13       Notice
of Potential Claims or Litigation. The Borrowers will deliver to the Lenders, within thirty (30) days of receipt thereof, written
notice of the initiation of any action, claim, complaint, or any other notice of dispute or potential litigation (including without
limitation any alleged violation of any Environmental Law or any dispute, litigation, investigation or proceeding between any Borrower
and any Governmental Authority), wherein the potential liability could reasonably be expected to be in excess of $15,000,000, together
with a copy of each such notice received by any Borrower or any Excluded Subsidiary.

 

6.14       Notice
of Certain Events Concerning Insurance and Environmental Claims.

 

(a)          The
Borrowers will provide the Lenders with written notice as to any material cancellation or material change in any insurance of the
Borrowers within ten (10) Business Days after the Borrowers’ receipt of any written notice of such cancellation or change
by any of their insurers.

 

(b)          The
Borrowers will promptly notify the Lenders in writing of any of the following events:

 

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(i)          upon
obtaining knowledge of any violation of any Environmental Law regarding the Real Estate or any Borrower’s operations which
could reasonably be expected to result in liability in excess of $15,000,000; (ii) upon obtaining knowledge of any potential
or known Release or threat of Release of any Hazardous Materials at, from, or into the Real Estate which it reports or is reportable
in writing to any Governmental Authority which could reasonably be expected to result in liability in excess of $15,000,000; (iii) upon
receipt of any notice of violation of any Environmental Laws or of any Release or threatened Release of Hazardous Materials, including
a notice or claim of liability or potential responsibility from any third party (including without limitation any Governmental
Authority) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) operation
of the Real Estate, (B) contamination on, from or into the Real Estate, or (C) investigation or remediation of offsite
locations at which any Borrower or any of its predecessors is alleged to have directly or indirectly disposed of Hazardous Materials,
which violation or Release in any such case could reasonably be expected to have a Material Adverse Effect; or (iv) upon obtaining
knowledge that any material expense or loss has been incurred by such Governmental Authority in connection with the assessment,
containment, removal or remediation of any Hazardous Materials with respect to which any Borrower could reasonably be expected
to have liability in excess of $15,000,000 or for which a Lien for a like amount could reasonably be expected to be imposed on
the Real Estate.

 

6.15       Notice
of Default. The Borrowers will promptly notify the Lenders in writing of the occurrence of any Default or Event of Default.
If any Person shall give any notice or take any other action in respect of a claimed default (whether or not constituting an Event
of Default) under this Agreement or any other note, evidence of Indebtedness, indenture or other obligation evidencing Indebtedness
in excess of $15,000,000 as to which any Borrower is a party or obligor, whether as principal or surety, the Borrowers shall forthwith
give written notice thereof to the Lenders, describing the notice or action and the nature of the claimed default.

 

6.16       New
Subsidiaries.

 

(a)          Any
new Subsidiary (other than permitted Excluded Subsidiaries and Receivables SPVs) created or acquired by a Borrower as permitted
under Section 7.04 shall become a Borrower hereunder. Such Subsidiary shall become a Borrower hereunder on or before the
fifteenth (15th) Business Day after the end of the fiscal quarter in which such Subsidiary was created or acquired. A Subsidiary
shall become a Borrower by (x) signing a joinder agreement in form and substance reasonably satisfactory to the Administrative
Agent providing that such Subsidiary shall become a Borrower hereunder, and (y) providing such other documentation as the
Administrative Agent may reasonably request, including, without limitation, (i) KYC Requirement Information with respect to
such new Subsidiary, (ii) applicable documentation with respect to the conditions specified in Section 4.01(a), clauses
(i) through (iv), (iii) evidence that all insurance required to be maintained pursuant to the Loan Documents has been
obtained and is in effect with respect to such new Subsidiary, together with insurance binders or other satisfactory certificates
of insurance, (iv) the results of UCC searches with respect to such new Subsidiary indicating no Liens other than Permitted Liens
and otherwise in form and substance satisfactory to the Administrative Agent, and (v) an opinion of in-house counsel to the Parent,
in form and substance reasonably satisfactory to the Administrative Agent, with respect to (x) each such new Subsidiary that is
organized under California, Delaware and/or New York law, and (y) such joinder agreement and related documentation. In such event,
the Administrative Agent is hereby authorized by the parties to amend Schedule 1 to include such new Subsidiary and the
KYC Requirement Information in respect thereof.

 

(b)          The
Parent shall at all times directly or indirectly through a Subsidiary own all of the Equity Interests of each of the Subsidiaries
(other than the Excluded Subsidiaries).

 

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6.17       [Reserved].

 

6.18       Additional
Notices. The Borrowers will promptly notify the Administrative Agent in writing of (a) any material change by any Borrower
in accounting policies, financial reporting practices (subject to Section 7.12) or attestation reports concerning internal
controls pursuant to Section 404 of Sarbanes-Oxley, and (b) the occurrence of any ERISA Event.

 

6.19       Designation
of Excluded Subsidiaries. The Parent may from time to time designate any Subsidiary as an Excluded Subsidiary, provided that
the following conditions precedent to the effectiveness of such designation are satisfied:

 

(a)          at
the time of such designation, no Default or Event of Default has occurred and is continuing, and such designation will not otherwise
create a Default or an Event of Default;

 

(b)          the
Borrowers will be in pro forma compliance with the restrictions on Excluded Subsidiaries set forth in Section 7.15,
measured as of the end of the most recent fiscal quarter of the Consolidated Group for which a Compliance Certificate has been
or is required to have been delivered pursuant to Section 6.04(c) (with assets values and revenues of the Excluded Subsidiaries
adjusted as if such designation occurred on the first day of the applicable Reference Period); and

 

(c)          the
Parent has delivered to the Administrative Agent (i) written notice of such designation and (ii) a Compliance Certificate
certifying compliance with the conditions set forth in the foregoing clause (b) and setting forth reasonably detailed calculations
in support thereof.

 

For the avoidance of
doubt, in the event that any Borrower is designated as an Excluded Subsidiary in accordance with this Section 6.19, such
Subsidiary shall be released from its obligations under the Loan Documents.

 

6.20       Anti-Corruption
Laws.

 

Conduct its businesses
in compliance with the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other similar anti-corruption
legislation in other jurisdictions.

 

ARTICLE VII.         NEGATIVE
COVENANTS

 

So long as any Lender shall have any Commitment
hereunder, any Loan or other Obligation hereunder (other than contingent indemnity obligations with respect to then unasserted
claims) shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding:

 

7.01       Restrictions
on Indebtedness. No Borrower shall create, incur, assume or suffer to exist any Indebtedness other than:

 

(a)          Indebtedness
existing on the Closing Date and set forth on Schedule 7.01, including any renewals, extensions, refinancings and replacements
thereof so long as the principal amount thereof (plus all accrued interest on such Indebtedness and the amount of all fees and
expenses, including premiums, incurred in connection therewith, the amount of which may be included in the principal amount of
any refinancing) is not increased;

 

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(b)          incurrence
of guaranty, suretyship or indemnification obligations in connection with the Borrowers’ performance of services for their
respective customers in the ordinary course of their businesses;

 

(c)          Indebtedness
of one Borrower to another Borrower;

 

(d)          Indebtedness
of the Borrowers incurred in connection with the acquisition or lease of any equipment or other property by the Borrowers under
any Synthetic Lease, Capital Lease or other lease arrangement or purchase money financing;

 

(e)          Indebtedness
of the Borrowers with respect to bonds for closure and post-closure obligations relating to any landfill owned or operated by the
Borrowers;

 

(f)          Indebtedness
of the Borrowers in respect of Swap Contracts (including Fuel Derivatives Obligations) entered into in the ordinary course of business
and not for speculative purposes;

 

(g)          Indebtedness
of the Borrowers with respect to letters of credit of Persons acquired by the Borrowers; provided, that such letters
of credit shall be retired immediately or replaced by Letters of Credit under this Agreement as soon as possible but in any event
not later than one hundred twenty (120) days after the closing of any such acquisition;

 

(h)          Indebtedness
of the Borrowers in respect of IRBs; provided, that (i) such Indebtedness may be secured only to the extent such IRBs
are L/C Supported IRBs and (ii) after taking into account all Indebtedness incurred pursuant to this clause (h), the
Borrowers on a consolidated basis shall be in pro forma compliance with each of the financial covenants set forth in Section
7.14 (using Consolidated EBITDA of the Consolidated Group as of the last day of the applicable Pro Forma Reference Period (but
including any addbacks to Consolidated EBITDA previously approved in the period following the last day of the applicable Pro Forma
Reference Period) and Consolidated Total Funded Debt as of the date of, and after giving effect to, such Indebtedness (with such
amounts adjusted as if such Indebtedness was incurred on the first day of the applicable Pro Forma Reference Period));

 

(i)          other
secured Indebtedness (other than as permitted under other subsections hereof), not in excess of $20,000,000 in the aggregate at
any time outstanding;

 

(j)          other
unsecured Indebtedness; provided, that, at the time of incurrence thereof, the Borrowers shall be in pro forma compliance
with each of the financial covenants set forth in Section 7.14 (using Consolidated EBITDA of the Consolidated Group as of
the last day of the applicable Pro Forma Reference Period (but including any addbacks to Consolidated EBITDA previously approved
in the period following the last day of the applicable Pro Forma Reference Period) and Consolidated Total Funded Debt as of the
date of, and after giving effect to, such Indebtedness (with such amounts adjusted as if such Indebtedness was incurred on the
first day of the applicable Pro Forma Reference Period)); and

 

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(k)          the
Obligations.

 

7.02       Restrictions
on Liens. No Borrower shall create or incur or suffer to be created or incurred or to exist any Lien of any kind upon any property
or assets of any character, whether now owned or hereafter acquired, or upon the income or profits therefrom; or transfer any of
such property or assets or the income or profits therefrom for the purpose of subjecting the same to the payment of Indebtedness
or performance of any other obligation in priority to payment of its general creditors; or acquire, or agree or have an option
to acquire, any property or assets upon conditional sale or other title retention or purchase money security agreement, device
or arrangement; or suffer to exist for a period of more than thirty (30) days after the same shall have been incurred any Indebtedness
or claim or demand against it which if unpaid might by law or upon bankruptcy or insolvency, or otherwise, be given any priority
whatsoever over its general creditors; or sell, assign, pledge or otherwise transfer any accounts, contract rights, general intangibles
or chattel paper, with or without recourse, except as follows (the “Permitted Liens”):

 

(a)          Liens
to secure taxes, assessments and other government charges in respect of obligations not overdue or Liens on properties to secure
claims for labor, material or supplies in respect of obligations not overdue or that are being contested in good faith by appropriate
proceedings (provided that, if the obligation with respect to which any such Lien arises is being contested in good faith by appropriate
proceedings, such obligation may remain unpaid during the pendency of such proceedings as long as the Borrowers shall have set
aside on their books adequate reserves with respect thereto);

 

(b)          Deposits
or pledges made in connection with, or to secure payment of, workmen’s compensation, unemployment insurance, old age pensions
or other social security obligations other than any Lien imposed by ERISA and not permitted pursuant to Section 7.07;

 

(c)          Liens
in respect of judgments or awards which have been in force for less than the applicable period for taking an appeal so long as
execution is not levied thereunder or in respect of which the applicable Borrower shall at the time in good faith be prosecuting
an appeal or proceedings for review and in respect of which a stay of execution shall have been obtained pending such appeal or
review and in respect of which such Borrower maintains adequate reserves;

 

(d)          Liens
of carriers, warehousemen, mechanics and materialmen, and other like Liens, in existence less than one hundred twenty (120) days
from the date of creation thereof in respect of obligations not overdue; provided, that such Liens may continue to exist
for a period of more than one hundred twenty (120) days if the validity or amount thereof shall currently be contested by the applicable
Borrower in good faith by appropriate proceedings and if such Borrower shall have set aside on its books adequate reserves with
respect thereto as required by GAAP; and provided further, that such Borrower will pay any such claim forthwith upon
commencement of proceedings to foreclose any such Lien;

 

(e)          Encumbrances
on Real Estate consisting of easements, rights of way, zoning restrictions, restrictions on the use of real property and defects
and irregularities in the title thereto, landlord’s or lessor’s Liens under leases to which any Borrower is a party,
and other minor Liens none of which in the opinion of such Borrower interferes materially with the use of the property affected
in the ordinary conduct of the business of such Borrower, which defects do not individually or in the aggregate have a Material
Adverse Effect;

 

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(f)          Liens
securing Indebtedness permitted under Section 7.01(d) incurred in connection with the lease or acquisition of property or
fixed assets or industrial bond financings; provided, that such Liens shall encumber only the property or assets so acquired
or financed and shall not exceed the purchase price thereof;

 

(g)          Liens,
whether created by contract, law, regulation or ordinance, securing Indebtedness permitted by Sections 7.01(b), (e)
and (g); provided, that any security granted therefor is limited to (i) rights to payment under, and use of
equipment or related assets to perform, the contracts to which such guaranty, suretyship or bond obligations relate, (ii) Liens
arising under the laws of suretyship and (iii) similar Liens granted in favor of municipalities or other governmental entities
pursuant to any Municipal Contract; provided, that such Liens (A) encumber only the containers, bins, carts and vehicles used
in connection with such Municipal Contract and (B) are promptly released as soon as such release is not prohibited under the
terms of such Municipal Contract;

 

(h)          Liens
listed on Schedule 7.02 hereto;

 

(i)           Liens
securing Indebtedness permitted under Section 7.01(h) in the form of L/C Supported IRBs;

 

(j)           Liens
securing deposits made on account of liabilities to insurance carriers under insurance or self-insurance arrangements;

 

(k)          Liens
granted to a Receivables SPV in connection with a Permitted Receivables Transaction and securing Indebtedness of the Parent and
its Subsidiaries existing as of the Closing Date and listed on Schedule 7.01 in connection therewith; provided, that
such Liens attach only to the accounts receivable which are the subject of such Indebtedness and to the Equity Interests of the
Receivables SPV;

 

(l)           Liens
granted in connection with secured Indebtedness incurred pursuant to Sections 7.01(a) or (i); and

 

(m)         Liens
granted to secure Indebtedness and other liabilities and obligations under any Covenanted Senior Debt so long as the Obligations
are simultaneously secured on a pari passu basis pursuant to customary documentation reasonably acceptable to the Administrative
Agent.

 

7.03       Restrictions
on Investments. No Borrower shall make any Investments unless (i) the Borrowers are in pro forma compliance with
each of the financial covenants set forth in Section 7.14 (using Consolidated EBITDA of the Consolidated Group as of the
last day of the applicable Pro Forma Reference Period (but including any addbacks to Consolidated EBITDA previously approved in
the period following the last day of the applicable Pro Forma Reference Period) and Consolidated Total Funded Debt as of the date
of, and after giving effect to, such Investment (with such amounts adjusted as if such Investment occurred on the first day of
the Pro Forma Reference Period)), (ii) at the time of such Investment, no Default or Event of Default has occurred and is
continuing or would result therefrom and (iii) to the extent such proposed Investment constitutes a transaction described
in Section 7.04(a), the Borrowers comply with the requirements set forth in such Section 7.04(a); provided,
that nothing set forth in this Section 7.03 shall prohibit ordinary course Investments made by the Borrowers from time to
time in cash and cash equivalents.

 

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7.04       Merger,
Consolidation and Disposition of Assets.

 

(a)          No
Borrower shall become a party to any merger or consolidation, or agree to or effect any asset acquisition or stock acquisition
(other than the acquisition of assets in the ordinary course of business consistent with past practices and with respect to asset
swaps) except the merger or consolidation of, or asset or stock acquisitions between existing Borrowers, and except as otherwise
provided in this Section 7.04(a). The Borrowers may purchase or otherwise acquire assets or the Equity Interests of any
other Person; provided, that:

 

(i)          the
Borrowers are in pro forma compliance with each of the financial covenants set forth in Section 7.14 (using Consolidated
EBITDA of the Consolidated Group as of the last day of the applicable Pro Forma Reference Period (but including any addbacks to
Consolidated EBITDA previously approved in the period following the last day of the applicable Pro Forma Reference Period) and
Consolidated Total Funded Debt as of the date of, and after giving effect to, such acquisition (with such amounts adjusted as if
such acquisition occurred on the first day of the applicable Pro Forma Reference Period));

 

(ii)         at
the time of such acquisition, no Default or Event of Default has occurred and is continuing, and such acquisition will not otherwise
create a Default or an Event of Default hereunder;

 

(iii)        the
business to be acquired is predominantly in the same lines of business as the Borrowers, or businesses reasonably related or incidental
thereto (e.g., non-hazardous solid waste collection, transfer, hauling, recycling, or disposal), except for Investments in other
lines of business in an aggregate amount not to exceed $100,000,000 at any time outstanding for all such Investments (the amount
of any such Investment being the amount actually invested, without adjustment for subsequent increases or decreases in the value
of such Investment);

 

(iv)        all
of the assets to be acquired shall be owned by an existing or newly created Subsidiary of the Parent which Subsidiary shall be
or become a Borrower hereunder in accordance with Section 6.16 or be designated an Excluded Subsidiary in accordance with
Section 6.19 and subject to Section 7.15;

 

(v)         the
board of directors and (if required by applicable law) the shareholders, or the equivalents thereof, of the business to be acquired
has approved such acquisition; and

 

(vi)        if
such acquisition is made by a merger, a Borrower, or a wholly-owned Subsidiary of the Parent which shall become a Borrower in connection
with such merger, shall be the surviving entity.

 

Notwithstanding anything
to the contrary set forth in this clause (a), the Parent shall not consummate any merger in which it is not the surviving
entity.

 

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(b)          No
Borrower shall become a party to or agree to or effect any Disposition of assets, other than (a) the sale of inventory, the
licensing of intellectual property and the Disposition of obsolete assets, in each case in the ordinary course of business consistent
with past practices, (b) a Disposition of assets from a Borrower to any other Borrower, (c) the sale or exchange of routes
and related assets which, in the business judgment of the Borrowers, will not have a Material Adverse Effect, (d) assets with
a fair market value of less than $50,000,000 per year transferred in connection with an asset sale or swap, which sale or swap,
in the business judgment of the Borrowers, will not have a Material Adverse Effect, and (e) the sale, lease, assignment, transfer
or other Disposition of Receivables in connection with any Permitted Receivables Transaction.

 

7.05       Sale
and Leaseback. No Borrower shall enter into any arrangement, directly or indirectly, whereby such Borrower shall sell or transfer
any property owned by it in order then or thereafter to lease such property or lease other property which such Borrower intends
to use for substantially the same purpose as the property being sold or transferred, without the prior written consent of the Required
Lenders.

 

7.06       Restricted
Payments and Redemptions. No Borrower shall make any Restricted Payments (provided, however, that neither the
exercise of common stock purchase warrants or options to purchase common stock on a “cashless” exercise basis under
a Borrower’s equity incentive plans shall constitute a purchase or redemption of Equity Interests), except that (a) a
Borrower may make any Restricted Payment to another Borrower, (b) the Parent may make any Restricted Payment so long as no
Default or Event of Default exists or would be created by the making of such Restricted Payment (provided, that if as of
the end of any fiscal quarter in any fiscal year (and after giving effect to any Indebtedness incurred to finance such Restricted
Payment, if any), the Consolidated Group have on a consolidated basis a Leverage Ratio of greater than or equal to 3.00 to 1.00,
as determined by reference to the most recent Compliance Certificate delivered to the Administrative Agent pursuant to Section
6.04, the Parent shall not make Restricted Payments in excess of the Distribution Limitation in the aggregate in such fiscal
year, unless and until such time as the Consolidated Group shall have on a consolidated basis a Leverage Ratio of less than 3.00
to 1.00 as determined by reference to any subsequent Compliance Certificate delivered to the Administrative Agent pursuant to Section
6.04; provided further, that if (x) the Parent shall be prohibited from making Restricted Payments in excess
of the Distribution Limitation in the aggregate in any fiscal year as a result of the application of the foregoing Leverage Ratio
and (y) the Parent shall have previously made Restricted Payments in an aggregate amount greater than or equal to the Distribution
Limitation during such fiscal year, the Parent shall not be deemed to be in violation of this Section 7.06 as a result of
such pre-existing Restricted Payments but shall not make any additional Restricted Payments for the remainder of such fiscal year,
unless and until such time as the Consolidated Group have on a consolidated basis a Leverage Ratio of less than 3.00 to 1.00 as
determined by reference to any subsequent Compliance Certificate delivered to the Administrative Agent pursuant to Section 6.04);
and (c) the Borrowers may make cash payments to its employees pursuant to one or more profit sharing, equity incentive or
other benefit plan.

 

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7.07       Employee
Benefit Plans. No Borrower nor any ERISA Affiliate will:

 

(a)          engage
in any “prohibited transaction” within the meaning of Section 406 of ERISA or Section 4975 of the Code or otherwise
incur any excise taxes under Sections 4971, 4975, 4980B or 4980D of the Code which could reasonably be expected to result in a
material liability (and in any event not in excess of $15,000,000) for any Borrower; or

 

(b)          fail
to satisfy the Pension Funding Rules with respect to any Pension Plan (other than a Multiemployer Plan) which could reasonably
be expected to result in a material liability (and in any event not in excess of $15,000,000) for any Borrower or fail to meet
or seek any waiver of the minimum funding standards or incur any funding shortfall (within the meaning of Sections 302 and 303
of ERISA or Sections 430 and 436 of the Code) with respect to any such Pension Plan which could reasonably be expected to result
in a material liability (and in any event not in excess of $15,000,000) for any Borrower; or

 

(c)          fail
to contribute to any Pension Plan to an extent which, or terminate any Pension Plan (other than a Multiemployer Plan) in a manner
which, could reasonably be expected to result in the imposition of a Lien securing material obligations (and in any event obligations
in excess of $15,000,000) on any assets of any Borrower pursuant to Section 303(k) or Section 4068 of ERISA or Section 430(k) of
the Code; or

 

(d)          post
any security pursuant to Section 436(f) of the Code or fail to meet the minimum required contribution payment obligations under
Section 303(j) of ERISA with respect to any Pension Plan (other than a Multiemployer Plan) which could reasonably be expected to
result in a material liability (and in any event not in excess of $15,000,000) for any Borrower; or

 

(e)          permit
or take any action which would result in the aggregate benefit liabilities (within the meaning of Section 4001 of ERISA) of all
Pension Plans (other than any Multiemployer Plans) exceeding the value of the aggregate assets of such Pension Plans, disregarding
for this purpose the benefit liabilities and assets of any such Pension Plan with assets in excess of benefit liabilities which
could reasonably be expected to result in a material liability (and in any event not in excess of $15,000,000) for any Borrower;
or

 

(f)          incur
any withdrawal liability within the meaning of Section 4201 of ERISA with respect to any Multiemployer Plan which could reasonably
be expected to result in a material liability (and in any event not in excess of $15,000,000) for any Borrower.

 

7.08       Burdensome
Agreements. Except as required by any Municipal Contract, no Borrower shall enter into or permit to exist any arrangement or
agreement, enforceable under applicable law, which directly or indirectly prohibits such Borrower from (a) making Restricted
Payments to the Parent or any other Borrower or otherwise transferring property to or investing in the Parent or any other Borrower,
except for any such agreement or arrangement in effect at the time such Borrower became a Subsidiary of the Parent, so long as
such agreement or arrangement was not entered into solely in contemplation of such Borrower becoming a Subsidiary of the Parent,
(b) Guaranteeing the Indebtedness of the Parent or any other Borrower or (c) creating or incurring any lien, encumbrance,
mortgage, pledge, charge, restriction or other security interest or Lien in favor of the Administrative Agent for the benefit of
the Lenders and the Administrative Agent under the Loan Documents other than customary anti-assignment provisions in leases and
licensing agreements entered into by such Borrower in the ordinary course of its business; provided, however, that
clause (c) of this Section 7.08 shall not prohibit any negative pledge (i) incurred or provided in favor of
any holder of Indebtedness permitted under Section 7.01, (A) solely to the extent any such negative pledge relates
to the property financed by such Indebtedness or (B) the terms of which are customary at the time of incurrence and are approved
by the Administrative Agent in writing, (ii) with respect to any Subsidiary of Parent, imposed pursuant to an agreement which
has been entered into for the sale or disposition permitted under Section 7.04(b), or (iii) in connection with restrictions
imposed by applicable laws.

 

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7.09         Business
Activities. No Borrower will engage directly or indirectly (whether through Subsidiaries or otherwise) in any type of business
other than the businesses conducted by such Borrower on the Closing Date and in related businesses, except to the extent otherwise
permitted under Sections 7.03 and 7.04.

 

7.10         Transactions
with Affiliates. No Borrower will engage in any transaction with any non-Borrower Affiliate (other than for services as employees,
officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or
by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from any such non-Borrower
Affiliate or, to the knowledge of the Borrowers, any corporation, partnership, trust or other entity in which any such non-Borrower
Affiliate has a substantial interest or is an officer, director, trustee or partner, on terms more favorable to such Person than
would have been obtainable on an arm’s-length basis in the ordinary course of business.

 

7.11         Prepayments
of Indebtedness. No Borrower shall prepay, redeem or repurchase any Indebtedness incurred by the Borrowers pursuant to Section
7.01 (other than the Obligations) unless no Default or Event of Default has occurred and is continuing, or would be created
thereby.

 

7.12         Accounting
Changes. No Borrower will make any change in its accounting policies or reporting practices, except as required by GAAP.

 

7.13         Use
of Proceeds. None of the Borrowers shall use the proceeds of any Credit Extension, whether directly or indirectly, and whether
immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to
extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for
such purpose; provided, that the Borrowers may use the proceeds of Loans advanced hereunder to purchase stock of the Parent
as permitted under Section 7.06 so long such stock is retired upon the consummation of the applicable repurchase.

 

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7.14       Financial
Covenants.

 

(a)          Leverage
Ratio. As of the last day of each fiscal quarter of the Consolidated Group, the ratio of (i) Consolidated Total Funded
Debt outstanding on such date to (ii) Consolidated EBITDA for the Reference Period ending on such date (the “Leverage
Ratio”), shall not exceed 3.50:1.00; provided that in the event of an acquisition permitted under Section 7.03
and Section 7.04 having an aggregate purchase price equal to $100,000,000 or greater which would result in a pro forma Leverage
Ratio (after taking into account all existing Consolidated Total Funded Debt and all Consolidated Total Funded Debt to be incurred,
assumed or repaid in connection with such acquisition) of 3.00:1.00 or higher, then, at the election of the Parent, the foregoing
3.50:1.00 ratio shall be deemed to be 3.75:1.00 for the fiscal quarter in which such acquisition occurs and the immediately following
fiscal quarter and the maximum permitted Leverage Ratio will thereafter revert to 3.50:1.00). The Borrower may utilize this deemed
Leverage Ratio increase no more than once in any four fiscal quarter period.

 

(b)          Interest
Coverage Ratio. As of the last day of any fiscal quarter of the Consolidated Group, the ratio of Consolidated EBIT to Consolidated
Total Interest Expense, in each case for the Reference Period ending on such date, shall not be less than 2.75:1.00.

 

7.15        Restrictions
on Excluded Subsidiaries. As of the end of each fiscal quarter of the Borrowers, (a) the aggregate book value of the
assets of all Excluded Subsidiaries, shall not exceed five percent (5%) of the aggregate book value of the assets of the Consolidated
Group as of the end of such fiscal quarter, and (b) the aggregate revenues of all Excluded Subsidiaries, shall not exceed
five percent (5%) of the aggregate revenues of the Consolidated Group for the same period, in either case unless, within thirty
(30) days after such date, the Parent re-designates one or more Excluded Subsidiaries as a Borrower or Borrowers hereunder to
the extent necessary to satisfy the requirements of the foregoing clauses (a) and (b) (as re-measured for the relevant
date or period). Any such re-designated Subsidiary shall become a Borrower by (x) signing a joinder agreement in form and
substance reasonably satisfactory to the Administrative Agent, providing that such Subsidiary shall become a Borrower hereunder,
and (y) providing such other documentation as the Administrative Agent may reasonably request, including, without limitation,
(i) KYC Requirement Information with respect to such re-designated Subsidiary and (ii) documentation with respect to
the conditions specified in Section 4.01. In such event, the Administrative Agent is hereby authorized by the parties to
amend Schedule 1 to designate such Subsidiary as a Borrower and add the KYC Requirement Information in respect thereof.
For the avoidance of doubt, in the event that any Excluded Subsidiary is joined as a Borrower in accordance with this Section
7.15, such Subsidiary shall immediately cease to be an Excluded Subsidiary hereunder upon the effectiveness of such Subsidiary
becoming a Borrower.

 

7.16       Sanctions.
Directly or indirectly, use the proceeds of any Credit Extension, or lend, contribute or otherwise make available such proceeds
to any Subsidiary, joint venture partner or other individual or entity to fund any activities of or business with any individual
or entity, or in any Designated Jurisdiction, that, at the time of such funding, is the subject of Sanctions, or in any other
manner that will result in a violation by any individual or entity (including any individual or entity participating in the transaction,
whether as Lender, Arranger, Administrative Agent, L/C Issuer, Swing Line Lender, or otherwise) of Sanctions.

 

7.17       Anti-Corruption
Laws.

 

Directly or indirectly
use the proceeds of any Credit Extension for any purpose which would breach the United States Foreign Corrupt Practices Act of
1977, the UK Bribery Act 2010 and other similar anti-corruption legislation in other jurisdictions.

 

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ARTICLE VIII.         EVENTS
OF DEFAULT AND REMEDIES

 

8.01       Events
of Default. Any of the following shall constitute an “Event of Default”:

 

(a)          the
Borrowers fail to pay any principal of the Loans or any L/C Obligation when the same shall become due and payable, whether at the
Maturity Date, or any accelerated date of maturity or at any other date fixed for payment;

 

(b)          the
Borrowers fail to pay any interest or fees or other amounts owing under the Loan Documents within five (5) Business Days after
the same shall become due and payable whether at the Maturity Date or any accelerated date of maturity or at any other date fixed
for payment;

 

(c)          the
Borrowers fail to comply with the covenants contained in Sections 6.05, 6.13, 6.14 or 6.15 or Article
VII;

 

(d)          the
Borrowers fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those
specified in subsections (a), (b) and (c) above) within thirty (30) days after written notice of such failure
has been given to the Borrowers by the Administrative Agent or any Lender;

 

(e)          any
representation or warranty contained in this Agreement or in any document or instrument delivered pursuant to or in connection
with this Agreement proves to have been false in any material respect upon the date when made or repeated;

 

(f)          any
Borrower or any Excluded Subsidiary fails to pay at maturity, or within any applicable period of grace, any and all obligations
for borrowed money (other than the Obligations) or any guaranty with respect thereto in an aggregate amount greater than $50,000,000
or fails to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound, evidencing
or securing borrowed money in an aggregate amount greater than $50,000,000 for such period of time as would permit (after the giving
of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity
thereof, unless the same shall have been waived by the holder(s) thereof;

 

(g)          any
Borrower or any Excluded Subsidiary institutes or consents to the institution of any proceeding under any Debtor Relief Law, or
makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian,
conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property; or any receiver,
trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of
such Person and the appointment continues undischarged or unstayed for sixty (60) days; or any proceeding under any Debtor Relief
Law relating to any such Person or to all or any material part of its property is instituted without the consent of such Person
and continues undismissed or unstayed for sixty (60) days, or an order for relief is entered in any such proceeding;

 

(h)          (i) any
Borrower or any Excluded Subsidiary becomes unable or admits in writing its inability or fails generally to pay its debts as they
become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or levied against all or any
material part of the property of any such Person and is not released, vacated or fully bonded within thirty (30) days after its
issue or levy;

 

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(i)           there
remains in force, undischarged, unsatisfied and unstayed, for more than forty-five (45) days, whether or not consecutive, any final
judgment against any Borrower or any Excluded Subsidiary which, with other outstanding final judgments against the Borrowers and
the Excluded Subsidiaries, exceeds in the aggregate $20,000,000 after taking into account any undisputed insurance coverage;

 

(j)           (i) an
ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected to result
in liability of the Borrowers under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount
in excess of $20,000,000, or (ii) the Borrowers or any ERISA Affiliate fail to pay when due, after the expiration of any applicable
grace period (or any period during which (x) any Borrower is permitted to contest its obligations to make such payment without
incurring any liability (other than interest) or penalty and (y) any Borrower is contesting such obligation in good faith
and by appropriate proceedings), any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under
a Multiemployer Plan in an aggregate amount in excess of $20,000,000;

 

(k)          any
of the Loan Documents is cancelled, terminated, revoked or rescinded, in each case other than in accordance with the terms thereof
or with the express prior written agreement, consent or approval of the Lenders, or any action at law, suit in equity or other
legal proceeding to cancel, revoke or rescind any of the Loan Documents is commenced by or on behalf of any Borrower or any stockholder
of any Borrower who is an officer or director of such Borrower, or any court or any other governmental or regulatory authority
or agency of competent jurisdiction makes a determination that, or issues a judgment, order, decree or ruling to the effect that,
any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof;

 

(l)          
(i) other than pursuant to the sale of all of the Equity Interests of a Borrower permitted under Section 7.04, the
Parent at any time legally or beneficially owns less than one hundred percent (100%) of the shares of the Equity Interests of each
other Borrower (directly or indirectly in accordance with Section 6.16), or (ii) any person or group of persons (within
the meaning of Section 13 or 14 of the Exchange Act) has acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated
by the Securities and Exchange Commission under said Act) of twenty-five percent (25%) or more of the outstanding shares of common
stock of the Parent; or, during any period of twelve (12) consecutive calendar months, individuals who were directors of the Parent
on the first day of such period cease to constitute a majority of the board of directors unless such new directors were approved
by a majority of the directors who were directors on the first day of such period; provided, however, that any such
change of control described in this clause (ii) resulting from an acquisition permitted under Section 7.04 shall
not constitute a Default or an Event of Default hereunder; or

 

(m)          the
occurrence of a “Change of Control” under and as defined in any documents executed and/or delivered in connection any
Covenanted Senior Debt.

 

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8.02       Remedies
Upon Event of Default. If any Event of Default occurs and is continuing, the Administrative Agent shall, at the request of,
or may, with the consent of, the Required Lenders:

 

(a)          declare
the commitment of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions to be terminated,
whereupon such commitments and obligation shall be terminated;

 

(b)          declare
the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable
hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice
of any kind, all of which are hereby expressly waived by the Borrowers;

 

(c)          require
that the Borrowers Cash Collateralize the L/C Obligations (in an amount equal to the Minimum Collateral Amount with respect thereto);
and

 

(d)          exercise
on behalf of itself, the Lenders and the L/C Issuer any other right or remedy available under any other Loan Document, at law,
in equity, under any other instrument, document or agreement or otherwise;

 

provided, however, that upon
the occurrence of an actual or deemed entry of an order for relief with respect to any Borrower under the Bankruptcy Code, the
obligation of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions shall automatically
terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically
become due and payable, and the obligation of the Borrowers to Cash Collateralize the L/C Obligations as aforesaid shall automatically
become effective, in each case without further act of the Administrative Agent, the L/C Issuer or any Lender.

 

The rights provided for in this Agreement
and the other Loan Documents are cumulative and are not exclusive of any other rights, powers, privileges or remedies provided
by law, in equity, under any other instrument, document or agreement or otherwise, whether now existing or hereafter arising.

 

8.03       Application
of Funds. After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically become
immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in
the proviso to Section 8.02), any amounts received on account of the Obligations shall, subject to the provisions of Sections
2.17 and 2.18, be applied by the Administrative Agent in the following order:

 

First, to payment
of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements
of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in its
capacity as such;

 

Second, to payment
of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal, interest and L/C Fees)
payable to the Lenders and the L/C Issuer (including fees, charges and disbursements of counsel to the respective Lenders and the
L/C Issuer and amounts payable under Article III), ratably among them in proportion to the respective amounts described
in this clause Second payable to them;

 

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Third, to payment
of that portion of the Obligations constituting accrued and unpaid L/C Fees and interest on the Loans, L/C Borrowings and other
Obligations arising under the Loan Documents, ratably among the Lenders and the L/C Issuer in proportion to the respective amounts
described in this clause Third payable to them;

 

Fourth, to payment
of that portion of the Obligations constituting unpaid principal of the Loans and L/C Borrowings ratably among the Lenders in proportion
to the respective amounts described in this clause Fourth held by them;

 

Fifth, to the
Administrative Agent for the account of the L/C Issuer, to Cash Collateralize that portion of L/C Obligations comprised of the
aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized by the Borrowers pursuant to Sections
2.05(c) and 2.17; and

 

Last, the balance,
if any, after all of the Obligations have been indefeasibly paid in full, to the Borrowers or as otherwise required by Law.

 

Subject to Sections 2.03(c) and
2.17, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fifth
above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash
Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other
Obligations, if any, in the order set forth above.

 

ARTICLE IX.          ADMINISTRATIVE
AGENT

 

9.01       Appointment
and Authorization of the Administrative Agent. Each of the Lenders and each L/C issuer hereby irrevocably appoints Bank of
America to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative
Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms
hereof and thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article
are solely for the benefit of the Administrative Agent, the Lenders and the L/C Issuers, and none of the Borrowers nor any other
Borrower shall have rights as a third party beneficiary of any of such provisions. It is understood and agreed that the use of
the term “agent” herein or in any other Loan Documents (or any other similar term) with reference to the Administrative
Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any
applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative
relationship between contracting parties.

 

9.02       Rights
as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity
as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender”
or “the Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the
Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits
from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage
in any kind of business with the Borrowers or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative
Agent hereunder and without any duty to account therefor to the Lenders.

 

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9.03       Exculpatory
Provisions. The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and
in the other Loan Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the
foregoing, the Administrative Agent:

 

(a)          shall
not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 

(b)          shall
not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed
in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein
or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion
or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable
Law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law
or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief
Law;

 

(c)          shall
not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for
the failure to disclose, any information relating to the Borrowers or any of their Affiliates that is communicated to or obtained
by the Person serving as the Administrative Agent or any of its Affiliates in any capacity; and

 

(d)          shall
not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such
other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall
be necessary, under the circumstances as provided in Sections 8.02 and 10.01) or (ii) in the absence of its
own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment.
The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice describing such Default
is given in writing to the Administrative Agent by the Borrowers, a Lender or an L/C Issuer. The Administrative Agent shall not
be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or
in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document
delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the
covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the
validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument
or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm
receipt of items expressly required to be delivered to the Administrative Agent.

 

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9.04        Reliance
by the Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for
relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic
message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent
or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or
by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon.
In determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension, renewal or increase
of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an L/C Issuer, the Administrative
Agent may presume that such condition is satisfactory to such Lender or such L/C Issuer unless the Administrative Agent shall
have received notice to the contrary from such Lender or such L/C Issuer prior to the making of such Loan or the issuance of such
Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrowers), independent
accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with
the advice of any such counsel, accountants or experts.

 

9.05        Delegation
of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or
under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative
Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective
Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the
Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication
of the credit facilities provided for herein as well as activities as the Administrative Agent. The Administrative Agent shall
not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction
determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct
in the selection of such sub-agents.

 

9.06        Resignation
of the Administrative Agent.

 

(a)          The
Administrative Agent may at any time give notice of its resignation to the Lenders, the L/C Issuers and the Borrowers. Upon receipt
of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrowers, to appoint a
successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United
States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within
30 days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the
Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall
not be obligated to) on behalf of the Lenders and the L/C Issuers, appoint a successor Administrative Agent meeting the qualifications
set forth above, provided that in no event shall any such successor Administrative Agent be a Defaulting Lender. Whether or not
a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective
Date.

 

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(b)          If
the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the
Required Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrowers and such Person remove such
Person as Administrative Agent and, in consultation with the Borrowers, appoint a successor. If no such successor shall have been
so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed
by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective
in accordance with such notice on the Removal Effective Date.

 

(c)          With
effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (i) the retiring or removed Administrative
Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case
of any collateral security held by the Administrative Agent on behalf of the Lenders or the L/C Issuers under any of the Loan Documents,
the retiring or removed Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative
Agent is appointed) and (ii) except for any indemnity payments or other amounts then owed to the retiring or removed Administrative
Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead
be made by or to each Lender and each L/C Issuer directly, until such time, if any, as the Required Lenders appoint a successor
Administrative Agent as provided for above. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder,
such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or removed)
Administrative Agent (other than as provided in Section 3.01(h) and other than any rights to indemnity payments or other
amounts owed to the retiring or removed Administrative Agent as of the Resignation Effective Date or the Removal Effective Date,
as applicable), and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder
or under the other Loan Documents (if not already discharged therefrom as provided above in this Section). The fees payable by
the Borrowers to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed
between the Borrowers and such successor. After the retiring or removed Administrative Agent’s resignation or removal hereunder
and under the other Loan Documents, the provisions of this Article and Section 10.04 shall continue in effect for the benefit
of such retiring or removed Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions
taken or omitted to be taken by any of them while the retiring or removed Administrative Agent was acting as Administrative Agent.

 

(d)          Any
resignation by Bank of America as Administrative Agent pursuant to this Section shall also constitute its resignation as L/C Issuer
and Swing Line Lender. If Bank of America resigns as an L/C Issuer, it shall retain all the rights, powers, privileges and duties
of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as L/C
Issuer and all L/C Obligations with respect thereto, including the right to require the Lenders to make Base Rate Loans or fund
risk participations in Unreimbursed Amounts pursuant to Section 2.03(c). If Bank of America resigns as Swing Line Lender,
it shall retain all the rights of the Swing Line Lender provided for hereunder with respect to Swing Line Loans made by it and
outstanding as of the effective date of such resignation, including the right to require the Lenders to make Base Rate Loans or
fund risk participations in outstanding Swing Line Loans pursuant to Section 2.04(c). Upon the appointment by the Borrowers
of a successor L/C Issuer or Swing Line Lender hereunder (which successor shall in all cases be a Lender other than a Defaulting
Lender), (i) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring
L/C Issuer or Swing Line Lender, as applicable, (ii) the retiring L/C Issuer and Swing Line Lender shall be discharged from all
of their respective duties and obligations hereunder or under the other Loan Documents, and (iii) the successor L/C Issuer shall
issue letters of credit in substitution for the Letters of Credit issued by Bank of America, if any, outstanding at the time of
such succession or make other arrangements satisfactory to Bank of America to effectively assume the obligations of Bank of America
with respect to such Letters of Credit.

 

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9.07       Non-Reliance
on the Administrative Agent and Other the Lenders. Each Lender and each L/C Issuer acknowledges that it has, independently
and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents
and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender
and each L/C Issuer also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other
Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate,
continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document
or any related agreement or any document furnished hereunder or thereunder.

 

9.08       No
Other Duties, Etc. Anything herein to the contrary notwithstanding, no Lender holding a title listed on the cover page hereof
shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity,
as applicable, as the Administrative Agent, a Lender or an L/C Issuer hereunder.

 

9.09       The
Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Law or any
other judicial proceeding relative to any Borrower, the Administrative Agent (irrespective of whether the principal of any Loan
or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether
the Administrative Agent shall have made any demand on the Borrowers) shall be entitled and empowered, by intervention in such
proceeding or otherwise;

 

(a)          to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations
and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order
to have the claims of the Lenders, the L/C Issuers and the Administrative Agent (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Lenders, the L/C Issuers and the Administrative Agent and their respective agents and
counsel and all other amounts due the Lenders, the L/C Issuers and the Administrative Agent under Sections 2.03(i) and (j),
2.09 and 10.04) allowed in such judicial proceeding; and

 

(b)          to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 

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and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender
and each L/C Issuer to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent
to the making of such payments directly to the Lenders and each L/C Issuer, to pay to the Administrative Agent any amount due for
the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any
other amounts due the Administrative Agent under Sections 2.09 and 10.04. Nothing contained herein shall be deemed
to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or any L/C Issuer any
plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize
the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.

 

9.10       Release
of Borrowers. The Lenders and the L/C Issuers irrevocably authorize the Administrative Agent to release any Borrower from
its obligations under the Loan Documents if such Person ceases to be a Subsidiary as a result of a transaction permitted hereunder
or is designated as an Excluded Subsidiary in accordance with Section 6.19. Upon request by the Administrative Agent at
any time, subject to the provisions of Section 10.01(g), the Required Lenders will confirm in writing the Administrative
Agent’s authority to release any Borrower from its obligations under the Loan Documents pursuant to this Section 9.10.

 

ARTICLE X.
MISCELLANEOUS

 

10.01     Amendments,
Etc. No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure
by the Borrowers or any other Borrower therefrom, shall be effective unless in writing signed by the Required Lenders and the
Borrowers or the applicable Borrower, as the case may be, and acknowledged by the Administrative Agent, and each such waiver or
consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however,
that no such amendment, waiver or consent shall:

 

(a)          waive
any condition set forth in Section 4.01(a) without the written consent of each Lender except that, in the sole discretion
of the Administrative Agent, only a waiver by the Administrative Agent shall be required with respect to immaterial matters or
items noted in any post-closing letter made available to the Lenders with respect to which the Borrowers have given assurances
satisfactory to the Administrative Agent that such items shall be delivered promptly following the Closing Date;

 

(b)          extend
or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 8.02 or any Term Loan
Commitment after the initial funding thereof on the Closing Date) without the written consent of such Lender;

 

(c)          postpone
any date fixed by this Agreement or any other Loan Document for any payment (excluding mandatory prepayments, if any) of principal,
interest, fees or other amounts due to the Lenders (or any of them) hereunder or under any other Loan Document without the written
consent of each Lender directly affected thereby (it being understood that any vote to rescind acceleration of amounts owing with
respect to the Loans and other Obligations under the Loan Documents shall only require the approval of the Required Lenders);

 

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(d)          reduce
the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to clause (iv) of
the second proviso to this Section 10.01 with respect to the Fee Letters) any fees or other amounts payable hereunder or
under any other Loan Document, without the written consent of each Lender directly affected thereby except that only the consent
of the Required Lenders shall be necessary (i) to amend the definition of “Default Rate” or to waive any obligation
of the Borrowers to pay interest or L/C Fees at the Default Rate or (ii) to amend any financial covenant hereunder (or any
defined term used therein) even if the effect of such amendment would be to reduce the rate of interest on any Loan or L/C Borrowing
or to reduce any fee;

 

(e)          change
Section 2.13 or Section 8.03 in a manner that would alter the pro rata sharing of payments required thereby
without the written consent of each Lender;

 

(f)          change
any provision of this Section or the definition of “Required Lenders” or any other provision hereof specifying the
number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or
grant any consent hereunder, without the written consent of each Lender;

 

(g)          except
as provided in Section 9.10, release the Parent or all or substantially all of the Borrowers from their Obligations under
the Loan Documents without the written consent of each Lender; or

 

(h)          release
all or substantially all of any collateral hereafter securing all or any portion of the Obligations without the written consent
of each Lender, subject to customary Lien release exceptions as may be provided in the documentation pursuant to which any such
collateral is obtained;

 

and, provided further, that
(i) no amendment, waiver or consent shall, unless in writing and signed by an L/C Issuer in addition to the Lenders required
above, affect the rights or duties of such L/C Issuer under this Agreement or any Issuer Document relating to any Letter of Credit
issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless in writing and signed by the Swing Line Lender
in addition to the Lenders required above, affect the rights or duties of the Swing Line Lender under this Agreement; (iii) no
amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required
above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; and (iv) each
Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto. Notwithstanding
anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent
hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender
may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment
of any Defaulting Lender may not be increased or extended without the consent of such Lender, and (y) any waiver, amendment
or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender disproportionately
adversely relative to other affected Lenders shall require the consent of such Defaulting Lender.

 

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Notwithstanding any provision in this Section
10.01 to the contrary but subject to Section 2.14 (including those matters that may be addressed in a Conforming Amendment
without the requirement for additional consents pursuant to Section 2.14), this Agreement may be amended with the written
consent of the Required Lenders, the Administrative Agent and the Borrowers (i) to add one or more additional revolving credit
or term loan facilities to this Agreement and to permit the extensions of credit and all related obligations and liabilities arising
in connection therewith from time to time outstanding to share ratably (or on a basis subordinated to the existing facilities hereunder)
in the benefits of this Agreement and the other Loan Documents with the obligations and liabilities from time to time outstanding
in respect of the existing facilities hereunder, and (ii) in connection with the foregoing, to permit, as deemed appropriate
by the Administrative Agent and approved by the Required Lenders, the Lenders providing such additional credit facilities to participate
in any required vote or action required to be approved by the Required Lenders or by any other number, percentage or class of Lenders
hereunder.

 

10.02     Notices;
Effectiveness; Electronic Communications.

 

(a)          Notices
Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except
as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall
be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile as follows, and
all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone
number, as follows:

 

(i)          if
to the Borrowers, the Administrative Agent, the L/C Issuer or the Swing Line Lender, to the address, facsimile number, electronic
mail address or telephone number specified for such Person on Schedule 10.02; and

 

(ii)         if
to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative
Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire
then in effect for the delivery of notices that may contain material non-public information relating to the Borrowers), as may
be updated pursuant to Section 10.02(d).

 

Notices sent by hand or overnight courier
service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile
shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be
deemed to have been given at the opening of business on the next Business Day for the recipient), with confirmation of transmission
by the transmitting equipment. Notices delivered through electronic communications to the extent provided in subsection (b)
below, shall be effective as provided in such subsection (b).

 

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(b)          Electronic
Communications. Notices and other communications to the Lenders and the L/C Issuer hereunder may be delivered or furnished
by electronic communication (including e-mail, FpML messaging, and Internet or intranet websites) pursuant to procedures approved
by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender or the L/C Issuer pursuant to
Article II if such Lender or the L/C Issuer, as applicable has notified the Administrative Agent that it is incapable of
receiving notices under such Article by electronic communication. The Administrative Agent, the Swing Line Lender, the L/C Issuer
or the Borrowers may each, in their discretion, agree to accept notices and other communications to it hereunder by electronic
communications pursuant to procedures approved by them, provided that approval of such procedures may be limited to particular
notices or communications. Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent
to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient
(such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement),
and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt
by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice
or communication is available and identifying the website address therefor; provided, that for both clauses (i) and
(ii), if such notice, e-mail or other communication is not sent during the normal business hours of the recipient, such
notice, e-mail or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient.

 

(c)          The
Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW)
DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY
FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY
OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE
DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative
Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrowers,
any Lender, the L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort,
contract or otherwise) arising out of the Borrowers’ or the Administrative Agent’s transmission of Borrower Materials
or notices through the Platform, any other electronic platform or electronic messaging service, or through the Internet, except
to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by
a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such the Agent Party; provided,
however, that in no event shall any Agent Party have any liability to the Borrowers, any Lender, the L/C Issuer or any other
Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages).

 

(d)          Change
of Address, Etc. Each of the Borrowers, the Administrative Agent, the L/C Issuer and the Swing Line Lender may change its address,
facsimile or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other
Lender may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the Borrowers,
the Administrative Agent, the L/C Issuer and the Swing Line Lender. In addition, each Lender agrees to notify the Administrative
Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone
number, facsimile number and electronic mail address to which notices and other communications may be sent and (ii) accurate
wire instructions for such Lender. Furthermore, each Public Lender agrees to cause at least one individual at or on behalf of such
Public Lender to at all times have selected the “Private Side Information” or similar designation on the content declaration
screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance
procedures and applicable Law, including United States Federal and state securities Laws, to make reference to Borrower Materials
that are not made available through the “Public Side Information” portion of the Platform and that may contain material
non-public information with respect to the Borrowers or their securities for purposes of United States Federal or state securities
laws.

 

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(e)          Reliance
by the Administrative Agent, L/C Issuer and the Lenders. The Administrative Agent, the L/C Issuer and the Lenders shall be
entitled to rely and act upon any notices (including telephonic notices, Committed Loan Notices, L/C Applications and Swing Line
Loan Notices) purportedly given by or on behalf of a Responsible Officer of the Borrowers even if (i) such notices were not
made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein,
or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrowers shall indemnify
the Administrative Agent, the L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses
and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrowers, except
in the case of any of the foregoing Persons who are seeking indemnification hereunder, to the extent such reliance resulted from
such Person’s gross negligence or willful misconduct as determined by a court of competent jurisdiction by a final and nonappealable
judgment. All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by the Administrative
Agent, and each of the parties hereto hereby consents to such recording.

 

10.03     No
Waiver; Cumulative Remedies; Enforcement. No failure by any Lender, the L/C Issuer or the Administrative Agent to exercise,
and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document
shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder
or under any other Loan Document preclude any other or further exercise thereof or the exercise of any other right, remedy, power
or privilege. The rights, remedies, powers and privileges herein provided, and provided under each other Loan Document, are cumulative
and not exclusive of any rights, remedies, powers and privileges provided by law.

 

Notwithstanding anything
to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under
the other Loan Documents against the Borrowers or any of them shall be vested exclusively in, and all actions and proceedings at
law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance
with Section 8.02 for the benefit of all the Lenders and the L/C Issuer; provided, however, that the foregoing
shall not prohibit (a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its
benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) the L/C Issuer
or the Swing Line Lender from exercising the rights and remedies that inure to its benefit (solely in its capacity as L/C Issuer
or the Swing Line Lender, as the case may be) hereunder and under the other Loan Documents, (c) any Lender from exercising
setoff rights in accordance with Section 10.08 (subject to the terms of Section 2.13), or (d) any Lender from
filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any
Borrower under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting as Administrative Agent
hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the
Administrative Agent pursuant to Section 8.02 and (ii) in addition to the matters set forth in clauses (b),
(c) and (d) of the preceding proviso and subject to Section 2.13, any Lender may, with the consent of the
Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.

 

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10.04     Expenses;
Indemnity; Damage Waiver.

 

(a)          Costs
and Expenses. The Borrowers shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and
its Affiliates (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent), in connection
with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration
of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof
(whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses
incurred by each L/C Issuer in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand
for payment thereunder and (iii) all reasonable out-of-pocket expenses incurred by the Administrative Agent, any Lender or
any L/C Issuer (including the reasonable fees, charges and disbursements of any counsel for the Administrative Agent, any Lender
or any L/C Issuer; provided that for any individual enforcement action or series or related actions, the Borrowers shall
not be required to pay legal fees, charges and disbursements of more than one primary outside counsel and any reasonably necessary
local outside counsel for the Administrative Agent, the Lenders and the L/C Issuers collectively, unless the representation of
all such Persons by one counsel would be inappropriate due to the existence of an actual or potential conflict of interest, in
which case the Borrower shall also be required to pay the legal fees, charges and disbursements of additional outside counsel to
such conflicted Persons), in connection with the enforcement or protection of its rights (A) in connection with this Agreement
and the other Loan Documents, including its rights under this Section, or (B) in connection with the Loans made or Letters
of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations
in respect of such Loans or Letters of Credit.

 

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(b)          Indemnification
by the Borrowers. The Borrowers shall indemnify the Administrative Agent (and any sub-agent thereof), each Arranger, each Lender
and each L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”)
against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including
settlement costs and the reasonable fees, charges and disbursements of any counsel for any Indemnitee; provided that for
any individual claim or series or related claims, this indemnity shall only apply to the legal fees, charges and disbursements
of one primary outside counsel and any reasonably necessary local outside counsel for all Indemnitees, unless the representation
of all Indemnitees by one counsel would be inappropriate due to the existence of an actual or potential conflict of interest, in
which case this indemnity shall also apply to the legal fees, charges and disbursements of additional outside counsel to such conflicted
Indemnitees), incurred by any Indemnitee or asserted against any Indemnitee by any Person (including the Borrowers) other than
such Indemnitee and its Related Parties arising out of, in connection with, or as a result of (i) the execution or delivery
of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the
parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby
or thereby, or, in the case of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration
of this Agreement and the other Loan Documents, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds
therefrom (including any refusal by an L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented
in connection with such demand do not strictly comply with the terms of such Letter of Credit), or (iii) any actual or prospective
claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory,
whether brought by a third party or by the Borrowers or any other Borrower, and regardless of whether any Indemnitee is a party
thereto, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE
NEGLIGENCE OF THE INDEMNITEE; provided that such indemnity shall not, as to any Indemnitee, be available to the extent
that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction
by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result
from a claim brought by the Borrowers against an Indemnitee for breach in bad faith of such Indemnitee’s obligations (if
any) hereunder or under any other Loan Document, if the Borrowers have obtained a final and nonappealable judgment in their favor
on such claim as determined by a court of competent jurisdiction. Without limiting the provisions of Section 3.01(c), this
Section 10.04(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc.
arising from any non-Tax claim.

 

(c)          Reimbursement
by the Lenders. To the extent that the Borrowers for any reason fail to indefeasibly pay any amount required under subsection
(a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof), the L/C Issuer,
the Swing Line Lender or any Related Party of any of the foregoing (and without limiting their obligation to do so), each Lender
severally agrees to pay to the Administrative Agent (or any such sub-agent), the L/C Issuer, the Swing Line Lender or such Related
Party, as the case may be, such pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity
payment is sought based on each Lender’s share of the Total Credit Exposure at such time) of such unpaid amount (including
any such unpaid amount in respect of a claim asserted by such Lender), such payment to be made severally among them based on such
Lenders’ Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is
sought); provided, that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the
case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent), the L/C Issuer or the Swing
Line Lender in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or
any such sub-agent), the L/C Issuer or the Swing Line Lender in connection with such capacity. The obligations of the Lenders under
this subsection (c) are subject to the provisions of Section 2.12(d).

 

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(d)          Waiver
of Consequential Damages, Etc. To the fullest extent permitted by applicable law, each of the Borrowers shall not assert, and
hereby waives, and acknowledges that no other Person shall have, any claim against any Indemnitee, on any theory of liability,
for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection
with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions
contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred to in subsection
(b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials
distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other information transmission
systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby.

 

(e)          Payments.
All amounts due under this Section shall be payable not later than ten (10) Business Days after demand therefor.

 

(f)          Survival.
The agreements in this Section and the indemnity provisions of Section 10.02(e) shall survive the resignation of the Administrative
Agent, an L/C Issuer or the Swing Line Lender, the replacement of any Lender, the termination of the Aggregate Commitments and
the repayment, satisfaction or discharge of all the other Obligations.

 

10.05     Payments
Set Aside. To the extent that any payment by or on behalf of the Borrowers is made to the Administrative Agent, any L/C Issuer
or any Lender, or the Administrative Agent, any L/C Issuer or any Lender exercises its right of setoff, and such payment or the
proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside
or required (including pursuant to any settlement entered into by the Administrative Agent, such L/C Issuer or such Lender in
its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief
Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied
shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred,
and (b) each Lender and each L/C Issuer severally agrees to pay to the Administrative Agent upon demand its applicable share
(without duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date
of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect.
The obligations of the Lenders and the L/C Issuer under clause (b) of the preceding sentence shall survive the payment
in full of the Obligations and the termination of this Agreement.

 

10.06     Successors
and Assigns.

 

(a)          Successors
and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns permitted hereby, except that no Borrower may assign or otherwise transfer any of its
rights or obligations hereunder without the prior written consent of the Administrative Agent, the L/C Issuers and each Lender
and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance
with the provisions of subsection (b) of this Section, (ii) by way of participation in accordance with the provisions of
subsection (d) of this Section, or (iii) by way of pledge or assignment of a security interest subject to the restrictions
of subsection (e) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and
void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto,
their respective successors and assigns permitted hereby, Participants to the extent provided in subsection (d) of this
Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the L/C Issuers
and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

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(b)          Assignments
by the Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under
this Agreement (including all or a portion of its Revolving Commitment and the Loans (including for purposes of this subsection
(b), participations in L/C Obligations and in Swing Line Loans) at the time owing to it); provided that any such assignment
shall be subject to the following conditions:

 

(i)          Minimum
Amounts.

 

(A)         In
the case of an assignment of the entire remaining amount of the assigning Lender’s Revolving Commitment and/or the Loans
at the time owing to it or contemporaneous assignments to related Approved Funds (determined after giving effect to such Assignments)
that equal at least the amount specified in subsection (b)(i)(B) of this Section in the aggregate or in the case of an assignment
to a Lender or an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

 

(B)         In
any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the Revolving Commitment (which
for this purpose includes Loans outstanding thereunder) or, if the Revolving Commitment is not then in effect, the principal outstanding
balance of the Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption
with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment
and Assumption, as of the Trade Date, shall not be less than $5,000,000 unless each of the Administrative Agent and, so long as
no Event of Default has occurred and is continuing, the Borrowers otherwise consent (each such consent not to be unreasonably withheld
or delayed).

 

(ii)         Proportionate
Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Agreement with respect to the Loans or the Revolving Commitment assigned, except that this clause
(ii) shall not apply to the Swing Line Lender’s rights and obligations in respect of Swing Line Loans;

 

(iii)        Required
Consents. No consent shall be required for any assignment except to the extent required by clause (b)(i)(B) of this
Section and, in addition:

 

(A)         The
consent of the Borrowers (not to be unreasonably withheld or delayed) shall be required unless (x) an Event of Default has
occurred and is continuing at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of a Lender
or an Approved Fund; provided that the Borrowers shall be deemed to have consented to any such assignment unless they object
thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof;

 

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(B)         The
consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required if such assignment
is to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender; and

 

(C)         The
consent of the L/C Issuers and the Swing Line Lender shall be required for any assignment in respect of the Revolving Commitments.

 

(iv)        Assignment
and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption,
together with a processing and recordation fee in the amount of $3,500; provided, however, that, the Administrative Agent
may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if
it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

 

(v)         No
Assignment to Certain Persons. No such assignment shall be made (A) to the Borrowers or any of their respective Affiliates
or Subsidiaries, (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder,
would constitute any of the foregoing Persons described in this clause (B), or (C) to a natural Person (or a holding
company, investment vehicle or trust for, or owned and operated for the primary benefit of a natural Person).

 

(vi)        Certain
Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such
assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the
assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution
thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other
compensating actions, including funding, with the consent of the Borrowers and the Administrative Agent, the applicable pro
rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee
and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting
Lender to the Administrative Agent, the L/C Issuer or any Lender hereunder (and interest accrued thereon) and (y) acquire
(and fund as appropriate) its full pro rata share of all Loans and participations in Letters of Credit and Swing Line Loans
in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations
of any Defaulting Lender hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph,
then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance
occurs.

 

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Subject to acceptance and recording thereof
by the Administrative Agent pursuant to clause (c) of this Section, from and after the effective date specified in each
Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned
by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder
shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this
Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits and subject to the obligations
of Sections 3.01, 3.04, 3.05, and 10.04 with respect to facts and circumstances occurring prior to
the effective date of such assignment; provided, that except to the extent otherwise expressly agreed by the affected parties,
no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that
Lender’s having been a Defaulting Lender. Upon request, the Borrowers (at their expense) shall execute and deliver a Note
to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply
with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights
and obligations in accordance with subsection (d) of this Section.

 

(c)          Register.
The Administrative Agent, acting solely for this purpose as an agent of the Borrowers (and such agency being solely for tax purposes),
shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it (or the equivalent
thereof in electronic form) and a register for the recordation of the names and addresses of the Lenders, and the Commitments of,
and principal amounts (and stated interest) of the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof
from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and
the Borrowers, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant
to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by
each of the Borrowers, the L/C Issuers and the Swing Line Lender, at any reasonable time and from time to time upon reasonable
prior notice. In addition, at any time that a request for a consent for a material or substantive change to the Loan Documents
is pending, any Lender may request and receive from the Administrative Agent a copy of the Register. Upon its receipt of and, if
required, consent to, a duly completed Assignment and Assumption executed by an assigning Lender and an Eligible Assignee, such
Eligible Assignee’s completed Administrative Questionnaire and any tax forms required by Section 3.01 (unless such
assignee is already a Lender), together with the fee payable under Section 10.06(b)(iii), the Administrative Agent will,
on the effective date thereof, record the Assignment and Assumption on the Register.

 

(d)          Participations.
Any Lender may at any time, without the consent of, or notice to, the Borrowers or the Administrative Agent, sell participations
to any Person (other than a natural Person, or a holding company, investment vehicle or trust for, or owned and operated for the
primary benefit of a natural Person, a Defaulting Lender or any Borrower or any of the Borrowers’ respective Affiliates or
Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under
this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s participations in
L/C Obligations and/or Swing Line Loans) owing to it); provided, that (i) such Lender’s obligations under this
Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance
of such obligations and (iii) the Borrowers, the Administrative Agent, the L/C Issuers and the Lenders shall continue to deal
solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. For the
avoidance of doubt, each Lender shall be responsible for the indemnity under Section 10.04(c) without regard to the existence
of any participation.

 

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Any agreement or instrument
pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this
Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement
or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or
other modification described in the first proviso to Section 10.01 that affects such Participant. The Borrowers agree that
each Participant shall be entitled to the benefits and subject to the obligations of Sections 3.01, 3.04 and 3.05
and shall be subject to the mitigation obligations and replacement pursuant to Section 3.06 to the same extent as if it
were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section (it being understood
that the documentation required under Section 3.01(e) shall be delivered to the Lender who sells the participation) to the
same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section;
provided, that such Participant (A) agrees to be subject to the provisions of Sections 3.06 and 10.13 as if
it were an assignee under paragraph (b) of this Section and (B) shall not be entitled to receive any greater payment under
Sections 3.01 or 3.04, with respect to any participation, than the Lender from whom it acquired the applicable participation
would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in
Law that occurs after the Participant acquired the applicable participation, which Change in Law would have entitled the Lender
from whom it acquired the applicable participation to receive such greater payment. Each Lender that sells a participation agrees,
at the Borrowers’ request and expense, to use reasonable efforts to cooperate with the Borrowers to effectuate the provisions
of Section 3.06 with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled
to the benefits of Section 10.08 as though it were a Lender; provided, that such Participant agrees to be subject
to Section 2.13 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose
as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and
the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan
Documents (the “Participant Register”); provided, that no Lender shall have any obligation to disclose
all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s
interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to
the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in
registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall
be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register
as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance
of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant
Register.

 

(e)          Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
(including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations
to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations
hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 

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(f)          Resignation
as L/C Issuer or the Swing Line Lender after Assignment. Notwithstanding anything to the contrary contained herein, if at any
time Bank of America assigns all of its Revolving Commitment and Committed Loans pursuant to Section 10.06(b), Bank of America
may, (i) upon thirty (30) days’ notice to the Borrowers and the Lenders, resign as L/C Issuer and/or (ii) upon
thirty (30) days’ notice to the Borrowers, resign as Swing Line Lender. In the event of any such resignation as L/C Issuer
or Swing Line Lender, the Borrowers shall be entitled to appoint from among the Lenders a successor L/C Issuer or Swing Line Lender
hereunder; provided, however, that no failure by the Borrowers to appoint any such successor shall affect the resignation
of Bank of America as L/C Issuer or Swing Line Lender, as the case may be. If Bank of America resigns as L/C Issuer, it shall retain
all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as
of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto (including the right to require
the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)). If
Bank of America resigns as Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided for hereunder with
respect to Swing Line Loans made by it and outstanding as of the effective date of such resignation, including the right to require
the Lenders to make Base Rate Loans or fund risk participations in outstanding Swing Line Loans pursuant to Section 2.04(c).
Upon the appointment of a successor L/C Issuer and/or Swing Line Lender, (a) such successor shall succeed to and become vested
with all of the rights, powers, privileges and duties of the retiring L/C Issuer or Swing Line Lender, as the case may be, and
(b) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding
at the time of such succession or make other arrangements satisfactory to Bank of America to effectively assume the obligations
of Bank of America with respect to such Letters of Credit.

 

(g)          Successor
Administrative Agent. The Borrowers shall have the right to approve any successor Administrative Agent appointed pursuant to
Section 9.6 at all times other than during the existence of an Event of Default (which consent shall not be unreasonably
withheld or delayed). The fees payable by the Borrowers to a successor Administrative Agent shall be the same as those payable
to its predecessor unless otherwise agreed by the Borrowers and such successor.

 

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10.07     Treatment
of Certain Information; Confidentiality. Each of the Administrative Agent, the Lenders and the L/C Issuer agrees to maintain
the confidentiality of the Information (as defined below), except that Information may be disclosed, subject to the provisions
set forth in this Section 10.07, (a) to its Affiliates and to its Related Parties (it being understood that the Persons
to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information
confidential), (b) to the extent required or requested by any Governmental Authority, purporting to have jurisdiction over
such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners),
(c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any
other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any
action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder,
(f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee
of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement
or any Acceding Lender under Section 2.14(c) or (ii) any actual or prospective party (or its Related Parties) to any
swap, derivative or other transaction under which payments are to be made by reference to the Borrowers and their obligations,
this Agreement or payments hereunder, (g) on a confidential basis to (i) any rating agency in connection with rating the Parent
or its Subsidiaries or the credit facilities provided hereunder or (ii) the CUSIP Service Bureau or any similar agency in connection
with the issuance and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities provided hereunder,
(h) with the consent of the Borrowers or (i) to the extent such Information (x) becomes publicly available other
than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, any Lender, any L/C Issuer
or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrowers. In addition, the Administrative
Agent and the Lenders may disclose the existence of this Agreement and information about this Agreement to market data collectors,
similar service providers to the lending industry and service providers to the Agents and the Lenders in connection with the administration
of this Agreement, the other Loan Documents, and the Commitments. For purposes of this Section, “Information”
means all information received from the Parent or any Subsidiary relating to the Parent, any Subsidiary or any of their respective
businesses, other than any such information that is available to the Administrative Agent, any Lender or any L/C Issuer on a nonconfidential
basis prior to disclosure by the Parent or any Subsidiary, provided that, in the case of information received from the
Parent or any Subsidiary after the date hereof, such information is clearly identified at the time of delivery as confidential
(other than Information provided under Sections 6.04, 6.13, 6.14, 6.15, 6.18 or 7.14
(i.e., such Information provided under such sections does not need to be labeled confidential to be treated as confidential)).
Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied
with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information
as such Person would accord to its own confidential information.

 

Each of the Administrative
Agent, the Lenders and the L/C Issuer acknowledges that (a) the Information may include material non-public information concerning
the Parent or any Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material
non-public information and (c) it will handle such material non-public information in accordance with applicable Law, including
Securities Laws and state securities Laws.

 

Notwithstanding the
foregoing, unless specifically prohibited by applicable Law or court order, each of the Administrative Agent, the Lenders, the
L/C Issuers and each of their respective Affiliates shall, prior to disclosure thereof, notify the Borrowers of any request for
disclosure of any such non-public information by any Governmental Authority or representative thereof (other than any such request
in connection with an examination of the Administrative Agent, such Lender, such L/C Issuer or such Affiliate by such Governmental
Authority) or pursuant to legal process.

 

The provisions of this
Section 10.07 do not apply to any proceedings between the parties to this Agreement.

 

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10.08     Right
of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, each L/C Issuer and each of their respective
Affiliates is hereby authorized at any time and from time to time, after giving prior written notice to the Administrative Agent,
to the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or special, time or demand,
provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by
such Lender, such L/C Issuer or any such Affiliate to or for the credit or the account of the Borrowers or any of them against
any and all of the obligations of the Borrowers now or hereafter existing under this Agreement or any other Loan Document to such
Lender or such L/C Issuer or any such Affiliate, irrespective of whether or not such Lender or the L/C Issuer shall have made
any demand under this Agreement or any other Loan Document and although such obligations of the Borrowers may be contingent or
unmatured or are owed to a branch or office of such Lender or such L/C Issuer different from the branch or office holding such
deposit or obligated on such indebtedness; provided, that in the event that any Defaulting Lender shall exercise any such
right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application
in accordance with the provisions of Section 2.18 and, pending such payment, shall be segregated by such Defaulting Lender
from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting
Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to
such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, each L/C Issuer and their respective
Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender,
such L/C Issuer or their respective Affiliates may have. Each Lender and each L/C Issuer agrees to notify the Borrowers and the
Administrative Agent promptly after any such setoff and application, provided that the failure to give such notice shall
not affect the validity of such setoff and application.

 

10.09     Interest
Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be
paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum
Rate”). If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate,
the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrowers.
In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum
Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an
expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize,
prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations
hereunder.

 

10.10     Counterparts;
Effectiveness. This Agreement and the other Loan Documents may be executed in counterparts (and by different parties hereto
in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute
a single contract. Except as provided in Section 4.01 or as provided in the applicable Loan Document, this Agreement or
such other Loan Documents shall become effective when they shall have been executed by the Administrative Agent and when the Administrative
Agent shall have received counterparts hereof or thereof that, when taken together, bear the signatures of each of the other parties
hereto. Delivery of an executed counterpart of a signature page of this Agreement and any other Loan Document by facsimile or
other electronic imaging means (e.g., “pdf” or “tif”) shall be effective as delivery of a manually executed
counterpart of this Agreement and the other Loan Documents.

 

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10.11     Survival
of Representations and Warranties. All representations and warranties made hereunder and in any other Loan Document or other
document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery
hereof and thereof. Such representations and warranties have been or will be relied upon by the Administrative Agent and each
Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding
that the Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension,
and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied
or any Letter of Credit shall remain outstanding.

 

10.12    Severability.
If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the
legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be
affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid
or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal,
invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this Section 10.12,
if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited
by Debtor Relief Laws, as determined in good faith by the Administrative Agent, the L/C Issuer or the Swing Line Lender, as applicable,
then such provisions shall be deemed to be in effect only to the extent not so limited.

 

10.13     Replacement
of Lenders. If the Borrowers are entitled to replace a Lender pursuant to the provisions of Section 3.06, or if any
Lender is a Defaulting Lender or a Non-Consenting Lender, or if any other circumstance exists hereunder that gives the Borrowers
the right to replace a Lender as a party hereto, then the Borrowers may, at their sole expense and effort, upon notice to such
Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject
to the restrictions contained in, and consents required by, Section 10.06), all of its interests, rights (other than its
existing rights to payments pursuant to Sections 3.01 and 3.04) and obligations under this Agreement and the related
Loan Documents to an Eligible Assignee that shall assume such obligations (which Eligible Assignee may be another Lender, if a
Lender accepts such assignment), provided, that:

 

(a)          the
Borrowers or assignee Lender shall have paid to the Administrative Agent the assignment fee specified in Section 10.06(b)(iv)
unless such assignment fee is waived by the Administrative Agent in its sole discretion pursuant to Section 10.06(b)(iv);

 

(b)          such
Lender shall have received payment of an amount equal to the outstanding principal of its Loans and L/C Advances, accrued interest
thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under
Section 3.05) from the Eligible Assignee (to the extent of such outstanding principal and accrued interest and fees) or
the Borrowers (in the case of all other amounts);

 

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(c)          in
the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required to be made
pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter;

 

(d)          such
assignment does not conflict with applicable Laws; and

 

(e)          in
the case of an assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented
to the applicable amendment, waiver or consent.

 

A Lender shall not
be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the
circumstances entitling the Borrower to require such assignment and delegation cease to apply.

 

10.14     Governing
Law; Jurisdiction; Etc.

 

(a)          GOVERNING
LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT
OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER
LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

(b)          SUBMISSION
TO JURISDICTION. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE
JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN
DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY
AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW
YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES
THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON
THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT
THAT ANY PARTY HERETO MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT
AGAINST ANY OTHER PARTY HERETO OR ANY OF THEIR PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

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(c)          WAIVER
OF VENUE. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES HERETO
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE
OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

(d)          SERVICE
OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02.
NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE
LAW.

 

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

 

10.16    Electronic
Execution of Assignments and Certain Other Documents. The words “execute,” “execution,” “signed,”
“signature,” and words of like import in or related to any document to be signed in connection with this Agreement
and the transactions contemplated hereby (including without limitation Assignment and Assumptions, amendments or other modifications,
Loan Notices, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms
and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use
of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including
the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act,
or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained
herein to the contrary the Administrative Agent is under no obligation to agree to accept electronic signatures in any form or
in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it.

 

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10.17     USA
PATRIOT Act Notice. Each Lender that is subject to the Act (as hereinafter defined) and the Administrative Agent (for itself
and not on behalf of any Lender) hereby notifies the Borrowers that pursuant to the requirements of the USA Patriot Act (Title
III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and
record information that identifies the Borrowers, which information includes the name and address of each of the Borrowers and
other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrowers in accordance
with the Act. The Borrowers shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation
and other information that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations under
applicable “know your customer” an anti-money laundering rules and regulations, including the Act.

 

10.18     No
Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including in
connection with any amendment, waiver or other modification hereof or of any other Loan Document), each of the Borrowers acknowledges
and agrees that: (i) (A) the arranging and other services regarding this Agreement provided by the Administrative Agent,
the Arrangers and the Lenders are arm’s-length commercial transactions between the Borrowers and their Affiliates, on the
one hand, and the Administrative Agent, the Arrangers and the Lenders on the other hand, (B) each of the Borrowers has consulted
its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) each of the Borrowers
is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby
and by the other Loan Documents; (ii) (A) each of the Administrative Agent, each Arranger and each Lender is and has
been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and
will not be acting as an advisor, agent or fiduciary for any of the Borrowers or any of their respective Affiliates, or any other
Person and (B) neither the Administrative Agent nor any Arranger nor any Lender has any obligation to the Borrowers or any
of their Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and
in the other Loan Documents; and (iii) the Administrative Agent, the Arrangers, the Lenders and their respective Affiliates
may be engaged in a broad range of transactions that involve interests that differ from those of the Borrowers and their Affiliates,
and neither the Administrative Agent nor any Arranger nor any Lender has any obligation to disclose any of such interests to the
Borrowers or any of their Affiliates. To the fullest extent permitted by law, each of the Borrowers hereby waive and release any
claims that they may have against the Administrative Agent, any Arranger or any Lender with respect to any breach or alleged breach
of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

 

10.19     ENTIRE
AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED
BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG
THE PARTIES.

 

    	122

    	 

    

 

10.20     Existing
Credit Agreements Consolidated, Amended and Restated.

 

(a)          Existing
Credit Agreements Consolidated, Amended and Restated; Reallocation of Loans and Participations in L/C Obligations. On the Closing
Date, (i) this Agreement shall consolidate and amend and restate the Existing Credit Agreements in their entirety but, for the
avoidance of doubt, shall not constitute a novation of the parties’ rights and obligations thereunder, (ii) the rights and
obligations of the parties hereto evidenced by the Existing Credit Agreements shall be evidenced by this Agreement and the other
Loan Documents, and (iii) certain of the “Loans” under (and as defined in) the Existing Credit Agreements shall remain
outstanding and be continued as, and converted to, Loans hereunder (and, in the case of Loans which are LIBOR Rate Loans, with
the same Interest Periods (or the remaining portions of such Interest Periods, as applicable) established therefor under the Existing
Credit Agreements, respectively), and shall bear interest and be subject to such other fees as set forth in this Agreement. In
connection with the foregoing, (x) all such Loans and all participations in L/C Obligations that are continued hereunder shall
immediately upon the effectiveness of this Agreement, to the extent necessary to ensure the Lenders hold such Loans and participations
ratably, be reallocated among the Lenders in accordance with their respective Applicable Percentages, as evidenced on Schedule
2.01, (y) each applicable Lender to whom Loans are so reallocated on the Closing Date shall make full cash settlement on the
Closing Date, through the Administrative Agent, as the Administrative Agent may direct with respect to such reallocation, in the
aggregate amount of the Loans so reallocated to them, and (z) each applicable Lender hereby waives any breakage fees in respect
of such reallocation of LIBOR Rate Loans on the Closing Date.

 

(b)          Interest
and Fees under Existing Credit Agreements. All interest and fees and expenses, if any, owing or accruing under or in respect
of either of the Existing Credit Agreements to the Closing Date shall be calculated as of the Closing Date (pro-rated in the case
of any fractional periods), and shall be paid on the Closing Date.

 

[Remainder of Page Intentionally Left Blank.]

 

    	123

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed as of the date first above written.

 

BORROWERS:

 

WASTE CONNECTIONS, INC.

ADVANCED SYSTEMS PORTABLE RESTROOMS, INC.

ACE SOLID WASTE, INC.

ALASKA WASTE MAT-SU, LLC

ALASKA WASTE-INTERIOR, LLC

ALASKA WASTE-KENAI PENINSULA, LLC

AMERICAN DISPOSAL COMPANY, INC.

ANDERSON COUNTY LANDFILL, INC.

ANDERSON REGIONAL LANDFILL, LLC

ARKANSAS RECLAMATION COMPANY, LLC

AUSTIN LANDFILL HOLDINGS, INC.

BISON BUTTE ENVIRONMENTAL, LLC

BITUMINOUS RESOURCES, INC.

BRENT RUN LANDFILL, INC.

BROADACRE LANDFILL, INC.

BUTLER COUNTY LANDFILL, INC.

CALPET, LLC

CAMINO REAL ENVIRONMENTAL CENTER, INC.

CAPITAL REGION LANDFILLS, INC.

CARPENTER WASTE HOLDINGS, LLC

CHAMBERS DEVELOPMENT OF NORTH CAROLINA,
INC.

CHIMNEY BUTTE ENVIRONMENTAL L.L.C.

CHIQUITA CANYON, INC.

CHIQUITA CANYON, LLC

CLAY BUTTE ENVIRONMENTAL, LLC

CLIFTON ORGANICS, LLC

COLD CANYON LAND FILL, INC.

COLUMBIA RESOURCE CO., L.P.

COLUMBIA RIVER DISPOSAL, INC.

COMMUNITY REFUSE DISPOSAL INC.

CONTRACTORS WASTE SERVICES, INC.

CORRAL DE PIEDRA LAND COMPANY

COUNTY WASTE — ULSTER, LLC

COUNTY WASTE AND RECYCLING SERVICE, INC.

COUNTY WASTE TRANSFER CORP.

CRI HOLDINGS, LLC

CURRY TRANSFER & RECYCLING, INC.

CWI ACQUISITION, LLC

D. M. DISPOSAL CO., INC.

DELTA CONTRACTS, LLC

DENVER REGIONAL LANDFILL, INC.

DIVERSIFIED BUILDINGS, L.L.C.

 

(Signature Page to Waste Connections Revolving Credit and Term Loan Agreement – 2015)

 

    	 

    	 

    

 

EAGLE FORD RECLAMATION COMPANY, LLC

EL PASO DISPOSAL, LP

ELKO SANITATION COMPANY

EMPIRE DISPOSAL, INC.

ENTECH ALASKA LLC

ENVIRONMENTAL TRUST COMPANY

EVERGREEN DISPOSAL, INC.

FINLEY-BUTTES LIMITED PARTNERSHIP

FINNEY COUNTY LANDFILL, INC.

FORT ANN TRANSFER STATION, LLC

FRONT RANGE LANDFILL, INC.

G & P DEVELOPMENT, INC.

GBUSA HOLDINGS, LLC

GOD BLESS THE USA, INCORPORATED

GREEN WASTE SOLUTIONS OF ALASKA, LLC

HARDIN SANITATION, INC.

HAROLD LEMAY ENTERPRISES, INCORPORATED

HIGH DESERT SOLID WASTE FACILITY, INC.

HUDSON VALLEY WASTE HOLDING, INC.

ISLAND DISPOSAL, INC.

J BAR J LAND, INC.

LACASSINE HOLDINGS, L.L.C.

LAKESHORE DISPOSAL, INC.

LAUREL RIDGE LANDFILL, L.L.C.

LEALCO, INC.

LFC, INC.

LIGHTNING BUTTE ENVIRONMENTAL, LLC

LOUISIANA RECLAMATION COMPANY, L.L.C.

MADERA DISPOSAL SYSTEMS, INC.

MAMMOTH DISPOSAL COMPANY

MANAGEMENT ENVIRONMENTAL NATIONAL, INC.

MASON COUNTY GARBAGE CO., INC.

MBO, LLC

MDSI OF LA, INC.

MILLENNIUM WASTE INCORPORATED

MISSION COUNTRY DISPOSAL

MORRO BAY GARBAGE SERVICE

MURREY’S DISPOSAL COMPANY, INC.

NEBRASKA ECOLOGY SYSTEMS, INC.

NOBLES COUNTY LANDFILL, INC.

NORTHWEST CONTAINER SERVICES, INC.

OKLAHOMA CITY WASTE DISPOSAL, INC.

OKLAHOMA LANDFILL HOLDINGS, INC.

OSAGE LANDFILL, INC.

PIERCE COUNTY RECYCLING, COMPOSTING AND
DISPOSAL, LLC

POTRERO HILLS LANDFILL, INC.

 

    	 

    	 

    

 

PRAIRIE DISPOSAL, LLC

PRAIRIE LIQUIDS, LLC

PSI ENVIRONMENTAL SERVICES, INC.

PSI ENVIRONMENTAL SYSTEMS, INC.

R.A. BROWNRIGG INVESTMENTS, INC.

R.J.C. TRUCKING CO.

R360 ARTESIA, LLC

R360 CLACO, LLC

R360 ENVIRONMENTAL SOLUTIONS HOLDINGS, INC.

R360 ENVIRONMENTAL SOLUTIONS OF LOUISIANA,
LLC

R360 ENVIRONMENTAL SOLUTIONS OF MISSISSIPPI,
LLC

R360 ENVIRONMENTAL SOLUTIONS OF TEXAS, LLC

R360 ENVIRONMENTAL SOLUTIONS, LLC

R360 ES HOLDINGS, INC.

R360 HITCHCOCK, LLC

R360 LOGISTICS, LLC

R360 OKLAHOMA, LLC

R360 PERMIAN BASIN, LLC

R360 RED BLUFF, LLC

R360 SHUTE CREEK, LLC

R360 SILO, LLC

R360 WILLISTON BASIN, LLC

RAILROAD AVENUE DISPOSAL, LLC

RED CARPET LANDFILL, INC.

RENSSELAER REGION LANDFILLS, INC.

RH FINANCIAL CORPORATION

RICH VALLEY, LLC

RKS HOLDING, CORP.

S.A. DUNN & COMPANY, LLC

SAN LUIS GARBAGE COMPANY

SANIPAC, INC.

SCOTT SOLID WASTE DISPOSAL COMPANY

SCOTT WASTE SERVICES, LLC

SEABREEZE RECOVERY, INC.

SECTION 18, LLC

SEDALIA LAND COMPANY

SHALE GAS SERVICES, LLC

SIERRA HOLDING GROUP, LLC

SIERRA PROCESSING, LLC

SILVER SPRINGS ORGANICS L.L.C.

SJ RECLAMATION, INC.

SKB (AUSTIN) ENVIRONMENTAL, LLC

SKB ENVIRONMENTAL, INC.

SKB RECYCLING, LLC

SMOKY BUTTE ENVIRONMENTAL, LLC

SOUTH COUNTY SANITARY SERVICE, INC.

 

    	 

    	 

    

 

STERLING AVENUE PROPERTIES, LLC

STUTZMAN REFUSE DISPOSAL INC.

TACOMA RECYCLING COMPANY, INC.

TENNESSEE WASTE MOVERS, INC.

THUNDER BUTTE ENVIRONMENTAL, LLC

US LIQUIDS OF LA, L.P.

VOORHEES SANITATION, L.L.C.

WASCO COUNTY LANDFILL, INC.

WASTE CONNECTIONS MANAGEMENT SERVICES, INC.

WASTE CONNECTIONS OF ALABAMA, INC.

WASTE CONNECTIONS OF ALASKA, INC.

WASTE CONNECTIONS OF ARIZONA, INC.

WASTE CONNECTIONS OF ARKANSAS, INC.

WASTE CONNECTIONS OF CALIFORNIA, INC.

WASTE CONNECTIONS OF COLORADO, INC.

WASTE CONNECTIONS OF GEORGIA, INC.

WASTE CONNECTIONS OF IDAHO, INC.

WASTE CONNECTIONS OF ILLINOIS, INC.

WASTE CONNECTIONS OF IOWA, INC.

WASTE CONNECTIONS OF KANSAS, INC.

WASTE CONNECTIONS OF KENTUCKY, INC.

WASTE CONNECTIONS OF LEFLORE, LLC

WASTE CONNECTIONS OF LOUISIANA, INC.

WASTE CONNECTIONS OF MINNESOTA, INC.

WASTE CONNECTIONS OF MISSISSIPPI DISPOSAL
SERVICES, LLC

WASTE CONNECTIONS OF MISSISSIPPI, INC.

WASTE CONNECTIONS OF MONTANA, INC.

WASTE CONNECTIONS OF NEBRASKA, INC.

WASTE CONNECTIONS OF NEW MEXICO, INC.

WASTE CONNECTIONS OF NORTH CAROLINA, INC.

WASTE CONNECTIONS OF NORTH DAKOTA, INC.

WASTE CONNECTIONS OF OKLAHOMA, INC.

WASTE CONNECTIONS OF OREGON, INC.

WASTE CONNECTIONS OF SOUTH CAROLINA, INC.

WASTE CONNECTIONS OF SOUTH DAKOTA, INC.

WASTE CONNECTIONS OF TENNESSEE, INC.

WASTE CONNECTIONS OF TEXAS, LLC

WASTE CONNECTIONS OF THE CENTRAL VALLEY,
INC.

WASTE CONNECTIONS OF UTAH, INC.

WASTE CONNECTIONS OF WASHINGTON, INC.

WASTE CONNECTIONS OF WYOMING, INC.

WASTE CONNECTIONS TRANSPORTATION COMPANY,
INC.

WASTE REDUCTION SERVICES, L.L.C.

WASTE SERVICES OF N.E. MISSISSIPPI, INC.

WASTE SOLUTIONS GROUP OF SAN BENITO, LLC

WCI AUSTIN LANDFILL, LLC

 

    	 

    	 

    

 

WCI-WHITE OAKS LANDFILL, INC.

WEST BANK ENVIRONMENTAL SERVICES, INC.

WEST COAST RECYCLING AND TRANSFER, INC.

WYOMING ENVIRONMENTAL SERVICES, INC.

YAKIMA WASTE SYSTEMS, INC.

 

	By:	/s/ Worthing Jackman	 
	Name: Worthing Jackman
	Title: Authorized Signatory of Each of the Above-Listed Borrowers

 

    	 

    	 

    

 

	 	BANK OF AMERICA, N.A.,
	 	as Administrative Agent
	 	 	 
	 	By:	/s/ Maria F. Maia
	 	 	Name: Maria F. Maia
	 	 	Title: Managing Director

 

(Signature Page to Waste Connections Revolving
Credit and Term Loan Agreement – 2015)

 

    	 

    	 

    

 

	 	BANK OF AMERICA, N.A., as a Lender, L/C Issuer and Swing Line Lender
	 	 	 
	 	By:	/s/ Maria F. Maia
	 	 	Name: Maria F. Maia
	 	 	Title: Managing Director

 

(Signature Page to Waste Connections Revolving
Credit and Term Loan Agreement – 2015)

 

    	 

    	 

    

 

	 	JPMorgan Chase Bank, N.A., as a Lender
	 	 	 
	 	By:	/s/ John Kushnerick
	 	 	Name: John Kushnerick
	 	 	Title: Vice President

 

(Signature Page to Waste Connections Revolving
Credit and Term Loan Agreement – 2015)

 

    	 

    	 

    

 

	 	Wells Fargo Bank, National Association, as a Lender
	 	 	 
	 	By:	/s/ Felix Miranda
	 	 	Name: Felix Miranda
	 	 	Title: Senior Vice President

 

(Signature Page to Waste Connections Revolving
Credit and Term Loan Agreement – 2015)

 

    	 

    	 

    

 

	 	Compass Bank, as a Lender
	 	 	 
	 	By:	/s/ Raj Nambiar
	 	 	Name: Raj Nambiar
	 	 	Title: Vice President

 

(Signature Page to Waste Connections Revolving
Credit and Term Loan Agreement – 2015)

 

    	 

    	 

    

 

	 	PNC Bank, National Association, as a Lender
	 	 	 
	 	By:	/s/ Philip K. Liebscher
	 	 	Name: Philip K. Liebscher
	 	 	Title: Senior Vice President

 

(Signature Page to Waste Connections Revolving
Credit and Term Loan Agreement – 2015)

 

    	 

    	 

    

 

	 	MUFG Union Bank, N.A., as a Lender
	 	 	 
	 	By:	/s/ Sandra Cortes
	 	 	Name: Sandra Cortes
	 	 	Title: Director

 

(Signature Page to Waste Connections Revolving
Credit and Term Loan Agreement – 2015)

 

    	 

    	 

    

 

	 	U.S. Bank, National Association, as a Lender
	 	 	 
	 	By:	/s/ Steven Dixon
	 	 	Name: Steven Dixon
	 	 	Title: Vice President

 

(Signature Page to Waste Connections Revolving
Credit and Term Loan Agreement – 2015)

 

    	 

    	 

    

 

	 	Branch Banking and Trust Company, as a Lender
	 	 	 
	 	By:	/s/ Mark Grover
	 	 	Name: Mark Grover
	 	 	Title: Senior Vice President

 

(Signature Page to Waste Connections Revolving
Credit and Term Loan Agreement – 2015)

 

    	 

    	 

    

 

	 	CoBank, ACB, as a Lender
	 	 	 
	 	By:	/s/ Bryan Ervin
	 	 	Name: Bryan Ervin
	 	 	Title: Vice President

 

(Signature Page to Waste Connections Revolving
Credit and Term Loan Agreement – 2015)

 

    	 

    	 

    

 

	 	KeyBank National Association, as a Lender
	 	 	 
	 	By:	/s/ Tad Stainbrook
	 	 	Name: Tad Stainbrook
	 	 	Title: Vice President

 

(Signature Page to Waste Connections Revolving
Credit and Term Loan Agreement – 2015)

 

    	 

    	 

    

 

	 	Amegy Bank National Association, as a Lender
	 	 	 
	 	By:	/s/ Kelly Nash
	 	 	Name: Kelly Nash
	 	 	Title: Vice President

 

(Signature Page to Waste Connections Revolving
Credit and Term Loan Agreement – 2015)

 

    	 

    	 

    

 

	 	Citizens Bank, N.A., as a Lender
	 	 	 
	 	By:	/s/ Judith A. Huckins
	 	 	Name: Judith A. Huckins
	 	 	Title: Vice President

 

(Signature Page to Waste Connections Revolving
Credit and Term Loan Agreement – 2015)

 

    	 

    	 

    

 

SCHEDULE 1

 

Borrower Subsidiaries

 

	Name of Subsidiary	 	
        Jurisdiction of

        Organization

	ACE SOLID WASTE, INC.	 	Minnesota
	ADVANCED SYSTEMS PORTABLE RESTROOMS, INC. 	 	Oregon
	Alaska Waste-Interior, LLC	 	Alaska
	Alaska waste-kenai Peninsula, llc	 	Alaska
	alaska waste mat-su, LLC	 	Alaska
	AMERICAN DISPOSAL COMPANY, INC.	 	Washington
	ANDERSON COUNTY LANDFILL, INC.	 	Delaware
	ANDERSON REGIONAL LANDFILL, LLC	 	Delaware 
	ARKANSAS RECLAMATION COMPANY, LLC	 	Arkansas
	AUSTIN LANDFILL HOLDINGS, INC.	 	Delaware
	BISON BUTTE ENVIRONMENTAL, LLC	 	Minnesota
	BITUMINOUS RESOURCES, INC.	 	Kentucky
	BRENT RUN LANDFILL, INC.	 	Delaware
	BROADACRE LANDFILL, INC.	 	Colorado
	BUTLER COUNTY LANDFILL, INC.	 	Nebraska
	CALPET, LLC	 	Wyoming
	CAMINO REAL ENVIRONMENTAL CENTER, INC. 	 	New Mexico
	CAPITAL REGION LANDFILLS, INC.	 	New York
	Carpenter Waste Holdings, LLC	 	New York
	CHAMBERS DEVELOPMENT OF NORTH CAROLINA, INC.	 	North Carolina
	CHIMNEY BUTTE ENVIRONMENTAL L.L.C.	 	Minnesota
	CHIQUITA CANYON, INC.	 	Delaware
	CHIQUITA CANYON, LLC	 	Delaware 
	CLAY BUTTE ENVIRONMENTAL, LLC	 	Minnesota
	Clifton Organics, LLC	 	New York
	COLD CANYON LAND FILL, INC.	 	California
	COLUMBIA RESOURCE CO., L.P.	 	Washington
	COLUMBIA RIVER DISPOSAL, INC.	 	Washington
	COMMUNITY REFUSE DISPOSAL INC.	 	Nebraska
	CONTRACTORS WASTE SERVICES, INC.	 	Kentucky
	CORRAL DE PIEDRA LAND COMPANY	 	California
	County Waste — Ulster, LLC	 	New York

 

Schedule 1

Borrower Subsidiaries

 

    	 

    	 

    

 

	Name of Subsidiary	 	
        Jurisdiction of

        Organization

	COUNTY WASTE AND RECYCLING SERVICE, INC.	 	New York
	COUNTY WASTE TRANSFER CORP.	 	New York
	CRI HOLDINGS, LLC	 	Delaware
	CURRY TRANSFER & RECYCLING, INC.	 	Oregon
	CWI ACQUISITION, LLC	 	North Carolina
	D. M. DISPOSAL CO., INC.	 	Washington
	DELTA CONTRACTS, LLC	 	Delaware
	DENVER REGIONAL LANDFILL, INC.	 	Colorado
	DIVERSIFIED BUILDINGS, L.L.C.	 	Kansas
	EAGLE FORD RECLAMATION COMPANY, LLC	 	Texas
	EL PASO DISPOSAL, LP	 	Texas
	ELKO SANITATION COMPANY	 	Nevada
	EMPIRE DISPOSAL, INC.	 	Washington
	ENTECH ALASKA LLC	 	Alaska
	ENVIRONMENTAL TRUST COMPANY	 	Tennessee
	EVERGREEN DISPOSAL, INC.	 	Montana
	FINLEY-BUTTES LIMITED PARTNERSHIP	 	Oregon
	FINNEY COUNTY LANDFILL, INC.	 	Delaware
	Fort Ann Transfer Station, LLC	 	New York
	FRONT RANGE LANDFILL, INC.	 	Delaware
	G & P DEVELOPMENT, INC.	 	Nebraska
	GBUSA HOLDINGS, LLC	 	North Carolina
	GOD BLESS THE USA, INCORPORATED	 	North Carolina
	GREEN WASTE SOLUTIONS OF ALASKA, LLC	 	Alaska
	HARDIN SANITATION, INC.	 	Idaho
	HAROLD LEMAY ENTERPRISES, INCORPORATED	 	Washington
	HIGH DESERT SOLID WASTE FACILITY, INC.	 	New Mexico
	HUDSON VALLEY WASTE HOLDING, INC.	 	Delaware
	ISLAND DISPOSAL, INC. 	 	Washington
	J BAR J LAND, INC.	 	Nebraska
	LACASSINE HOLDINGS, L.L.C.	 	Louisiana
	LAKESHORE DISPOSAL, INC.	 	Idaho
	LAUREL RIDGE LANDFILL, L.L.C.	 	Delaware
	LEALCO, INC.	 	Texas
	LFC, INC.	 	Delaware

 

Schedule 1

Borrower Subsidiaries

 

    	 

    	 

    

 

	Name of Subsidiary	 	
        Jurisdiction of

        Organization

	LIGHTNING BUTTE ENVIRONMENTAL, LLC	 	Minnesota
	LOUISIANA RECLAMATION COMPANY, L.L.C.	 	Louisiana
	MADERA DISPOSAL SYSTEMS, INC.	 	California
	MAMMOTH DISPOSAL COMPANY	 	California
	MANAGEMENT ENVIRONMENTAL NATIONAL, INC.	 	Washington
	MASON COUNTY GARBAGE CO., INC. 	 	Washington
	MBO, LLC	 	Delaware
	MDSI OF LA, INC. 	 	California
	MILLENNIUM WASTE INCORPORATED	 	Indiana
	MISSION COUNTRY DISPOSAL	 	California
	MORRO BAY GARBAGE SERVICE	 	California
	MURREY’S DISPOSAL COMPANY, INC.	 	Washington
	NEBRASKA ECOLOGY SYSTEMS, INC.	 	Nebraska
	NOBLES COUNTY LANDFILL, INC.	 	Minnesota
	NORTHWEST CONTAINER SERVICES, INC.	 	Oregon
	OKLAHOMA CITY WASTE DISPOSAL, INC.	 	Oklahoma
	OKLAHOMA LANDFILL HOLDINGS, INC.	 	Delaware
	OSAGE LANDFILL, INC.	 	Oklahoma
	PIERCE COUNTY RECYCLING, COMPOSTING AND DISPOSAL, LLC	 	Washington
	POTRERO HILLS LANDFILL, INC.	 	California 
	PRAIRIE DISPOSAL, LLC	 	North Dakota
	PRAIRIE LIQUIDS, LLC	 	Delaware 
	PSI ENVIRONMENTAL SERVICES, INC.	 	Indiana
	PSI ENVIRONMENTAL SYSTEMS, INC.	 	Indiana
	R.A. BROWNRIGG INVESTMENTS, INC. 	 	Oregon
	R.J.C. TRUCKING CO.	 	Oregon
	R360 ARTESIA, LLC	 	Delaware
	R360 CLACO, LLC	 	Delaware
	R360 ENVIRONMENTAL SOLUTIONS, LLC	 	Delaware
	R360 ENVIRONMENTAL SOLUTIONS HOLDINGS, INC.	 	Delaware
	R360 ENVIRONMENTAL SOLUTIONS OF LOUISIANA, LLC	 	Delaware
	R360 ENVIRONMENTAL SOLUTIONS OF MISSISSIPPI, LLC	 	Delaware
	R360 ENVIRONMENTAL SOLUTIONS OF TEXAS, LLC	 	Delaware
	R360 ES HOLDINGS, INC.	 	Delaware
	R360 HITCHCOCK, LLC	 	Delaware

 

Schedule 1

Borrower Subsidiaries

 

    	 

    	 

    

 

	Name of Subsidiary	 	Jurisdiction of

Organization
	R360 LOGISTICS, LLC	 	Delaware
	R360 OKLAHOMA, LLC	 	Delaware
	R360 PERMIAN BASIN, LLC	 	New Mexico
	R360 RED BLUFF, LLC	 	Texas
	R360 SHUTE CREEK, LLC	 	Delaware
	R360 SILO, LLC	 	Delaware
	R360 WILLISTON BASIN, LLC	 	Delaware
	RAILROAD AVENUE DISPOSAL, LLC	 	Delaware
	RED CARPET LANDFILL, INC.	 	Oklahoma
	RENSSELAER REGION LANDFILLS, INC.	 	Delaware
	RH FINANCIAL CORPORATION	 	Washington
	RICH VALLEY, LLC	 	Minnesota
	RKS HOLDING, CORP.	 	New York
	S.A. DUNN & COMPANY, LLC	 	New York
	SAN LUIS GARBAGE COMPANY	 	California
	SANIPAC, INC.	 	Oregon
	SCOTT SOLID WASTE DISPOSAL COMPANY	 	Tennessee
	SCOTT WASTE SERVICES, LLC	 	Kentucky
	SEABREEZE RECOVERY, INC.	 	Delaware
	SECTION 18, LLC	 	Minnesota
	SEDALIA LAND COMPANY	 	Colorado
	SHALE GAS SERVICES, LLC	 	Arkansas
	Sierra Holding Group, LLC	 	New York
	Sierra Processing, LLC	 	New York
	SILVER SPRINGS ORGANICS L.L.C.	 	Washington
	SJ RECLAMATION, INC.	 	Delaware
	SKB (AUSTIN) ENVIRONMENTAL, LLC	 	Minnesota
	SKB ENVIRONMENTAL, INC.	 	Minnesota
	SKB RECYCLING, LLC	 	Minnesota
	SMOKY BUTTE ENVIRONMENTAL, LLC	 	Minnesota
	SOUTH COUNTY SANITARY SERVICE, INC.	 	California
	Sterling Avenue Properties, LLC	 	New York
	STUTZMAN REFUSE DISPOSAL INC.	 	Kansas
	TACOMA RECYCLING COMPANY, INC.	 	Washington
	TENNESSEE WASTE MOVERS, INC.	 	Delaware

 

Schedule 1

Borrower Subsidiaries

 

    	 

    	 

    

 

	Name of Subsidiary	 	Jurisdiction of

Organization
	THUNDER BUTTE ENVIRONMENTAL, LLC	 	Minnesota
	US LIQUIDS OF LA, L.P.	 	Delaware 
	VOORHEES SANITATION, L.L.C. 	 	Idaho
	WASCO COUNTY LANDFILL, INC.	 	Delaware
	WASTE CONNECTIONS MANAGEMENT SERVICES, INC.	 	Delaware
	WASTE CONNECTIONS OF ALABAMA, INC.	 	Delaware
	WASTE CONNECTIONS OF ALASKA, INC.	 	Delaware
	WASTE CONNECTIONS OF ARIZONA, INC.	 	Delaware
	WASTE CONNECTIONS OF ARKANSAS, INC.	 	Delaware
	WASTE CONNECTIONS OF CALIFORNIA, INC.	 	California
	WASTE CONNECTIONS OF COLORADO, INC.	 	Delaware
	WASTE CONNECTIONS OF GEORGIA, INC.	 	Delaware
	WASTE CONNECTIONS OF IDAHO, INC.	 	Indiana
	WASTE CONNECTIONS OF ILLINOIS, INC.	 	Delaware
	WASTE CONNECTIONS OF IOWA, INC.	 	Iowa
	WASTE CONNECTIONS OF KANSAS, INC.	 	Delaware
	WASTE CONNECTIONS OF KENTUCKY, INC.	 	Delaware
	WASTE CONNECTIONS OF LEFLORE, LLC	 	Mississippi
	WASTE CONNECTIONS OF LOUISIANA, INC.	 	Delaware
	WASTE CONNECTIONS OF MINNESOTA, INC.	 	Minnesota
	WASTE CONNECTIONS OF MISSISSIPPI DISPOSAL SERVICES, LLC	 	Mississippi
	WASTE CONNECTIONS OF MISSISSIPPI, INC.	 	Delaware
	WASTE CONNECTIONS OF MONTANA, INC.	 	Delaware
	WASTE CONNECTIONS OF NEBRASKA, INC.	 	Delaware
	WASTE CONNECTIONS OF NEW MEXICO, INC.	 	Delaware
	WASTE CONNECTIONS OF NORTH CAROLINA, INC.	 	Delaware
	WASTE CONNECTIONS OF NORTH DAKOTA, INC.	 	Delaware
	WASTE CONNECTIONS OF OKLAHOMA, INC.	 	Oklahoma
	WASTE CONNECTIONS OF OREGON, INC.	 	Oregon
	WASTE CONNECTIONS OF SOUTH CAROLINA, INC.	 	Delaware
	WASTE CONNECTIONS OF SOUTH DAKOTA, INC.	 	South Dakota
	WASTE CONNECTIONS OF TENNESSEE, INC. 	 	Delaware
	WASTE CONNECTIONS OF TEXAS, LLC	 	Delaware
	WASTE CONNECTIONS OF THE CENTRAL VALLEY, INC.	 	California
	WASTE CONNECTIONS OF UTAH, INC.	 	Delaware

 

Schedule 1

Borrower Subsidiaries

 

    	 

    	 

    

 

	Name of Subsidiary	 	Jurisdiction of

Organization
	WASTE CONNECTIONS OF WASHINGTON, INC.	 	Washington
	WASTE CONNECTIONS OF WYOMING, INC.	 	Delaware
	WASTE CONNECTIONS TRANSPORTATION COMPANY, INC.	 	Oregon
	WASTE REDUCTION SERVICES, L.L.C.	 	Oregon
	WASTE SERVICES OF N.E. MISSISSIPPI, INC.	 	Mississippi
	WASTE SOLUTIONS GROUP OF SAN BENITO, LLC	 	Delaware
	WCI AUSTIN LANDFILL, LLC	 	Minnesota
	WCI-WHITE OAKS LANDFILL, INC.	 	Delaware
	WEST BANK ENVIRONMENTAL SERVICES, INC.	 	Indiana
	WEST COAST RECYCLING AND TRANSFER, INC. 	 	Oregon
	WYOMING ENVIRONMENTAL SERVICES, INC.	 	Indiana
	YAKIMA WASTE SYSTEMS, INC.	 	Washington

 

Excluded Subsidiaries

 

	Name
    of Excluded Subsidiary	 	Jurisdiction
    of

    Organization
	ECOSORT, L.L.C.	 	Oregon
	WEST VALLEY COLLECTION & RECYCLING, LLC	 	California

 

Schedule
                                         1

Borrower
Subsidiaries

 

    	 

    	 

    

 

SCHEDULE 1.01A

 

EXISTING LETTERS OF CREDIT

 

	L/C Issuer	 	Applicant Name	 	LC #	 	Issue
 Date	 	Expiry
 Date	 	Beneficiary Name	 	LC Amount
	 	 	 	 	 	 	 	 	 	 	 	 	 
	BANK OF AMERICA	 	WASTE CONNECTIONS IN	 	1415387	 	4/1/2005	 	8/1/2015	 	UNITED STATES FIDELI	 	$	1,135,000.00	 
	BANK OF AMERICA	 	999 HAROLD LEMAY ENT	 	68005720	 	4/6/2005	 	3/7/2015	 	U.S. BANK NATIONAL A	 	$	16,126,397.26	 
	BANK OF AMERICA	 	MAMMOTH DISPOSAL COM	 	68016802	 	1/16/2007	 	12/31/2015	 	COUNTY OF MONO	 	$	15,000.00	 
	BANK OF AMERICA	 	WASTE CONNECTIONS IN	 	68019616	 	7/12/2007	 	7/12/2015	 	THE BANK OF NEW YORK	 	$	15,678,356.16	 
	BANK OF AMERICA	 	WASTE CONNECTIONS, I	 	68026728	 	4/10/2009	 	4/8/2015	 	COUNTY OF LOS ANGELE	 	$	1,000,000.00	 
	BANK OF AMERICA	 	WASTE CONNECTIONS, I	 	68026729	 	4/10/2009	 	4/9/2015	 	COUNTY OF LOS ANGELE	 	$	1,000,000.00	 
	BANK OF AMERICA	 	WASTE CONNECTIONS IN	 	68026732	 	5/6/2009	 	5/6/2015	 	ACE AMERICAN INSURAN	 	$	26,930,400.00	 
	BANK OF AMERICA	 	WASTE CONNECTIONS OF	 	68026733	 	11/20/2009	 	12/1/2015	 	THE CITY OF DERBY ("	 	$	1,470,763.80	 
	BANK OF AMERICA	 	SEDELIA LAND COMPANY	 	68026735	 	2/19/2010	 	2/15/2015	 	THE BOARD OF COUNTY	 	$	44,750.00	 
	BANK OF AMERICA	 	WASTE CONNECTIONS OF	 	68036578	 	2/24/2011	 	2/23/2015	 	KANSAS DEPARTMENT OF	 	$	1,000.00	 
	BANK OF AMERICA	 	POTRERO HILLS LANDFI	 	68036579	 	5/23/2012	 	4/19/2015	 	DEPARTMENT OF FISH A	 	$	3,740,330.00	 
	BANK OF AMERICA	 	POTRERO HILLS LANDFI	 	68036580	 	3/14/2012	 	2/24/2015	 	DEPARTMENT OF FISH A	 	$	351,372.00	 
	BANK OF AMERICA	 	POTRERO HILLS LANDFI	 	68036581	 	3/14/2012	 	2/24/2015	 	DEPARTMENT OF FISH A	 	$	2,995,296.70	 
	BANK OF AMERICA	 	POTRERO HILLS LANDFI	 	68036582	 	3/14/2012	 	2/24/2015	 	DEPARTMENT OF FISH A	 	$	23,904.00	 
	BANK OF AMERICA	 	POTRERO HILLS LANDFI	 	68036583	 	3/14/2012	 	2/24/2015	 	DEPARTMENT OF FISH A	 	$	1,349,165.00	 
	BANK OF AMERICA	 	POTRERO HILLS LANDFI	 	68036584	 	3/14/2012	 	2/24/2015	 	DEPARTMENT OF FISH A	 	$	1,044,714.00	 
	BANK OF AMERICA	 	CAMINO REAL ENVIRONM	 	68076232	 	7/27/2012	 	7/26/2015	 	EL PASO ELECTRIC COM	 	$	14,468.00	 
	BANK OF AMERICA	 	R360 ENVIRONMENTAL S	 	68097065	 	6/13/2013	 	6/30/2015	 	LIBERTY MUTUAL INSUR	 	$	75,000.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	TOTAL	 	$	72,995,916.92	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	UNION BANK	 	WASTE CONNECTIONS, INC.	 	S323370M	 	2/27/2013	 	2/26/2014	 	NATIONAL UNION FIRE INSURANCE CO.	 	$	25,000.00	 
	UNION BANK	 	WASTE CONNECTIONS, INC.	 	S323485M	 	3/11/2013	 	3/10/2014	 	COUNTY OF LA DEPT OF PUBLIC WORKS	 	$	10,000.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	TOTAL	 	$	35,000.00	 

 

Schedule 1.01A

Existing Letters of Credit

 

    	 

    	 

    

 

SCHEDULE 1.01B

 

Covenanted Senior Debt

 

Pursuant to the terms and conditions of that
certain Master Note Purchase Agreement, dated July 15, 2008, by and among certain of the Borrowers and certain accredited institutional
investors, as amended, including the First and Second Supplements thereto, the following senior unsecured notes are issued and
outstanding:

 

		1.	$175,000,000 of 6.22% Senior Notes due 2015

		2.	$175,000,000 of 5.25% Senior Notes due 2019

		3.	$100,000,000 of 3.30% Senior Notes due 2016, $50,000,000 of 4.00% Senior Notes due 2018, and $100,000,000
of 4.64% Senior Notes due 2021

 

Schedule 1.01B

Covenanted Senior Debt

 

    	 

    	 

    

 

SCHEDULE 2.01

 

REVOLVING COMMITMENTS AND APPLICABLE
PERCENTAGES

 

	Lender	 	Revolver	 	 	Revolving
 Percentage	 	 	Term Loan	 	 	Term Loan
 Percentage	 	 	Total
 Percentage	 
	Bank of America, N.A.	 	$	180,000,000	 	 	 	15.000000000	%	 	$	185,000,000	 	 	 	23.125000000	%	 	 	18.250000000	%
	JPMorgan Chase Bank, N.A.	 	$	175,000,000	 	 	 	14.583333333	%	 	$	110,000,000	 	 	 	13.750000000	%	 	 	14.250000000	%
	Wells Fargo Bank, National Association	 	$	175,000,000	 	 	 	14.583333333	%	 	$	110,000,000	 	 	 	13.750000000	%	 	 	14.250000000	%
	Compass Bank	 	$	107,500,000	 	 	 	8.958333333	%	 	$	65,000,000	 	 	 	8.125000000	%	 	 	8.625000000	%
	PNC Bank, National Association	 	$	107,500,000	 	 	 	8.958333333	%	 	$	65,000,000	 	 	 	8.125000000	%	 	 	8.625000000	%
	MUFG Union Bank, N.A.	 	$	107,500,000	 	 	 	8.958333333	%	 	$	65,000,000	 	 	 	8.125000000	%	 	 	8.625000000	%
	U.S. Bank, National Association	 	$	107,500,000	 	 	 	8.958333333	%	 	$	65,000,000	 	 	 	8.125000000	%	 	 	8.625000000	%
	Branch Banking and Trust Company	 	$	80,000,000	 	 	 	6.666666667	%	 	$	45,000,000	 	 	 	5.625000000	%	 	 	6.250000000	%
	CoBank, ACB	 	$	47,500,000	 	 	 	3.958333333	%	 	$	27,500,000	 	 	 	3.437500000	%	 	 	3.750000000	%
	KeyBank National Association	 	$	47,500,000	 	 	 	3.958333333	%	 	$	27,500,000	 	 	 	3.437500000	%	 	 	3.750000000	%
	Amegy Bank National Association	 	$	32,500,000	 	 	 	2.708333333	%	 	$	17,500,000	 	 	 	2.187500000	%	 	 	2.500000000	%
	Citizens Bank, N.A.	 	$	32,500,000	 	 	 	2.708333333	%	 	$	17,500,000	 	 	 	2.187500000	%	 	 	2.500000000	%
	TOTAL	 	$	1,200,000,000	 	 	 	100.000000000	%	 	$	800,000,000	 	 	 	100.000000000	%	 	 	100.000000000	%

 

Schedule 2.01

Revolving Commitments and Applicable Percentages

 

    	 

    	 

    

 

SCHEDULE 5.07

 

Litigation

 

None.

 

Schedule 5.07

Litigation

 

    	 

    	 

    

 

SCHEDULE 5.16

 

Environmental Matters

 

None.

 

Schedule 5.16

Environmental Matters

 

    	 

    	 

    

 

SCHEDULE 5.17

 

Related Party Transactions

 

The Parent has made from time to time home
purchase assistance relocation related loans to certain employees of the Parent and its Subsidiaries.

 

Schedule 5.17

Related Party Transactions

 

    	 

    	 

    

 

SCHEDULE 6.07

 

Permitted Self-Insurance

 

Deductible levels in the Borrowers’
high deductible insurance program are listed below:

 

	Automobile Liability Insurance	 	$	2,000,000.00	 
	Workers’ Compensation and Employer’s Liability Insurance	 	$	1,500,000.00	 
	General Liability Insurance	 	$	1,000,000.00	 
	Pollution Legal Liability (PLL) Insurance1	 	$	250,000.00	 
	Site Pollution Incident Legal Liability (SPILLS) (R360 only)	 	$	250,000.00	 
	Employment Practices Liability	 	$	250,000.00	 
	Employee Group Health Insurance	 	$	250,000.00	 
	All-Risk Property Insurance2	 	$	25,000.00	 

 

 

 1
$100,000.00 for R360.

 

2
$100,000.00 for fire loss.

 

Schedule 6.07

Permitted
Self-Insurance

 

    	 

    	 

    

 

SCHEDULE 7.01

 

Existing Indebtedness

 

	Lender	 	Borrower	 	Outstanding Balance
	California Pollution Control Financing Authority	 	Waste Connections, Inc.	 	$	15,500,000	 
	Washington Economic Development Finance Authority	 	Harold LeMay Enterprises, Incorporated	 	 	15,930,000	 
	SEI Solid Waste, Inc.	 	Waste Connections of California, Inc.	 	 	879,440	 
	Michael L. Zupan	 	Waste Connections of Colorado, Inc.	 	 	291,218	 
	Commencement Bay Guardianship Services	 	LeMay Enterprises, Inc.	 	 	711,646	 
	Antonio M. Totorica	 	Lakeshore Disposal, Inc.	 	 	16,355	 
	Brenda Totorica	 	Lakeshore Disposal, Inc.	 	 	16,355	 
	Craig and Linda Van Bockern	 	Waste Connections of South Dakota, Inc.	 	 	190,881	 
	Stutzman Trusts	 	Waste Connections of Kansas, Inc.	 	 	1,000,000	 
	Paul and Brenda Pennington	 	Waste Connections of Tennessee, Inc.	 	 	599,671	 
	Blue Star Holdings, Inc.	 	Waste Connections, Inc.	 	 	1,073,325	 
	Private Placement Senior Note Holders	 	Waste Connections, Inc.	 	 	175,000,000	 
	Private Placement Senior Note Holders	 	Waste Connections, Inc.	 	 	175,000,000	 
	Private Placement Senior Note Holders	 	Waste Connections, Inc.	 	 	250,000,000	 
	Town of Colonie	 	Capital Regional Landfills, Inc.	 	 	3,356,370	 
	Total Existing Indebtedness	 	 	 	$	639,565,261	 

 

Schedule 7.01

Existing Indebtedness

 

    	 

    	 

    

 

SCHEDULE 7.02

 

Existing Liens

 

Parent’s investment in Evergreen National
Indemnity Company ($5,000,000) is posted as security to support surety and performance bonds issued by Evergreen on behalf of the
Borrowers.

 

	2.	Liens Securing Indebtedness Listed on Schedule 7.01

 

	COMPANY	 	SECURED PARTY	 	COLLATERAL
	WASTE CONNECTIONS OF COLORADO, INC.	 	
        American Strategic Income

        Portfolio Inc.-II
	 	All Assets
	WASTE CONNECTIONS OF TENNESSEE, INC.	 	Paul and Brenda Pennington	 	Deed of Trust
	LAKESHORE DISPOSAL, INC.	 	Antonio M. Totorica	 	
        All Assets and

        Vehicles

	LAKESHORE DISPOSAL, INC.	 	Brenda Totorica	 	
        All Assets and

        Vehicles

 

	3.	Other Liens

 

	COMPANY	 	JUR.	 	SECURED PARTY	 	
        FILE NO./

        FILE DATE
	 	COLLATERAL
	Arkansas Reclamation Company, LLC	 	AR	 	Air Liquide Industrial US LP	 	
        40000018111319

        08/20/2010
	 	Specific Equipment

 

    	 

    	 

    

 

	COMPANY	 	JUR.	 	SECURED PARTY	 	
        FILE NO./

        FILE DATE
	 	COLLATERAL
	 	 	 	 	Iberia Bank	 	
        40000057766227

        10/03/2012
	 	All Accounts Receivable (underlying debt has been paid off and termination of Lien is in process and will happen in the ordinary course of business)
	 	 	 	 	One Bank and Trust, N.A.	 	
        40000011383858

        04/16/2010
	 	Specific Leased Equipment
	COLUMBIA RESOURCE CO., L.P.	 	WA	 	Dell Financial Services L.L.C.	 	
        2003-265-9726-4

         

        09/2003
	 	Specific leased computer equipment

 

    	 

    	 

    

 

	COMPANY	 	JUR.	 	SECURED PARTY	 	
        FILE NO./

        FILE DATE
	 	COLLATERAL
	 	 	 	 	Dell Financial Services, L.L.C.	 	
        2003-276-3578-1

         

        10/03/2003
	 	Specific leased computer equipment
	 	 	 	 	Dell Financial Services, L.L.C.	 	
        2003-280-4224-3

         

        10/07/2003
	 	Specific leased computer equipment
	EAGLE FORD RECLAMATION COMPANY, LLC	 	TX	 	Air Liquide Industrial US LP	 	
        13-0022308786

        07/15/2013
	 	Specific Equipment
	EMPIRE DISPOSAL, INC.	 	WA	 	Kenworth Sales Co. Spokane	 	
        2010-228-9183-0

         

        08/16/2010
	 	Specific equipment and inventory
	FINLEY-BUTTES LIMITED PARTNERSHIP	 	OR	 	
        Les Schwab Tire Centers of

        Portland, Inc.
	 	
        8660664

         

        11/16/2010
	 	Goods and proceeds purchased from Secured Party by Debtor
	GOD BLESS THE USA, INCORPORATED	 	NC	 	Center Capital Corporation	 	
        20090051540H

        07/2/2009
	 	Equipment financed pursuant to Master Loan and Security Agreement No. 50527
	 	 	 	 	Center Capital Corporation	 	
        20090076528M

        10/07/2009
	 	Specific Equipment (Identifies by Serial Numbers) and other equipment financed pursuant to Master Loan and Security Agreement No. 50527

   

    	 

    	 

    

 

	COMPANY	 	JUR.	 	SECURED PARTY	 	
        FILE NO./

        FILE DATE
	 	COLLATERAL
	 	 	 	 	Fifth Third Bank	 	
        20130108066J

        11/15/2013
	 	All Assets (underlying debt has been paid off and termination of Lien is in process and will happen in the ordinary course of business)
	 	 	 	 	Webster Capital Finance, Inc.	 	
        20140020592G

        03/7/2014 
	 	Specific Equipment
	 	 	 	 	Webster Capital Finance, Inc.	 	
        20140048368H

        05/21/2014
	 	Specific Equipment (Identifies by Serial Numbers) and other equipment financed pursuant to Master Loan and Security Agreement No. 69404
	 	 	 	 	Webster Capital Finance, Inc.	 	
        20100082801C

        10/22/2010
	 	Specific Equipment (Identifies by Serial Numbers) and other equipment financed pursuant to Master Loan and Security Agreement No. 50527
	LACASSINE HOLDINGS, L.L.C.	 	LA	 	CNH Capital America LLC	 	
        117-1327329

         

        06/06/2008
	 	Specific Leased Equipment (Kobelc Excavator)
	LAKESHORE DISPOSAL, INC.	 	ID	 	Fluid Connector Products, Inc.	 	
        2010-1079717-3

         

        06/07/2010
	 	Specific Tools Loaned to Debtor

 

    	 

    	 

    

 

	COMPANY	 	JUR.	 	SECURED PARTY	 	
        FILE NO./

        FILE DATE
	 	COLLATERAL
	MURREY’S DISPOSAL COMPANY, INC.	 	WA	 	
        Associated Petroleum

        Products, Inc.
	 	
        2008-168-2648-5

         

        06/16/2008
	 	Rectangular Tank
	POTRERO HILLS LANDFILL, INC.	 	CA	 	United Rentals Northwest, Inc.	 	
        08-7142219569

         

        01/03/2008
	 	Towable Light Tower
	 	 	 	 	United Rentals Northwest, Inc.	 	
        08-7142220591

         

        01/03/2008
	 	Trash Pump

 

    	 

    	 

    

 

	COMPANY	 	JUR.	 	SECURED PARTY	 	
        FILE NO./

        FILE DATE
	 	COLLATERAL
	PRAIRIE DISPOSAL, INC.	 	ND	 	RDO Equipment Co.	 	
        10-000608553-7

         

        07/01/2010
	 	Specific Leased Equipment (Compost Turner)
	 	 	 	 	North Central Rental & Leasing, LLC	 	
        11-000713030-0

         

        12/22/2011
	 	Specific Leased Equipment (Caterpillar)
	 	 	 	 	North Central Rental & Leasing, LLC	 	
        12-000725720-2

         

        02/15/2012
	 	Specific Leased Equipment (Caterpillar)
	 	 	 	 	North Central Rental & Leasing, LLC	 	
        12-000735036-4

         

        03/26/2012
	 	Specific Leased Equipment (Caterpillar)
	 	 	 	 	North Central Rental & Leasing, LLC	 	
        12-000756735-4

         

        06/29/2012
	 	Specific Leased Equipment (Caterpillar)
	R360 ENVIRONMENTAL SOLUTIONS, LLC	 	DE	 	North Central Rental & Leasing, LLC	 	
        2012 2907097

         

        07/28/2012
	 	Specific Leased Equipment (Caterpillar)
	 	 	 	 	North Central Rental & Leasing, LLC	 	
        2012 3304195

         

        08/26/2012
	 	Specific Leased Equipment (Caterpillar)
	SANIPAC, INC.	 	OR	 	Financial Federal Credit Inc.	 	
        6988577

         

        07/22/2005
	 	All Assets
	 	 	 	 	Financial Federal Credit Inc.	 	
        7037432

         

        09/13/2005
	 	All Assets

 

    	 

    	 

    

 

	COMPANY	 	JUR.	 	SECURED PARTY	 	
        FILE NO./

        FILE DATE
	 	COLLATERAL
	 	 	 	 	Financial Federal Credit Inc.	 	
        7760093

         

        10/02/2007
	 	All Assets
	 	 	 	 	Financial Federal Credit Inc.	 	
        7760104

         

        10/02/2007
	 	All Assets
	 	 	 	 	Financial Federal Credit Inc.	 	
        7788752

         

        11/01/2007
	 	All Assets
	 	 	 	 	Financial Federal Credit Inc.	 	
        7788780

         

        11/01/2007
	 	All Assets
	SILVER SPRINGS ORGANICS L.L.C.	 	WA	 	
        Bank of the West, Trinity

        Division
	 	
        2008-067-3426-4

         

        03/07/2008
	 	
        Komptech Crambo

        Shredders

	 	 	 	 	Clyde/West, Inc.	 	
        2008-162-1243-1

         

        06/10/2008
	 	Volvo Wheel Loader
	 	 	 	 	VFS Leasing Co.	 	
        2008-254-6392-3

         

        09/19/2008
	 	2008 Volvo
	US LIQUIDS OF LA, L.P.	 	DE	 	Holt Cat	 	
        2011 2245721

         

        06/13/2011
	 	Specific Leased Equipment (Caterpillar Tractor)
	 	 	 	 	Holt Cat	 	
        2011 2474115

         

        06/28/2011
	 	Specific Leased Equipment (Caterpillar)

 

    	 

    	 

    

 

	COMPANY	 	JUR.	 	SECURED PARTY	 	
        FILE NO./

        FILE DATE
	 	COLLATERAL
	WASTE CONNECTIONS OF CALIFORNIA, INC.	 	CA	 	
        Wells Fargo Financial

        Leasing, Inc.
	 	
        09-7208086212

         

        09/14/2009
	 	
        Specific Leased

        Equipment (Copiers)

	 	 	 	 	
        Bank of the West, Trinity

        Division
	 	
        09-7212870703

         

        10/30/2009
	 	Security System
	WASTE CONNECTIONS OF IOWA, INC.	 	IA	 	Bankers Leasing Company	 	
        E940742-6

         

        09/26/2008
	 	
        Specific Leased

        Equipment

         

        (Copier)

	WASTE CONNECTIONS OF KANSAS, INC.	 	DE	 	Key Equipment Finance Inc.	 	
        2007 1714715

         

        05/07/2007
	 	Specific Leased Equipment (pursuant to Master Lease)
	 	 	 	 	Deere Credit, Inc.	 	
        2008 0516391

         

        02/12/2008
	 	Specific Leased Equipment (John Deere Tractors)
	 	 	 	 	Deere Credit, Inc.	 	
        2008 3354691

         

        10/03/2008
	 	Specific Leased Equipment (John Deere Scraper)
	WASTE CONNECTIONS OF MINNESOTA, INC.	 	MN	 	First National Bank	 	
        200813761116

         

        11/04/2008
	 	Specific Leased Equipment (Scanners, Copier)
	WASTE CONNECTIONS OF MONTANA, INC.	 	DE	 	Deere Credit, Inc.	 	2007 2374030	 	Specific Leased Equipment (John Deere Excavator)
	WASTE CONNECTIONS OF OKLAHOMA, INC.	 	OK	 	Oklahoma Office Systems, Inc.	 	
        E2006012339026

         

        10/12/2006
	 	Specific Leased Equipment (Copiers, Printers)

 

    	 

    	 

    

 

	COMPANY	 	JUR.	 	SECURED PARTY	 	
        FILE NO./

        FILE DATE
	 	COLLATERAL
	 	 	 	 	Oklahoma Office Systems, Inc.	 	
        E2007015127631

         

        12/28/2007
	 	Specific Leased Equipment (Copiers, Printers)
	 	 	 	 	LCA Bank Corporation	 	
        E2008001361627

         

        02/06/2008
	 	Specific Leased Equipment (Security Equipment)
	 	 	 	 	Oklahoma Office Services	 	
        E2009006106832

         

        06/18/2009
	 	Specific Leased Equipment (Copiers, Printers)
	WASTE CONNECTIONS OF OREGON, INC.	 	OR	 	
        Les Schwab Warehouse

        Center, Inc.
	 	
        7127192

         

        12/19/2005
	 	Purchased Goods (New and Used Wheels, Batteries)
	WASTE CONNECTIONS OF TENNESSEE, INC.	 	DE	 	
        First Tennessee Bank

        National Association
	 	
        2007 0360437

         

        01/26/2007
	 	Specific Leased Equipment (Power Washers)
	 	 	 	 	The McPherson Companies, Inc.	 	
        2007 1115566

         

        03/26/2007
	 	Specific Leased Equipment (Meters, Tubing, Reels)
	 	 	 	 	
        GreatAmerica Leasing

        Corporation
	 	
        2009 0899200

         

        03/20/2009
	 	
        Specific Leased

        Equipment (Copiers)

	 	 	 	 	U.S. Bancorp	 	
        2008 1503919

         

        04/30/2008
	 	Specific Leased Equipment (Identifies by Serial Numbers Only)

 

    	 

    	 

    

 

	COMPANY	 	JUR.	 	SECURED PARTY	 	
        FILE NO./

        FILE DATE
	 	COLLATERAL
	 	 	 	 	U.S. Bancorp	 	
        2009 3310718

         

        10/14/2009
	 	Specific Leased Equipment (Identifies by Serial Number Only)
	WASTE CONNECTIONS OF TEXAS, LLC	 	DE	 	
        General Electric Capital

        Corporation
	 	
        2009 1853552

         

        06/10/2009
	 	Specific Leased Equipment (Pursuant to Master Lease)
	 	 	 	 	
        U.S. Bancorp Business

        Equipment Finance Group
	 	
        2011 0638224

         

        02/22/2011
	 	Specific Leased Equipment (Identifies by Serial Number Only)
	 	 	 	 	
        U.S. Bancorp Business

        Equipment Finance Group
	 	
        2011 0718992

         

        02/26/2011
	 	Specific Leased Equipment (Identifies by Serial Number Only)
	WASTE CONNECTIONS OF WASHINGTON, INC.	 	WA	 	Holt Cat	 	
        2009-182-9173-0

         

        07/01/2009
	 	Specific Leased Equipment (Caterpillar)
	WASTE CONNECTIONS, INC.	 	DE	 	US Bancorp	 	
        2010 2827040

         

        08/12/2010
	 	Specific Leased Equipment (Identifies by Serial Number Only)
	 	 	
        Les Schwab Tire Centers of

        Washington, Inc.
	 	
        2011 3457325

         

        09/08/2011
	 	
        Specific Leased

        Equipment (Tires)

 

    	 

    	 

    

 

	COMPANY	 	JUR.	 	SECURED PARTY	 	
        FILE NO./

        FILE DATE
	 	COLLATERAL
	 	 	 	 	Wilmington Trust Company, not in its individual capacity but solely as Trustee under Trust Agreement dated as of April 3, 2006	 	
        2010 0114151

         

        12/24/2009
	 	
        Specific Leased

        Equipment (Aircraft)

	 	 	 	 	Holt Cat	 	
        2010 0198402

         

        01/20/2010
	 	Specific Leased Equipment (Caterpillar Tractor)
	 	 	 	 	US Bancorp	 	
        2010 0352603

         

        02/01/2010
	 	Specific Leased Equipment (Identifies by Serial Number Only)
	 	 	 	 	
        U.S. Bancorp Equipment

        Finance, Inc.
	 	
        2011 2298704

         

        06/15/2011
	 	Specific Leased Equipment (Identifies by Serial Number Only)
	 	 	 	 	
        U.S. Bancorp Equipment

        Finance, Inc.
	 	
        2012 3747179

         

        09/28/2012
	 	
        Specific Leased

        Equipment (Copier)

	 	 	 	 	U.S. Bank Equipment Finance	 	
        20133815892

        09/30/2013
	 	
        Specific Leased

        Equipment (Copiers)

	 	 	 	 	U.S. Bank Equipment Finance	 	
        20133815900

        09/30/2013
	 	
        Specific Leased

        Equipment (Copiers)

	 	 	 	 	U.S. Bank Equipment Finance	 	
        20134728037

        12/02/2013
	 	
        Specific Leased

        Equipment (Copiers)

	 	 	 	 	U.S. Bank Equipment Finance	 	
        20140051268

        01/06/2014
	 	
        Specific Leased

        Equipment (Copiers)

	 	 	 	 	U.S. Bank Equipment Finance	 	
        20143852233

        09/25/2014
	 	
        Specific Leased

        Equipment (Printers)

 

    	 

    	 

    

  

	
         

        COMPANY
	 	
         

         

        JUR.
	 	
         

         

        SECURED PARTY
	 	
        FILE NO./

        FILE DATE
	 	
         

         

        COLLATERAL

	YAKIMA WASTE SYSTEMS, INC.	 	WA	 	
        Les Schwab Warehouse

        Center, Inc.
	 	
        200533429334

         

        11/30/2005
	 	
        Specific Leased

        Equipment (Batteries)

 

 

Schedule 7.02

Existing Liens

 

    	 

    	 

    

 

SCHEDULE
10.02

 

administrative
agent’s OFFICE; certain ADDRESSES FOR NOTICES

 

BORROWERS:

 

Waste Connections, Inc.

3 Waterway Square Place, Suite 110

The Woodlands, TX 77380

Attention:   Worthing F. Jackman, Executive
Vice President

and Chief Financial Officer

Phone:(832) 442-2266

Fax:(832) 442-2291

Email:worthingj@wasteconnections.com

 

with a copy to:

 

Latham & Watkins LLP

811 Main Street, Suite 3700

Houston, TX 77002

Attn:  Craig Kornreich, Esq.

Telephone:  713-546-7489

Facsimile:  713-546-5401

Email:  craig.kornreich@lw.com

 

ADMINISTRATIVE AGENT:

 

Administrative Agent’s Office

(for payments and Requests for Credit
Extensions):

Bank of America, N.A.

101 N. Tryon Street

Mail Code:  NC1-001-05-46

Charlotte, NC 28255-0001

Attention: 
    Rose M. Bollard

Telephone: 
     (980) 386-2881

Telecopier: 
     (704) 409-0355

Electronic Mail: 
rose.bollard@baml.com 

Account No.: 
1366212250600

Ref:     Waste
Connections

ABA#  
    026009593

 

Other Notices as Administrative Agent:

Bank of America, N.A.

Agency Management

555 California Street, 4th Floor

Mail Code:  CA5-705-04-09 

San Francisco,
CA 94104 

 

Schedule 10.02

Administrative
Agent’s Office; Certain Addresses for Notices

 

    	 

    	 

    

 

Attention: 
    Angela Lau

Telephone: 
     (415) 436-4000

Telecopier:      
(415) 503-5008

Electronic Mail: 
angela.lau@baml.com

 

Other Notices as Administrative Agent
(also copy):

Bank of America, N.A.

100 Federal Street

Mail Code:  MA5-100-09-07

Boston, MA 02110

Attention: 
    Maria F. Maia, Managing Director

Telephone: 
     (617) 434-5751

Telecopier:      
(980) 233-7700

Electronic Mail: 
maria.f.maia@baml.com

 

Other Notices as Administrative Agent
(also copy):

Goulston & Storrs

400 Atlantic Avenue

Boston, MA 02110

Attention: 
    Pamela M. MacKenzie, Esq.

Telephone: 
     (617) 574-4106

Telecopier:      
(617) 574-4112

Electronic Mail: 
pmackenzie@goulstonstorrs.com

 

L/C ISSUER:

 

Bank of America, N.A.

Trade Operations

1 Fleet Way

Mail Code:  PA6-580-02-30

Scranton, PA
18507

Attention: 
Alfonso Malave Jr.

Telephone: 
(570) 496-9622

Telecopier: (800)
755-8743

Electronic Mail: 
alfonso.malave@baml.com

 

SWING
LINE LENDER:

 

Bank of America, N.A.

101 N. Tryon Street

Mail Code:  NC1-001-05-46

Charlotte, NC 28255-0001

Attention: 
    Rose M. Bollard

Telephone: 
     (980) 386-2881

Telecopier: 
     (704) 409-0355

Electronic Mail: 
rose.bollard@baml.com 

 

Schedule 10.02

Administrative
Agent’s Office; Certain Addresses for Notices

 

    	 

    	 

    

 

Account No.: 
1366212250600

Ref:     Waste
Connections

ABA#  
    026009593

 

Schedule 10.02

Administrative
Agent’s Office; Certain Addresses for Notices

 

    	 

    	 

    

 

EXHIBIT
A-1

 

FORM
OF COMMITTED LOAN NOTICE

 

Date: ___________, _____

		To:	Bank of America, N.A., as Administrative Agent

 

Ladies and
Gentlemen:

 

Reference is made to
that certain Revolving Credit and Term Loan Agreement, dated as of January 26, 2015 (as amended, restated, extended, supplemented
or otherwise modified in writing from time to time, the “Agreement”; the terms defined therein being used herein
as therein defined), by and among Waste Connections, Inc., and certain of its Subsidiaries party thereto (collectively, the “Borrowers”),
the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender.

 

The undersigned hereby requests (select
one):

 

 ̈
A Committed Borrowing                ̈
A conversion or continuation of Committed Loans

 

1.       On                                                                   
(a Business Day).

 

2.       In the amount
of $                                         .

 

3.       Comprised of
                                                 .

[Type of Loan requested]

 

4.For LIBOR Rate
Loans: with an Interest Period of ___ months.

 

The Committed Borrowing,
if any, requested herein complies with the provisos to the first sentence of Section 2.01(b) of the Agreement.

 

The Borrowers hereby
represent and warrant that the conditions specified in Sections 4.02(a) and (b) of the Agreement shall be
satisfied on and as of the date of the applicable Credit Extension.

 

	 	WASTE CONNECTIONS, INC.,
	 	on behalf of itself and the other Borrowers 
	 	 
	 	By:	 	 
	 	 	 
	 	Name:	 	 
	 	 	 
	 	Title:	 	 

 

Exhibit A-1

Form of Committed Loan Notice

 

    	 

    	 

    

 

EXHIBIT A-2

 

FORM
OF swing line loan NOTICE

 

Date: ___________, _____

To:Bank of America, N.A., as Swing
Line Lender and Administrative Agent

 

Ladies and Gentlemen:

 

Reference is made to
that certain Revolving Credit and Term Loan Agreement, dated as of January 26, 2015 (as amended, restated, extended, supplemented
or otherwise modified in writing from time to time, the “Agreement”; the terms defined therein being used herein
as therein defined), by and among Waste Connections, Inc., and certain of its Subsidiaries party thereto (collectively, the “Borrowers”),
the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender.

 

The undersigned hereby requests a Swing
Line Loan:

 

1.       On                                           
(a Business Day).

 

2.       In the amount
of $                        .

 

The Swing Line Borrowing
requested herein complies with the requirements of the provisos to the first sentence of Section 2.04(a) of the Agreement.

 

The Borrowers hereby
represent and warrant that the conditions specified in Sections 4.02(a) and (b) of the Agreement shall be
satisfied on and as of the date of the applicable Credit Extension.

 

	 	WASTE CONNECTIONS, INC.,
	 	on behalf of itself and the other Borrowers 
	 	 
	 	By:	 	 
	 	 	 
	 	Name:	 	 
	 	 	 
	 	Title:	 	 

  

Exhibit A-2

Form of Swing Line Loan Notice

 

    	 

    	 

    

 

EXHIBIT A-3

 

FORM
OF Term LOAN NOTICE

 

Date: ___________, _____

		To:	Bank of America, N.A., as Administrative Agent

 

Ladies and
Gentlemen:

 

Reference is made to
that certain Revolving Credit and Term Loan Agreement, dated as of January 26, 2015 (as amended, restated, extended, supplemented
or otherwise modified in writing from time to time, the “Agreement”; the terms defined therein being used herein
as therein defined), by and among Waste Connections, Inc., and certain of its Subsidiaries party thereto (collectively, the “Borrowers”),
the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender.

 

The undersigned hereby requests (select
one):

 

 ̈
A Term Loan Borrowing 3 ̈
A conversion or continuation of Term Loans

 

1.       On                                                                              
(a Business Day).

 

2.       In the amount
of $                                                    .

 

3.       Comprised of
                                                           .

[Type of Loan requested]

 

4.       For LIBOR Rate
Loans: with an Interest Period of ___ months.

 

 

	 	WASTE CONNECTIONS, INC.,
	 	on behalf of itself and the other Borrowers 
	 	 
	 	By:	 	 
	 	 	 
	 	Name:	 	 
	 	 	 
	 	Title:	 	 

 

 

3 For use only on the Closing Date.

 

Exhibit A-3

Form Of Term Loan Notice

 

    	 

    	 

    

  

EXHIBIT B-1

 

form
of revolving credit NOTE

  

	$                                 	 	_________, 20__

 

FOR VALUE RECEIVED,
the undersigned (the “Borrowers”) hereby, jointly and severally, promise to pay to                             
or registered assigns (the “Lender”), in accordance with the provisions of the Agreement (as hereinafter defined),
the principal amount of each Committed Loan from time to time made by the Lender to the Borrowers under that certain Revolving
Credit and Term Loan Agreement, dated as of January 26, 2015 (as amended, restated, extended, supplemented or otherwise modified
in writing from time to time, the “Agreement”; the terms defined therein being used herein as therein defined),
among the Borrowers, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, L/C Issuer
and Swing Line Lender.

 

The Borrowers, jointly
and severally, promise to pay interest on the unpaid principal amount of each Committed Loan from the date of such Committed Loan
until such principal amount is paid in full, at such interest rates and at such times as provided in the Agreement. Except as otherwise
provided in Section 2.04(f) of the Agreement with respect to Swing Line Loans, all payments of principal and interest shall
be made to the Administrative Agent for the account of the Lender in Dollars in immediately available funds at the Administrative
Agent’s Office. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid
upon demand, from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the
per annum rate set forth in the Agreement.

 

This Revolving Credit
Note is one of the Revolving Credit Notes referred to in the Agreement, is entitled to the benefits thereof and may be prepaid
in whole or in part subject to the terms and conditions provided therein. Upon the occurrence and continuation of one or more of
the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Revolving Credit Note shall become,
or may be declared to be, immediately due and payable all as provided in the Agreement. Committed Loans made by the Lender shall
be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The Lender may
also attach schedules to this Revolving Credit Note and endorse thereon the date, amount and maturity of its Committed Loans and
payments with respect thereto.

 

Each of the Borrowers,
for itself, its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand,
dishonor and non-payment of this Revolving Credit Note.

 

THIS REVOLVING CREDIT
NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

[Remainder of page intentionally left
blank.]

 

Exhibit B-1

Form of Revolving Credit Note

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the Borrowers
hereto have caused this Revolving Credit Note to be duly executed as of the date first above written.

 

BORROWERS:

 

	WASTE CONNECTIONS, INC.
	ADVANCED SYSTEMS PORTABLE RESTROOMS, INC. 
	ACE SOLID WASTE, INC.
	ALASKA WASTE MAT-SU, LLC
	ALASKA WASTE-INTERIOR, LLC
	ALASKA WASTE-KENAI PENINSULA, LLC
	AMERICAN DISPOSAL COMPANY, INC.
	ANDERSON COUNTY LANDFILL, INC.
	ANDERSON REGIONAL LANDFILL, LLC
	ARKANSAS RECLAMATION COMPANY, LLC
	AUSTIN LANDFILL HOLDINGS, INC.
	BISON BUTTE ENVIRONMENTAL, LLC
	BITUMINOUS RESOURCES, INC.
	BRENT RUN LANDFILL, INC.
	BROADACRE LANDFILL, INC.
	BUTLER COUNTY LANDFILL, INC.
	CALPET, LLC
	CAMINO REAL ENVIRONMENTAL CENTER, INC. 
	CAPITAL REGION LANDFILLS, INC.
	CARPENTER WASTE HOLDINGS, LLC
	CHAMBERS DEVELOPMENT OF NORTH CAROLINA, INC.
	CHIMNEY BUTTE ENVIRONMENTAL L.L.C.
	CHIQUITA CANYON, INC.
	CHIQUITA CANYON, LLC
	CLAY BUTTE ENVIRONMENTAL, LLC
	CLIFTON ORGANICS, LLC
	COLD CANYON LAND FILL, INC.
	COLUMBIA RESOURCE CO., L.P.
	COLUMBIA RIVER DISPOSAL, INC.
	COMMUNITY REFUSE DISPOSAL INC.
	CONTRACTORS WASTE SERVICES, INC.
	CORRAL DE PIEDRA LAND COMPANY
	COUNTY WASTE — ULSTER, LLC
	COUNTY WASTE AND RECYCLING SERVICE, INC.
	COUNTY WASTE TRANSFER CORP.
	CRI HOLDINGS, LLC
	CURRY TRANSFER & RECYCLING, INC.
	CWI ACQUISITION, LLC
	D. M. DISPOSAL CO., INC.
	DELTA CONTRACTS, LLC
	DENVER REGIONAL LANDFILL, INC.
	DIVERSIFIED BUILDINGS, L.L.C.

 

Exhibit B-1

Form of Revolving Credit Note

 

    	 

    	 

    

 

	EAGLE FORD RECLAMATION COMPANY, LLC
	EL PASO DISPOSAL, LP
	ELKO SANITATION COMPANY
	EMPIRE DISPOSAL, INC.
	ENTECH ALASKA LLC
	ENVIRONMENTAL TRUST COMPANY
	EVERGREEN DISPOSAL, INC.
	FINLEY-BUTTES LIMITED PARTNERSHIP
	FINNEY COUNTY LANDFILL, INC.
	FORT ANN TRANSFER STATION, LLC
	FRONT RANGE LANDFILL, INC.
	G & P DEVELOPMENT, INC.
	GBUSA HOLDINGS, LLC
	GOD BLESS THE USA, INCORPORATED
	GREEN WASTE SOLUTIONS OF ALASKA, LLC
	HARDIN SANITATION, INC.
	HAROLD LEMAY ENTERPRISES, INCORPORATED
	HIGH DESERT SOLID WASTE FACILITY, INC.
	HUDSON VALLEY WASTE HOLDING, INC.
	ISLAND DISPOSAL, INC. 
	J BAR J LAND, INC.
	LACASSINE HOLDINGS, L.L.C.
	LAKESHORE DISPOSAL, INC.
	LAUREL RIDGE LANDFILL, L.L.C.
	LEALCO, INC.
	LFC, INC.
	LIGHTNING BUTTE ENVIRONMENTAL, LLC
	LOUISIANA RECLAMATION COMPANY, L.L.C.
	MADERA DISPOSAL SYSTEMS, INC.
	MAMMOTH DISPOSAL COMPANY
	MANAGEMENT ENVIRONMENTAL NATIONAL, INC.
	MASON COUNTY GARBAGE CO., INC. 
	MBO, LLC
	MDSI OF LA, INC. 
	MILLENNIUM WASTE INCORPORATED
	MISSION COUNTRY DISPOSAL
	MORRO BAY GARBAGE SERVICE
	MURREY’S DISPOSAL COMPANY, INC.
	NEBRASKA ECOLOGY SYSTEMS, INC.
	NOBLES COUNTY LANDFILL, INC.
	NORTHWEST CONTAINER SERVICES, INC.
	OKLAHOMA CITY WASTE DISPOSAL, INC.
	OKLAHOMA LANDFILL HOLDINGS, INC.
	OSAGE LANDFILL, INC.
	PIERCE COUNTY RECYCLING, COMPOSTING AND DISPOSAL, LLC
	POTRERO HILLS LANDFILL, INC.

 

Exhibit B-1

Form of Revolving Credit Note

 

    	 

    	 

    

 

	PRAIRIE DISPOSAL, LLC
	PRAIRIE LIQUIDS, LLC
	PSI ENVIRONMENTAL SERVICES, INC.
	PSI ENVIRONMENTAL SYSTEMS, INC.
	R.A. BROWNRIGG INVESTMENTS, INC. 
	R.J.C. TRUCKING CO.
	R360 ARTESIA, LLC
	R360 CLACO, LLC
	R360 ENVIRONMENTAL SOLUTIONS HOLDINGS, INC.
	R360 ENVIRONMENTAL SOLUTIONS OF LOUISIANA, LLC
	R360 ENVIRONMENTAL SOLUTIONS OF MISSISSIPPI, LLC
	R360 ENVIRONMENTAL SOLUTIONS OF TEXAS, LLC
	R360 ENVIRONMENTAL SOLUTIONS, LLC
	R360 ES HOLDINGS, INC.
	R360 HITCHCOCK, LLC
	R360 LOGISTICS, LLC
	R360 OKLAHOMA, LLC
	R360 PERMIAN BASIN, LLC
	R360 RED BLUFF, LLC
	R360 SHUTE CREEK, LLC
	R360 SILO, LLC
	R360 WILLISTON BASIN, LLC
	RAILROAD AVENUE DISPOSAL, LLC
	RED CARPET LANDFILL, INC.
	RENSSELAER REGION LANDFILLS, INC.
	RH FINANCIAL CORPORATION
	RICH VALLEY, LLC
	RKS HOLDING, CORP.
	S.A. DUNN & COMPANY, LLC
	SAN LUIS GARBAGE COMPANY
	SANIPAC, INC.
	SCOTT SOLID WASTE DISPOSAL COMPANY
	SCOTT WASTE SERVICES, LLC
	SEABREEZE RECOVERY, INC.
	SECTION 18, LLC
	SEDALIA LAND COMPANY
	SHALE GAS SERVICES, LLC
	SIERRA HOLDING GROUP, LLC
	SIERRA PROCESSING, LLC
	SILVER SPRINGS ORGANICS L.L.C.
	SJ RECLAMATION, INC.
	SKB (AUSTIN) ENVIRONMENTAL, LLC
	SKB ENVIRONMENTAL, INC.
	SKB RECYCLING, LLC
	SMOKY BUTTE ENVIRONMENTAL, LLC

 

Exhibit B-1

Form of Revolving Credit Note

 

    	 

    	 

    

 

	STERLING AVENUE PROPERTIES, LLC
	STUTZMAN REFUSE DISPOSAL INC.
	TACOMA RECYCLING COMPANY, INC.
	TENNESSEE WASTE MOVERS, INC.
	THUNDER BUTTE ENVIRONMENTAL, LLC
	US LIQUIDS OF LA, L.P.
	VOORHEES SANITATION, L.L.C. 
	WASCO COUNTY LANDFILL, INC.
	WASTE CONNECTIONS MANAGEMENT SERVICES, INC.
	WASTE CONNECTIONS OF ALABAMA, INC.
	WASTE CONNECTIONS OF ALASKA, INC.
	WASTE CONNECTIONS OF ARIZONA, INC.
	WASTE CONNECTIONS OF ARKANSAS, INC.
	WASTE CONNECTIONS OF CALIFORNIA, INC.
	WASTE CONNECTIONS OF COLORADO, INC.
	WASTE CONNECTIONS OF GEORGIA, INC.
	WASTE CONNECTIONS OF IDAHO, INC.
	WASTE CONNECTIONS OF ILLINOIS, INC.
	WASTE CONNECTIONS OF IOWA, INC.
	WASTE CONNECTIONS OF KANSAS, INC.
	WASTE CONNECTIONS OF KENTUCKY, INC.
	WASTE CONNECTIONS OF LEFLORE, LLC
	WASTE CONNECTIONS OF LOUISIANA, INC.
	WASTE CONNECTIONS OF MINNESOTA, INC.
	WASTE CONNECTIONS OF MISSISSIPPI DISPOSAL SERVICES, LLC
	WASTE CONNECTIONS OF MISSISSIPPI, INC.
	WASTE CONNECTIONS OF MONTANA, INC.
	WASTE CONNECTIONS OF NEBRASKA, INC.
	WASTE CONNECTIONS OF NEW MEXICO, INC.
	WASTE CONNECTIONS OF NORTH CAROLINA, INC.
	WASTE CONNECTIONS OF NORTH DAKOTA, INC.
	WASTE CONNECTIONS OF OKLAHOMA, INC.
	WASTE CONNECTIONS OF OREGON, INC.
	WASTE CONNECTIONS OF SOUTH CAROLINA, INC.
	WASTE CONNECTIONS OF SOUTH DAKOTA, INC.
	WASTE CONNECTIONS OF TENNESSEE, INC. 
	WASTE CONNECTIONS OF TEXAS, LLC
	WASTE CONNECTIONS OF THE CENTRAL VALLEY, INC.
	WASTE CONNECTIONS OF UTAH, INC.
	WASTE CONNECTIONS OF WASHINGTON, INC.
	WASTE CONNECTIONS OF WYOMING, INC.
	WASTE CONNECTIONS TRANSPORTATION COMPANY, INC.
	WASTE REDUCTION SERVICES, L.L.C.
	WASTE SERVICES OF N.E. MISSISSIPPI, INC.
	WASTE SOLUTIONS GROUP OF SAN BENITO, LLC
	WCI AUSTIN LANDFILL, LLC

 

Exhibit B-1

Form of Revolving Credit Note

 

    	 

    	 

    

 

	WCI-WHITE OAKS LANDFILL, INC.
	WEST BANK ENVIRONMENTAL SERVICES, INC.
	WEST COAST RECYCLING AND TRANSFER, INC. 
	WYOMING ENVIRONMENTAL SERVICES, INC.
	YAKIMA WASTE SYSTEMS, INC.

 

	By:	 	 
	Name:	Worthing Jackman
	Title:	Authorized Signatory of Each of the Above-Listed Borrowers

 

Exhibit B-1

Form of Revolving Credit Note

 

    	 

    	 

    

 

 Loan
AND PAYMENTS with respect thereto

 

	Date	 	Type of

Loan Made	 	Amount of

Loan Made	 	End of

Interest

Period	 	Amount
of

Principal or

Interest 

Paid This 

Date	 	Outstanding

Principal

Balance

This Date	 	Notation

Made By
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

  

Exhibit B-1

Form of Revolving Credit Note

 

    	 

    	 

    

 

EXHIBIT B-2

 

form
of swing line NOTE

 

	$                                 	 	_________, 20__

  

FOR VALUE RECEIVED,
the undersigned (the “Borrowers”) hereby, jointly and severally, promise to pay to Bank of America, N.A. or
registered assigns (the “Swing Line Lender”), in accordance with the provisions of the Agreement (as hereinafter
defined), the principal amount of each Swing Line Loan from time to time made by the Swing Line Lender to the Borrowers under that
certain Revolving Credit and Term Loan Agreement, dated as of January 26, 2015 (as amended, restated, extended, supplemented or
otherwise modified in writing from time to time, the “Agreement”; the terms defined therein being used herein
as therein defined), among the Borrowers, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative
Agent, L/C Issuer and Swing Line Lender.

 

The Borrowers, jointly
and severally, promise to pay interest on the unpaid principal amount of each Swing Line Loan from the date of such Swing Line
Loan until such principal amount is paid in full, at such interest rates and at such times as provided in the Agreement. All payments
of principal and interest shall be made to the Swing Line Lender in Dollars in immediately available funds at the Swing Line Lender’s
Lending Office. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand,
from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate
set forth in the Agreement.

 

This Swing Line Note
is one of the Swing Line Notes referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or
in part subject to the terms and conditions provided therein. Upon the occurrence and continuation of one or more of the Events
of Default specified in the Agreement, all amounts then remaining unpaid on this Swing Line Note shall become, or may be declared
to be, immediately due and payable all as provided in the Agreement. Swing Line Loans made by the Swing Line Lender shall be evidenced
by one or more loan accounts or records maintained by the Swing Line Lender in the ordinary course of business. The Swing Line
Lender may also attach schedules to this Swing Line Note and endorse thereon the date, amount and maturity of its Swing Line Loans
and payments with respect thereto.

 

Each of the Borrowers,
for itself, its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand,
dishonor and non-payment of this Swing Line Note.

 

THIS SWING LINE NOTE
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

[Remainder of page intentionally left
blank.]

 

Exhibit B-2

Form of Swing Line Note

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the Borrowers hereto have caused this Swing Line Note to be duly executed as of the date first above written.

 

BORROWERS:

 

	WASTE CONNECTIONS, INC.
	ADVANCED SYSTEMS PORTABLE RESTROOMS, INC. 
	ACE SOLID WASTE, INC.
	ALASKA WASTE MAT-SU, LLC
	ALASKA WASTE-INTERIOR, LLC
	ALASKA WASTE-KENAI PENINSULA, LLC
	AMERICAN DISPOSAL COMPANY, INC.
	ANDERSON COUNTY LANDFILL, INC.
	ANDERSON REGIONAL LANDFILL, LLC
	ARKANSAS RECLAMATION COMPANY, LLC
	AUSTIN LANDFILL HOLDINGS, INC.
	BISON BUTTE ENVIRONMENTAL, LLC
	BITUMINOUS RESOURCES, INC.
	BRENT RUN LANDFILL, INC.
	BROADACRE LANDFILL, INC.
	BUTLER COUNTY LANDFILL, INC.
	CALPET, LLC
	CAMINO REAL ENVIRONMENTAL CENTER, INC. 
	CAPITAL REGION LANDFILLS, INC.
	CARPENTER WASTE HOLDINGS, LLC
	CHAMBERS DEVELOPMENT OF NORTH CAROLINA, INC.
	CHIMNEY BUTTE ENVIRONMENTAL L.L.C.
	CHIQUITA CANYON, INC.
	CHIQUITA CANYON, LLC
	CLAY BUTTE ENVIRONMENTAL, LLC
	CLIFTON ORGANICS, LLC
	COLD CANYON LAND FILL, INC.
	COLUMBIA RESOURCE CO., L.P.
	COLUMBIA RIVER DISPOSAL, INC.
	COMMUNITY REFUSE DISPOSAL INC.
	CONTRACTORS WASTE SERVICES, INC.
	CORRAL DE PIEDRA LAND COMPANY
	COUNTY WASTE — ULSTER, LLC
	COUNTY WASTE AND RECYCLING SERVICE, INC.
	COUNTY WASTE TRANSFER CORP.
	CRI HOLDINGS, LLC
	CURRY TRANSFER & RECYCLING, INC.
	CWI ACQUISITION, LLC
	D. M. DISPOSAL CO., INC.
	DELTA CONTRACTS, LLC
	DENVER REGIONAL LANDFILL, INC.
	DIVERSIFIED BUILDINGS, L.L.C.

 

Exhibit B-2

Form of Swing Line Note

 

    	 

    	 

    

 

	EAGLE FORD RECLAMATION COMPANY, LLC
	EL PASO DISPOSAL, LP
	ELKO SANITATION COMPANY
	EMPIRE DISPOSAL, INC.
	ENTECH ALASKA LLC
	ENVIRONMENTAL TRUST COMPANY
	EVERGREEN DISPOSAL, INC.
	FINLEY-BUTTES LIMITED PARTNERSHIP
	FINNEY COUNTY LANDFILL, INC.
	FORT ANN TRANSFER STATION, LLC
	FRONT RANGE LANDFILL, INC.
	G & P DEVELOPMENT, INC.
	GBUSA HOLDINGS, LLC
	GOD BLESS THE USA, INCORPORATED
	GREEN WASTE SOLUTIONS OF ALASKA, LLC
	HARDIN SANITATION, INC.
	HAROLD LEMAY ENTERPRISES, INCORPORATED
	HIGH DESERT SOLID WASTE FACILITY, INC.
	HUDSON VALLEY WASTE HOLDING, INC.
	ISLAND DISPOSAL, INC. 
	J BAR J LAND, INC.
	LACASSINE HOLDINGS, L.L.C.
	LAKESHORE DISPOSAL, INC.
	LAUREL RIDGE LANDFILL, L.L.C.
	LEALCO, INC.
	LFC, INC.
	LIGHTNING BUTTE ENVIRONMENTAL, LLC
	LOUISIANA RECLAMATION COMPANY, L.L.C.
	MADERA DISPOSAL SYSTEMS, INC.
	MAMMOTH DISPOSAL COMPANY
	MANAGEMENT ENVIRONMENTAL NATIONAL, INC.
	MASON COUNTY GARBAGE CO., INC. 
	MBO, LLC
	MDSI OF LA, INC. 
	MILLENNIUM WASTE INCORPORATED
	MISSION COUNTRY DISPOSAL
	MORRO BAY GARBAGE SERVICE
	MURREY’S DISPOSAL COMPANY, INC.
	NEBRASKA ECOLOGY SYSTEMS, INC.
	NOBLES COUNTY LANDFILL, INC.
	NORTHWEST CONTAINER SERVICES, INC.
	OKLAHOMA CITY WASTE DISPOSAL, INC.
	OKLAHOMA LANDFILL HOLDINGS, INC.
	OSAGE LANDFILL, INC.
	PIERCE COUNTY RECYCLING, COMPOSTING AND DISPOSAL, LLC
	POTRERO HILLS LANDFILL, INC.

 

Exhibit B-2

Form of Swing Line Note

 

    	 

    	 

    

 

	PRAIRIE DISPOSAL, LLC
	PRAIRIE LIQUIDS, LLC
	PSI ENVIRONMENTAL SERVICES, INC.
	PSI ENVIRONMENTAL SYSTEMS, INC.
	R.A. BROWNRIGG INVESTMENTS, INC. 
	R.J.C. TRUCKING CO.
	R360 ARTESIA, LLC
	R360 CLACO, LLC
	R360 ENVIRONMENTAL SOLUTIONS HOLDINGS, INC.
	R360 ENVIRONMENTAL SOLUTIONS OF LOUISIANA, LLC
	R360 ENVIRONMENTAL SOLUTIONS OF MISSISSIPPI, LLC
	R360 ENVIRONMENTAL SOLUTIONS OF TEXAS, LLC
	R360 ENVIRONMENTAL SOLUTIONS, LLC
	R360 ES HOLDINGS, INC.
	R360 HITCHCOCK, LLC
	R360 LOGISTICS, LLC
	R360 OKLAHOMA, LLC
	R360 PERMIAN BASIN, LLC
	R360 RED BLUFF, LLC
	R360 SHUTE CREEK, LLC
	R360 SILO, LLC
	R360 WILLISTON BASIN, LLC
	RAILROAD AVENUE DISPOSAL, LLC
	RED CARPET LANDFILL, INC.
	RENSSELAER REGION LANDFILLS, INC.
	RH FINANCIAL CORPORATION
	RICH VALLEY, LLC
	RKS HOLDING, CORP.
	S.A. DUNN & COMPANY, LLC
	SAN LUIS GARBAGE COMPANY
	SANIPAC, INC.
	SCOTT SOLID WASTE DISPOSAL COMPANY
	SCOTT WASTE SERVICES, LLC
	SEABREEZE RECOVERY, INC.
	SECTION 18, LLC
	SEDALIA LAND COMPANY
	SHALE GAS SERVICES, LLC
	SIERRA HOLDING GROUP, LLC
	SIERRA PROCESSING, LLC
	SILVER SPRINGS ORGANICS L.L.C.
	SJ RECLAMATION, INC.
	SKB (AUSTIN) ENVIRONMENTAL, LLC
	SKB ENVIRONMENTAL, INC.
	SKB RECYCLING, LLC
	SMOKY BUTTE ENVIRONMENTAL, LLC
	SOUTH COUNTY SANITARY SERVICE, INC.

 

Exhibit B-2

Form of Swing Line Note

 

    	 

    	 

    

 

	STERLING AVENUE PROPERTIES, LLC
	STUTZMAN REFUSE DISPOSAL INC.
	TACOMA RECYCLING COMPANY, INC.
	TENNESSEE WASTE MOVERS, INC.
	THUNDER BUTTE ENVIRONMENTAL, LLC
	US LIQUIDS OF LA, L.P.
	VOORHEES SANITATION, L.L.C. 
	WASCO COUNTY LANDFILL, INC.
	WASTE CONNECTIONS MANAGEMENT SERVICES, INC.
	WASTE CONNECTIONS OF ALABAMA, INC.
	WASTE CONNECTIONS OF ALASKA, INC.
	WASTE CONNECTIONS OF ARIZONA, INC.
	WASTE CONNECTIONS OF ARKANSAS, INC.
	WASTE CONNECTIONS OF CALIFORNIA, INC.
	WASTE CONNECTIONS OF COLORADO, INC.
	WASTE CONNECTIONS OF GEORGIA, INC.
	WASTE CONNECTIONS OF IDAHO, INC.
	WASTE CONNECTIONS OF ILLINOIS, INC.
	WASTE CONNECTIONS OF IOWA, INC.
	WASTE CONNECTIONS OF KANSAS, INC.
	WASTE CONNECTIONS OF KENTUCKY, INC.
	WASTE CONNECTIONS OF LEFLORE, LLC
	WASTE CONNECTIONS OF LOUISIANA, INC.
	WASTE CONNECTIONS OF MINNESOTA, INC.
	WASTE CONNECTIONS OF MISSISSIPPI DISPOSAL SERVICES, LLC
	WASTE CONNECTIONS OF MISSISSIPPI, INC.
	WASTE CONNECTIONS OF MONTANA, INC.
	WASTE CONNECTIONS OF NEBRASKA, INC.
	WASTE CONNECTIONS OF NEW MEXICO, INC.
	WASTE CONNECTIONS OF NORTH CAROLINA, INC.
	WASTE CONNECTIONS OF NORTH DAKOTA, INC.
	WASTE CONNECTIONS OF OKLAHOMA, INC.
	WASTE CONNECTIONS OF OREGON, INC.
	WASTE CONNECTIONS OF SOUTH CAROLINA, INC.
	WASTE CONNECTIONS OF SOUTH DAKOTA, INC.
	WASTE CONNECTIONS OF TENNESSEE, INC. 
	WASTE CONNECTIONS OF TEXAS, LLC
	WASTE CONNECTIONS OF THE CENTRAL VALLEY, INC.
	WASTE CONNECTIONS OF UTAH, INC.
	WASTE CONNECTIONS OF WASHINGTON, INC.
	WASTE CONNECTIONS OF WYOMING, INC.
	WASTE CONNECTIONS TRANSPORTATION COMPANY, INC.
	WASTE REDUCTION SERVICES, L.L.C.
	WASTE SERVICES OF N.E. MISSISSIPPI, INC.
	WASTE SOLUTIONS GROUP OF SAN BENITO, LLC
	WCI AUSTIN LANDFILL, LLC

 

Exhibit B-2

Form of Swing Line Note

 

    	 

    	 

    

 

	WCI-WHITE OAKS LANDFILL, INC.
	WEST BANK ENVIRONMENTAL SERVICES, INC.
	WEST COAST RECYCLING AND TRANSFER, INC. 
	WYOMING ENVIRONMENTAL SERVICES, INC.
	YAKIMA WASTE SYSTEMS, INC.

 

	By:	 	 
	Name:	Worthing Jackman
	Title:	Authorized Signatory of Each of the Above-Listed Borrowers

 

Exhibit B-2

Form of Swing Line Note

 

    	 

    	 

    

 

LoanS
AND PAYMENTS with respect thereto

 

	Date	 	Amount of

Loan Made	 	Amount of

Principal or

Interest Paid

This Date	 	Outstanding

Principal

Balance This

Date	 	Notation

Made By
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

Exhibit B-2

Form of Swing Line Note

 

    	 

    	 

    

 

EXHIBIT B-3

 

form
of term NOTE

 

	$                                 	 	_________, 20__

 

FOR VALUE RECEIVED,
the undersigned (the “Borrowers”) hereby, jointly and severally, promise to pay to _____________________ or
registered assigns (the “Lender”), in accordance with the provisions of the Agreement (as hereinafter defined),
the principal amount of the Term Loan made by the Lender to the Borrowers under that certain Revolving Credit and Term Loan Agreement,
dated as of January 26, 2015 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time,
the “Agreement”; the terms defined therein being used herein as therein defined), among the Borrowers, the Lenders
from time to time party thereto, and Bank of America, N.A., as Administrative Agent.

 

The Borrowers, jointly
and severally, promise to pay interest on the unpaid principal amount of the Term Loan from the date of such Term Loan until such
principal amount is paid in full, at such interest rates and at such times as provided in the Agreement. All payments of principal
and interest shall be made to the Administrative Agent for the account of the Lender in Dollars in immediately available funds
at the Administrative Agent’s Office. If any amount is not paid in full when due hereunder, such unpaid amount shall bear
interest, to be paid upon demand, from the due date thereof until the date of actual payment (and before as well as after judgment)
computed at the per annum rate set forth in the Agreement.

 

This Term Note is one
of the Term Notes referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject
to the terms and conditions provided therein. Upon the occurrence and continuation of one or more of the Events of Default specified
in the Agreement, all amounts then remaining unpaid on this Term Note shall become, or may be declared to be, immediately due and
payable all as provided in the Agreement. The Term Loan made by the Lender shall be evidenced by one or more loan accounts or records
maintained by the Lender in the ordinary course of business. The Lender may also attach schedules to this Term Note and endorse
thereon the date, amount and maturity of its Term Loan and payments with respect thereto.

 

Each of the Borrowers,
for itself, its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand,
dishonor and non-payment of this Term Note.

 

THIS TERM NOTE SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

[Remainder of page intentionally left
blank.]

 

Exhibit B-3

Form of Term Note

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the Borrowers hereto have caused this Term Note to be duly executed as of the date first above written.

 

BORROWERS:

 

	WASTE CONNECTIONS, INC.
	ADVANCED SYSTEMS PORTABLE RESTROOMS, INC. 
	ACE SOLID WASTE, INC.
	ALASKA WASTE MAT-SU, LLC
	ALASKA WASTE-INTERIOR, LLC
	ALASKA WASTE-KENAI PENINSULA, LLC
	AMERICAN DISPOSAL COMPANY, INC.
	ANDERSON COUNTY LANDFILL, INC.
	ANDERSON REGIONAL LANDFILL, LLC
	ARKANSAS RECLAMATION COMPANY, LLC
	AUSTIN LANDFILL HOLDINGS, INC.
	BISON BUTTE ENVIRONMENTAL, LLC
	BITUMINOUS RESOURCES, INC.
	BRENT RUN LANDFILL, INC.
	BROADACRE LANDFILL, INC.
	BUTLER COUNTY LANDFILL, INC.
	CALPET, LLC
	CAMINO REAL ENVIRONMENTAL CENTER, INC. 
	CAPITAL REGION LANDFILLS, INC.
	CARPENTER WASTE HOLDINGS, LLC
	CHAMBERS DEVELOPMENT OF NORTH CAROLINA, INC.
	CHIMNEY BUTTE ENVIRONMENTAL L.L.C.
	CHIQUITA CANYON, INC.
	CHIQUITA CANYON, LLC
	CLAY BUTTE ENVIRONMENTAL, LLC
	CLIFTON ORGANICS, LLC
	COLD CANYON LAND FILL, INC.
	COLUMBIA RESOURCE CO., L.P.
	COLUMBIA RIVER DISPOSAL, INC.
	COMMUNITY REFUSE DISPOSAL INC.
	CONTRACTORS WASTE SERVICES, INC.
	CORRAL DE PIEDRA LAND COMPANY
	COUNTY WASTE — ULSTER, LLC
	COUNTY WASTE AND RECYCLING SERVICE, INC.
	COUNTY WASTE TRANSFER CORP.
	CRI HOLDINGS, LLC
	CURRY TRANSFER & RECYCLING, INC.
	CWI ACQUISITION, LLC
	D. M. DISPOSAL CO., INC.
	DELTA CONTRACTS, LLC
	DENVER REGIONAL LANDFILL, INC.

 

Exhibit B-3

Form of Term Note

 

    	 

    	 

    

 

	DIVERSIFIED BUILDINGS, L.L.C.
	EAGLE FORD RECLAMATION COMPANY, LLC
	EL PASO DISPOSAL, LP
	ELKO SANITATION COMPANY
	EMPIRE DISPOSAL, INC.
	ENTECH ALASKA LLC
	ENVIRONMENTAL TRUST COMPANY
	EVERGREEN DISPOSAL, INC.
	FINLEY-BUTTES LIMITED PARTNERSHIP
	FINNEY COUNTY LANDFILL, INC.
	FORT ANN TRANSFER STATION, LLC
	FRONT RANGE LANDFILL, INC.
	G & P DEVELOPMENT, INC.
	GBUSA HOLDINGS, LLC
	GOD BLESS THE USA, INCORPORATED
	GREEN WASTE SOLUTIONS OF ALASKA, LLC
	HARDIN SANITATION, INC.
	HAROLD LEMAY ENTERPRISES, INCORPORATED
	HIGH DESERT SOLID WASTE FACILITY, INC.
	HUDSON VALLEY WASTE HOLDING, INC.
	ISLAND DISPOSAL, INC. 
	J BAR J LAND, INC.
	LACASSINE HOLDINGS, L.L.C.
	LAKESHORE DISPOSAL, INC.
	LAUREL RIDGE LANDFILL, L.L.C.
	LEALCO, INC.
	LFC, INC.
	LIGHTNING BUTTE ENVIRONMENTAL, LLC
	LOUISIANA RECLAMATION COMPANY, L.L.C.
	MADERA DISPOSAL SYSTEMS, INC.
	MAMMOTH DISPOSAL COMPANY
	MANAGEMENT ENVIRONMENTAL NATIONAL, INC.
	MASON COUNTY GARBAGE CO., INC. 
	MBO, LLC
	MDSI OF LA, INC. 
	MILLENNIUM WASTE INCORPORATED
	MISSION COUNTRY DISPOSAL
	MORRO BAY GARBAGE SERVICE
	MURREY’S DISPOSAL COMPANY, INC.
	NEBRASKA ECOLOGY SYSTEMS, INC.
	NOBLES COUNTY LANDFILL, INC.
	NORTHWEST CONTAINER SERVICES, INC.
	OKLAHOMA CITY WASTE DISPOSAL, INC.
	OKLAHOMA LANDFILL HOLDINGS, INC.
	OSAGE LANDFILL, INC.
	PIERCE COUNTY RECYCLING, COMPOSTING AND DISPOSAL, LLC

 

Exhibit B-3

Form of Term Note

 

    	 

    	 

    

	POTRERO HILLS LANDFILL, INC.
	PRAIRIE DISPOSAL, LLC
	PRAIRIE LIQUIDS, LLC
	PSI ENVIRONMENTAL SERVICES, INC.
	PSI ENVIRONMENTAL SYSTEMS, INC.
	R.A. BROWNRIGG INVESTMENTS, INC.
	R.J.C. TRUCKING CO.
	R360 ARTESIA, LLC
	R360 CLACO, LLC
	R360 ENVIRONMENTAL SOLUTIONS HOLDINGS, INC.
	R360 ENVIRONMENTAL SOLUTIONS OF LOUISIANA, LLC
	R360 ENVIRONMENTAL SOLUTIONS OF MISSISSIPPI, LLC
	R360 ENVIRONMENTAL SOLUTIONS OF TEXAS, LLC
	R360 ENVIRONMENTAL SOLUTIONS, LLC
	R360 ES HOLDINGS, INC.
	R360 HITCHCOCK, LLC
	R360 LOGISTICS, LLC
	R360 OKLAHOMA, LLC
	R360 PERMIAN BASIN, LLC
	R360 RED BLUFF, LLC
	R360 SHUTE CREEK, LLC
	R360 SILO, LLC
	R360 WILLISTON BASIN, LLC
	RAILROAD AVENUE DISPOSAL, LLC
	RED CARPET LANDFILL, INC.
	RENSSELAER REGION LANDFILLS, INC.
	RH FINANCIAL CORPORATION
	RICH VALLEY, LLC
	RKS HOLDING, CORP.
	S.A. DUNN & COMPANY, LLC
	SAN LUIS GARBAGE COMPANY
	SANIPAC, INC.
	SCOTT SOLID WASTE DISPOSAL COMPANY
	SCOTT WASTE SERVICES, LLC
	SEABREEZE RECOVERY, INC.
	SECTION 18, LLC
	SEDALIA LAND COMPANY
	SHALE GAS SERVICES, LLC
	SIERRA HOLDING GROUP, LLC
	SIERRA PROCESSING, LLC
	SILVER SPRINGS ORGANICS L.L.C.
	SJ RECLAMATION, INC.
	SKB (AUSTIN) ENVIRONMENTAL, LLC
	SKB ENVIRONMENTAL, INC.
	SKB RECYCLING, LLC
	SMOKY BUTTE ENVIRONMENTAL, LLC

 

Exhibit B-3

Form of Term Note

 

    	 

    	 

    

 

	SOUTH COUNTY SANITARY SERVICE, INC.
	STERLING AVENUE PROPERTIES, LLC
	STUTZMAN REFUSE DISPOSAL INC.
	TACOMA RECYCLING COMPANY, INC.
	TENNESSEE WASTE MOVERS, INC.
	THUNDER BUTTE ENVIRONMENTAL, LLC
	US LIQUIDS OF LA, L.P.
	VOORHEES SANITATION, L.L.C. 
	WASCO COUNTY LANDFILL, INC.
	WASTE CONNECTIONS MANAGEMENT SERVICES, INC.
	WASTE CONNECTIONS OF ALABAMA, INC.
	WASTE CONNECTIONS OF ALASKA, INC.
	WASTE CONNECTIONS OF ARIZONA, INC.
	WASTE CONNECTIONS OF ARKANSAS, INC.
	WASTE CONNECTIONS OF CALIFORNIA, INC.
	WASTE CONNECTIONS OF COLORADO, INC.
	WASTE CONNECTIONS OF GEORGIA, INC.
	WASTE CONNECTIONS OF IDAHO, INC.
	WASTE CONNECTIONS OF ILLINOIS, INC.
	WASTE CONNECTIONS OF IOWA, INC.
	WASTE CONNECTIONS OF KANSAS, INC.
	WASTE CONNECTIONS OF KENTUCKY, INC.
	WASTE CONNECTIONS OF LEFLORE, LLC
	WASTE CONNECTIONS OF LOUISIANA, INC.
	WASTE CONNECTIONS OF MINNESOTA, INC.
	WASTE CONNECTIONS OF MISSISSIPPI DISPOSAL SERVICES, LLC
	WASTE CONNECTIONS OF MISSISSIPPI, INC.
	WASTE CONNECTIONS OF MONTANA, INC.
	WASTE CONNECTIONS OF NEBRASKA, INC.
	WASTE CONNECTIONS OF NEW MEXICO, INC.
	WASTE CONNECTIONS OF NORTH CAROLINA, INC.
	WASTE CONNECTIONS OF NORTH DAKOTA, INC.
	WASTE CONNECTIONS OF OKLAHOMA, INC.
	WASTE CONNECTIONS OF OREGON, INC.
	WASTE CONNECTIONS OF SOUTH CAROLINA, INC.
	WASTE CONNECTIONS OF SOUTH DAKOTA, INC.
	WASTE CONNECTIONS OF TENNESSEE, INC. 
	WASTE CONNECTIONS OF TEXAS, LLC
	WASTE CONNECTIONS OF THE CENTRAL VALLEY, INC.
	WASTE CONNECTIONS OF UTAH, INC.
	WASTE CONNECTIONS OF WASHINGTON, INC.
	WASTE CONNECTIONS OF WYOMING, INC.
	WASTE CONNECTIONS TRANSPORTATION COMPANY, INC.
	WASTE REDUCTION SERVICES, L.L.C.
	WASTE SERVICES OF N.E. MISSISSIPPI, INC.
	WASTE SOLUTIONS GROUP OF SAN BENITO, LLC

 

Exhibit B-3

Form of Term Note

 

    	 

    	 

    

 

	WCI AUSTIN LANDFILL, LLC	 
	WCI-WHITE OAKS LANDFILL, INC.	 
	WEST BANK ENVIRONMENTAL SERVICES, INC.	 
	WEST COAST RECYCLING AND TRANSFER, INC. 	 
	WYOMING ENVIRONMENTAL SERVICES, INC.	 
	YAKIMA WASTE SYSTEMS, INC.	 
	 	 
	By:	 	 
	Name:  Worthing Jackman	 
	Title:    Authorized Signatory of Each of the Above-Listed Borrowers	 

 

Exhibit B-3

Form of Term Note

 

    	 

    	 

    

 

Loan
AND PAYMENTS with respect thereto

 

	Date	 	Amount of

Loan Made	 	Amount of

Principal or

Interest

Paid This

Date	 	Outstanding

Principal

Balance

This Date	 	Notation

Made By
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

Exhibit B-3

Form of Term Note

 

    	 

    	 

    

 

EXHIBIT C

 

FORM OF COMPLIANCE CERTIFICATE

 

Financial Statement Date: [             ,        ]

 

		To:	Bank of America, N.A., as Administrative Agent

 

Ladies and
Gentlemen:

 

Reference is made to
that certain Revolving Credit and Term Loan Agreement, dated as of January 26, 2015 (as amended, restated, extended, supplemented
or otherwise modified in writing from time to time, the “Agreement”; the terms defined therein being used herein
as therein defined), by and among Waste Connections, Inc. (the “Parent”), and the other borrowers party thereto
(collectively with the Parent, the “Borrowers”), the Lenders from time to time party thereto, and Bank of America,
N.A., as Administrative Agent, L/C Issuer and Swing Line Lender.

 

The undersigned hereby
certifies as of the date hereof that he/she is the Chief Financial Officer of the Parent, and that, as such, he/she is authorized
to execute and deliver this Compliance Certificate to the Administrative Agent on the behalf of the Parent and the other Borrowers,
and that:

 

1.          Accompanying
this certificate are the [audited] [unaudited] financial statements required by Section 6.04[(a)] [(b)] of the Agreement
for the fiscal quarter of the Consolidated Group ended as of the above date. [Such consolidated financial statements are prepared
in accordance with GAAP and fairly present the consolidated financial condition of the Consolidated Group as at the close of business
on such date and the results of operations for the period then ended.]4

 

2.          The undersigned
has reviewed and is familiar with the terms of the Agreement and has made, or has caused to be made under his/her supervision,
a detailed review of the transactions and condition (financial or otherwise) of the Borrowers during the accounting period covered
by the attached financial statements.

 

3.          A review of the
activities of the Borrowers during such fiscal period has been made under the supervision of the undersigned with a view to determining
whether during such fiscal period the Borrowers performed and observed all their5 Obligations under the Loan Documents[,
and to the best knowledge of the undersigned during such fiscal period, the Borrowers performed and observed each covenant and
condition of the Loan Documents applicable to them, and no Default has occurred and is continuing].6

 

4 Include
in quarterly Compliance Certificate only.

 

5

 

6 Address
any Defaults or Events of Default in this paragraph.

 

Exhibit C

Form of Compliance Certificate

 

    	 

    	 

    

 

4.          Set forth on
Annex A attached hereto is a description of all changes to the information included in Schedule 1 (Subsidiaries)
to the Agreement as may be necessary for such Schedule to be accurate and complete.

 

5.          Complete and
correct copies of all documents modifying any Organization Document of any Borrower on or prior to the date hereof have been previously
delivered to the Administrative Agent or are attached hereto as Annex B.

 

6.          The representations
and warranties of the Borrowers contained in Article V of the Agreement, are true and correct on and as of the date hereof,
except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true
and correct as of such earlier date, and except that for purposes of this Compliance Certificate, the representations and warranties
contained in Section 5.04(a) of the Agreement shall be deemed to refer to the most recent statements furnished pursuant
to clauses (a) and (b), as applicable, of Section 6.04 of the Agreement, including the statements in connection
with which this Compliance Certificate is delivered.

 

7.          The financial
covenant analyses and information set forth on Schedule 1 attached hereto are true and accurate [on and as of the date of
this Compliance Certificate] [on a pro forma basis as of the Interim Balance Sheet Date]7.

 

[Remainder of page intentionally left
blank.]

 

7 For certificate delivered
on the Closing Date.

 

Exhibit C

Form of Compliance Certificate

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the undersigned has executed this Compliance Certificate as of ___________, _________.

 

	 	WASTE CONNECTIONS, INC.,
	 	on behalf of itself and the other Borrowers
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:  	Chief Financial Officer

 

Exhibit C

Form of Compliance Certificate

 

    	 

    	 

    

 

Waste Connections, Inc.

Credit Agreement Compliance Certificate

(All Figures To Be Rounded to the Nearest
$1,000)

 

	For the Fiscal Quarter/Year ended [______________, 20__] (the "Statement Date") 
	 	 	 	 
	Leverage Ratio	 	As of Statement

Date
	Ratio of Consolidated Total Funded Debt outstanding to Consolidated EBITDA	 
	 	 	 	 
	1.a.	Indebtedness relating to the borrowing of money or the obtaining of credit	 	 
	 	 	 	 
	b.	Indebtedness in respect of any Capital Leases or Synthetic Leases	 	 
	 	 	 	 
	c.	Indebtedness relating to the non-contingent deferred purchase price of assets and companies (excluding short-term trade payables incurred in the ordinary course of business)	 	 
	 	 	 	 
	d.	Indebtedness relating to any unpaid reimbursement obligations with respect to letters of credit outstanding (excluding any contingent obligations with respect to letters of credit outstanding)	 	 
	 	 	 	 
	e.	Guarantees of Indebtedness of the type referred to in Lines 1(a), (b),(c), and (d)	 	 
	 	 	 	 
	 	total equals:	 	 
	 	 	 	 
	2.	Consolidated Total Funded Debt	 	 
	 	(The sum of Lines 1(a), (b), (c), (d) and (e))	 	 
	 	 	 	 
	 	to the result of:	 	 
	 	 	 	 
	3.	Consolidated Net Income (or Deficit) of the Consolidated Group	 	 
	 	 	 	 
	4.	Interest Expense	 	 
	 	 	 	 
	5.	Income Taxes	 	 
	 	 	 	 
	6.	Non-cash compensation charges, to the extent that each was deducted in determining Consolidated Net Income (or Deficit), all as determined in accordance with GAAP	 	 
	 	 	 	 
	7.	One-time, non-recurring acquisition costs to the extent such costs are expensed in accordance with FAS 141R and not capitalized	 	 

 

Exhibit C

Form of Compliance Certificate

 

    	 

    	 

    

 

	8.	Noncontrolling interests expense	 	 
	 	 	 	 
	9.	Non-cash extraordinary non-recurring writedowns or writeoffs of assets, including non-cash losses on sale of assets outside the ordinary course of business	 	 
	 	 	 	 
	10.	Any losses associated with the extinguishment of Indebtedness	 	 
	 	 	 	 
	11.	Special charges relating to termination of a Swap Contract	 	 
	 	 	 	 
	12.	Any accrued settlement payments in respect of any Swap Contract owing by any member of the Consolidated Group	 	 
	 	 	 	 
	13.	One-time, non-recurring charges in connection with the modification of employment agreements with certain members of senior management as approved by the Administrative Agent	 	 
	 	 	 	 
	14.	Non-cash extraordinary gains on the sale of assets to the extent included in Consolidated Net Income (or Deficit)	 	 
	 	 	 	 
	15.	Any accrued settlement payments in respect of any Swap Contract payable to any member of the Consolidated Group	 	 
	 	 	 	 
	16.	Consolidated EBIT	 	 
	 	(Result of (i) the sum of Lines 3 through 13, minus (ii) the sum of Lines 14 and 15)	 	 
	 	 	 	 
	 	plus:	 	 
	 	 	 	 
	17.	Depreciation and amortization expense to the extent that such was deducted in determining Consolidated Net Income (or Deficit), determined in accordance with GAAP	 	 
	 	 	 	 
	18.	EBITDA for the prior twelve months of all companies acquired by the Borrowers during the Reference Period (without duplication of any amounts previously reported)	 	 
	 	 	 	 
	19.	Depreciation and Amortization Expense (without duplication) of any company whose Consolidated EBITDA was included under Line 17 above	 	 
	 	 	 	 
	 	total equals:	 	 
	 	 	 	 
	20.	Consolidated EBITDA	 	 
	 	(Sum of Lines 16 through 19)	 	 
	 	 	 	 
	21.	Leverage Ratio	 	 
	 	(Ratio of Line 2 to Line 20)	 	 

 

Exhibit C

Form of Compliance Certificate

 

    	 

    	 

    

 

	 	Maximum Permitted under Credit Agreement: 3.50 to 1.008	 	 
	 	 	 	 
	Interest Coverage Ratio	 	 
	Ratio of Consolidated EBIT to Consolidated Total Interest Expense	 	As of Statement

Date
	 	 	 	 
	22.	Consolidated EBIT (from Line 16 above)	 	 
	 	 	 	 
	23.	Consolidated Total Interest Expense	 	 
	 	 	 	 
	24.	Interest Coverage Ratio	 	 
	 	(Ratio of Line 22 to Line 23)	 	 
	 	Minimum Permitted under Credit Agreement: 2.75 to 1.00	 	 
	 	 	 	 
	Restrictions on Excluded Subsidiaries	 	 
	 	 	 	 
	A.   Asset Value Limitation	 	 
	1.	Aggregate book value of the assets of all Excluded Subsidiaries on Statement Date	 	 
	 	 	 	 
	2.	Aggregate book value of the assets of the Consolidated Group on Statement Date	 	 
	 	 	 	 
	3.	Asset value percentage	 	 
	 	(Ratio of Line A.2 to Line A.1 above)	 	 
	 	 	 	 
	 	Maximum Permitted under Credit Agreement: 5%	 	 
	 	 	 	 
	B.   Revenue Limitation	 	 
	1.	Aggregate revenue of all Excluded Subsidiaries for the Subject Period	 	 
	 	 	 	 
	2.	Aggregate revenue of the Consolidated Group for the Subject Period	 	 

 

(a)         8
In the event of an acquisition permitted under Section 7.03 and Section 7.04 of the Credit Agreement having an aggregate purchase
price equal to $100,000,000 or greater which would result in a pro forma Leverage Ratio (after taking into account all existing
Consolidated Total Funded Debt and all Consolidated Total Funded Debt to be incurred, assumed or repaid in connection with such
acquisition) of 3.00:1.00 or higher, then, at the election of the Parent, the foregoing 3.50:1.00 ratio shall be deemed to be 3.75:1.00
for the fiscal quarter in which such acquisition occurs and the immediately following fiscal quarter and the maximum permitted
Leverage Ratio will thereafter revert to 3.50:1.00). The Borrower may utilize this deemed Leverage Ratio increase no more than
once in any four fiscal quarter period.

 

Exhibit C

Form of Compliance Certificate

 

    	 

    	 

    

 

	3.	Revenue percentage	 	 
	 	(Ratio of Line B.2 to Line B.1 above)	 	 
	 	 	 	 
	 	Maximum Permitted under Credit Agreement: 5%	 	 

 

Exhibit C

Form of Compliance Certificate

 

    	 

    	 

    

 

EXHIBIT D-1

 

FORM OF ASSIGNMENT AND ASSUMPTION

 

This Assignment and
Assumption (this “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered
into by and between [the][each] Assignor identified in item 1 below ([the][each, an] “Assignor”) and [the][each]
Assignee identified in item 2 below ([the][each, an] “Assignee”). [It is understood and agreed that the rights
and obligations of [the Assignors][the Assignees] hereunder are several and not joint.] Capitalized terms used but not defined
herein shall have the meanings given to them in the Credit Agreement identified below (as amended, restated, extended, supplemented
or otherwise modified in writing from time to time, the “Credit Agreement”), receipt of a copy of which is hereby
acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to
and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full.

 

For an agreed consideration,
[the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and [the][each] Assignee
hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard
Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below
(i) all of [the Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective
capacities as Lenders] under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent
related to the amount and percentage interest identified below of all of such outstanding rights and obligations under the respective
facilities identified below (including, without limitation, the Letters of Credit and the Swing Line Loans included in such facilities)
and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of
[the Assignor (in its capacity as a Lender)][the respective Assignors (in their respective capacities as Lenders)] against any
Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments
delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing,
including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or
in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold
and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively
as [the][an] “Assigned Interest”). Each such sale and assignment is without recourse to [the][any] Assignor
and, except as expressly provided in this Assignment and Assumption, without representation or warranty by [the][any] Assignor.

 

	1.	Assignor[s]:	 	 
	 	 	 	 
	 	 	 	 
	 	[Assignor [is] [is not] a Defaulting Lender]	 
	 	 	 	 
	2.	Assignee[s]:	 	 

 

Exhibit D-1

Form of Assignment and Assumption

 

    	 

    	 

    

 

	 	 	 	 
	 	[for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]]

 

	3.	Borrowers:    Waste Connections, Inc., and certain
    of its Subsidiaries
	 	 
	4.	Administrative Agent:  Bank of America, N.A., as the administrative agent
    under the Credit Agreement
	 	 
	5.	Credit Agreement:    Revolving Credit and Term Loan Agreement,
    dated as of January 26, 2015, by and among Waste Connections, Inc., the other Borrowers party thereto, the Lenders from time
    to time party thereto, and Bank of America, N.A., as Administrative Agent, L/C Issuer, and Swing Line Lender
	 	 
	6.	Assigned Interest[s]:

 

	Assignor[s]	 	Assignee[s]	 	Facility Assigned	 	Aggregate

Amount of

Commitment/Loans

for all Lenders	 	Amount of

Commitment/

Loans

Assigned	 	Percentage

Assigned of

Commitment/

Loans	 	CUSIP Number
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	$________________	 	$_________	 	____________%	 	 
	 	 	 	 	 	 	$________________	 	$_________	 	____________%	 	 
	 	 	 	 	 	 	$________________	 	$_________	 	____________%	 	 

 

	[7.	Trade Date:    __________________]

 

Effective Date: __________________, 20__
[TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

 

Exhibit D-1

Form of Assignment and Assumption

 

    	 

    	 

    

 

The terms set forth in this Assignment
and Assumption are hereby agreed to:

 

	 	ASSIGNOR
	 	[NAME OF ASSIGNOR]
	 	 
	 	By:	 
	 	 	Title:
	 	 
	 	ASSIGNEE
	 	[NAME OF ASSIGNEE]
	 	 
	 	By:	 
	 	 	Title:

 

[Consented to and]9 Accepted:

 

	BANK OF AMERICA, N.A., as	 
	Administrative Agent	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

[Consented to:]10

 

	WASTE CONNECTIONS, INC.,	 
	on behalf of itself and the other Borrowers	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

9To be added only if the consent
of the Administrative Agent is required by the terms of the Credit Agreement.

 

10To be added only if the consent
of the Borrower and/or other parties (e.g. Swing Line Lender, L/C Issuer) is required by the terms of the Credit Agreement.

 

Exhibit D-1

Form of Assignment and Assumption

 

    	 

    	 

    

 

ANNEX 1 TO ASSIGNMENT AND ASSUMPTION

 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION

 

1.      Representations
and Warranties.

 

1.1.   Assignor.
[The][Each] Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of [the][[the relevant] Assigned
Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full
power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate
the transactions contemplated hereby, and (iv) it is [not] a Defaulting Lender; and (b) assumes no responsibility with respect
to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document,
(ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral
thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated
in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or
any other Person of any of their respective obligations under any Loan Document.

 

1.2.   Assignee.
[The][Each] Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary,
to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender
under the Credit Agreement, (ii) it meets all the requirements to be an assignee under Section 10.06(b)(iii) and (v)
of the Credit Agreement (subject to such consents, if any, as may be required under Section 10.06(b)(iii) of the Credit
Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder
and, to the extent of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated
with respect to decisions to acquire assets of the type represented by [the][such] Assigned Interest and either it, or the Person
exercising discretion in making its decision to acquire [the][such] Assigned Interest, is experienced in acquiring assets of such
type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies
of the most recent financial statements delivered pursuant to Section 6.04 thereof, as applicable, and such other documents
and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption
and to purchase [the][such] Assigned Interest, (vi) it has, independently and without reliance upon the Administrative Agent or
any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision
to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, and (vii) attached hereto is any documentation
required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by [the][such] Assignee;
and (b) agrees that (i) it will, independently and without reliance upon the Administrative Agent, [the][any] Assignor or any
other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit
decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all
of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.

 

Exhibit D-1

Form of Assignment and Assumption

 

    	 

    	 

    

 

2.      Payments.
From and after the Effective Date, the Administrative Agent shall make all payments in respect of [the][each] Assigned Interest
(including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued
to but excluding the Effective Date and to [the][the relevant] Assignee for amounts which have accrued from and after the Effective
Date.

 

3.      General Provisions.
This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors
and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one
instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective
as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed
by, and construed in accordance with, the law of the State of New York.

 

Exhibit D-1

Form of Assignment and Assumption

 

    	 

    	 

    

 

EXHIBIT D-2

 

FORM OF ADMINISTRATIVE QUESTIONNAIRE

 

ADMINISTRATIVE DETAILS REPLY FORM – (US DOLLAR ONLY)

CONFIDENTIAL

 

  

	1.  Borrower or Deal Name: 	Waste Connections, Inc. and certain of its Subsidiaries

	E-mail this document with your commitment letter to: 	 

	E-mail address of recipient: 	 

 

 

 

	2.  Legal Name of Lender of Record for Signature Page: 	 

Markit Entity Identifier (MEI) # _________________________

	Fund Manager Name (if applicable) 	 

Legal Address from Tax Document of Lender of Record:

	Country 	 
	Address 	 

City ___________________________________ State/Province__________________
Country _____________________

 

 

 

	3.  Domestic Funding Address:

	 	4. Eurodollar Funding Address:

	
        Street Address  ___________________________________

        Suite/ Mail Code  _________________________________

        City   __________________________   State  __________

        Postal Code   ____________________  Country 
        ________
	 	
        Street Address  ___________________________________

        Suite/ Mail Code  _________________________________

        City   __________________________   State  __________

        Postal Code   ____________________  Country 
        ________

 

 

 

5. Credit Contact Information:

Syndicate level information (which may contain material
non-public information about the Borrower and its related parties or their respective securities will be made available to the
Credit Contact(s).  The Credit Contacts identified must be able to receive such information in accordance with his/her institution's
compliance procedures and applicable laws, including Federal and State securities laws.

 

	Primary Credit Contact:
	First Name	 
	Middle Name	 
	Last Name	 
	Title	 
	Street Address	 
	Suite/Mail Code	 
	City	 
	State	 
	Postal Code	 
	Country	 
	Office Telephone #	 
	Office Facsimile #	 
	Work E-Mail Address	 
	IntraLinks/SyndTrak	 
	E-Mail Address	 
	 	 
	Secondary Credit Contact:
	First Name	 
	Middle Name	 
	Last Name	 
	Title	 
	Street Address	 
	Suite/Mail Code	 
	City	 
	State	 
	Postal Code	 
	Country	 
	Office Telephone #	 
	Office Facsimile #	 
	Work E-Mail Address	 
	IntraLinks/SyndTrak	 
	E-Mail Address	 

 

	1	REV April 2013

 

Exhibit D-2

Form of Administrative Questionnaire

 

    	 

    	 

    

 

ADMINISTRATIVE DETAILS REPLY FORM – (US DOLLAR ONLY)

CONFIDENTIAL

 

 

	Primary Operations Contact:	 	Secondary Operations Contact:
	
        First ___________  MI  _   Last  _____________________

        Title ___________________________________________

        Street Address   __________________________________

        Suite/ Mail Code   ________________________________

        City ____________________________  State __________

        Postal Code  ____________________  Country  ________

        Telephone ________________  Facsimile _____________

        E-Mail Address   _________________________________

        IntraLinks/SyndTrak E-Mail

        Address  ________________________________________
	 	
        First ___________  MI  _   Last  _____________________

        Title ___________________________________________

        Street Address   __________________________________

        Suite/ Mail Code   ________________________________

        City ____________________________  State __________

        Postal Code  ____________________  Country  ________

        Telephone ________________  Facsimile _____________

        E-Mail Address   _________________________________

        IntraLinks/SyndTrak E-Mail

        Address  ________________________________________

 

Does Secondary Operations Contact
need copy of notices?  ̈ YES    ̈
NO

 

	Letter of Credit Contact:	 	Draft Documentation Contact or Legal Counsel:
	
        First ___________  MI  _   Last  _____________________

        Title ___________________________________________

        Street Address   __________________________________

        Suite/ Mail Code   ________________________________

        City ____________________________  State __________

        Postal Code  ____________________  Country  ________

        Telephone ________________  Facsimile _____________

        E-Mail Address   _________________________________
	 	
        First ___________  MI  _   Last  _____________________

        Title ___________________________________________

        Street Address   __________________________________

        Suite/ Mail Code   ________________________________

        City ____________________________  State __________

        Postal Code  ____________________  Country  ________

        Telephone ________________  Facsimile _____________

        E-Mail Address   _________________________________

 

6.  Lender’s Fed Wire Payment Instructions:

 

Pay to:

	Bank Name 	 

	ABA # 	 

	City  	 	 	State  	 

	Account # 	 

	Account Name 	 

	Attention 	 

 

 

 

7.  Lender’s Standby Letter of Credit, Commercial
Letter of Credit, and Bankers’ Acceptance Fed Wire Payment Instructions (if applicable):

 

Pay to:

	Bank Name 	 

	ABA # 	 

	City  	 	 	State  	 

	Account # 	 

	Account Name 	 

	Attention 	 

Can the Lender’s Fed Wire Payment Instructions in Section
6 be used?   ̈ YES    ̈
NO

 

	2	REV April 2013

 

Exhibit D-2

Form of Administrative Questionnaire

 

    	 

    	 

    

 

ADMINISTRATIVE DETAILS REPLY FORM – (US DOLLAR ONLY)

CONFIDENTIAL

 

 

8.  Lender’s Organizational Structure and
Tax Status

Please refer to the enclosed withholding tax instructions
below and then complete this section accordingly:

 

Lender Taxpayer Identification Number (TIN):  ___  ___  -  ___  ___  ___  ___  ___  ___

 

Tax Withholding Form Delivered to Bank of America (check applicable
one):

 

	 ̈ W-9	 ̈ W-8BEN	 ̈ W-8ECI	 ̈ W-8EXP	 ̈ W-8IMY

 

Tax Contact:

	First ___________  MI  _   Last  _____________________

        Title ___________________________________________

        Street Address   __________________________________

        Suite/ Mail Code   ________________________________

        City ____________________________  State __________

        Postal Code  ____________________  Country  ________

        Telephone ________________  Facsimile _____________

        E-Mail Address   _________________________________

 

NON–U.S. LENDER INSTITUTIONS

1. Corporations:

If your institution is incorporated outside of the United States
for U.S. federal income tax purposes, and is the beneficial owner of the interest and other income it receives, you must complete
one of the following three tax forms, as applicable to your institution: a.) Form W-8BEN (Certificate of Foreign Status of Beneficial
Owner), b.) Form W-8ECI (Income Effectively Connected to a U.S. Trade or Business), or c.) Form W-8EXP (Certificate of Foreign
Government or Governmental Agency).

 

A U.S. taxpayer identification number is required for any institution
submitting a Form W-8 ECI. It is also required on Form W-8BEN for certain institutions claiming the benefits of a tax treaty with
the U.S. Please refer to the instructions when completing the form applicable to your institution. In addition, please be advised
that U.S. tax regulations do not permit the acceptance of faxed forms. An original tax form must be submitted.

 

2. Flow-Through Entities

If your institution is organized outside the U.S., and is classified
for U.S. federal income tax purposes as either a Partnership, Trust, Qualified or Non-Qualified Intermediary, or other non-U.S.
flow-through entity, an original Form

W-8IMY (Certificate of Foreign Intermediary, Foreign Flow-Through
Entity, or Certain U.S. branches for United States Tax Withholding) must be completed by the intermediary together with a withholding
statement. Flow-through entities other than Qualified Intermediaries are required to include tax forms for each of the underlying
beneficial owners.

 

Please refer to the instructions when completing this form.
In addition, please be advised that U.S. tax regulations do not permit the acceptance of faxed forms. Original tax form(s) must
be submitted.

 

U.S. LENDER INSTITUTIONS:

If your institution is incorporated or organized within the
United States, you must complete and return Form W-9 (Request for Taxpayer Identification Number and Certification). Please
be advised that we require an original form W-9.

 

Pursuant to the language contained in the tax section
of the Credit Agreement, the applicable tax form for your institution must be completed and returned on or prior to the date on
which your institution becomes a lender under this Credit Agreement. Failure to provide the proper tax form when requested will
subject your institution to U.S. tax withholding.

 

	3	REV April 2013

 

Exhibit D-2

Form of Administrative Questionnaire

 

    	 

    	 

    

 

 

ADMINISTRATIVE DETAILS REPLY FORM – (US DOLLAR ONLY)

CONFIDENTIAL

 

 

*Additional guidance and instructions as to where to submit
this documentation can be found at this link:

 

 

 

9. Bank of America’s Payment Instructions:

 

	Pay to:	Bank of America, N.A.
	 	ABA # 026009593
	 	New York, NY
	 	Account #
	 	Attn: Corporate Credit Services
	 	Ref: Waste Connections, Inc.

 

	4	REV April 2013

 

Exhibit D-2

Form of Administrative Questionnaire

 

    	 

    	 

    

  

EXHIBIT E

 

FORM OF INSTRUMENT OF ACCESSION

 

Dated as of ________ __, 20__

 

Reference is hereby
made to the Revolving Credit and Term Loan Agreement, dated as of January 26, 2015 (as amended, modified, supplemented or restated
and in effect from time to time, the “Credit Agreement”), by and among Waste Connections, Inc., and certain
of its Subsidiaries party thereto (collectively, the “Borrowers”), the Lenders from time to time party thereto,
and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender. Capitalized terms used herein and not otherwise
defined shall have the meanings assigned to such terms in the Credit Agreement.

 

Pursuant to the terms
of Section 2.14 of the Credit Agreement, the Borrowers, the Administrative Agent and ________________ (the “Acceding
Lender”) hereby agree as follows:

 

1.      Subject to the
terms and conditions of this Accession Agreement, the Acceding Lender hereby agrees to assume, without recourse to the Lenders
or the Administrative Agent, on the Effective Date (as defined below), [a Revolving Commitment of $____________] and/or [a portion
of the Term Loan equal to $____________] in accordance with the terms and conditions set forth in the Credit Agreement. Upon such
assumption, the Aggregate Commitments and/or the Term Loans (as the case may be) shall be automatically increased by the amount
of such assumption. The Acceding Lender, if not a Lender party to the Credit Agreement immediately prior to giving effect to this
Accession Agreement, hereby agrees to be bound by, and hereby requests the agreement of the Borrowers and the Administrative Agent
that the Acceding Lender shall be entitled to the benefits of, all of the terms, conditions and provisions of the Credit Agreement
as if such Acceding Lender had been one of the lending institutions originally executing the Credit Agreement as a “Lender”;
provided that nothing herein shall be construed as making the Acceding Lender liable to the Borrowers or the other Lenders
in respect of any acts or omissions of any party to the Credit Agreement or in respect of any other event occurring prior to the
Effective Date (as defined below) of this Accession Agreement.

 

Exhibit E

Form of Instrument of Accession

 

    	 

    	 

    

 

2.      The Acceding
Lender (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and
deliver this Accession Agreement and to consummate the transactions contemplated hereby and to become a Lender under the Credit
Agreement, (ii) it meets all the requirements of an assignee under Section 10.06(b) of the Credit Agreement, (iii) from
and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent
of its Revolving Commitment and/or portion of the Term Loan, as applicable, shall have the obligations of a Lender thereunder,
(iv) it is sophisticated with respect to decisions to acquire assets of the type represented by its Revolving Commitment and/or
portion of the Term Loan, as applicable, and either it, or the Person exercising discretion in making its decision to make its
Revolving Commitment, and/or extend its portion of the Term Loan, as applicable, is experienced in extending loans of such type,
(v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of
the most recent financial statements delivered pursuant to Section 6.04 thereof, as applicable, and such other documents
and information as it deems appropriate to make its own credit analysis and decision to enter into this Accession Agreement and
to make its Revolving Commitment and/or extend its portion of the Term Loan, (vi) it has, independently and without reliance upon
the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its
own credit analysis and decision to enter into this Accession Agreement and to make its Revolving Commitment and/or extend its
portion of the Term Loan, and (vii) if it is a Foreign Lender, attached hereto is any documentation required to be delivered by
it pursuant to the terms of the Credit Agreement, duly completed and executed by the Acceding Lender; and (b) agrees that (i) it
will, independently and without reliance upon the Administrative 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 decisions in taking or not taking action under the Loan
Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents
are required to be performed by it as a Lender.

 

3.      The Borrowers
jointly and severally represent and warrant to the Administrative Agent and the Lenders, including the Acceding Lender, that (i)
the execution, delivery and performance of this Accession Agreement and the increase contemplated hereby are within the corporate
(or equivalent company) authority of each of the Borrowers, (ii) all acts, conditions and things required to be done and performed
and to have occurred prior to the execution, delivery and performance of this Accession Agreement and the increase contemplated
hereby, and to render the same the legal, valid and binding obligation of the Borrowers, enforceable against them in accordance
with its terms, have been done and performed and have occurred in due and strict compliance with all applicable laws, (iii) a true,
correct and complete copy of all corporate (or equivalent company) action undertaken by the Borrowers in connection with the authorization
of the increase effected by this Accession Agreement has previously been provided to the Administrative Agent or is attached hereto
as Exhibit A, (iv) the representations and warranties of the Borrowers contained in Article V of the Credit Agreement
or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith,
were true and correct when made and are be true and correct on and as of the date hereof, except to the extent that such representations
and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date, and
except that for purposes of this Paragraph 3, the representations and warranties contained in Section 5.04(a) of
the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively,
of Section 6.04 of the Credit Agreement, and (v) at and as of the date hereof, no Default or Event of Default exists.

 

4.      The effective
date for this Accession Agreement shall be [________ __, 20___] (the “Effective Date”). Following the execution
of this Accession Agreement by the Borrowers and the Acceding Lender, it will be delivered to the Administrative Agent for acceptance,
in the case the Acceding Lender was not a Lender party to the Credit Agreement immediately prior to the Effective Date of this
Accession Agreement, and recordation. Upon acceptance by the Administrative Agent, if required, and recordation by the Administrative
Agent, Schedule 2.01 to the Credit Agreement shall thereupon be replaced as of the Effective Date by the Schedule 2.01
annexed hereto. The Administrative Agent shall thereafter notify the other Lenders of the revised Schedule 2.01 and
the arrangements proposed to ensure that the outstanding amount of Committed Loans and/or the portion of the Term Loan made by
each Lender will correspond to its respective Applicable Percentage after giving effect to the accession contemplated hereby.

 

Exhibit E

Form of Instrument of Accession

 

    	 

    	 

    

 

5.      Upon such acceptance,
from and after the Effective Date, the Borrowers shall make all payments in respect of the Acceding Lender’s Revolving Commitment,
including payments of principal, interest, fees and other amounts, to the Administrative Agent for the account of the Acceding
Lender.

 

6.      THIS ACCESSION
AGREEMENT SHALL FOR ALL PURPOSES BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPALS THEREOF (OTHER THAN SECTION 5-1501 AND 5-1502 OF THE NEW YORK GENERAL OBLIGATIONS
LAW).

 

7.      This Accession
Agreement may be executed in any number of counterparts, which shall together constitute but one and the same agreement.

 

Exhibit E

Form of Instrument of Accession

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
intending to be legally bound, each of the undersigned has caused this Accession Agreement to be executed on its behalf by its
officer thereunto duly authorized, to take effect as of the date first above written.

 

	 	BANK OF AMERICA, N.A.,
	 	as Administrative Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	[INSERT NAME OF ACCEDING LENDER]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	WASTE CONNECTIONS, INC.,
	 	on behalf of itself and the other Borrowers
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Exhibit E

Form of Instrument of Accession

 

    	 

    	 

    

 

SCHEDULE 2.01

 

		(i)	Attach updated Schedule 2.01 reflecting 

 

Revolving Commitments, Term Loan and Applicable
Percentages

 

Exhibit E

Form of Instrument of Accession

 

    	 

    	 

    

 

Exhibit A

 

Borrowers’ resolutions authorizing increase
(if not already provided to the Administrative Agent)

 

Exhibit E

Form of Instrument of Accession

 

    	 

    	 

    

 

EXHIBIT F-1

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Not Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is hereby made
to the Revolving Credit and Term Loan Agreement, dated as of January 26, 2015 (as amended, modified, supplemented or restated and
in effect from time to time, the “Credit Agreement”), by and among Waste Connections, Inc., and certain of its
Subsidiaries party thereto (collectively, the “Borrowers”), the Lenders from time to time party thereto, and
Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender.

 

Pursuant to the provisions
of Section 3.01(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial
owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii)
it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of any Borrower
within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to any Borrower
as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has
furnished the Administrative Agent and the Borrowers with a certificate of its non-U.S. Person status on IRS Form W-8BENE (or W-8BEN,
as applicable). By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate
changes, the undersigned shall promptly so inform the Borrowers and the Administrative Agent, and (2) the undersigned shall have
at all times furnished the Borrowers and the Administrative Agent with a properly completed and currently effective certificate
in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding
such payments.

 

Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	[NAME OF LENDER]	 
	By:  	 	 
		Name: 	 	 
	 	Title:  	 	 
	Date: 	 	, 20[  ]
	 	 	 	 	 

 

Exhibit F-1

Form of U.S. Tax Compliance Certificate

 

    	 

    	 

    

 

EXHIBIT F-2

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Not Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is hereby made
to the Revolving Credit and Term Loan Agreement, dated as of January 26, 2015 (as amended, modified, supplemented or restated and
in effect from time to time, the “Credit Agreement”), by and among Waste Connections, Inc., and certain of its
Subsidiaries party thereto (collectively, the “Borrowers”), the Lenders from time to time party thereto, and
Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender.

 

Pursuant to the provisions
of Section 3.01(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial
owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section
881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of any Borrower within the meaning of Section 871(h)(3)(B)
of the Code, and (iv) it is not a controlled foreign corporation related to any Borrower as described in Section 881(c)(3)(C) of
the Code.

 

The undersigned has furnished
the Administrative Agent and the Borrowers with a certificate of its non-U.S. Person status on IRS Form W-8BENE (or W-8BEN, as
applicable). By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes,
the undersigned shall promptly so inform its participating Lender in writing, and (2) the undersigned shall have at all times furnished
such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is
to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	[NAME OF PARTICIPANT]	 
	By:  	 	 
	 	Name: 	 	 
	 	Title:  	 	 
	Date: 	 	, 20[  ]
	 	 	 	 	 

 

Exhibit F-2

Form of U.S. Tax Compliance Certificate

 

    	 

    	 

    

 

EXHIBIT F-3

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is hereby made
to the Revolving Credit and Term Loan Agreement, dated as of January 26, 2015 (as amended, modified, supplemented or restated and
in effect from time to time, the “Credit Agreement”), by and among Waste Connections, Inc., and certain of its
Subsidiaries party thereto (collectively, the “Borrowers”), the Lenders from time to time party thereto, and
Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender.

 

Pursuant to the provisions
of Section 3.01(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the
participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial
owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect
partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business
within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder
of any Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (v) none of its direct or indirect partners/members
is a controlled foreign corporation related to any Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished
its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that
is claiming the portfolio interest exemption: (i) an IRS Form IRS Form W-8BENE (or W-8BEN, as applicable) or (ii) an IRS Form W-8IMY
accompanied by an IRS Form IRS Form W-8BENE (or W-8BEN, as applicable) from each of such partner’s/member’s beneficial
owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the
information provided on this certificate changes, the undersigned shall promptly so inform its participating Lender and (2) the
undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either
the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such
payments.

 

Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	[NAME OF PARTICIPANT]	 
	By:  	 	 
	 	Name: 	 	 
	 	Title:  	 	 
	Date:  	 	, 20[  ]
	 	 	 	 	 

 

Exhibit F-3

Form of U.S. Tax Compliance Certificate

 

    	 

    	 

    

 

EXHIBIT F-4

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is hereby made
to the Revolving Credit and Term Loan Agreement, dated as of January 26, 2015 (as amended, modified, supplemented or restated and
in effect from time to time, the “Credit Agreement”), by and among Waste Connections, Inc., and certain of its
Subsidiaries party thereto (collectively, the “Borrowers”), the Lenders from time to time party thereto, and
Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender.

 

Pursuant to the provisions
of Section 3.01(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the
Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct
or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii)
with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor
any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary
course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members
is a ten percent shareholder of any Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (v) none of its direct
or indirect partners/members is a controlled foreign corporation related to any Borrower as described in Section 881(c)(3)(C) of
the Code.

 

The undersigned has furnished
the Administrative Agent and the Borrowers with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members
that is claiming the portfolio interest exemption: (i) an IRS Form IRS Form W-8BENE (or W-8BEN, as applicable) or (ii) an IRS Form
W-8IMY accompanied by an IRS Form IRS Form W-8BENE (or W-8BEN, as applicable) from each of such partner’s/member’s
beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that
(1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrowers and the Administrative
Agent, and (2) the undersigned shall have at all times furnished the Borrowers and the Administrative Agent with a properly completed
and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either
of the two calendar years preceding such payments.

 

Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	[NAME OF LENDER]	 
	By:  	 	 
	 	Name: 	 	 
	 	Title:  	 	 
	Date:  	 	, 20[  ]
	 	 	 	 	 

 

Exhibit F-4

Form of U.S. Tax Compliance CertificateEX-4.3

 Exhibit 4.3 

Execution Version 
  

 
 DEPOSIT AGREEMENT 

 
  

by and among 
 MOMO INC.

 as Issuer, 
 DEUTSCHE
BANK TRUST COMPANY AMERICAS 
 as Depositary, 

AND 
 THE HOLDERS AND
BENEFICIAL OWNERS 
 OF AMERICAN DEPOSITARY SHARES EVIDENCED BY 

AMERICAN DEPOSITARY RECEIPTS ISSUED HEREUNDER 
  

 
 Dated as of December 10,
2014 
  
  

 

 DEPOSIT AGREEMENT 

DEPOSIT AGREEMENT, dated as of December 10, 2014, by and among (i) Momo Inc., a company incorporated in the Cayman Islands, with its
principal executive office at 20th Floor, Block B, Tower 2 Wangjing SOHO, No.1 Futong East Street, Chaoyang District, Beijing, 100102, People’s Republic of China and its successors (the “Company”), (ii) Deutsche Bank Trust
Company Americas, an indirect wholly owned subsidiary of Deutsche Bank A.G., acting in its capacity as depositary, with its principal office at 60 Wall Street, New York, NY 10005, United States of America and any successor depositary
hereunder (the “Depositary”), and (iii) all Holders and Beneficial Owners of American Depositary Shares evidenced by American Depositary Receipts issued hereunder (all such capitalized terms as hereinafter defined). 

W I T N E S S E T H  T H A T: 

WHEREAS, the Company desires to establish an ADR facility with the Depositary to provide for the deposit of the Shares and the creation of American
Depositary Shares representing the Shares so deposited; and 
 WHEREAS, the Depositary is willing to act as the Depositary for such ADR facility upon
the terms set forth in this Deposit Agreement; and 
 WHEREAS, the American Depositary Receipts evidencing the American Depositary Shares issued
pursuant to the terms of this Deposit Agreement are to be substantially in the forms of Exhibit A and Exhibit B annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit
Agreement; and 
 WHEREAS, the American Depositary Shares to be issued pursuant to the terms of this Deposit Agreement are accepted for trading on
the NASDAQ Global [Select] Market; and 
 WHEREAS, the Board of Directors of the Company (or an authorized committee thereof) has duly approved the
establishment of an ADR facility upon the terms set forth in this Deposit Agreement, the execution and delivery of this Deposit Agreement on behalf of the Company, and the actions of the Company and the transactions contemplated herein. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 ARTICLE I. 

DEFINITIONS 
 All capitalized terms used,
but not otherwise defined, herein shall have the meanings set forth below, unless otherwise clearly indicated: 
 SECTION
1.1 “Affiliate” shall have the meaning assigned to such term by the Commission under Regulation C promulgated under the Securities Act. 

SECTION 1.2 “Agent” shall mean such entity or entities as the Depositary may appoint under Section 7.8 hereof,
including the Custodian or any successor or addition thereto. 

 SECTION 1.3 “American Depositary Share(s)” and “ADS(s)” shall
mean the securities represented by the rights and interests in the Deposited Securities granted to the Holders and Beneficial Owners pursuant to this Deposit Agreement and evidenced by the American Depositary Receipts issued hereunder. Each American
Depositary Share shall represent the right to receive 2 Shares, until there shall occur a distribution upon Deposited Securities referred to in Section 4.2 hereof or a change in Deposited Securities referred to in Section 4.9 hereof with
respect to which additional American Depositary Receipts are not executed and delivered and thereafter each American Depositary Share shall represent the Shares or Deposited Securities specified in such Sections. 

SECTION 1.4 “Article” shall refer to an article of the American Depositary Receipts as set forth in the Form of Face of
Receipt and Form of Reverse of Receipt in Exhibit A and Exhibit B annexed hereto. 
 SECTION 1.5 “Articles of
Association” shall mean the articles of association of the Company, as amended from time to time. 
 SECTION 1.6 “ADS
Record Date” shall have the meaning given to such term in Section 4.7 hereof. 
 SECTION 1.7 “Beneficial
Owner” shall mean as to any ADS, any person or entity having a beneficial interest in such ADS. A Beneficial Owner need not be the Holder of the ADR evidencing such ADSs. A Beneficial Owner may exercise any rights or receive any benefits
hereunder solely through the Holder of the ADR(s) evidencing the ADSs in which such Beneficial Owner has an interest. 
 SECTION
1.8 “Business Day” shall mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not (a) a day on which banking institutions in the Borough of Manhattan, The City of New York are authorized or obligated by law
or executive order to close and (b) a day on which the market(s) in which Receipts are traded are closed. 
 SECTION
1.9 “Commission” shall mean the Securities and Exchange Commission of the United States or any successor governmental agency in the United States. 

SECTION 1.10 “Company” shall mean Momo Inc., a company incorporated and existing under the laws of the Cayman Islands,
and its successors. 
 SECTION 1.11 “Corporate Trust Office” when used with respect to the Depositary, shall mean the
corporate trust office of the Depositary at which at any particular time its depositary receipts business shall be administered, which, at the date of this Deposit Agreement, is located at 60 Wall Street, New York, New York 10005, U.S.A. 

SECTION 1.12 “Custodian” shall mean, as of the date hereof, Deutsche Bank AG, Hong Kong Branch, having its principal
office at 57/F International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong S.A.R., People’s Republic of China, as the custodian for the purposes of this Deposit Agreement, and any other firm or corporation which may hereinafter
be appointed by the Depositary pursuant to the terms of Section 5.5 hereof as a successor or an additional custodian or custodians hereunder, as the context shall require. The term “Custodian” shall mean all custodians, collectively.

  
 2 

 SECTION 1.13 “Deliver”, “Deliverable” and
“Delivery” shall mean, when used in respect of American Depositary Shares, Receipts, Deposited Securities and Shares, the physical delivery of the certificate representing such security, or the electronic delivery of such security
by means of book-entry transfer (except with respect to the Shares), as appropriate, including, without limitation, through DRS/Profile. With respect to DRS/Profile ADRs, the terms “execute”,
“issue”, “register”, “surrender”, “transfer” or “cancel” refer to applicable entries or movements to or within DRS/Profile. 

SECTION 1.14 “Deposit Agreement” shall mean this Deposit Agreement and all exhibits annexed hereto, as the same may from
time to time be amended and supplemented in accordance with the terms hereof. 
 SECTION 1.15 “Depositary” shall mean
Deutsche Bank Trust Company Americas, an indirect wholly owned subsidiary of Deutsche Bank AG, in its capacity as depositary under the terms of this Deposit Agreement, and any successor depositary hereunder. 

SECTION 1.16 “Deposited Securities” as of any time shall mean Shares at such time deposited or deemed to be deposited
under this Deposit Agreement and any and all other securities, property and cash received or deemed to be received by the Depositary or the Custodian in respect thereof and held hereunder, subject, in the case of cash, to the provisions of
Section 4.6 hereof and, in the case of collateral delivered in connection with Pre-Release Transactions, to the provisions of Section 2.10 hereof. 

SECTION 1.17 “Dollars” and “$” shall mean the lawful currency of the United States. 

SECTION 1.18 “DRS/Profile” shall mean the system for the uncertificated registration of ownership of securities pursuant
to which ownership of ADSs is maintained on the books of the Depositary without the issuance of a physical certificate and transfer instructions may be given to allow for the automated transfer of ownership between the books of DTC and the
Depositary. Ownership of ADSs held in DRS/Profile is evidenced by periodic statements issued by the Depositary to the Holders entitled thereto. 

SECTION 1.19 “DTC” shall mean The Depository Trust Company, the central
book-entry clearinghouse and settlement system for securities traded in the United States, and any successor thereto. 

SECTION 1.20 “Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as from time to time amended. 

SECTION 1.21 “Foreign Currency” shall mean any currency other than Dollars. 

SECTION 1.22 “Foreign Registrar” shall mean the entity, if any, that carries out the duties of registrar for the Shares
or any successor as registrar for the Shares and any other appointed agent of the Company for the transfer and registration of Shares or, if no such agent is so appointed and acting, the Company. 

SECTION 1.23 “Holder” shall mean the person in whose name a Receipt is registered on the books of the Depositary (or the
Registrar, if any) maintained for such purpose. A Holder may or may not be a Beneficial Owner. A Holder shall be deemed to have all requisite authority to act on behalf of the Beneficial Owners of the ADRs registered in such Holder’s name. 

  
 3 

 SECTION 1.24 “Indemnified Person” and “Indemnifying Person” shall
have the meaning set forth in Section 5.8 hereof. 
 SECTION 1.25 “Memorandum” shall mean the memorandum of
association of the Company. 
 SECTION 1.26 “Opinion of Counsel” shall mean a written opinion from legal counsel to
the Company who is acceptable to the Depositary. 
 SECTION 1.27 “Pre-Release
Transaction” shall have the meaning set forth in Section 2.10 hereof. 
 SECTION 1.28 “Receipt(s); “American
Depositary Receipt(s)”; and “ADR(s)” shall mean the certificate(s) or statement(s) issued by the Depositary evidencing the American Depositary Shares issued under the terms of this Deposit Agreement, as such Receipts may be
amended from time to time in accordance with the provisions of this Deposit Agreement. References to Receipts shall include physical certificated Receipts as well as ADSs issued through any book-entry system, including, without limitation,
DRS/Profile, unless the context otherwise requires. 
 SECTION 1.29 “Registrar” shall mean the Depositary or any bank
or trust company having an office in the Borough of Manhattan, The City of New York, which shall be appointed by the Depositary to register ownership of Receipts and transfer of Receipts as herein provided, and shall include any co-registrar appointed by the Depositary for such purposes. Registrars (other than the Depositary) may be removed and substitutes appointed by the Depositary. 

SECTION 1.30 “Restricted ADRs” shall have the meaning set forth in Section 2.11 hereof. 

SECTION 1.31 “Restricted ADSs” shall have the meaning set forth in Section 2.11 hereof. 

SECTION 1.32 “Restricted Securities” shall mean Shares, or American Depositary Shares representing such Shares, which
(i) have been acquired directly or indirectly from the Company or any of its Affiliates in a transaction or chain of transactions not involving any public offering and subject to resale limitations under the Securities Act or the rules issued
thereunder, (ii) are held by an officer or director (or persons performing similar functions) or other Affiliate of the Company or (iii) are subject to other restrictions on sale or deposit under the laws of the United States or the Cayman
Islands, under a shareholders’ agreement, shareholders’ lock-up agreement or the Articles of Association or under the regulations of an applicable securities exchange unless, in each case, such
Shares are being sold to persons other than an Affiliate of the Company in a transaction (x) covered by an effective resale registration statement or (y) exempt from the registration requirements of the Securities Act (as hereafter
defined) and the Shares are not, when held by such person, Restricted Securities. 
 SECTION 1.33 “Restricted Shares”
shall have the meaning set forth in Section 2.11 hereof. 

  
 4 

 SECTION 1.34 “Securities Act” shall mean the United States Securities Act
of 1933, as from time to time amended. 
 SECTION 1.35 “Shares” shall mean Class A ordinary shares in registered
form of the Company, par value U.S. $0.0001 each, heretofore or hereafter validly issued and outstanding and fully paid. References to Shares shall include evidence of rights to receive Shares, whether or not stated in the particular instance;
provided, however, that in no event shall Shares include evidence of rights to receive Shares with respect to which the full purchase price has not been paid or Shares as to which pre-emptive rights
have theretofore not been validly waived or exercised; and provided further, however, that, if there shall occur any change in par value, split-up, consolidation, reclassification, conversion or any
other event described in Section 4.9 hereof in respect of the Shares, the term “Shares” shall thereafter, to the extent permitted by law, represent the successor securities resulting from such change in par value, split-up, consolidation, exchange, conversion, reclassification or event. 
 SECTION
1.36 “United States” or “U.S.” shall mean the United States of America. 
 ARTICLE II. 

APPOINTMENT OF DEPOSITARY; FORM OF RECEIPT; DEPOSIT OF SHARES; 

EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS 

SECTION 2.1 Appointment of Depositary. The Company hereby appoints the Depositary as exclusive depositary for the Deposited
Securities and hereby authorizes and directs the Depositary to act in accordance with the terms set forth in this Deposit Agreement. Each Holder and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued in accordance
with the terms of this Deposit Agreement, shall be deemed for all purposes to (a) be a party to and bound by the terms of this Deposit Agreement and (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in this Deposit Agreement, to adopt any and all procedures necessary to comply with applicable
law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of this Deposit Agreement (the taking of such actions to be the conclusive determinant of the necessity and
appropriateness thereof). 
 SECTION 2.2 Form and Transferability of Receipts. 

(a) Form. Receipts in certificated form shall be substantially in the forms set forth in Exhibit A and Exhibit B annexed to this Deposit
Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided. Receipts may be issued in denominations of any number of American Depositary Shares. No Receipt in certificated form shall be entitled to any benefits
under this Deposit Agreement or be valid or obligatory for any purpose, unless such Receipt shall have been executed by the Depositary by the manual or facsimile signature of a duly authorized signatory of the Depositary. The Depositary shall
maintain books on which each Receipt so executed and Delivered, in the case of Receipts in certificated form, and each Receipt issued through any book-entry system, including, without limitation, DRS/Profile,
in either case as hereinafter provided, and the transfer of each such Receipt shall be registered. Receipts in certificated form bearing the manual or facsimile signature of a duly authorized signatory of the Depositary who was at any time a proper
signatory of the Depositary shall bind the Depositary, notwithstanding that such signatory has ceased to hold such office prior to the execution and Delivery of such Receipts by the Registrar or did not hold such office on the date of issuance of
such Receipts. 

  
 5 

 Notwithstanding anything in this Deposit Agreement or in the form of Receipt to the contrary, the Depositary may,
in its discretion, issue ADRs, including Restricted ADRs, in certificated form or through any book-entry system, including, without limitation, 

DRS/Profile, and Holders of ADRs shall only be entitled to receive Receipts in certificated form to the extent the Depositary has made Receipts in certificated
form available at the expense of the Company (i) in its sole discretion, or (ii) (a) during a continuous period lasting at least 14 days during which DTC ceases to operate as a book-entry
clearing house and settlement system (other than by reason of holidays, statutory or otherwise) or (b) if DTC announces an intention permanently to cease and subsequently ceases business as a book-entry
clearing house and settlement system and no alternative book-entry clearing house and settlement system satisfactory to the Depositary is available within 45 days. Holders and Beneficial Owners shall be
bound by the terms and conditions of this Deposit Agreement and of the form of Receipt, regardless of whether their Receipts are in certificated form or are issued through any book-entry system, including, without limitation, DRS/Profile. 

(b) Legends. In addition to the foregoing, the Receipts may, and upon the written request of the Company shall, be endorsed with, or have incorporated
in the text thereof, such legends or recitals or modifications not inconsistent with the provisions of this Deposit Agreement as may be (i) necessary to enable the Depositary and the Company to perform their respective obligations hereunder,
(ii) required to comply with any applicable laws or regulations, or with the rules and regulations of any securities exchange or market upon which ADSs may be traded, listed or quoted, or to conform with any usage with respect thereto,
(iii) necessary to indicate any special limitations or restrictions to which any particular ADRs or ADSs are subject by reason of the date of issuance of the Deposited Securities or otherwise or (iv) required by any book-entry system in which the ADSs are held. Holders and Beneficial Owners shall be deemed, for all purposes, to have notice of, and to be bound by, the terms and conditions of the legends set forth, in the case of
Holders, on the ADR registered in the name of the applicable Holders or, in the case of Beneficial Owners, on the ADR representing the ADSs owned by such Beneficial Owners. 

(c) Title. Subject to the limitations contained herein and in the form of Receipt, title to a Receipt (and to the ADSs evidenced thereby), when
properly endorsed (in the case of certificated Receipts) or upon delivery to the Depositary of proper instruments of transfer, shall be transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of the
State of New York; provided, however, that the Depositary, notwithstanding any notice to the contrary, may treat the Holder thereof as the absolute owner thereof for the purpose of determining the person entitled to distribution of dividends or
other distributions or to any notice provided for in this Deposit Agreement and for all other purposes and neither the Depositary nor the Company will have any obligation or be subject to any liability under the Deposit Agreement to any holder of a
Receipt, unless such holder is the Holder thereof. 

  
 6 

 SECTION 2.3 Deposits. 

(a) Subject to the terms and conditions of this Deposit Agreement and applicable law, Shares or evidence of rights to receive Shares (including Restricted
Securities) may be deposited by any person (including the Depositary in its individual capacity but subject, however, in the case of the Company or any Affiliate of the Company, to Section 5.7 hereof) at any time beginning on the 181st day
after the date of the prospectus contained in the registration statement on Form F-1 under which the ADSs are first sold, whether or not the transfer books of the Company or the Foreign Registrar, if any, are
closed, by Delivery of the Shares to the Custodian. Except for Shares deposited by the Company or by the selling shareholders named in the registration statement on Form F-1 in connection with the initial sale of ADSs under the registration
statement on Form F-1, no deposit of Shares shall be accepted under this Deposit Agreement prior to such date. Every deposit of Shares shall be accompanied by the following: (A)(i) in the case of Shares represented by certificates issued in
registered form, appropriate instruments of transfer or endorsement, in a form satisfactory to the Custodian, (ii) in the case of Shares represented by certificates issued in bearer form, such Shares or the certificates representing such Shares
and (iii) in the case of Shares Delivered by book-entry transfer, confirmation of such book-entry transfer to the Custodian or that irrevocable instructions have
been given to cause such Shares to be so transferred, (B) such certifications and payments (including, without limitation, the Depositary’s fees and related charges) and evidence of such payments (including, without limitation, stamping or
otherwise marking such Shares by way of receipt) as may be required by the Depositary or the Custodian in accordance with the provisions of this Deposit Agreement, (C) if the Depositary so requires, a written order directing the Depositary to
execute and Deliver to, or upon the written order of, the person or persons stated in such order a Receipt or Receipts for the number of American Depositary Shares representing the Shares so deposited, (D) evidence satisfactory to the
Depositary (which may include an opinion of counsel reasonably satisfactory to the Depositary provided at the cost of the person seeking to deposit Shares) that all conditions to such deposit have been met and all necessary approvals have been
granted by, and there has been compliance with the rules and regulations of, any applicable governmental agency and (E) if the Depositary so requires, (i) an agreement, assignment or instrument satisfactory to the Depositary or the
Custodian which provides for the prompt transfer by any person in whose name the Shares are or have been recorded to the Custodian of any distribution, or right to subscribe for additional Shares or to receive other property in respect of any such
deposited Shares or, in lieu thereof, such indemnity or other agreement as shall be satisfactory to the Depositary or the Custodian and (ii) if the Shares are registered in the name of the person on whose behalf they are presented for deposit,
a proxy or proxies entitling the Custodian to exercise voting rights in respect of the Shares for any and all purposes until the Shares so deposited are registered in the name of the Depositary, the Custodian or any nominee. No Share shall be
accepted for deposit unless accompanied by confirmation or such additional evidence, if any is required by the Depositary, that is reasonably satisfactory to the Depositary or the Custodian that all conditions to such deposit have been satisfied by
the person depositing such Shares under the laws and regulations of the Cayman Islands and any necessary approval has been granted by any governmental body in the Cayman Islands, if any, which is then performing the function of the regulator of
currency exchange. The Depositary may issue Receipts against evidence of rights to receive Shares from the Company, any agent of the Company or any custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or
transaction records in respect of the Shares. Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under this Deposit Agreement any Shares or other Deposited Securities required to be registered under the
provisions of the Securities Act, unless a registration statement is in effect as to such Shares or other Deposited Securities, or any Shares or other Deposited Securities the deposit of which would violate any provisions of the Memorandum and
Articles of Association. The Depositary shall use commercially reasonable efforts to comply with reasonable written instructions of the Company that the Depositary shall not accept for deposit hereunder any Shares specifically identified in such
instructions at such times and under such circumstances as may reasonably be specified in such instructions in order to facilitate the Company’s compliance with the securities laws in the United States and other jurisdictions, provided that the
Company shall indemnify the Depositary and the Custodian for any claims and losses arising from not accepting the deposit of any Shares identified in the Company’s instructions. 

  
 7 

 (b) As soon as practicable after receipt of any permitted deposit hereunder and compliance with the provisions of
this Deposit Agreement, the Custodian shall present the Shares so deposited, together with the appropriate instrument or instruments of transfer or endorsement, duly stamped, to the Foreign Registrar for transfer and registration of the Shares (as
soon as transfer and registration can be accomplished and at the expense of the person for whom the deposit is made) in the name of the Depositary, the Custodian or a nominee of either. Deposited Securities shall be held by the Depositary or by a
Custodian for the account and to the order of the Depositary or a nominee, in each case for the account of the Holders and Beneficial Owners, at such place or places as the Depositary or the Custodian shall determine. 

(c) In the event any Shares are deposited which entitle the holders thereof to receive a per-share distribution or
other entitlement in an amount different from the Shares then on deposit, the Depositary is authorized to take any and all actions as may be necessary (including, without limitation, making the necessary notations on Receipts) to give effect to the
issuance of such ADSs and to ensure that such ADSs are not fungible with other ADSs issued hereunder until such time as the entitlement of the Shares represented by such non-fungible ADSs equals that of the
Shares represented by ADSs prior to such deposit. The Company agrees to give timely written notice to the Depositary if any Shares issued or to be issued contain rights different from those of any other Shares theretofore issued and shall assist the
Depositary with the establishment of procedures enabling the identification of such non-fungible Shares upon Delivery to the Custodian. 

SECTION 2.4 Execution and Delivery of Receipts. After the deposit of any Shares pursuant to Section 2.3 hereof, the Custodian
shall notify the Depositary of such deposit and the person or persons to whom or upon whose written order a Receipt or Receipts are Deliverable in respect thereof and the number of American Depositary Shares to be evidenced thereby. Such
notification shall be made by letter, first class airmail postage prepaid, or, at the request, risk and expense of the person making the deposit, by cable, telex, SWIFT, facsimile or electronic transmission. After receiving such notice from the
Custodian, the Depositary, subject to this Deposit Agreement (including, without limitation, the payment of the fees, expenses, taxes and/or other charges owing hereunder), shall issue the ADSs representing the Shares so deposited to or upon the
order of the person or persons named in the notice Delivered to the Depositary and shall execute and Deliver a Receipt registered in the name or names requested by such person or persons evidencing in the aggregate the number of American Depositary
Shares to which such person or persons are entitled. Nothing herein shall prohibit any Pre-Release Transaction upon the terms set forth in this Deposit Agreement. 

  
 8 

 SECTION 2.5 Transfer of Receipts; Combination and
Split-up of Receipts. 
 (a) Transfer. The Depositary, or, if a Registrar (other than the Depositary) for
the Receipts shall have been appointed, the Registrar, subject to the terms and conditions of this Deposit Agreement, shall register transfers of Receipts on its books, upon surrender at the Corporate Trust Office of the Depositary of a Receipt by
the Holder thereof in person or by duly authorized attorney, properly endorsed in the case of a certificated Receipt or accompanied by, or in the case of Receipts issued through any book-entry system, including, without limitation, DRS/Profile,
receipt by the Depositary of, proper instruments of transfer (including signature guarantees in accordance with standard industry practice) and duly stamped as may be required by the laws of the State of New York and of the United States and any
other applicable law. Subject to the terms and conditions of this Deposit Agreement, including payment of the applicable fees and charges of the Depositary set forth in Section 5.9 hereof and Article (9) of Exhibit A hereto, the Depositary
shall execute a new Receipt or Receipts and Deliver the same to or upon the order of the person entitled thereto evidencing the same aggregate number of American Depositary Shares as those evidenced by the Receipts surrendered. 

(b) Combination and Split Up. The Depositary, subject to the terms and conditions of this Deposit Agreement shall, upon surrender of a Receipt or
Receipts for the purpose of effecting a split-up or combination of such Receipt or Receipts and upon payment to the Depositary of the applicable fees and charges set forth in Section 5.9 hereof and
Article (9) of Exhibit A hereto, execute and Deliver a new Receipt or Receipts for any authorized number of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts
surrendered. 
 (c) Co-Transfer Agents. The Depositary may appoint one or more
co-transfer agents for the purpose of effecting transfers, combinations and split-ups of Receipts at designated transfer offices on behalf of the Depositary. In carrying
out its functions, a co-transfer agent may require evidence of authority and compliance with applicable laws and other requirements by Holders or persons entitled to such Receipts and will be entitled to
protection and indemnity, in each case to the same extent as the Depositary. Such co-transfer agents may be removed and substitutes appointed by the Depositary. Each
co-transfer agent appointed under this Section 2.5 (other than the Depositary) shall give notice in writing to the Depositary accepting such appointment and agreeing to be bound by the applicable terms of
this Deposit Agreement. 
 (d) Substitution of Receipts. At the request of a Holder, the Depositary shall, for the purpose of substituting a
certificated Receipt with a Receipt issued through any book-entry system, including, without limitation, DRS/Profile, or vice versa, execute and Deliver a certificated Receipt or deliver a statement, as the case may be, for any authorized number of
ADSs requested, evidencing the same aggregate number of ADSs as those evidenced by the relevant Receipt. 
 SECTION 2.6 Surrender of
Receipts and Withdrawal of Deposited Securities. Upon surrender, at the Corporate Trust Office of the Depositary, of American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby, and upon payment of
(i) the fees and charges of the Depositary for the making of withdrawals of Deposited Securities and cancellation of Receipts (as set forth in Section 5.9 hereof and Article (9) of Exhibit A hereto) and (ii) all applicable taxes
and/or governmental charges payable in connection with such surrender and withdrawal, and subject to the terms and conditions of this Deposit Agreement, the Memorandum and Articles of Association, Section 7.10 hereof and any other provisions of
or governing the Deposited Securities and other applicable laws, the Holder of such American Depositary Shares shall be entitled to Delivery, to him or upon his order, of the Deposited Securities at the time represented by the American Depositary
Shares so surrendered. American Depositary Shares may be surrendered for the purpose of withdrawing Deposited Securities by Delivery of a Receipt evidencing such American Depositary Shares (if held in certificated form) or by book-entry Delivery of such American Depositary Shares to the Depositary. 

  
 9 

 A Receipt surrendered for such purposes shall, if so required by the Depositary, be properly endorsed in blank or
accompanied by proper instruments of transfer in blank, and if the Depositary so requires, the Holder thereof shall execute and deliver to the Depositary a written order directing the Depositary to cause the Deposited Securities being withdrawn to
be Delivered to or upon the written order of a person or persons designated in such order. Thereupon, the Depositary shall direct the Custodian to Deliver (without unreasonable delay) at the designated office of the Custodian or through a book-entry delivery of the Shares (in either case, subject to Sections 2.7, 3.1, 3.2, 5.9, hereof and to the other terms and conditions of this Deposit Agreement, to the Memorandum and Articles of Association, to
the provisions of or governing the Deposited Securities and to applicable laws, now or hereafter in effect) to or upon the written order of the person or persons designated in the order delivered to the Depositary as provided above, the Deposited
Securities represented by such American Depositary Shares, together with any certificate or other proper documents of or relating to title of the Deposited Securities as may be legally required, as the case may be, to or for the account of such
person. 
 The Depositary may refuse to accept for surrender American Depositary Shares only in the circumstances described in Article (4) of Exhibit A
hereto. Subject thereto, in the case of surrender of a Receipt evidencing a number of American Depositary Shares representing other than a whole number of Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be
Delivered in accordance with the terms hereof, and shall, at the discretion of the Depositary, either (i) issue and Deliver to the person surrendering such Receipt a new Receipt evidencing American Depositary Shares representing any remaining
fractional Share, or (ii) sell or cause to be sold the fractional Shares represented by the Receipt surrendered and remit the proceeds of such sale (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary and
(b) taxes and/or governmental charges) to the person surrendering the Receipt. 
 At the request, risk and expense of any Holder so surrendering a
Receipt, and for the account of such Holder, the Depositary shall direct the Custodian to forward (to the extent permitted by law) any cash or other property (other than securities) held in respect of, and any certificate or certificates and other
proper documents of or relating to title to, the Deposited Securities represented by such Receipt to the Depositary for delivery at the Corporate Trust Office of the Depositary, and for further Delivery to such Holder. Such direction shall be given
by letter or, at the request, risk and expense of such Holder, by cable, telex or facsimile transmission. Upon receipt by the Depositary, the Depositary may make delivery to such person or persons entitled thereto at the Corporate Trust Office of
the Depositary of any dividends or cash distributions with respect to the Deposited Securities represented by such American Depositary Shares, or of any proceeds of sale of any dividends, distributions or rights, which may at the time be held by the
Depositary. 

  
 10 

 SECTION 2.7 Limitations on Execution and Delivery, Transfer, etc. of Receipts; Suspension
of Delivery, Transfer, etc. 
 (a) Additional Requirements. As a condition precedent to the execution and Delivery, registration, registration of
transfer, split-up, subdivision, combination or surrender of any Receipt, the Delivery of any distribution thereon or withdrawal of any Deposited Securities, the Depositary or the Custodian may require
(i) payment from the depositor of Shares or presenter of the Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge
and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees and charges of the Depositary as provided in Section 5.9 hereof and Article (9) of Exhibit A hereto, (ii) the production of proof
satisfactory to it as to the identity and genuineness of any signature or any other matter contemplated by Section 3.1 hereof and (iii) compliance with (A) any laws or governmental regulations relating to the execution and Delivery of
Receipts or American Depositary Shares or to the withdrawal or Delivery of Deposited Securities and (B) such reasonable regulations and procedures as the Depositary may establish consistent with the provisions of this Deposit Agreement and
applicable law. 
 (b) Additional Limitations. The issuance of ADSs against deposits of Shares generally or against deposits of particular Shares may
be suspended, or the issuance of ADSs against the deposit of particular Shares may be withheld, or the registration of transfer of Receipts in particular instances may be refused, or the registration of transfers of Receipts generally may be
suspended, during any period when the transfer books of the Depositary are closed or if any such action is deemed necessary or advisable by the Depositary or the Company, in good faith, at any time or from time to time because of any requirement of
law, any government or governmental body or commission or any securities exchange on which the Receipts or Shares are listed, or under any provision of this Deposit Agreement or provisions of, or governing, the Deposited Securities, or any meeting
of shareholders of the Company or for any other reason, subject, in all cases, to Section 7.10 hereof. 
 SECTION 2.8 Lost
Receipts, etc. To the extent the Depositary has issued Receipts in physical certificated form, in case any Receipt shall be mutilated, destroyed, lost or stolen, unless the Depositary has notice that such ADR has been acquired by a bona fide
purchaser, subject to Section 5.9 hereof, the Depositary shall execute and Deliver a new Receipt (which, in the discretion of the Depositary may be issued through any book-entry system, including, without limitation, DRS/Profile, unless
specifically requested otherwise) in exchange and substitution for such mutilated Receipt upon cancellation thereof, or in lieu of and in substitution for such destroyed, lost or stolen Receipt. Before the Depositary shall execute and Deliver a new
Receipt in substitution for a destroyed, lost or stolen Receipt, the Holder thereof shall have (a) filed with the Depositary (i) a request for such execution and delivery before the Depositary has notice that the Receipt has been acquired
by a bona fide purchaser and (ii) a sufficient indemnity bond in form and amount acceptable to the Depositary and (b) satisfied any other reasonable requirements imposed by the Depositary. 

SECTION 2.9 Cancellation and Destruction of Surrendered Receipts; Maintenance of Records. All Receipts surrendered to the
Depositary shall be cancelled by the Depositary. The Depositary is authorized to destroy Receipts so cancelled in accordance with its customary practices. Cancelled Receipts shall not be entitled to any benefits under this Deposit Agreement or be
valid or obligatory for any purpose. 

  
 11 

 SECTION 2.10 Pre-Release. Subject to the
further terms and provisions of this Section 2.10, the Depositary, its Affiliates and their agents, on their own behalf, may own and deal in any class of securities of the Company and its Affiliates and in ADSs. In its capacity as Depositary,
the Depositary shall not lend Shares or ADSs; provided, however, that the Depositary may, unless otherwise agreed with or instructed by the Company, (i) issue ADSs prior to the receipt of Shares pursuant to Section 2.3 hereof and
(ii) Deliver Shares prior to the receipt and cancellation of ADSs which were issued under (i) above but for which Shares may not yet have been received (each such transaction, a “Pre-Release
Transaction”). The Depositary may receive ADSs in lieu of Shares under (i) above and receive Shares in lieu of ADSs under (ii) above. Each such Pre-Release Transaction will be
(a) accompanied by or subject to a written agreement whereby the person or entity (the “Applicant”) to whom ADSs or Shares are to be Delivered (1) represents that at the time of the
Pre-Release Transaction the Applicant or its customer owns the Shares or ADSs that are to be Delivered by the Applicant under such Pre-Release Transaction,
(2) agrees to indicate the Depositary as owner of such Shares or ADSs in its records and to hold such Shares or ADSs in trust for the Depositary until such Shares or ADSs are Delivered to the Depositary or the Custodian,
(3) unconditionally guarantees to deliver to the Depositary or the Custodian, as applicable, such Shares or ADSs and (4) agrees to any additional restrictions or requirements that the Depositary deems appropriate, (b) at all times
fully collateralized with cash, United States government securities or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five Business Days’ notice (save for a prescribed
termination event in which case any such Pre-Release Transaction may be immediately terminable by the Depositary) and (d) subject to such further indemnities and credit regulations as the Depositary deems
appropriate. The Depositary will normally limit the number of ADSs and Shares involved in such Pre-Release Transactions at any one time to 30% of the ADSs outstanding (without giving effect to ADSs outstanding
pursuant to any Pre-Release Transaction under (i) above), provided, however, that the Depositary reserves the right to change or disregard such limit from time to time as it deems appropriate. The
Depositary may also set limits with respect to the number of ADSs and Shares involved in Pre-Release Transactions with any one person on a case by case basis as it deems appropriate. 

The Depositary may retain for its own account any compensation received by it in conjunction with the foregoing. Collateral provided pursuant to
(b) above, but not the earnings thereon, shall be held as security for the performance of the Applicant’s obligations in respect of the relevant Pre-Release Transaction and shall not constitute Deposited Securities. 

  
 12 

 SECTION 2.11 Restricted ADSs. The Depositary shall, at the request and expense of the Company,
establish procedures enabling the deposit hereunder of Shares that are Restricted Securities in order to enable the holder of such Shares to hold its ownership interests in such restricted Shares in the form of ADSs issued under the terms hereof
(such Shares, “Restricted Shares”). Upon receipt of a written request from the Company to accept Restricted Shares for deposit hereunder, the Depositary agrees to establish procedures permitting the deposit of such Restricted Shares
and the issuance of ADSs representing such deposited Restricted Shares (such ADSs, the “Restricted ADSs,” and the ADRs evidencing such Restricted ADSs, the “Restricted ADRs”). The Company shall assist the Depositary
in the establishment of such procedures and agrees that it shall take all steps necessary and reasonably satisfactory to the Depositary to insure that the establishment of such procedures does not violate the provisions of the Securities Act or any
other applicable laws. The depositors of such Restricted Shares and the holders of the Restricted ADSs may be required prior to the deposit of such Restricted Shares, the transfer of the Restricted ADRs and the Restricted ADSs evidenced thereby or
the withdrawal of the Restricted Shares represented by Restricted ADSs to provide such written certifications or agreements as the Depositary or the Company may require. The Company shall provide to the Depositary in writing the legend(s) to be
affixed to the Restricted ADRs, which legends shall (i) be in a form reasonably satisfactory to the Depositary and (ii) contain the specific circumstances under which the Restricted ADRs and the Restricted ADSs represented thereby may be
transferred or the Restricted Shares withdrawn. The Restricted ADSs issued upon the deposit of Restricted Shares shall be separately identified on the books of the Depositary and the Restricted Shares so deposited shall be held separate and distinct
from the other Deposited Securities held hereunder. The Restricted Shares and the Restricted ADSs shall not be eligible for Pre-Release Transactions. The Restricted ADSs shall not be eligible for inclusion in any book-entry settlement system,
including, without limitation, DTC, and shall not in any way be fungible with the ADSs issued under the terms hereof that are not Restricted ADSs. The Restricted ADRs and the Restricted ADSs evidenced thereby shall be transferable only by the Holder
thereof upon delivery to the Depositary of (i) all documentation otherwise contemplated by this Deposit Agreement and (ii) an Opinion of Counsel setting forth, inter alia, the conditions upon which the Restricted ADR presented is, and the
Restricted ADSs evidenced thereby are, transferable by the Holder thereof under applicable securities laws and the transfer restrictions contained in the legend set forth on the Restricted ADR presented for transfer. Except as set forth in this
Section 2.11 and except as required by applicable law, the Restricted ADRs and the Restricted ADSs evidenced thereby shall be treated as ADRs and ADSs issued and outstanding under the terms of the Deposit Agreement. In the event that, in
determining the rights and obligations of parties hereto with respect to any Restricted ADSs, any conflict arises between (a) the terms of this Deposit Agreement (other than this Section 2.11) and (b) the terms of (i) this
Section 2.11 or (ii) the applicable Restricted ADR, the terms and conditions set forth in this Section 2.11 and of the Restricted ADR shall be controlling and shall govern the rights and obligations of the parties to this Deposit
Agreement pertaining to the deposited Restricted Shares, the Restricted ADSs and Restricted ADRs. 
 If any of the Restricted ADRs, the Restricted
ADSs and the Restricted Shares are no longer Restricted Securities, the Depositary, upon receipt of (x) an Opinion of Counsel setting forth, inter alia, that such Restricted ADRs, Restricted ADSs and Restricted Shares are not as of such time
Restricted Securities, and (y) instructions from the Company to remove the restrictions applicable to such Restricted ADRs, Restricted ADSs and the Restricted Shares, shall (i) eliminate the distinctions and separations between such
Restricted Shares held on deposit under this Section 2.11 and the other Shares held on deposit under the terms of the Deposit Agreement that are not Restricted Shares, (ii) treat such newly unrestricted ADRs and ADSs on the same terms as,
and fully fungible with, the other ADRs and ADSs issued and outstanding under the terms of the Deposit Agreement that are not Restricted ADRs or Restricted ADSs, (iii) take all actions necessary to remove any distinctions, limitations and
restrictions previously existing under this Section 2.11 between such Restricted ADRs and Restricted ADSs, respectively, on the one hand, and the other ADRs and ADSs that are not Restricted ADRs or Restricted ADSs, respectively, on the other
hand, including, without limitation, by making the newly unrestricted ADSs eligible for Pre-Release Transactions and for inclusion in the applicable book-entry settlement systems. 

SECTION 2.12 Maintenance of Records. The Depositary agrees to maintain records of all Receipts surrendered and Deposited Securities withdrawn
under Section 2.6, substitute Receipts Delivered under Section 2.8 and cancelled or destroyed Receipts under Section 2.9, in keeping with the procedures ordinarily followed by stock transfer agents located in the United States. 

  
 13 

 ARTICLE III. 

CERTAIN OBLIGATIONS OF HOLDERS 

AND BENEFICIAL OWNERS OF RECEIPTS 

SECTION 3.1 Proofs, Certificates and Other Information. Any depositor presenting Shares for deposit and any Holder and any
Beneficial Owner may be required, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary or the Custodian such proof of citizenship or residence, taxpayer status, payment of all applicable taxes or other
governmental charges, exchange control approval, legal or beneficial ownership of ADSs and Deposited Securities, compliance with applicable laws and the terms of this Deposit Agreement and the provisions of, or governing, the Deposited Securities or
other information; to execute such certifications and to make such representations and warranties, and to provide such other information and documentation as the Depositary may deem necessary or proper or as the Company may reasonably require by
written request to the Depositary consistent with its obligations hereunder. The Depositary and the Registrar, as applicable, may, and at the request of the Company shall, withhold the execution or Delivery or registration of transfer of any Receipt
or the distribution or sale of any dividend or distribution of rights or of the proceeds thereof, or to the extent not limited by the terms of Section 7.10 hereof, the Delivery of any Deposited Securities, until such proof or other information
is filed or such certifications are executed, or such representations and warranties are made, or such other documentation or information provided, in each case to the Depositary’s and the Company’s satisfaction. The Depositary shall from
time to time on written request advise the Company of the availability of any such proofs, certificates or other information and shall, at the Company’s sole expense, provide or otherwise make available copies thereof to the Company upon
written request therefor by the Company, unless such disclosure is prohibited by law. Each Holder and Beneficial Owner agrees to provide any information requested by the Company or the Depositary pursuant to this Section 3.1. Nothing herein
shall obligate the Depositary to (i) obtain any information for the Company if not provided by the Holders or Beneficial Owners or (ii) verify or vouch for the accuracy of the information so provided by the Holders or Beneficial Owners.

 SECTION 3.2 Liability for Taxes and Other Charges. If any present or future tax or other governmental charge shall become
payable by the Depositary or the Custodian with respect to any ADR or any Deposited Securities or American Depositary Shares, such tax or other governmental charge shall be payable by the Holders and Beneficial Owners to the Depositary and such
Holders and Beneficial Owners shall be deemed liable therefor. The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions made in respect of Deposited Securities and may sell for the account of a Holder and/or
Beneficial Owner any or all of the Deposited Securities and apply such distributions and sale proceeds in payment of such taxes (including applicable interest and penalties) and charges, with the Holder and the Beneficial Owner remaining fully
liable for any deficiency. In addition to any other remedies available to it, the Depositary and the Custodian may refuse the deposit of Shares, and the Depositary may refuse to issue ADSs, to Deliver ADRs, register the transfer, split-up or combination of ADRs and (subject to Section 7.10 hereof) the withdrawal of Deposited Securities, until payment in full of such tax, charge, penalty or interest is received. Every Holder and
Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian, and each of their respective agents, officers, directors, employees and Affiliates for, and to hold each of them harmless from, any claims with respect to taxes
(including applicable interest and penalties thereon) arising from any tax benefit obtained for such Holder and/or Beneficial Owner. The obligations of Holders and Beneficial Owners of Receipts under this Section 3.2 shall survive any transfer
of Receipts, any surrender of Receipts and withdrawal of Deposited Securities, or the termination of this Deposit Agreement. 

  
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 SECTION 3.3 Representations and Warranties on Deposit of Shares. Each person
presenting Shares for deposit under this Deposit Agreement shall be deemed thereby to represent and warrant that (i) such Shares and the certificates therefor are duly authorized, validly issued, fully paid,
non-assessable and were legally obtained by such person, (ii) all preemptive (and similar) rights, if any, with respect to such Shares have been validly waived or exercised, (iii) the person making
such deposit is duly authorized so to do, (iv) the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim and are not, and the American Depositary Shares issuable upon such
deposit will not be, Restricted Securities (except as contemplated by Section 2.11), (v) the Shares presented for deposit have not been stripped of any rights or entitlements and (vi) the Shares are not subject to any lock-up agreement with the Company or other party, or the Shares are subject to a lock-up agreement but such lock-up agreement has terminated or the lock-up restrictions imposed thereunder have expired. Such
representations and warranties shall survive the deposit and withdrawal of Shares, the issuance and cancellation of American Depositary Shares in respect thereof and the transfer of such American Depositary Shares. If any such representations
or warranties are false in any way, the Company and the Depositary shall be authorized, at the cost and expense of the person depositing Shares, to take any and all actions necessary to correct the consequences thereof. 

SECTION 3.4 Compliance with Information Requests. Notwithstanding any other provision of this Deposit Agreement, the Articles of
Association and applicable law, each Holder and Beneficial Owner agrees to (a) provide such information as the Company or the Depositary may request pursuant to law (including, without limitation, relevant Cayman Islands law, any applicable law
of the United States, the Memorandum and Articles of Association, any resolutions of the Company’s Board of Directors adopted pursuant to the Memorandum and Articles of Association, the requirements of any markets or exchanges upon which the
Shares, ADSs or Receipts are listed or traded, or to any requirements of any electronic book-entry system by which the ADSs or Receipts may be transferred), and (b) be bound by and subject to applicable
provisions of the laws of the Cayman Islands, the Memorandum and Articles of Association and the requirements of any markets or exchanges upon which the ADSs, Receipts or Shares are listed or traded, or pursuant to any requirements of any electronic
book-entry system by which the ADSs, Receipts or Shares may be transferred, to the same extent as if such Holder and Beneficial Owner held Shares directly, in each case irrespective of whether or not they are
Holders or Beneficial Owners at the time such request is made. The Depositary agrees to use its reasonable efforts to forward upon the request of the Company, and at the Company’s expense, any such request from the Company to the Holders and to
forward to the Company any such responses to such requests received by the Depositary. 

  
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 ARTICLE IV. 

THE DEPOSITED SECURITIES 

SECTION 4.1 Cash Distributions. Whenever the Depositary receives confirmation from the Custodian of receipt of any cash dividend
or other cash distribution on any Deposited Securities, or receives proceeds from the sale of any Shares, rights, securities or other entitlements under the terms hereof, the Depositary will, if at the time of receipt thereof any amounts received in
a foreign currency can in the judgment of the Depositary (pursuant to Section 4.6 hereof) be converted on a practicable basis into Dollars transferable to the United States, promptly convert or cause to be converted such cash dividend,
distribution or proceeds into Dollars (on the terms described in Section 4.6 hereof) and will distribute promptly the amount thus received (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary and
(b) taxes and/or governmental charges) to the Holders of record as of the ADS Record Date in proportion to the number of American Depositary Shares held by such Holders respectively as of the ADS Record Date. The Depositary shall distribute
only such amount, however, as can be distributed without attributing to any Holder a fraction of one cent. Any such fractional amounts shall be rounded to the nearest whole cent and so distributed to Holders entitled thereto. Holders and Beneficial
Owners understand that in converting Foreign Currency, amounts received on conversion are calculated at a rate which exceeds three or four decimal places (the number of decimal places used by the Depositary to report distribution rates). The excess
amount may be retained by the Depositary as an additional cost of conversion, irrespective of any other fees and expenses payable or owing hereunder and shall not be subject to escheatment. If the Company, the Custodian or the Depositary is required
to withhold and does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities an amount on account of taxes, duties or other governmental charges, the amount distributed to Holders on the ADSs representing
such Deposited Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or the Depositary to the relevant governmental authority. Evidence of payment thereof by the Company shall be forwarded by
the Company to the Depositary upon request. The Depositary shall forward to the Company or its agent such information from its records as the Company may reasonably request to enable the Company or its agent to file any necessary reports with
governmental agencies, or to obtain benefits under the applicable tax treaties for the Holders and Beneficial Owners of Receipts. 
 SECTION
4.2 Distribution in Shares. If any distribution upon any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Company shall cause such Shares to be deposited with the Custodian and registered, as the case
may be, in the name of the Depositary, the Custodian or any of their nominees. Upon receipt of confirmation of such deposit from the Custodian, the Depositary shall establish the ADS Record Date upon the terms described in Section 4.7 hereof
and shall, subject to Section 5.9 hereof, either (i) distribute to the Holders as of the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date, additional ADSs, which represent in the aggregate the number of
Shares received as such dividend, or free distribution, subject to the other terms of this Deposit Agreement (including, without limitation, (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes
and/or governmental charges), or (ii) if additional ADSs are not so distributed, each ADS issued and outstanding after the ADS Record Date shall, to the extent permissible by law, thenceforth also represent rights and interests in the
additional Shares distributed upon the Deposited Securities represented thereby (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes and/or governmental charges). In lieu of Delivering
fractional ADSs, the Depositary shall sell the number of Shares represented by the aggregate of such fractions and distribute the proceeds upon the terms described in Section 4.1 hereof. The Depositary may withhold any such distribution of
Receipts if it has not received satisfactory assurances from the Company (including an Opinion of Counsel furnished at the expense of the Company) that such distribution does not require registration under the Securities Act or is exempt from
registration under the provisions of the Securities Act. To the extent such distribution may be withheld, the Depositary may dispose of all or a portion of such distribution in such amounts and in such manner, including by public or private sale, as
the Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds of any such sale (after deduction of applicable taxes and/or governmental charges and fees and charges of, and expenses incurred by, the Depositary)
to Holders entitled thereto upon the terms described in Section 4.1 hereof. 

  
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 SECTION 4.3 Elective Distributions in Cash or Shares. Whenever the Company intends to
distribute a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30 days prior to the proposed distribution stating whether or not it wishes
such elective distribution to be made available to Holders of ADSs. Upon receipt of notice indicating that the Company wishes such elective distribution to be made available to Holders of ADSs, the Depositary shall consult with the Company to
determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such elective distribution available to the Holders of ADSs. The Depositary shall make such elective distribution
available to Holders only if (i) the Company shall have timely requested that the elective distribution is available to Holders of ADRs, (ii) the Depositary shall have determined that such distribution is reasonably practicable and
(iii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7 hereof. If the above conditions are not satisfied, the Depositary shall, to the extent permitted by law, distribute to the Holders, on the
basis of the same determination as is made in the local market in respect of the Shares for which no election is made, either cash upon the terms described in Section 4.1 hereof or additional ADSs representing such additional Shares upon the
terms described in Section 4.2 hereof. If the above conditions are satisfied, the Depositary shall establish an ADS Record Date (on the terms described in Section 4.7 hereof) and establish procedures to enable Holders to elect the receipt
of the proposed dividend in cash or in additional ADSs. The Company shall assist the Depositary in establishing such procedures to the extent necessary. Subject to Section 5.9 hereof, if a Holder elects to receive the proposed dividend in cash,
the dividend shall be distributed upon the terms described in Section 4.1 hereof or in ADSs, the dividend shall be distributed upon the terms described in Section 4.2 hereof. Nothing herein shall obligate the Depositary to make available
to Holders a method to receive the elective dividend in Shares (rather than ADSs). There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to receive elective distributions on the same terms and
conditions as the holders of Shares. 
 SECTION 4.4 Distribution of Rights to Purchase Shares. 

(a) Distribution to ADS Holders. Whenever the Company intends to distribute to the holders of the Deposited Securities rights to subscribe for
additional Shares, the Company shall give notice thereof to the Depositary at least 45 days prior to the proposed distribution stating whether or not it wishes such rights to be made available to Holders of ADSs. Upon receipt of a notice
indicating that the Company wishes such rights to be made available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall determine, whether it is lawful and reasonably practicable to make such rights
available to the Holders. The Depositary shall make such rights available to Holders only if (i) the Company shall have timely requested that such rights be made available to Holders, (ii) the Depositary shall have received satisfactory
documentation within the terms of Section 5.7 hereof and (iii) the Depositary shall have determined that such distribution of rights is lawful and reasonably practicable. In the event any of the conditions set forth above are not
satisfied, the Depositary shall proceed with the sale of the rights as contemplated in Section 4.4(b) below or, if timing or market conditions may not permit, do nothing thereby allowing such rights to lapse. In the event all conditions set
forth above are satisfied, the Depositary shall establish an ADS Record Date (upon the terms described in Section 4.7 hereof) and establish procedures to distribute such rights (by means of warrants or otherwise) and to enable the Holders to
exercise the rights (upon payment of applicable fees and charges of, and expenses incurred by, the Depositary and taxes and/or other governmental charges). Nothing herein shall obligate the Depositary to make available to the Holders a method to
exercise such rights to subscribe for Shares (rather than ADSs). 

  
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 (b) Sale of Rights. If (i) the Company does not timely request the Depositary to make the rights
available to Holders or requests that the rights not be made available to Holders, (ii) the Depositary fails to receive satisfactory documentation within the terms of Section 5.7 hereof or determines it is not lawful or reasonably
practicable to make the rights available to Holders or (iii) any rights made available are not exercised and appear to be about to lapse, the Depositary shall determine whether it is lawful and reasonably practicable to sell such rights, in a
riskless principal capacity or otherwise, at such place and upon such terms (including public or private sale) as it may deem proper. The Company shall assist the Depositary to the extent necessary to determine such legality and practicability. The
Depositary shall, upon such sale, convert and distribute proceeds of such sale (net of applicable fees and charges of, and expenses incurred by, the Depositary and taxes and/or governmental charges) upon the terms set forth in Section 4.1
hereof. 
 (c) Lapse of Rights. If the Depositary is unable to make any rights available to Holders upon the terms described in Section 4.4(a)
hereof or to arrange for the sale of the rights upon the terms described in Section 4.4(b) hereof, the Depositary shall allow such rights to lapse. 

The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or practicable to make such rights available to Holders in
general or any Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale or exercise or (iii) the content of any materials forwarded to the Holders on behalf of the Company in connection with
the rights distribution. 
 Notwithstanding anything to the contrary in this Section 4.4, if registration (under the Securities Act or any other
applicable law) of the rights or the securities to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders and to sell the securities represented by such rights, the Depositary will not
distribute such rights to the Holders (i) unless and until a registration statement under the Securities Act covering such offering is in effect or (ii) unless the Company furnishes at its expense the Depositary with opinion(s) of counsel
for the Company in the United States and counsel to the Company in any other applicable country in which rights would be distributed, in each case satisfactory to the Depositary, to the effect that the offering and sale of such securities to Holders
and Beneficial Owners are exempt from, or do not require registration under, the provisions of the Securities Act or any other applicable laws. In the event that the Company, the Depositary or the Custodian shall be required to withhold and does
withhold from any distribution of property (including rights) an amount on account of taxes and/or other governmental charges, the amount distributed to the Holders shall be reduced accordingly. In the event that the Depositary determines that any
distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, the Depositary may dispose of all or a portion of such property
(including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable to pay any such taxes and/or charges. 

  
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 There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to
exercise rights on the same terms and conditions as the holders of Shares or be able to exercise such rights. Nothing herein shall obligate the Company to file any registration statement in respect of any rights or Shares or other securities to be
acquired upon the exercise of such rights or otherwise to register or qualify the offer or sale of such rights or securities under the applicable law of any other jurisdiction for any purpose. 

SECTION 4.5 Distributions Other Than Cash, Shares or Rights to Purchase Shares. 

(a) Whenever the Company intends to distribute to the holders of Deposited Securities property other than cash, Shares or rights to purchase additional
Shares, the Company shall give notice thereof to the Depositary at least 30 days prior to the proposed distribution and shall indicate whether or not it wishes such distribution to be made to Holders of ADSs. Upon receipt of a notice indicating
that the Company wishes such distribution be made to Holders of ADSs, the Depositary shall determine whether such distribution to Holders is lawful and practicable. The Depositary shall not make such distribution unless (i) the Company shall
have timely requested the Depositary to make such distribution to Holders, (ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7 hereof and (iii) the Depositary shall have determined that
such distribution is reasonably practicable. 
 (b) Upon receipt of satisfactory documentation and the request of the Company to distribute property to
Holders of ADSs and after making the requisite determinations set forth in (a) above, the Depositary may distribute the property so received to the Holders of record as of the ADS Record Date, in proportion to the number of ADSs held by such
Holders respectively and in such manner as the Depositary may deem practicable for accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges of, and expenses incurred by, the Depositary and
(ii) net of any taxes and/or other governmental charges. The Depositary may dispose of all or a portion of the property so distributed and deposited, in such amounts and in such manner (including public or private sale) as the Depositary may
deem practicable or necessary to satisfy any taxes (including applicable interest and penalties) and other governmental charges applicable to the distribution. 

(c) If (i) the Company does not request the Depositary to make such distribution to Holders or requests not to make such distribution to Holders,
(ii) the Depositary does not receive satisfactory documentation within the terms of Section 5.7 hereof or (iii) the Depositary determines that all or a portion of such distribution is not reasonably practicable or feasible, the
Depositary shall endeavor to sell or cause such property to be sold in a public or private sale, at such place or places and upon such terms as it may deem proper and shall distribute the net proceeds, if any, of such sale received by the Depositary
(net of applicable fees and charges of, and expenses incurred by, the Depositary and taxes and/or governmental charges) to the Holders as of the ADS Record Date upon the terms of Section 4.1 hereof. If the Depositary is unable to sell such
property, the Depositary may dispose of such property in any way it deems reasonably practicable under the circumstances for nominal or no consideration and Holders and Beneficial Owners shall have no rights thereto or arising therefrom. 

  
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 SECTION 4.6 Conversion of Foreign Currency. Whenever the Depositary or the Custodian
shall receive Foreign Currency, by way of dividends or other distributions or the net proceeds from the sale of securities, property or rights, and in the judgment of the Depositary such Foreign Currency can at such time be converted on a
practicable basis (by sale or in any other manner that it may determine in accordance with applicable law) into Dollars transferable to the United States and distributable to the Holders entitled thereto, the Depositary shall convert or cause to be
converted, by sale or in any other manner that it may determine, such Foreign Currency into Dollars, and shall distribute such Dollars (net of any fees, expenses, taxes and/or other governmental charges incurred in the process of such conversion) in
accordance with the terms of the applicable sections of this Deposit Agreement. If the Depositary shall have distributed warrants or other instruments that entitle the holders thereof to such Dollars, the Depositary shall distribute such Dollars to
the holders of such warrants and/or instruments upon surrender thereof for cancellation, in either case without liability for interest thereon. Such distribution may be made upon an averaged or other practicable basis without regard to any
distinctions among Holders on account of exchange restrictions, the date of delivery of any Receipt or otherwise. 
 In converting Foreign Currency, amounts
received on conversion may be calculated at a rate which exceeds the number of decimal places used by the Depositary to report distribution rates (which in any case will not be less than two decimal places). Any excess amount may be retained by the
Depositary as an additional cost of conversion, irrespective of any other fees and expenses payable or owing hereunder and shall not be subject to escheatment. 

If such conversion or distribution can be effected only with the approval or license of any government or agency thereof, the Depositary may file such
application for approval or license, if any, as it may deem necessary, practicable and at nominal cost and expense. Nothing herein shall obligate the Depositary to file or cause to be filed, or to seek effectiveness of any such application or
license. 
 If at any time the Depositary shall determine that in its judgment the conversion of any Foreign Currency and the transfer and distribution of
proceeds of such conversion received by the Depositary is not practical or lawful, or if any approval or license of any governmental authority or agency thereof that is required for such conversion, transfer and distribution is denied, or not
obtainable at a reasonable cost, within a reasonable period or otherwise sought, the Depositary shall, in its sole discretion but subject to applicable laws and regulations, either (i) distribute the Foreign Currency (or an appropriate document
evidencing the right to receive such Foreign Currency) received by the Depositary to the Holders entitled to receive such Foreign Currency or (ii) hold such Foreign Currency uninvested and without liability for interest thereon for the
respective accounts of the Holders entitled to receive the same. 
 SECTION 4.7 Fixing of Record Date. Whenever necessary in
connection with any distribution (whether in cash, Shares, rights, or other distribution), or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each American Depositary Share, or whenever the
Depositary shall receive notice of any meeting of or solicitation of holders of Shares or other Deposited Securities, or whenever the Depositary shall find it necessary or convenient, the Depositary shall fix a record date (the “ADS Record
Date”), as close as practicable to the record date fixed by the Company with respect to the Shares, for the determination of the Holders who shall be entitled to receive such distribution, to give instructions to the Depositary for the exercise
of voting rights at any such meeting, to give or withhold such consent, to receive such notice or solicitation or to otherwise take action or to exercise the rights of Holders with respect to such changed number of Shares represented by each
American Depositary Share. Subject to applicable law and the provisions of Sections 4.1 through 4.6 hereof and to the other terms and conditions of this Deposit Agreement, only the Holders of record at the close of business in New York on such ADS
Record Date shall be entitled to receive such distribution, to give such voting instructions, to receive such notice or solicitation, or otherwise take action. 

  
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 SECTION 4.8 Voting of Deposited Securities. Subject to the next sentence, as soon as
practicable after receipt of notice of any meeting at which the holders of Deposited Securities are entitled to vote, or of solicitation of consents or proxies from holders of Deposited Securities, the Depositary shall fix the ADS Record Date in
respect of such meeting or solicitation of consent or proxy. The Depositary shall, if requested by the Company in writing in a timely manner (the Depositary having no obligation to take any further action if the request shall not have been received
by the Depositary at least 30 days prior to the date of such vote or meeting) and at the Company’s expense, and provided no U.S. legal prohibitions exist, mail by regular, ordinary mail delivery (or by electronic mail or as otherwise may be
agreed between the Company and the Depositary in writing from time to time) or otherwise distribute as soon as practicable after receipt thereof to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation of consent or
proxy; (b) a statement that the Holders at the close of business on the ADS Record Date will be entitled, subject to any applicable law, the provisions of this Deposit Agreement, the Company’s Memorandum and Articles of Association and the
provisions of or governing the Deposited Securities (which provisions, if any, shall be summarized in pertinent part by the Company), to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities
represented by such Holder’s American Depositary Shares; and (c) a brief statement as to the manner in which such voting instructions may be given to the Depositary, or in which instructions may be deemed to have been given in accordance
with this Section 4.8, including an express indication that instructions may be given (or be deemed to have been given in accordance with the immediately following paragraph of this section if no instruction is received) to the Depositary to
give a discretionary proxy to a person or persons designated by the Company. Voting instructions may be given only in respect of a number of American Depositary Shares representing an integral number of Deposited Securities. Upon the timely receipt
of voting instructions of a Holder on the ADS Record Date in the manner specified by the Depositary, the Depositary shall endeavor, insofar as practicable and permitted under applicable law, the provisions of this Deposit Agreement, the
Company’s Memorandum and Articles of Association and the provisions of or governing the Deposited Securities, to vote or cause the Custodian to vote the Deposited Securities (in person or by proxy) represented by American Depositary Shares
evidenced by such Receipt in accordance with such voting instructions. 
 In the event that (i) the Depositary timely receives voting instructions from
a Holder which fail to specify the manner in which the Depositary is to vote the Deposited Securities represented by such Holder’s ADSs or (ii) no timely instructions are received by the Depositary from a Holder with respect to any of the
Deposited Securities represented by the ADSs held by such Holder on the ADS Record Date, the Depositary shall (unless otherwise specified in the notice distributed to Holders) deem such Holder to have instructed the Depositary to give a
discretionary proxy to a person designated by the Company with respect to such Deposited Securities and the Depositary shall give a discretionary proxy to a person designated by the Company to vote such Deposited Securities, provided, however, that
no such instruction shall be deemed to have been given and no such discretionary proxy shall be given with respect to any matter as to which the Company informs the Depositary (and the Company agrees to provide such information as promptly as
practicable in writing, if applicable) that (x) the Company does not wish to give such proxy, (y) the Company is aware or should reasonably be aware that substantial opposition exists from Holders against the outcome for which the person
designated by the Company would otherwise vote or (z) the outcome for which the person designated by the Company would otherwise vote would materially and adversely affect the rights of holders of Deposited Securities, provided, further, that
the Company will have no liability to any Holder or Beneficial Owner resulting from such notification. 

  
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 In the event that voting on any resolution or matter is conducted on a show of hands basis in accordance with the
Memorandum and Articles of Association, the Depositary will refrain from voting and the voting instructions (or the deemed voting instructions, as set out above) received by the Depositary from Holders shall lapse. The Depositary will have no
obligation to demand voting on a poll basis with respect to any resolution and shall have no liability to any Holder or Beneficial Owner for not having demanded voting on a poll basis. 

Neither the Depositary nor the Custodian shall, under any circumstances exercise any discretion as to voting, and neither the Depositary nor the Custodian
shall vote, attempt to exercise the right to vote, or in any way make use of for purposes of establishing a quorum or otherwise, the Deposited Securities represented by ADSs except pursuant to and in accordance with such written instructions from
Holders, including the deemed instruction to the Depositary to give a discretionary proxy to a person designated by the Company. Deposited Securities represented by ADSs for which (i) no timely voting instructions are received by the Depositary
from the Holder, or (ii) timely voting instructions are received by the Depositary from the Holder but such voting instructions fail to specify the manner in which the Depositary is to vote the Deposited Securities represented by such
Holder’s ADSs, shall be voted in the manner provided in this Section 4.8. Notwithstanding anything else contained herein, and subject to applicable law, regulation and the Memorandum and Articles of Association, the Depositary shall, if so
requested in writing by the Company, represent all Deposited Securities (whether or not voting instructions have been received in respect of such Deposited Securities from Holders as of the ADS Record Date) for the purpose of establishing quorum at
a meeting of shareholders. 
 There can be no assurance that Holders or Beneficial Owners generally or any Holder or Beneficial Owner in particular will
receive the notice described above with sufficient time to enable the Holder to return voting instructions to the Depositary in a timely manner. 

Notwithstanding the above, save for applicable provisions of the law of the Cayman Islands, and in accordance with the terms of Section 5.3 hereof, the
Depositary shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities or the manner in which such vote is cast or the effect of such vote. 

  
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 SECTION 4.9 Changes Affecting Deposited Securities. Upon any change in par value, split-up, subdivision, cancellation, consolidation or any other reclassification of Deposited Securities or upon any recapitalization, reorganization, amalgamation, merger or consolidation or sale of assets
affecting the Company or to which it is otherwise a party, any securities which shall be received by the Depositary or the Custodian in exchange for, or in conversion of or replacement or otherwise in respect of, such Deposited Securities shall, to
the extent permitted by law, be treated as new Deposited Securities under this Deposit Agreement and the Receipts shall, subject to the provisions of this Deposit Agreement and applicable law, evidence American Depositary Shares representing the
right to receive such additional securities. Alternatively, the Depositary may, with the Company’s approval, and shall, if the Company shall so request, subject to the terms of this Deposit Agreement and receipt of an Opinion of Counsel
furnished at the Company’s expense satisfactory to the Depositary (stating that such distributions are not in violation of any applicable laws or regulations), execute and deliver additional Receipts, as in the case of a stock dividend on the
Shares, or call for the surrender of outstanding Receipts to be exchanged for new Receipts. In either case, as well as in the event of newly deposited Shares, necessary modifications to the form of Receipt contained in Exhibit A and
Exhibit B hereto, specifically describing such new Deposited Securities and/or corporate change, shall also be made. The Company agrees that it will, jointly with the Depositary, amend the Registration Statement on Form F-6 as filed with the Commission to permit the issuance of such new form of Receipt. Notwithstanding the foregoing, in the event that any security so received may not be lawfully distributed to some or all Holders,
the Depositary may, with the Company’s approval, and shall, if the Company requests, subject to receipt of an Opinion of Counsel (furnished at the Company’s expense) satisfactory to the Depositary that such action is not in violation of
any applicable laws or regulations, sell such securities at public or private sale, at such place or places and upon such terms as it may deem proper and may allocate the net proceeds of such sales (net of fees and charges of, and expenses incurred
by, the Depositary and taxes and/or governmental charges) for the account of the Holders otherwise entitled to such securities upon an averaged or other practicable basis without regard to any distinctions among such Holders and distribute the net
proceeds so allocated to the extent practicable as in the case of a distribution received in cash pursuant to Section 4.1 hereof. The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or feasible to
make such securities available to Holders in general or to any Holder in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale or (iii) any liability to the purchaser of such securities. 

SECTION 4.10 Available Information. The Company is subject to the periodic reporting requirements of the Exchange Act
applicable to foreign private issuers (as defined in Rule 405 of the Securities Act) and accordingly files certain information with the Commission. These reports and documents can be inspected and copied at the Commission’s website at
www.sec.gov or at the public reference facilities maintained by the Commission located at 100 F Street, N.E., Washington D.C. 20549, U.S.A. 

SECTION 4.11 Reports. The Depositary shall make available during normal business hour on any Business Day for inspection by
Holders at its Corporate Trust Office any reports and communications, including any proxy soliciting materials, received from the Company which are both received by the Depositary, the Custodian, or the nominee of either of them as the holder of the
Deposited Securities and made generally available to the holders of such Deposited Securities by the Company. The Company agrees to provide to the Depositary, at the Company’s expense, all documents that it provides to the Custodian. The
Depositary shall, at the expense of the Company (unless otherwise agreed in writing by the Company and the Depositary), and in accordance with Section 5.6 hereof, also mail by regular, ordinary mail delivery or by electronic transmission (if
agreed by the Company and the Depositary) and unless otherwise agreed in writing by the Company and the Depositary, to Holders copies of such reports when furnished by the Company pursuant to Section 5.6 hereof. 

  
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 SECTION 4.12 List of Holders . Promptly upon written request by the Company, the
Depositary shall furnish to it a list, as of a recent date, of the names, addresses and holdings of American Depositary Shares by all persons in whose names Receipts are registered on the books of the Depositary. 

SECTION 4.13 Taxation; Withholding . The Depositary will, and will instruct the Custodian to, forward to the Company or its
agents such information from its records as the Company may request to enable the Company or its agents to file necessary tax reports with governmental authorities or agencies. The Depositary, the Custodian or the Company and its agents may, but
shall not be obligated to, file such reports as are necessary to reduce or eliminate applicable taxes on dividends and on other distributions in respect of Deposited Securities under applicable tax treaties or laws for the Holders and Beneficial
Owners. Holders and Beneficial Owners of American Depositary Shares may be required from time to time, and in a timely manner, to file such proof of taxpayer status, residence and beneficial ownership (as applicable), to execute such certificates
and to make such representations and warranties, or to provide any other information or documents, as the Depositary or the Custodian may deem necessary or proper to fulfill the Depositary’s or the Custodian’s obligations under applicable
law. The Holders and Beneficial Owners shall indemnify the Depositary, the Company, the Custodian and any of their respective directors, employees, agents and Affiliates against, and hold each of them harmless from, any claims by any governmental
authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained by the Beneficial Owner or Holder. 

The Company shall remit to the appropriate governmental authority or agency any amounts required to be withheld by the Company and owing to such governmental
authority or agency. Upon any such withholding, the Company shall remit to the Depositary information, in a form reasonably satisfactory to the Depositary, about such taxes and/or governmental charges withheld or paid, and, if so requested, the tax
receipt (or other proof of payment to the applicable governmental authority) therefor. The Depositary shall, to the extent required by U.S. law, report to Holders (i) any taxes withheld by it; (ii) any taxes withheld by the Custodian,
subject to information being provided to the Depositary by the Custodian and (iii) any taxes withheld by the Company, subject to information being provided to the Depositary by the Company. The Depositary and the Custodian shall not be required
to provide the Holders with any evidence of the remittance by the Company (or its agents) of any taxes withheld, or of the payment of taxes by the Company, except to the extent the evidence is provided by the Company to the Depositary. None of the
Depositary, the Custodian or the Company shall be liable for the failure by any Holder or Beneficial Owner to obtain the benefits of credits on the basis of non-U.S. tax paid against such Holder’s or
Beneficial Owner’s income tax liability. 
 In the event that the Depositary determines that any distribution in property (including Shares and rights
to subscribe therefor) is subject to any tax or other governmental charge which the Depositary is obligated to withhold, the Depositary shall withhold the amount required to be withheld and may by public or private sale dispose of all or a portion
of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner as the Depositary deems necessary and practicable to pay such taxes and/or charges and the Depositary shall distribute the net proceeds of any
such sale after deduction of such taxes and/or charges to the Holders entitled thereto in proportion to the number of American Depositary Shares held by them respectively. 

The Depositary is under no obligation to provide the Holders and Beneficial Owners with any information about the tax status of the Company. The Depositary
shall not incur any liability for any tax consequences that may be incurred by Holders and Beneficial Owners on account of their ownership of the American Depositary Shares. 

  
 24 

 ARTICLE V. 

THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY 

SECTION 5.1 Maintenance of Office and Transfer Books by the Registrar. Until termination of this Deposit Agreement in
accordance with its terms, the Depositary or if a Registrar for the Receipts shall have been appointed, the Registrar shall maintain in the Borough of Manhattan, the City of New York, an office and facilities for the execution and delivery,
registration, registration of transfers, combination and split-up of Receipts, the surrender of Receipts and the delivery and withdrawal of Deposited Securities in accordance with the provisions of this
Deposit Agreement. 
 The Depositary or the Registrar as applicable, shall keep books for the registration of Receipts and transfers of Receipts which at
all reasonable times shall be open for inspection by the Company and by the Holders of such Receipts, provided that such inspection shall not be, to the Depositary’s or the Registrar’s knowledge, for the purpose of communicating with
Holders of such Receipts in the interest of a business or object other than the business of the Company or other than a matter related to this Deposit Agreement or the Receipts. 

The Depositary or the Registrar, as applicable, may close the transfer books with respect to the Receipts, at any time and from time to time, when deemed
necessary or advisable by it in connection with the performance of its duties hereunder, or at the reasonable written request of the Company. 
 If any
Receipts or the American Depositary Shares evidenced thereby are listed on one or more stock exchanges or automated quotation systems in the United States, the Depositary shall act as Registrar or appoint a Registrar or one or more co-registrars for registration of Receipts and transfers, combinations and split-ups, and to countersign such Receipts in accordance with any requirements of such exchanges or
systems. Such Registrar or co-registrars may be removed and a substitute or substitutes appointed by the Depositary. 

If any Receipts or the American Depositary Shares evidenced thereby are listed on one or more securities exchanges, markets or automated quotation systems,
(i) the Depositary shall be entitled to, and shall, take or refrain from taking such action(s) as it may deem necessary or appropriate to comply with the requirements of such securities exchange(s), market(s) or automated quotation system(s)
applicable to it, notwithstanding any other provision of this Deposit Agreement; and (ii) upon the reasonable request of the Depositary, the Company shall provide the Depositary such information and assistance as may be reasonably necessary for
the Depositary to comply with such requirements, to the extent that the Company may lawfully do so. 
 Each Registrar and co-registrar appointed under this
Section 5.1 shall give notice in writing to the Depositary accepting such appointment and agreeing to be bound by the applicable terms of the Deposit Agreement. 

  
 25 

 SECTION 5.2 Exoneration. None of the Depositary, the Custodian or the Company
shall be obligated to do or perform any act which is inconsistent with the provisions of this Deposit Agreement or shall incur any liability (i) if the Depositary, the Custodian or the Company or their respective controlling persons or agents
shall be prevented or forbidden from, or delayed in, doing or performing any act or thing required by the terms of this Deposit Agreement, by reason of any provision of any present or future law or regulation of the United States or any state
thereof, the Cayman Islands or any other country, or of any other governmental authority or regulatory authority or stock exchange, or on account of the possible criminal or civil penalties or restraint, or by reason of any provision, present or
future, of the Memorandum and Articles of Association or any provision of or governing any Deposited Securities, or by reason of any act of God or war or other circumstances beyond its control (including, without limitation, nationalization,
expropriation, currency restrictions, work stoppage, strikes, civil unrest, revolutions, rebellions, explosions and computer failure), (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit
Agreement or in the Memorandum and Articles of Association or provisions of or governing Deposited Securities, (iii) for any action or inaction of the Depositary, the Custodian or the Company or their respective controlling persons or agents in
reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any other person believed by it in good faith to be
competent to give such advice or information, (iv) for the inability by a Holder or Beneficial Owner to benefit from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not, under
the terms of this Deposit Agreement, made available to Holders of American Depositary Shares or (v) for any special, consequential, indirect or punitive damages for any breach of the terms of this Deposit Agreement or otherwise. 

The Depositary, its controlling persons, its agents, the Custodian and the Company, its controlling persons and its agents may rely and shall be protected in
acting upon any written notice, request, opinion or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. 

No disclaimer of liability under the Securities Act is intended by any provision of this Deposit Agreement. 

SECTION 5.3 Standard of Care. The Company and the Depositary and their respective directors, officers, affiliates, employees
and agents assume no obligation and shall not be subject to any liability under this Deposit Agreement or any Receipts to any Holder(s) or Beneficial Owner(s) or other persons, except in accordance with Section 5.8 hereof, provided, that the
Company and the Depositary and their respective directors, officers, affiliates, employees and agents agree to perform their respective obligations specifically set forth in this Deposit Agreement or the applicable ADRs without gross negligence or
willful misconduct. 
 Without limitation of the foregoing, neither the Depositary, nor the Company, nor any of their respective controlling persons,
directors, officers, affiliates, employees or agents, shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or in respect of the Receipts, which in its opinion may
involve it in expense or liability, unless indemnity satisfactory to it against all expenses (including fees and disbursements of counsel) and liabilities be furnished as often as may be required (and no Custodian shall be under any obligation
whatsoever with respect to such proceedings, the responsibility of the Custodian being solely to the Depositary). 

  
 26 

 The Depositary and its directors, officers, affiliates, employees and agents shall not be liable for any failure
to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any vote is cast or the effects of any vote. The Depositary shall not incur any liability for any failure to determine that any distribution or action
may be lawful or reasonably practicable, for the content of any information submitted to it by the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an
interest in the Deposited Securities, for the validity or worth of the Deposited Securities or for any tax consequences that may result from the ownership of ADSs, Shares or Deposited Securities, for the
credit-worthiness of any third party, for allowing any rights to lapse upon the terms of this Deposit Agreement or for the failure or timeliness of any notice from the Company, or for any action or non action
by it in reliance upon the opinion, advice of or information from legal counsel, accountants, any person representing Shares for deposit, any Holder or any other person believed by it in good faith to be competent to give such advice or information.
The Depositary and its agents shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with any matter arising wholly after the removal or
resignation of the Depositary, provided that in connection with the issue out of which such potential liability arises the Depositary performed its obligations without gross negligence or willful misconduct while it acted as Depositary. 

SECTION 5.4 Resignation and Removal of the Depositary; Appointment of Successor Depositary. The Depositary may at any time
resign as Depositary hereunder by written notice of resignation delivered to the Company, such resignation to be effective on the earlier of (i) the 90th day after delivery thereof to the Company (whereupon the Depositary shall, in the event no
successor depositary has been appointed by the Company, be entitled to take the actions contemplated in Section 6.2 hereof) and (ii) upon the appointment by the Company of a successor depositary and its acceptance of such appointment as
hereinafter provided, save that, any amounts, fees, costs or expenses owed to the Depositary hereunder or in accordance with any other agreements otherwise agreed in writing between the Company and the Depositary from time to time shall be paid to
the Depositary prior to such resignation. 
 The Company shall use reasonable efforts to appoint such successor depositary, and give notice to the
Depositary of such appointment, not more than 90 days after delivery by the Depositary of written notice of resignation as provided in this Section 5.4. In the event that notice of the appointment of a successor depositary is not provided
by the Company in accordance with the preceding sentence, the Depositary shall be entitled to take the actions contemplated in Section 6.2 hereof. 

The Depositary may at any time be removed by the Company by written notice of such removal, which removal shall be effective on the later of (i) the 90th
day after delivery thereof to the Depositary (whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2 hereof), and (ii) upon the appointment by the Company of a successor depositary and its acceptance of
such appointment as hereinafter provided, save that, any amounts, fees, costs or expenses owed to the Depositary hereunder or in accordance with any other agreements otherwise agreed in writing between the Company and the Depositary from time to
time shall be paid to the Depositary prior to such removal. 

  
 27 

 In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use its best
efforts to appoint a successor depositary, which shall be a bank or trust company having an office in the Borough of Manhattan, the City of New York. Every successor depositary shall be required by the Company to execute and deliver to its
predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed (except as required by applicable law), shall become fully vested with all the
rights, powers, duties and obligations of its predecessor. The predecessor depositary, upon payment of all sums due to it and on the written request of the Company, shall (i) execute and deliver an instrument transferring to such successor all
rights and powers of such predecessor hereunder (other than as contemplated in Sections 5.8 and 5.9 hereof), (ii) duly assign, transfer and deliver all right, title and interest to the Deposited Securities to such successor, and
(iii) deliver to such successor a list of the Holders of all outstanding Receipts and such other information relating to Receipts and Holders thereof as the successor may reasonably request. Any such successor depositary shall promptly mail
notice of its appointment to such Holders. 
 Any corporation into or with which the Depositary may be merged or consolidated shall be the successor of the
Depositary without the execution or filing of any document or any further act. 
 SECTION 5.5 The Custodian. The Custodian
or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Deposited Securities for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian
resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptly appoint a substitute custodian. The Depositary shall require
such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated
by the Depositary. Whenever the Depositary determines, in its discretion, that it is appropriate to do so, it may appoint an additional entity to act as Custodian with respect to any Deposited Securities, or discharge the Custodian with respect to
any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. After any such change, the Depositary shall give notice thereof in writing to all Holders. 

Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the
Custodian of the Deposited Securities without any further act or writing and shall be subject to the direction of the successor depositary. The successor depositary so appointed shall, nevertheless, on the written request of any Custodian, execute
and deliver to such Custodian all such instruments as may be proper to give to such Custodian full and complete power and authority to act on the direction of such successor depositary. 

SECTION 5.6 Notices and Reports. On or before the first date on which the Company gives notice, by publication or otherwise,
of any meeting of holders of Shares or other Deposited Securities, or of any adjourned meeting of such holders, or of the taking of any action by such holders other than at a meeting, or of the taking of any action in respect of any cash or other
distributions or the offering of any rights in respect of Deposited Securities, the Company shall transmit to the Depositary and the Custodian a copy of the notice thereof in English but otherwise in the form given or to be given to holders of
Shares or other Deposited Securities. The Company shall also furnish to the Custodian and the Depositary a summary, in English, of any applicable provisions or proposed provisions of the Memorandum and Articles of Association that may be relevant or
pertain to such notice of meeting or be the subject of a vote thereat. 

  
 28 

 The Company will also transmit to the Depositary (a) English language versions of the other notices, reports
and communications which are made generally available by the Company to holders of its Shares or other Deposited Securities and (b) English language versions of the Company’s annual and other reports prepared in accordance with the
applicable requirements of the Commission. The Depositary shall arrange, at the request of the Company and at the Company’s expense, for the mailing of copies thereof to all Holders, or by any other means as agreed between the Company and the
Depositary (at the Company’s expense) or make such notices, reports and other communications available for inspection by all Holders, provided, that, the Depositary shall have received evidence sufficiently satisfactory to it, including in the
form of an Opinion of Counsel regarding U.S. law or of any other applicable jurisdiction, furnished at the expense of the Company, as the Depositary reasonably requests, that the distribution of such notices, reports and any such other
communications to Holders from time to time is valid and does not or will not infringe any local, U.S. or other applicable jurisdiction regulatory restrictions or requirements if so distributed and made available to Holders. The Company will timely
provide the Depositary with the quantity of such notices, reports, and communications, as requested by the Depositary from time to time, in order for the Depositary to effect such mailings. The Company has delivered to the Depositary and the
Custodian a copy of the Memorandum and Articles of Association along with the provisions of or governing the Shares and any other Deposited Securities issued by the Company or any Affiliate of the Company, in connection with the Shares, in each
case, to the extent not in English, along with a certified English translation thereof, and promptly upon any amendment thereto or change therein, the Company shall deliver to the Depositary and the Custodian a copy of such amendment thereto or
change therein, to the extent not in English, along with a certified English translation thereof. The Depositary may rely upon such copy for all purposes of this Deposit Agreement. 

The Depositary will make available a copy of any such notices, reports or communications issued by the Company and delivered to the Depositary for inspection
by the Holders of the Receipts evidencing the American Depositary Shares representing such Shares governed by such provisions at the Depositary’s Corporate Trust Office, at the office of the Custodian and at any other designated transfer
office. 
 SECTION 5.7 Issuance of Additional Shares, ADSs etc. The Company agrees that in the event it or any of its Affiliates
proposes (i) an issuance, sale or distribution of additional Shares, (ii) an offering of rights to subscribe for Shares or other Deposited Securities, (iii) an issuance of securities convertible into or exchangeable for Shares,
(iv) an issuance of rights to subscribe for securities convertible into or exchangeable for Shares, (v) an elective dividend of cash or Shares, (vi) a redemption of Deposited Securities, (vii) a meeting of holders of Deposited
Securities, or solicitation of consents or proxies, relating to any reclassification of securities, merger, subdivision, amalgamation or consolidation or transfer of assets or (viii) any reclassification, recapitalization, reorganization,
merger, amalgamation, consolidation or sale of assets which affects the Deposited Securities, it will obtain U.S. legal advice and take all steps necessary to ensure that the application of the proposed transaction to Holders and Beneficial Owners
does not violate the registration provisions of the Securities Act, or any other applicable laws (including, without limitation, the Investment Company Act of 1940, as amended, the Exchange Act or the securities laws of the states of the United
States). In support of the foregoing, the Company will furnish to the Depositary at its request, at the Company’s expense, (a) a written opinion of U.S. counsel (satisfactory to the Depositary) stating whether or not application of such
transaction to Holders and Beneficial Owners (1) requires a registration statement under the Securities Act to be in effect or (2) is exempt from the registration requirements of the Securities Act and/or (3) dealing with such other
issues requested by the Depositary; (b) a written opinion of Cayman Islands counsel (satisfactory to the Depositary) stating that (1) making the transaction available to Holders and Beneficial Owners does not violate the laws or
regulations of the Cayman Islands and (2) all requisite regulatory consents and approvals have been obtained in the Cayman Islands; and (c) as the Depositary may request, a written Opinion of Counsel in any other jurisdiction in which
Holders or Beneficial Owners reside to the effect that making the transaction available to such Holders or Beneficial Owners does not violate the laws or regulations of such jurisdiction. If the filing of a registration statement is required, the
Depositary shall not have any obligation to proceed with the transaction unless it shall have received evidence reasonably satisfactory to it that such registration statement has been declared effective and that such distribution is in accordance
with all applicable laws or regulations. If, being advised by counsel, the Company determines that a transaction is required to be registered under the Securities Act, the Company will either (i) register such transaction to the extent
necessary, (ii) alter the terms of the transaction to avoid the registration requirements of the Securities Act or (iii) direct the Depositary to take specific measures, in each case as contemplated in this Deposit Agreement, to prevent
such transaction from violating the registration requirements of the Securities Act. 

  
 29 

 The Company agrees with the Depositary that neither the Company nor any of its Affiliates will at any time
(i) deposit any Shares or other Deposited Securities, either upon original issuance or upon a sale of Shares or other Deposited Securities previously issued and reacquired by the Company or by any such Affiliate, or (ii) issue additional
Shares, rights to subscribe for such Shares, securities convertible into or exchangeable for Shares or rights to subscribe for such securities, unless such transaction and the securities issuable in such transaction are exempt from registration
under the Securities Act or have been registered under the Securities Act (and such registration statement has been declared effective). 
 Notwithstanding
anything else contained in this Deposit Agreement, nothing in this Deposit Agreement shall be deemed to obligate the Company to file any registration statement in respect of any proposed transaction. 

SECTION 5.8 Indemnification. The Company agrees to indemnify the Depositary, any Custodian and each of their respective
directors, officers, employees, agents and Affiliates against, and hold each of them harmless from, any direct losses, liabilities, taxes, costs, claims, judgments, proceedings, actions, demands and any charges or expenses of any kind whatsoever
(including, but not limited to, reasonable fees and expenses of counsel, in each case, irrevocable value added tax and any similar tax charged or otherwise imposed in respect thereof) (collectively referred to as “Losses”) which the
Depositary or any agent thereof may incur or which may be made against it as a result of or in connection with its appointment or the exercise of its powers and duties under this Agreement or that may arise (a) out of or in connection with any
offer, issuance, sale, resale, transfer, deposit or withdrawal of Receipts, American Depositary Shares, the Shares, or other Deposited Securities, as the case may be, (b) out of or in connection with any offering documents in respect thereof or
(c) out of or in connection with acts performed or omitted, including, but not limited to, any delivery by the Depositary on behalf of the Company of information regarding the Company in connection with this Deposit Agreement, the Receipts, the
American Depositary Shares, the Shares, or any Deposited Securities, in any such case (i) by the Depositary, the Custodian or any of their respective directors, officers, employees, agents and Affiliates, except to the extent any such Losses
arise out of the gross negligence, or wilful misconduct of any of them, or (ii) by the Company or any of its directors, officers, employees, agents and Affiliates. Notwithstanding the above, in no event shall the Company or any of its
directors, officers, employees, agents and/or Affiliates be liable for (a) any indirect, special, punitive or consequential damages to the Depositary, any Custodian and each of their respective directors, officers, employees, agents and
Affiliates or any other person, or (b) any Losses arising out of information relating to the Depositary or any Custodian, as the case may be, furnished in writing by the Depositary to the Company expressly for use in any registration statement,
proxy statement, prospectus or preliminary prospectus or any other offering documents relating to the Receipts, the American Depositary Share, the Shares or any Deposited Securities. 

  
 30 

 The Depositary agrees to indemnify the Company and hold it harmless from any direct Losses which may arise out of
acts performed or omitted to be performed by the Depositary arising out of the gross negligence or wilful misconduct of the Depositary or any of its directors, officers or employees, agents and/or Affiliates. Notwithstanding the above, in no event
shall the Depositary or any of its directors, officers, employees, agents and/or Affiliates be liable for any indirect, special punitive or consequential damages to the Company, Holders, Beneficial Owners or any other person. 

Any person seeking indemnification hereunder (an “Indemnified Person”) shall notify the person from whom it is seeking indemnification
(the “Indemnifying Person”) of the commencement of any indemnifiable action or claim promptly after such Indemnified Person becomes aware of such commencement (provided that the failure to make such notification shall not affect
such Indemnified Person’s rights to indemnification except to the extent the Indemnifying Person is materially prejudiced by such failure) and shall consult in good faith with the Indemnifying Person as to the conduct of the defense of such
action or claim that may give rise to an indemnity hereunder, which defense shall be reasonable under the circumstances. No Indemnified Person shall compromise or settle any action or claim that may give rise to an indemnity hereunder without the
consent of the Indemnifying Person, which consent shall not be unreasonably withheld. 
 The obligations set forth in this Section shall survive the
termination of this Deposit Agreement and the succession or substitution of any party hereto. 
 SECTION 5.9 Fees and Charges of
Depositary. The Company, the Holders, the Beneficial Owners, and persons depositing Shares or surrendering ADSs for cancellation and withdrawal of Deposited Securities shall be required to pay to the Depositary the Depositary’s fees
and related charges identified as payable by them respectively as provided for under Article (9) of Exhibit A hereto. All fees and charges so payable may, at any time and from time to time, be changed by agreement between the Depositary and the
Company, but, in the case of fees and charges payable by Holders and Beneficial Owners, only in the manner contemplated in Section 6.1 hereof. The Depositary shall provide, without charge, a copy of its latest fee schedule to anyone upon
request. 
 The Depositary and the Company may reach separate agreement in relation to the payment of any additional remuneration to the Depositary in
respect of any exceptional duties which the Depositary finds necessary or desirable and agreed by both parties in the performance of its obligations hereunder and in respect of the actual costs and expenses of the Depositary in respect of any
notices required to be given to the Holders in accordance with Article (20) of Exhibit B hereto. 

  
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 In connection with any payment by the Company to the Depositary: 

 

	 	(i)	all fees, taxes, duties, charges, costs and expenses which are payable by the Company shall be paid or be procured to be paid by the Company (and any such amounts which are paid by the Depositary shall be reimbursed to
the Depositary by the Company upon demand therefor); 

  

	 	(ii)	such payment shall be subject to all necessary applicable exchange control and other consents and approvals having been obtained. The Company undertakes to use its reasonable endeavours to obtain all necessary approvals
that are required to be obtained by it in this connection; and 

  

	 	(iii)	the Depositary may request, in its sole but reasonable discretion after reasonable consultation with the Company, an Opinion of Counsel regarding U.S. law, the laws of the Cayman Islands or of any other relevant
jurisdiction, to be furnished at the expense of the Company, if at any time it deems it necessary to seek such an Opinion of Counsel regarding the validity of any action to be taken or instructed to be taken under this Agreement. 

The Company agrees to promptly pay to the Depositary such other fees, charges and expenses and to reimburse the Depositary for such out-of-pocket expenses as the Depositary and the Company may agree to in writing from time to time. Responsibility for payment of such charges may at any time and from time to
time be changed by agreement between the Company and the Depositary. 
 All payments by the Company to the Depositary under this Clause 5.9 shall be paid
without set-off or counterclaim, and free and clear of and without deduction or withholding for or on account of, any present or future taxes, levies, imports, duties, fees, assessments or other charges of
whatever nature, imposed by the Cayman Islands or by any department, agency or other political subdivision or taxing authority thereof or therein, and all interest, penalties or similar liabilities with respect thereto. 

The right of the Depositary to receive payment of fees, charges and expenses as provided above shall survive the termination of this Deposit Agreement. As to
any Depositary, upon the resignation or removal of such Depositary as described in Section 5.4 hereof, such right shall extend for those fees, charges and expenses incurred prior to the effectiveness of such resignation or removal. 

SECTION 5.10 Restricted Securities Owners/Ownership Restrictions. From time to time or upon request of the Depositary, the
Company shall provide to the Depositary a list setting forth, to the actual knowledge of the Company, those persons or entities who beneficially own Restricted Securities and the Company shall update such list on a regular basis. The Depositary may
rely on such list or update but shall not be liable for any action or omission made in reliance thereon. The Company agrees to advise in writing each of the persons or entities who, to the knowledge of the Company, holds Restricted Securities that
such Restricted Securities are ineligible for deposit hereunder (except under the circumstances contemplated in Section 2.11) and, to the extent practicable, shall require each of such persons to represent in writing that such person will not
deposit Restricted Securities hereunder (except under the circumstances contemplated in Section 2.11). The Company shall, in accordance with Article (24) of Exhibit B hereto, inform Holders and Beneficial Owners and the Depositary of any
other limitations on ownership of Shares that the Holders and Beneficial Owners may be subject to by reason of the number of ADSs held under the Articles of Association or applicable Cayman Islands law, as such restrictions may be in force from time
to time. 

  
 32 

 The Company may, in its sole discretion, but subject to applicable law, instruct the Depositary to take action
with respect to the ownership interest of any Holder or Beneficial Owner pursuant to the Memorandum and Articles of Association, including but not limited to, the removal or limitation of voting rights or the mandatory sale or disposition on behalf
of a Holder or Beneficial Owner of the Shares represented by the ADRs held by such Holder or Beneficial Owner in excess of such limitations, if and to the extent such disposition is permitted by applicable law and the Memorandum and Articles of
Association; provided that any such measures are practicable and legal and can be undertaken without undue burden or expense, and provided further the Depositary’s agreement to the foregoing is conditional upon it being advised of any
applicable changes in the Memorandum and Articles of Association. The Depositary shall have no liability for any actions taken in accordance with such instructions. 

ARTICLE VI. 
 AMENDMENT
AND TERMINATION 
 SECTION 6.1 Amendment/Supplement. Subject to the terms and conditions of this Section 6.1 and
applicable law, the Receipts outstanding at any time, the provisions of this Deposit Agreement and the form of Receipt attached hereto and to be issued under the terms hereof may at any time and from time to time be amended or supplemented by
written agreement between the Company and the Depositary in any respect which they may deem necessary or desirable and not materially prejudicial to the Holders without the consent of the Holders or Beneficial Owners. Any amendment or supplement
which shall impose or increase any fees or charges (other than charges in connection with foreign exchange control regulations, and taxes and/or other governmental charges, delivery and other such expenses payable by Holders or Beneficial Owners),
or which shall otherwise materially prejudice any substantial existing right of Holders or Beneficial Owners, shall not, however, become effective as to outstanding Receipts until 30 days after notice of such amendment or supplement shall have
been given to the Holders of outstanding Receipts. Notice of any amendment to the Deposit Agreement or form of Receipts shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe the specific amendments
in any such notice shall not render such notice invalid, provided, however, that, in each such case, the notice given to the Holders identifies a means for Holders and Beneficial Owners to retrieve or receive the text of such amendment (i.e., upon
retrieval from the Commission’s, the Depositary’s or the Company’s website or upon request from the Depositary). The parties hereto agree that any amendments or supplements which (i) are reasonably necessary (as agreed by the
Company and the Depositary) in order for (a) the American Depositary Shares to be registered on Form F-6 under the Securities Act or (b) the American Depositary Shares or the Shares to be traded
solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to materially prejudice any substantial rights
of Holders or Beneficial Owners. Every Holder and Beneficial Owner at the time any amendment or supplement so becomes effective shall be deemed, by continuing to hold such American Depositary Share or Shares, to consent and agree to such amendment
or supplement and to be bound by the Deposit Agreement as amended and supplemented thereby. In no event shall any amendment or supplement impair the right of the Holder to surrender such Receipt and receive therefor the Deposited Securities
represented thereby, except in order to comply with mandatory provisions of applicable law. Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations which would require amendment or supplement of the
Deposit Agreement to ensure compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement and the Receipt at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to
the Deposit Agreement in such circumstances may become effective before a notice of such amendment or supplement is given to Holders or within any other period of time as required for compliance with such laws, rules or regulations. 

  
 33 

 SECTION 6.2 Termination. The Depositary shall, at any time at the written
direction of the Company, terminate this Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least 60 days prior to the date fixed in such notice for such termination, provided that, the
Depositary shall be reimbursed for any amounts, fees, costs or expenses owed to it in accordance with the terms of this Deposit Agreement and in accordance with any other agreements as otherwise agreed in writing between the Company and the
Depositary from time to time, prior to such termination shall take effect. If 90 days shall have expired after (i) the Depositary shall have delivered to the Company a written notice of its election to resign, or (ii) the Company
shall have delivered to the Depositary a written notice of the removal of the Depositary, and in either case a successor depositary shall not have been appointed and accepted its appointment as provided in Section 5.4 hereof, the Depositary may
terminate this Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least 30 days prior to the date fixed for such termination. On and after the date of termination of this Deposit
Agreement, the Holder will, upon surrender of such Receipt at the Corporate Trust Office of the Depositary, upon the payment of the charges of the Depositary for the surrender of Receipts referred to in Section 2.6 hereof and subject to the
conditions and restrictions therein set forth, and upon payment of any applicable taxes and/or governmental charges, be entitled to Delivery, to him or upon his order, of the amount of Deposited Securities represented by such Receipt. If any
Receipts shall remain outstanding after the date of termination of this Deposit Agreement, the Registrar thereafter shall discontinue the registration of transfers of Receipts, and the Depositary shall suspend the distribution of dividends to the
Holders thereof, and shall not give any further notices or perform any further acts under this Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited Securities, shall sell
rights or other property as provided in this Deposit Agreement, and shall continue to Deliver Deposited Securities, subject to the conditions and restrictions set forth in Section 2.6 hereof, together with any dividends or other distributions
received with respect thereto and the net proceeds of the sale of any rights or other property, in exchange for Receipts surrendered to the Depositary (after deducting, or charging, as the case may be, in each case, the charges of the Depositary for
the surrender of a Receipt, any expenses for the account of the Holder in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes and/or governmental charges or assessments). At any time after the expiration of
six months from the date of termination of this Deposit Agreement, the Depositary may sell the Deposited Securities then held hereunder and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by
it hereunder, in an unsegregated account, without liability for interest for the pro rata benefit of the Holders of Receipts whose Receipts have not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all
obligations under this Deposit Agreement with respect to the Receipts and the Shares, Deposited Securities and American Depositary Shares, except to account for such net proceeds and other cash (after deducting, or charging, as the case may be, in
each case, the charges of the Depositary for the surrender of a Receipt, any expenses for the account of the Holder in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes and/or governmental charges or
assessments). Upon the termination of this Deposit Agreement, the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary hereunder. 

  
 34 

 ARTICLE VII. 

MISCELLANEOUS 
 SECTION
7.1 Counterparts. This Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original, and all of such counterparts together shall constitute one and the same agreement. Copies of this
Deposit Agreement shall be maintained with the Depositary and shall be open to inspection by any Holder during business hours. 
 SECTION
7.2 No Third-Party Beneficiaries. This Deposit Agreement is for the exclusive benefit of the parties hereto (and their successors) and shall not be deemed to give any legal or equitable right,
remedy or claim whatsoever to any other person, except to the extent specifically set forth in this Deposit Agreement. Nothing in this Deposit Agreement shall be deemed to give rise to a partnership or joint venture among the parties hereto nor
establish a fiduciary or similar relationship among the parties. The parties hereto acknowledge and agree that (i) the Depositary and its Affiliates may at any time have multiple banking relationships with the Company and its Affiliates,
(ii) the Depositary and its Affiliates may be engaged at any time in transactions in which parties adverse to the Company or the Holders or Beneficial Owners may have interests and (iii) nothing contained in this Agreement shall
(a) preclude the Depositary or any of its Affiliates from engaging in such transactions or establishing or maintaining such relationships, or (b) obligate the Depositary or any of its Affiliates to disclose such transactions or
relationships or to account for any profit made or payment received in such transactions or relationships. 
 SECTION
7.3 Severability. In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby. 
 SECTION
7.4 Holders and Beneficial Owners as Parties; Binding Effect. The Holders and Beneficial Owners from time to time of American Depositary Shares shall be parties to the Deposit Agreement and shall be bound by all of the terms and
conditions hereof and of any Receipt by acceptance hereof or any beneficial interest therein. 
 SECTION 7.5 Notices. Any
and all notices to be given to the Company shall be deemed to have been duly given if personally delivered or sent by first-class mail, air courier or cable, telex, facsimile transmission or electronic transmission, confirmed by letter, addressed to
Momo Inc., 20th Floor, Block B, Tower 2, Wangjing SOHO, No.1 Futongdong Street, Chaoyang District, Beijing 100102, People’s Republic of China , Attention: Chief Financial Officer or to any other address which the Company may specify in writing
to the Depositary. 

  
 35 

 Any and all notices to be given to the Depositary shall be deemed to have been duly given if personally delivered
or sent by first-class mail, air courier or cable, telex, facsimile transmission or by electronic transmission (if agreed by the Company and the Depositary), at the Company’s expense, unless otherwise agreed in writing between the Company and
the Depositary, confirmed by letter, addressed to Deutsche Bank Trust Company Americas, 60 Wall Street, New York, New York 10005, USA, Attention: ADR Department, telephone: +1 212 250-9100, facsimile: + 1 212
797 0327 or to any other address which the Depositary may specify in writing to the Company. 
 Any and all notices to be given to any Holder shall be
deemed to have been duly given if personally delivered or sent by first-class mail or cable, telex, facsimile transmission or by electronic transmission (if agreed by the Company and the Depositary), at the Company’s expense, unless otherwise
agreed in writing between the Company and the Depositary, addressed to such Holder at the address of such Holder as it appears on the transfer books for Receipts of the Depositary, or, if such Holder shall have filed with the Depositary a written
request that notices intended for such Holder be mailed to some other address, at the address specified in such request. Notice to Holders shall be deemed to be notice to Beneficial Owners for all purposes of this Deposit Agreement. 

Delivery of a notice sent by mail, air courier or cable, telex, facsimile or electronic transmission shall be deemed to be effective at the time when a duly
addressed letter containing the same (or a confirmation thereof in the case of a cable, telex, facsimile or electronic transmission) is deposited, postage prepaid, in a post-office letter box or delivered to
an air courier service. The Depositary or the Company may, however, act upon any cable, telex, facsimile or electronic transmission received by it from the other or from any Holder, notwithstanding that such cable, telex, facsimile or electronic
transmission shall not subsequently be confirmed by letter as aforesaid, as the case may be. 
 SECTION 7.6 Governing Law and
Jurisdiction. This Deposit Agreement and the Receipts shall be interpreted in accordance with, and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, the laws of the State of New York without
reference to the principles of choice of law thereof. Except as set forth in the following paragraph of this Section 7.6, the Company and the Depositary agree that the federal or state courts in the City of New York shall have non-exclusive jurisdiction to hear and determine any suit, action or proceeding and to settle any dispute between them that may arise out of or in connection with this Deposit Agreement and, for such purposes, each
irrevocably submits to the non-exclusive jurisdiction of such courts. The Company hereby irrevocably designates, appoints and empowers Law Debenture Corporate Services Inc., (the “Process
Agent”), now at 400 Madison Avenue, Suite 4D, New York, NY 10017, United States as its authorized agent to receive and accept for and on its behalf, and on behalf of its properties, assets and revenues, service by mail of any and all legal
process, summons, notices and documents that may be served in any suit, action or proceeding brought against the Company in any federal or state court as described in the preceding sentence or in the next paragraph of this Section 7.6. If for
any reason the Process Agent shall cease to be available to act as such, the Company agrees to designate a new agent in The City of New York on the terms and for the purposes of this Section 7.6 reasonably satisfactory to the Depositary. The
Company further hereby irrevocably consents and agrees to the service of any and all legal process, summons, notices and documents in any suit, action or proceeding against the Company, by service by mail of a copy thereof upon the Process Agent
(whether or not the appointment of such Process Agent shall for any reason prove to be ineffective or such Process Agent shall fail to accept or acknowledge such service), with a copy mailed to the Company by registered or certified air mail,
postage prepaid, to its address provided in Section 7.5 hereof. The Company agrees that the failure of the Process Agent to give any notice of such service to it shall not impair or affect in any way the validity of such service or any judgment
rendered in any action or proceeding based thereon. 

  
 36 

 Notwithstanding the foregoing, the Depositary and the Company unconditionally agree that in the event that a
Holder or Beneficial Owner brings a suit, action or proceeding against (a) the Company, (b) the Depositary in its capacity as Depositary under this Deposit Agreement or (c) against both the Company and the Depositary, in any state or
federal court of the United States, and the Depositary or the Company have any claim, for indemnification or otherwise, against each other arising out of the subject matter of such suit, action or proceeding, then the Company and the Depositary may
pursue such claim against each other in the state or federal court in the United States in which such suit, action, or proceeding is pending, and for such purposes, the Company and the Depositary irrevocably submit to the non-exclusive jurisdiction of such courts. The Company agrees that service of process upon the Process Agent in the manner set forth in the preceding paragraph shall be effective service upon it for any suit, action
or proceeding brought against it as described in this paragraph. 
 The Company irrevocably and unconditionally waives, to the fullest extent permitted by
law, any objection that it may now or hereafter have to the laying of venue of any actions, suits or proceedings brought in any court as provided in this Section 7.6, and hereby further irrevocably and unconditionally waives and agrees not to
plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 
 The
Company and the Depositary agree that, notwithstanding the foregoing, with regard to any claim or dispute or difference of whatever nature between the parties hereto arising directly or indirectly from the relationship created by this Deposit
Agreement, the Depositary, in its sole discretion, shall be entitled to refer such dispute or difference for final settlement by arbitration (“Arbitration”) in accordance with the applicable rules of the American Arbitration
Association (the “Rules”) then in force, by a sole arbitrator appointed in accordance with the Rules. The seat and place of any reference to Arbitration shall be New York, New York State. The procedural law of any Arbitration shall
be New York law and the language to be used in the Arbitration shall be English. The fees of the arbitrator and other costs incurred by the parties in connection with such Arbitration shall be paid by the party that is unsuccessful in such
Arbitration. 
 EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER AND/OR HOLDER OF INTERESTS IN THE
ADRs) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY).

  
 37 

 The provisions of this Section 7.6 shall survive any termination of this Deposit Agreement, in whole or in
part. 
 SECTION 7.7 Assignment. Subject to the provisions of Section 5.4 hereof, this Deposit Agreement may not be
assigned by either the Company or the Depositary. 
 SECTION 7.8 Agents. The Depositary shall be entitled, in its sole but
reasonable discretion, to appoint one or more agents (the “Agents”) of which it shall have control for the purpose, inter alia, of making distributions to the Holders or otherwise carrying out its obligations under this
Agreement. 
 SECTION 7.9 Exclusivity. The Company agrees not to appoint any other depositary for the issuance or
administration of depositary receipts evidencing any class of stock of the Company so long as Deutsche Bank Trust Company Americas is acting as Depositary hereunder. 

SECTION 7.10 Compliance with U.S. Securities Laws. Notwithstanding anything in this Deposit Agreement to the contrary, the
withdrawal or Delivery of Deposited Securities will not be suspended by the Company or the Depositary except as would be permitted by Instruction I.A.(1) of the General Instructions to Form F-6
Registration Statement, as amended from time to time, under the Securities Act. 
 SECTION 7.11 Titles. All references in
this Deposit Agreement to exhibits, Articles, sections, subsections, and other subdivisions refer to the exhibits, Articles, sections, subsections and other subdivisions of this Deposit Agreement unless expressly provided otherwise. The words
“this Deposit Agreement”, “herein”, “hereof”, “hereby”, “hereunder”, and words of similar import refer to the Deposit Agreement as a whole as in effect between the
Company, the Depositary and the Holders and Beneficial Owners of ADSs and not to any particular subdivision unless expressly so limited. Pronouns in masculine, feminine and neuter gender shall be construed to include any other gender, and words in
the singular form shall be construed to include the plural and vice versa unless the context otherwise requires. Titles to sections of this Deposit Agreement are included for convenience only and shall be disregarded in construing the language
contained in this Deposit Agreement. 

  
 38 

 IN WITNESS WHEREOF, MOMO INC. and DEUTSCHE BANK TRUST COMPANY AMERICAS have duly executed this Deposit Agreement
as of the day and year first above set forth and all Holders and Beneficial Owners shall become parties hereto upon acceptance by them of American Depositary Shares evidenced by Receipts issued in accordance with the terms hereof. 

 

			
	 MOMO INC.

		
	 By:
		 /s/ Yan Tang

	 Name:
		Yan Tang
	 Title:
		 Chairman and Chief Executive

Officer

  

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS
		
	 By:
		 /s/ Jean Paul Simoes

	 Name:
		Jean Paul Simoes
	 Title:
		Vice President
		
	 By:
		 /s/ Michael Curran

	 Name:
		Michael Curran
	 Title:
		Vice President

  
 39 

 EXHIBIT A 

CUSIP             

ISIN             

 

					
					 American Depositary

Shares (Each
American Depositary

Share

representing [—] 
Fully Paid Class A

Ordinary Shares)

 [FORM OF FACE OF RECEIPT] 

AMERICAN DEPOSITARY RECEIPT 
 for

 AMERICAN DEPOSITARY SHARES 

representing 
 DEPOSITED ORDINARY
SHARES 
 of 
 MOMO INC. 

(Incorporated under the laws of the Cayman Islands) 

DEUTSCHE BANK TRUST COMPANY AMERICAS, as depositary (herein called the “Depositary”), hereby certifies that
                     is the owner of
                     American Depositary Shares (hereinafter “ADS”), representing deposited Class A ordinary shares,
each of Par Value of U.S. $0.0001 including evidence of rights to receive such ordinary shares (the “Shares”) of Momo Inc., a company incorporated under the laws of the Cayman Islands (the “Company”). As of the date
of the Deposit Agreement (hereinafter referred to), each ADS represents [—] Shares deposited under the Deposit Agreement with the Custodian which at the date of execution of the Deposit Agreement
is Deutsche Bank AG, Hong Kong Branch (the “Custodian”). The ratio of Depositary Shares to shares of stock is subject to subsequent amendment as provided in Article IV of the Deposit Agreement. The Depositary’s Corporate Trust
Office is located at 60 Wall Street, New York, New York 10005, U.S.A. 
 (1) The Deposit Agreement. This American Depositary Receipt is one of an
issue of American Depositary Receipts (“Receipts”), all issued or to be issued upon the terms and conditions set forth in the Deposit Agreement, dated as of [—], 20[—] (as amended from time to time, the “Deposit Agreement”), by and among the Company, the Depositary, and all Holders and Beneficial Owners from time to time of Receipts issued
thereunder, each of whom by accepting a Receipt agrees to become a party thereto and becomes bound by all the terms and conditions thereof. The Deposit Agreement sets forth the rights and obligations of Holders and Beneficial Owners of Receipts and
the rights and duties of the Depositary in respect of the Shares deposited thereunder and any and all other securities, property and cash from time to time, received in respect of such Shares and held thereunder (such Shares, other securities,
property and cash are herein called “Deposited Securities”). Copies of the Deposit Agreement are on file at the Corporate Trust Office of the Depositary and the Custodian. 

  
 40 

 Each owner and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued in accordance
with the terms and conditions of the Deposit Agreement, shall be deemed for all purposes to (a) be a party to and bound by the terms of the Deposit Agreement and applicable ADR(s), and (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in the Deposit Agreement and the applicable ADR(s), to adopt
any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the Deposit Agreement and the applicable ADR(s), the
taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof. 
 The statements made on the face and reverse of this
Receipt are summaries of certain provisions of the Deposit Agreement and the Memorandum and Articles of Association (as in effect on the date of the Deposit Agreement) and are qualified by and subject to the detailed provisions of the Deposit
Agreement, to which reference is hereby made. All capitalized terms used herein which are not otherwise defined herein shall have the meanings ascribed thereto in the Deposit Agreement. The Depositary makes no representation or warranty as to the
validity or worth of the Deposited Securities. The Depositary has made arrangements for the acceptance of the American Depositary Shares into DTC. Each Beneficial Owner of American Depositary Shares held through DTC must rely on the procedures of
DTC and the DTC Participants to exercise and be entitled to any rights attributable to such American Depositary Shares. The Receipt evidencing the American Depositary Shares held through DTC will be registered in the name of a nominee of DTC. So
long as the American Depositary Shares are held through DTC or unless otherwise required by law, ownership of beneficial interests in the Receipt registered in the name of DTC (or its nominee) will be shown on, and transfers of such ownership will
be effected only through, records maintained by (i) DTC (or its nominee), or (ii) DTC Participants (or their nominees). 
 (2) Surrender of
Receipts and Withdrawal of Deposited Securities. Upon surrender, at the Corporate Trust Office of the Depositary, of ADSs evidenced by this Receipt for the purpose of withdrawal of the Deposited Securities represented thereby, and upon payment
of (i) the charges of the Depositary for the making of withdrawals and cancellation of Receipts (as set forth in Section 5.9 of the Deposit Agreement and Article (9) hereof) and (ii) all fees, taxes and/or governmental charges
payable in connection with such surrender and withdrawal, and, subject to the terms and conditions of the Deposit Agreement, the Memorandum and Articles of Association, Section 7.10 of the Deposit Agreement, Article (22) hereof and the
provisions of or governing the Deposited Securities and other applicable laws, the Holder of the American Depositary Shares evidenced hereby is entitled to Delivery, to him or upon his order, of the Deposited Securities represented by the ADS so
surrendered. Subject to the last sentence of this paragraph, such Deposited Securities may be Delivered in certificated form or by electronic Delivery. ADS may be surrendered for the purpose of withdrawing Deposited Securities by Delivery of a
Receipt evidencing such ADS (if held in registered form) or by book-entry delivery of such ADS to the Depositary. 

  
 41 

 A Receipt surrendered for such purposes shall, if so required by the Depositary, be properly endorsed in blank or
accompanied by proper instruments of transfer in blank, and if the Depositary so requires, the Holder thereof shall execute and deliver to the Depositary a written order directing the Depositary to cause the Deposited Securities being withdrawn to
be Delivered to or upon the written order of a person or persons designated in such order. Thereupon, the Depositary shall direct the Custodian to Deliver (without unreasonable delay) at the designated office of the Custodian (subject to the terms
and conditions of the Deposit Agreement, to the Memorandum and Articles of Association, and to the provisions of or governing the Deposited Securities and applicable laws, now or hereafter in effect), to or upon the written order of the person or
persons designated in the order delivered to the Depositary as provided above, the Deposited Securities represented by such ADSs, together with any certificate or other proper documents of or relating to title for the Deposited Securities or
evidence of the electronic transfer thereof (if available) as the case may be to or for the account of such person. The Depositary may make delivery to such person or persons at the Corporate Trust Office of the Depositary of any dividends or
distributions with respect to the Deposited Securities represented by such Receipt, or of any proceeds of sale of any dividends, distributions or rights, which may at the time be held by the Depositary. 

Subject to Article (4) hereof, in the case of surrender of a Receipt evidencing a number of ADSs representing other than a whole number of Shares, the
Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in accordance with the terms hereof, and shall, at the discretion of the Depositary, either (i) issue and Deliver to the person surrendering such Receipt
a new Receipt evidencing American Depositary Shares representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional Shares represented by the Receipt so surrendered and remit the proceeds thereof (net of
(a) applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes and/or governmental charges) to the person surrendering the Receipt. At the request, risk and expense of any Holder so surrendering a Receipt, and
for the account of such Holder, the Depositary shall direct the Custodian to forward (to the extent permitted by law) any cash or other property (other than securities) held in respect of, and any certificate or certificates and other proper
documents of or relating to title to, the Deposited Securities represented by such Receipt to the Depositary for Delivery at the Corporate Trust Office of the Depositary, and for further Delivery to such Holder. Such direction shall be given by
letter or, at the request, risk and expense of such Holder, by cable, telex or facsimile transmission. 
 (3) Transfers,
Split-Ups and Combinations of Receipts. Subject to the terms and conditions of the Deposit Agreement, the Registrar shall register transfers of Receipts on its books, upon surrender at the Corporate Trust
Office of the Depositary of a Receipt by the Holder thereof in person or by duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer (including signature guarantees in accordance with standard industry practice)
and duly stamped as may be required by the laws of the State of New York and of the United States of America, of the Cayman Islands and of any other applicable jurisdiction. Subject to the terms and conditions of the Deposit Agreement, including
payment of the applicable fees and expenses incurred by, and charges of, the Depositary, the Depositary shall execute and Deliver a new Receipt(s) (and if necessary, cause the Registrar to countersign such Receipt(s)) and deliver same to or upon the
order of the person entitled to such Receipts evidencing the same aggregate number of ADSs as those evidenced by the Receipts surrendered. Upon surrender of a Receipt or Receipts for the purpose of effecting a
split-up or combination of such Receipt or Receipts upon payment of the applicable fees and charges of the Depositary, and subject to the terms and conditions of the Deposit Agreement, the Depositary shall
execute and deliver a new Receipt or Receipts for any authorized number of ADSs requested, evidencing the same aggregate number of ADSs as the Receipt or Receipts surrendered. 

  
 42 

 (4) Pre-Conditions to Registration, Transfer, Etc. As a condition
precedent to the execution and delivery, registration of transfer, split-up, combination or surrender of any Receipt or withdrawal of any Deposited Securities, the Depositary or the Custodian may require
(i) payment from the depositor of Shares or presenter of the Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge
and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees and charges of the Depositary as provided in the Deposit Agreement and in this Receipt, (ii) the production of proof satisfactory to it as to the
identity and genuineness of any signature or any other matters and (iii) compliance with (A) any laws or governmental regulations relating to the execution and delivery of Receipts and ADSs or to the withdrawal of Deposited Securities and
(B) such reasonable regulations of the Depositary or the Company consistent with the Deposit Agreement and applicable law. 
 The issuance of ADSs
against deposits of Shares generally or against deposits of particular Shares may be suspended, or the issuance of ADSs against the deposit of particular Shares may be withheld, or the registration of transfer of Receipts in particular instances may
be refused, or the registration of transfer of Receipts generally may be suspended, during any period when the transfer books of the Depositary are closed or if any such action is deemed necessary or advisable by the Depositary or the Company, in
good faith, at any time or from time to time because of any requirement of law, any government or governmental body or commission or any securities exchange upon which the Receipts or Share are listed, or under any provision of the Deposit Agreement
or provisions of, or governing, the Deposited Securities or any meeting of shareholders of the Company or for any other reason, subject in all cases to Article (22) hereof. Notwithstanding any provision of the Deposit Agreement or this Receipt
to the contrary, the Holders of Receipts are entitled to surrender outstanding ADSs to withdraw the Deposited Securities at any time subject only to (i) temporary delays caused by closing the transfer books of the Depositary or the Company or
the deposit of Shares in connection with voting at a shareholders’ meeting or the payment of dividends, (ii) the payment of fees, taxes and/or similar charges, (iii) compliance with any U.S. or foreign laws or governmental regulations
relating to the Receipts or to the withdrawal of the Deposited Securities, and (iv) other circumstances specifically contemplated by Section I.A.(l) of the General Instructions to Form F-6 (as such
General Instructions may be amended from time to time). Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under the Deposit Agreement any Shares or other Deposited Securities required to be registered under
the provisions of the Securities Act, unless a registration statement is in effect as to such Shares. 
 (5) Compliance With Information Requests.
Notwithstanding any other provision of the Deposit Agreement or this Receipt, each Holder and Beneficial Owner of the ADSs represented hereby agrees to comply with requests from the Company pursuant to the laws of the Cayman Islands, the rules and
requirements of the NASDAQ Global [Select] Market and any other stock exchange on which the Shares are, or will be registered, traded or listed, the Memorandum and Articles of Association, which are made to provide information as to the capacity in
which such Holder or Beneficial Owner owns ADSs and regarding the identity of any other person interested in such ADSs and the nature of such interest and various other matters whether or not they are Holders and/or Beneficial Owner at the time of
such request. The Depositary agrees to use reasonable efforts to forward any such requests to the Holders and to forward to the Company any such responses to such requests received by the Depositary. 

  
 43 

 (6) Liability of Holder for Taxes, Duties and Other Charges. If any tax or other governmental charge shall
become payable by the Depositary or the Custodian with respect to any Receipt or any Deposited Securities or ADSs, such tax, or other governmental charge shall be payable by the Holders and Beneficial Owners to the Depositary. The Company, the
Custodian and/or the Depositary may withhold or deduct from any distributions made in respect of Deposited Securities and may sell for the account of the Holder and/or Beneficial Owner any or all of the Deposited Securities and apply such
distributions and sale proceeds in payment of such taxes (including applicable interest and penalties) or charges, with the Holder and the Beneficial Owner hereof remaining fully liable for any deficiency. The Custodian may refuse the deposit of
Shares, and the Depositary may refuse to issue ADSs, to deliver Receipts, register the transfer, split-up or combination of ADRs and (subject to Article (22) hereof) the withdrawal of Deposited
Securities, until payment in full of such tax, charge, penalty or interest is received. Every Holder and Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian and each of their respective agents, directors, employees and
Affiliates for, and hold each of them harmless from, any claims with respect to taxes (including applicable interest and penalties thereon) arising from any tax benefit obtained for such Holder and/or Beneficial Owner. 

Holders understand that in converting Foreign Currency, amounts received on conversion are calculated at a rate which may exceed the number of decimal places
used by the Depositary to report distribution rates (which in any case will not be less than two decimal places). Any excess amount may be retained by the Depositary as an additional cost of conversion, irrespective of any other fees and expenses
payable or owing hereunder and shall not be subject to escheatment. 
 (7) Representations and Warranties of Depositors. Each person depositing
Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that (i) such Shares (and the certificates therefor) are duly authorized, validly issued, fully paid, non-assessable and
were legally obtained by such person, (ii) all preemptive (and similar) rights, if any, with respect to such Shares, have been validly waived or exercised, (iii) the person making such deposit is duly authorized so to do, (iv) the
Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim, and are not, and the ADSs issuable upon such deposit will not be, Restricted Securities (except as contemplated by
Section 2.11 of the Deposit Agreement), (v) the Shares presented for deposit have not been stripped of any rights or entitlements [and (vi) the Shares are not subject to any lock-up agreement
with the Company or other party, or the Shares are subject to a lock-up agreement but such lock-up agreement has terminated or the lock-up restrictions imposed thereunder have expired or been validly waived.] Such representations and warranties
shall survive the deposit and withdrawal of Shares and the issuance, cancellation and transfer of ADSs. If any such representations or warranties are false in any way, the Company and Depositary shall be authorized, at the cost and expense of the
person depositing Shares, to take any and all actions necessary to correct the consequences thereof. 

  
 44 

 (8) Filing Proofs, Certificates and Other Information. Any person presenting Shares for deposit, any
Holder and any Beneficial Owner may be required, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary such proof of citizenship or residence, taxpayer status, payment of all applicable taxes and/or other
governmental charges, exchange control approval, legal or beneficial ownership of ADSs and Deposited Securities, compliance with applicable laws and the terms of the Deposit Agreement and the provisions of, or governing, the Deposited Securities or
other information as the Depositary deems necessary or proper or as the Company may reasonably require by written request to the Depositary consistent with its obligations under the Deposit Agreement. Subject to Article (22) hereof and the
terms of the Deposit Agreement, the Depositary and the Registrar, as applicable, may withhold the delivery or registration of transfer of any Receipt or the distribution or sale of any dividend or other distribution of rights or of the proceeds
thereof or the delivery of any Deposited Securities until such proof or other information is filed, or such certifications are executed, or such representations and warranties made, or such information and documentation are provided. 

(9) Charges of Depositary. The Depositary reserves the right to charge the following fees for the services performed under the terms of the Deposit
Agreement, provided, however, that no fees shall be payable upon distribution of cash dividends so long as the charging of such fee is prohibited by the exchange, if any, upon which the ADSs are listed: 

(i) to any person to whom ADSs are issued or to any person to whom a distribution is made in respect of ADS distributions pursuant to stock
dividends or other free distributions of stock, bonus distributions, stock splits or other distributions (except where converted to cash), a fee of up to U.S. $0.05 per ADS so issued under the terms of the Deposit Agreement to be determined by the
Depositary; 
 (ii) to any person surrendering ADSs for cancellation and withdrawal of Deposited Securities including, inter
alia, cash distributions made pursuant to a cancellation or withdrawal, a fee of up to U.S. $0.05 per ADS so surrendered; 
 (iii)
to any holder of ADSs (including, without limitation, Holders), a fee not in excess of U.S. $ 5.00 per 100 ADSs held for the distribution of cash dividends; 

(iv) to any holder of ADSs (including, without limitation, Holders), a fee not in excess of U.S. $ 5.00 per 100 ADSs held for the
distribution of cash entitlements (other than cash dividends) and/or cash proceeds, including proceeds from the sale of rights, securities and other entitlements; 

(v) to any holder of ADSs, a fee of up to U.S. $0.05 per ADS issued upon the exercise of rights; and 

(vi) for the operation and maintenance costs in administering the ADSs an annual fee of up to U.S. $0.05 per ADS, such fee to be assessed
against Holders of record as of the date or dates set by the Depositary as it sees fit and collected at the sole discretion of the Depositary by billing such Holders for such fee or by deducting such fee from one or more cash dividends or other cash
distributions. 
 In addition, Holders, Beneficial Owners, any depositor depositing Shares for deposit and any person surrendering ADSs for cancellation and
withdrawal of Deposited Securities will be required to pay the following charges: 
 (i) taxes (including applicable interest and penalties)
and other governmental charges; 

  
 45 

 (ii) such registration fees as may from time to time be in effect for the registration of Shares
or other Deposited Securities with the Foreign Registrar and applicable to transfers of Shares or other Deposited Securities to or from the name of the Custodian, the Depositary or any nominees upon the making of deposits and withdrawals,
respectively; 
 (iii) such cable, telex, facsimile and electronic transmission and delivery expenses as are expressly provided in the
Deposit Agreement to be at the expense of the depositor depositing or person withdrawing Shares or Holders and Beneficial Owners of ADSs; 

(iv) the expenses and charges incurred by the Depositary in the conversion of Foreign Currency; 

(v) such fees and expenses as are incurred by the Depositary in connection with compliance with exchange control regulations and other
regulatory requirements applicable to Shares, Deposited Securities, ADSs and ADRs; 
 (vi) the fees and expenses incurred by the Depositary
in connection with the delivery of Deposited Securities, including any fees of a central depository for securities in the local market, where applicable; 

(vii) any additional fees, charges, costs or expenses that may be incurred by the Depositary from time to time. 

Any other fees and charges of, and expenses incurred by, the Depositary or the Custodian under the Deposit Agreement shall be for the account of the Company
unless otherwise agreed in writing between the Company and the Depositary from time to time. All fees and charges may, at any time and from time to time, be changed by agreement between the Depositary and Company but, in the case of fees and charges
payable by Holders or Beneficial Owners, only in the manner contemplated by Article (20) hereof. 
 (10) Title to Receipts. It is a condition of
this Receipt, and every successive Holder of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt (and to each ADS evidenced hereby) is transferable by delivery of the Receipt, provided it has been properly
endorsed or accompanied by proper instruments of transfer, such Receipt being a certificated security under the laws of the State of New York. Notwithstanding any notice to the contrary, the Depositary may deem and treat the Holder of this Receipt
(that is, the person in whose name this Receipt is registered on the books of the Depositary) as the absolute owner hereof for all purposes. The Depositary shall have no obligation or be subject to any liability under the Deposit Agreement or this
Receipt to any holder of this Receipt or any Beneficial Owner unless such holder is the Holder of this Receipt registered on the books of the Depositary or, in the case of a Beneficial Owner, such Beneficial Owner or the Beneficial Owner’s
representative is the Holder registered on the books of the Depositary. 
 (11) Validity of Receipt. This Receipt shall not be entitled to any
benefits under the Deposit Agreement or be valid or enforceable for any purpose, unless this Receipt has been (i) dated, (ii) signed by the manual or facsimile signature of a duly authorized signatory of the Depositary, (iii) if a
Registrar for the Receipts shall have been appointed, countersigned by the manual or facsimile signature of a duly authorized signatory of the Registrar and (iv) registered in the books maintained by the Depositary or the Registrar, as
applicable, for the issuance and transfer of Receipts. Receipts bearing the facsimile signature of a duly-authorized signatory of the Depositary or the Registrar, who at the time of signature was a duly-authorized signatory of the Depositary or the Registrar, as the case may be, shall bind the Depositary, notwithstanding the fact that such signatory has ceased to be so authorized prior to the execution and
delivery of such Receipt by the Depositary or did not hold such office on the date of issuance of such Receipts. 

  
 46 

 (12) Available Information; Reports; Inspection of Transfer Books. The Company is subject to the periodic
reporting requirements of the Exchange Act applicable to foreign private issuers (as defined in Rule 405 of the Securities Act) and accordingly files certain information with the Commission. These reports and documents can be inspected and copied at
the public reference facilities maintained by the Commission located at 100 F Street, N.E., Washington D.C. 20549, U.S.A. The Depositary shall make available during normal business hours on any Business Day for inspection by Holders at its
Corporate Trust Office any reports and communications, including any proxy soliciting materials, received from the Company which are both (a) received by the Depositary, the Custodian, or the nominee of either of them as the holder of the
Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Company. 
 The Depositary or the Registrar,
as applicable, shall keep books for the registration of Receipts and transfers of Receipts which at all reasonable times shall be open for inspection by the Company and by the Holders of such Receipts, provided that such inspection shall not be, to
the Depositary’s or the Registrar’s knowledge, for the purpose of communicating with Holders of such Receipts in the interest of a business or object other than the business of the Company or other than a matter related to the Deposit
Agreement or the Receipts. 
 The Depositary or the Registrar, as applicable, may close the transfer books with respect to the Receipts, at any time or from
time to time, when deemed necessary or advisable by it in good faith in connection with the performance of its duties hereunder, or at the reasonable written request of the Company subject, in all cases, to Article (22) hereof. 

 

							
	Dated:				 DEUTSCHE BANK TRUST

COMPANY AMERICAS, as Depositary

				
					By:		  

				
					By:		  

 The address of the Corporate Trust Office of the Depositary is 60 Wall Street, New York, New York 10005, U.S.A. 

  
 47 

 EXHIBIT B 

[FORM OF REVERSE OF RECEIPT] 

SUMMARY OF CERTAIN ADDITIONAL PROVISIONS 

OF THE DEPOSIT AGREEMENT 
 (13) Dividends and
Distributions in Cash, Shares, etc. Whenever the Depositary receives confirmation from the Custodian of receipt of any cash dividend or other cash distribution on any Deposited Securities, or receives proceeds from the sale of any Shares, rights
securities or other entitlements under the Deposit Agreement, the Depositary will, if at the time of receipt thereof any amounts received in a Foreign Currency can, in the judgment of the Depositary (upon the terms of the Deposit Agreement), be
converted on a practicable basis, into Dollars transferable to the United States, promptly convert or cause to be converted such dividend, distribution or proceeds into Dollars and will distribute promptly the amount thus received (net of applicable
fees and charges of, and expenses incurred by, the Depositary and taxes and/or governmental charges) to the Holders of record as of the ADS Record Date in proportion to the number of ADS representing such Deposited Securities held by such Holders
respectively as of the ADS Record Date. The Depositary shall distribute only such amount, however, as can be distributed without attributing to any Holder a fraction of one cent. Any such fractional amounts shall be rounded to the nearest whole cent
and so distributed to Holders entitled thereto. If the Company, the Custodian or the Depositary is required to withhold and does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities an amount on account
of taxes, duties or other governmental charges, the amount distributed to Holders on the ADSs representing such Deposited Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or the
Depositary to the relevant governmental authority. Any Foreign Currency received by the Depositary shall be converted upon the terms and conditions set forth in the Deposit Agreement. 

If any distribution upon any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Company shall cause such Shares to be
deposited with the Custodian and registered, as the case may be, in the name of the Depositary, the Custodian or their nominees. Upon receipt of confirmation of such deposit, the Depositary shall, subject to and in accordance with the Deposit
Agreement, establish the ADS Record Date and either (i) distribute to the Holders as of the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date, additional ADSs, which represent in aggregate the number of Shares
received as such dividend, or free distribution, subject to the terms of the Deposit Agreement (including, without limitation, the applicable fees and charges of, and expenses incurred by, the Depositary, and taxes and/or governmental charges), or
(ii) if additional ADSs are not so distributed, each ADS issued and outstanding after the ADS Record Date shall, to the extent permissible by law, thenceforth also represent rights and interests in the additional Shares distributed upon the
Deposited Securities represented thereby (net of the applicable fees and charges of, and the expenses incurred by, the Depositary, and taxes and/or governmental charges). In lieu of delivering fractional ADSs, the Depositary shall sell the number of
Shares represented by the aggregate of such fractions and distribute the proceeds upon the terms set forth in the Deposit Agreement. 

  
 48 

 In the event that (x) the Depositary determines that any distribution in property (including Shares) is
subject to any tax or other governmental charges which the Depositary is obligated to withhold, or, (y) if the Company, in the fulfillment of its obligations under the Deposit Agreement, has either (a) furnished an opinion of
U.S. counsel determining that Shares must be registered under the Securities Act or other laws in order to be distributed to Holders (and no such registration statement has been declared effective), or (b) fails to timely deliver the
documentation contemplated in the Deposit Agreement, the Depositary may dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the
Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds of any such sale (after deduction of taxes and/or governmental charges, and fees and charges of, and expenses incurred by, the Depositary) to Holders
entitled thereto upon the terms of the Deposit Agreement. The Depositary shall hold and/or distribute any unsold balance of such property in accordance with the provisions of the Deposit Agreement. 

Upon timely receipt of a notice indicating that the Company wishes an elective distribution to be made available to Holders upon the terms described in the
Deposit Agreement, the Depositary shall, upon provision of all documentation required under the Deposit Agreement, (including, without limitation, any legal opinions the Depositary may request under the Deposit Agreement) determine whether such
distribution is lawful and reasonably practicable. If so, the Depositary shall, subject to the terms and conditions of the Deposit Agreement, establish an ADS Record Date according to Article (14) hereof and establish procedures to enable the
Holder hereof to elect to receive the proposed distribution in cash or in additional ADSs. If a Holder elects to receive the distribution in cash, the dividend shall be distributed as in the case of a distribution in cash. If the Holder hereof
elects to receive the distribution in additional ADSs, the distribution shall be distributed as in the case of a distribution in Shares upon the terms described in the Deposit Agreement. If such elective distribution is not lawful or reasonably
practicable or if the Depositary did not receive satisfactory documentation set forth in the Deposit Agreement, the Depositary shall, to the extent permitted by law, distribute to Holders, on the basis of the same determination as is made in the
Cayman Islands, in respect of the Shares for which no election is made, either (x) cash or (y) additional ADSs representing such additional Shares, in each case, upon the terms described in the Deposit Agreement. Nothing herein shall
obligate the Depositary to make available to the Holder hereof a method to receive the elective distribution in Shares (rather than ADSs). There can be no assurance that the Holder hereof will be given the opportunity to receive elective
distributions on the same terms and conditions as the holders of Shares. 
 Upon receipt by the Depositary of a notice indicating that the Company wishes
rights to subscribe for additional Shares to be made available to Holders of ADSs, the Company shall determine whether it is lawful and reasonably practicable to make such rights available to the Holders. The Depositary shall make such rights
available to any Holders only if the Company shall have timely requested that such rights be made available to Holders, the Depositary shall have received the documentation required by the Deposit Agreement, and the Depositary shall have determined
that such distribution of rights is lawful and reasonably practicable. If such conditions are not satisfied, the Depositary shall sell the rights as described below. In the event all conditions set forth above are satisfied, the Depositary shall
establish an ADS Record Date and establish procedures (x) to distribute such rights (by means of warrants or otherwise) and (y) to enable the Holders to exercise the rights (upon payment of the applicable fees and charges of, and expenses
incurred by, the Depositary and taxes and/or governmental charges). Nothing herein or in the Deposit Agreement shall obligate the Depositary to make available to the Holders a method to exercise such rights to subscribe for Shares (rather than
ADSs). If (i) the Company does not timely request the Depositary to make the rights available to Holders or if the Company requests that the rights not be made available to Holders, (ii) the Depositary fails to receive the documentation
required by the Deposit Agreement or determines it is not lawful or reasonably practicable to make the rights available to Holders, or (iii) any rights made available are not exercised and appear to be about to lapse, the Depositary shall
determine whether it is lawful and reasonably practicable to sell such rights, in a riskless principal capacity or otherwise, at such place and upon such terms (including public and/or private sale) as it may deem proper. The Depositary shall, upon
such sale, convert and distribute proceeds of such sale (net of applicable fees and charges of, and expenses incurred by, the Depositary and taxes and/or governmental charges) upon the terms hereof and in the Deposit Agreement. If the Depositary is
unable to make any rights available to Holders or to arrange for the sale of the rights upon the terms described above, the Depositary shall allow such rights to lapse. The Depositary shall not be responsible for (i) any failure to determine
that it may be lawful or practicable to make such rights available to Holders in general or any Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or exercise, or (iii) the content of
any materials forwarded to the Holders on behalf of the Company in connection with the rights distribution. 

  
 49 

 Notwithstanding anything herein to the contrary, if registration (under the Securities Act and/or any other
applicable law) of the rights or the securities to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders and to sell the securities represented by such rights, the Depositary will not
distribute such rights to the Holders (i) unless and until a registration statement under the Securities Act covering such offering is in effect or (ii) unless the Company furnishes to the Depositary opinion(s) of counsel for the Company
in the United States and counsel to the Company in any other applicable country in which rights would be distributed, in each case satisfactorily to the Depositary, to the effect that the offering and sale of such securities to Holders and
Beneficial Owners are exempt from, or do not require registration under, the provisions of the Securities Act or any other applicable laws. In the event that the Company, the Depositary or the Custodian shall be required to withhold and does
withhold from any distribution of property (including rights) an amount on account of taxes and/or other governmental charges, the amount distributed to the Holders shall be reduced accordingly. In the event that the Depositary determines that any
distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, the Depositary may dispose of all or a portion of such property
(including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable to pay any such taxes and/or charges. 

There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to exercise rights on the same terms and
conditions as the holders of Shares or to exercise such rights. Nothing herein shall obligate the Company to file any registration statement in respect of any rights or Shares or other securities to be acquired upon the exercise of such rights or
otherwise to register or qualify the offer or sale of such rights or securities under the applicable law of any other jurisdiction for any purpose. 
 Upon
receipt of a notice regarding property other than cash, Shares or rights to purchase additional Shares, to be made to Holders of ADSs, the Depositary shall determine, after consultation with the Company, whether such distribution to Holders is
lawful and reasonably practicable. The Depositary shall not make such distribution unless (i) the Company shall have timely requested the Depositary to make such distribution to Holders, (ii) the Depositary shall have received the
documentation required by the Deposit Agreement, and (iii) the Depositary shall have determined that such distribution is lawful and reasonably practicable. Upon satisfaction of such conditions, the Depositary shall distribute the property so
received to the Holders of record as of the ADS Record Date, in proportion to the number of ADSs held by such Holders respectively and in such manner as the Depositary may deem practicable for accomplishing such distribution (i) upon receipt of
payment or net of the applicable fees and charges of, and expenses incurred by, the Depositary, and (ii) net of any taxes and/or governmental charges. The Depositary may dispose of all or a portion of the property so distributed and deposited,
in such amounts and in such manner (including public or private sale) as the Depositary may deem practicable or necessary to satisfy any taxes (including applicable interest and penalties) or other governmental charges applicable to the
distribution. 

  
 50 

 If the conditions above are not satisfied, the Depositary shall sell or cause such property to be sold in a
public or private sale, at such place or places and upon such terms as it may deem proper and shall distribute the proceeds of such sale received by the Depositary (net of (a) applicable fees and charges of, and expenses incurred by, the
Depositary and (b) taxes and/or governmental charges) to the Holders upon the terms hereof and of the Deposit Agreement. If the Depositary is unable to sell such property, the Depositary may dispose of such property in any way it deems
reasonably practicable under the circumstances. 
 (14) Fixing of Record Date. Whenever necessary in connection with any distribution (whether in
cash, shares, rights or other distribution), or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each ADS, or whenever the Depositary shall receive notice of any meeting of or solicitation of
holders of Shares or other Deposited Securities, or whenever the Depositary shall find it necessary or convenient in connection with the giving of any notice, or any other matter, the Depositary shall fix a record date (“ADS Record Date”),
as close as practicable to the record date fixed by the Company with respect to the Shares (if applicable), for the determination of the Holders who shall be entitled to receive such distribution, to give instructions for the exercise of voting
rights at any such meeting, or to give or withhold such consent, or to receive such notice or solicitation or to otherwise take action, or to exercise the rights of Holders with respect to such changed number of Shares represented by each ADS or for
any other reason. Subject to applicable law and the terms and conditions of this Receipt and the Deposit Agreement, only the Holders of record at the close of business in New York on such ADS Record Date shall be entitled to receive such
distributions, to give such voting instructions, to receive such notice or solicitation, or otherwise take action. 
 (15) Voting of
Deposited Securities. Subject to the next sentence, as soon as practicable after receipt of notice of any meeting at which the holders of Deposited Securities are entitled to vote, or of solicitation of consents or proxies from holders of
Deposited Securities, the Depositary shall fix the ADS Record Date in respect of such meeting or solicitation of consent or proxy. The Depositary shall, if requested by the Company in writing in a timely manner (the Depositary having no obligation
to take any further action if the request shall not have been received by the Depositary at least 30 days prior to the date of such vote or meeting) and at the Company’s expense, and provided no U.S. legal prohibitions exist, mail by regular,
ordinary mail delivery (or by electronic mail or as otherwise may be agreed between the Company and the Depositary in writing from time to time) or otherwise distribute as soon as practicable after receipt thereof to Holders as of the ADS Record
Date: (a) such notice of meeting or solicitation of consent or proxy; (b) a statement that the Holders at the close of business on the ADS Record Date will be entitled, subject to any applicable law, the provisions of this Deposit
Agreement, the Company’s Memorandum and Articles of Association and the provisions of or governing the Deposited Securities (which provisions, if any, shall be summarized in pertinent part by the Company), to instruct the Depositary as to the
exercise of the voting rights, if any, pertaining to the Deposited Securities represented by such Holder’s American Depositary Shares; and (c) a brief statement as to the manner in which such voting instructions may be given to the
Depositary, or in which instructions may be deemed to have been given in accordance with this Article (15), including an express indication that instructions may be given (or be deemed to have been given in accordance with the immediately following
paragraph of this section if no instruction is received) to the Depositary to give a discretionary proxy to a person or persons designated by the Company. Voting instructions may be given only in respect of a number of American Depositary Shares
representing an integral number of Deposited Securities. Upon the timely receipt of voting instructions of a Holder on the ADS Record Date in the manner specified by the Depositary, the Depositary shall endeavor, insofar as practicable and permitted
under applicable law, the provisions of this Deposit Agreement, the Company’s Memorandum and Articles of Association and the provisions of or governing the Deposited Securities, to vote or cause the Custodian to vote the Deposited Securities
(in person or by proxy) represented by American Depositary Shares evidenced by such Receipt in accordance with such voting instructions. 

  
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 In the event that (i) the Depositary timely receives voting instructions from a Holder which fail to specify
the manner in which the Depositary is to vote the Deposited Securities represented by such Holder’s ADSs or (ii) no timely instructions are received by the Depositary from a Holder with respect to any of the Deposited Securities
represented by the ADSs held by such Holder on the ADS Record Date, the Depositary shall (unless otherwise specified in the notice distributed to Holders) deem such Holder to have instructed the Depositary to give a discretionary proxy to a person
designated by the Company with respect to such Deposited Securities and the Depositary shall give a discretionary proxy to a person designated by the Company to vote such Deposited Securities, provided, however, that no such instruction shall be
deemed to have been given and no such discretionary proxy shall be given with respect to any matter as to which the Company informs the Depositary (and the Company agrees to provide such information as promptly as practicable in writing, if
applicable) that (x) the Company does not wish to give such proxy, (y) the Company is aware or should reasonably be aware that substantial opposition exists from Holders against the outcome for which the person designated by the Company
would otherwise vote or (z) the outcome for which the person designated by the Company would otherwise vote would materially and adversely affect the rights of holders of Deposited Securities, provided, further, that the Company will have no
liability to any Holder or Beneficial Owner resulting from such notification. 
 In the event that voting on any resolution or matter is conducted on a show
of hands basis in accordance with the Memorandum and Articles of Association, the Depositary will refrain from voting and the voting instructions (or the deemed voting instructions, as set out above) received by the Depositary from Holders shall
lapse. The Depositary will have no obligation to demand voting on a poll basis with respect to any resolution and shall have no liability to any Holder or Beneficial Owner for not having demanded voting on a poll basis. 

Neither the Depositary nor the Custodian shall, under any circumstances exercise any discretion as to voting, and neither the Depositary nor the Custodian
shall vote, attempt to exercise the right to vote, or in any way make use of for purposes of establishing a quorum or otherwise, the Deposited Securities represented by ADSs except pursuant to and in accordance with such written instructions from
Holders, including the deemed instruction to the Depositary to give a discretionary proxy to a person designated by the Company. Deposited Securities represented by ADSs for which (i) no timely voting instructions are received by the Depositary
from the Holder, or (ii) timely voting instructions are received by the Depositary from the Holder but such voting instructions fail to specify the manner in which the Depositary is to vote the Deposited Securities represented by such
Holder’s ADSs, shall be voted in the manner provided in this Article (15). Notwithstanding anything else contained herein, and subject to applicable law, regulation and the Memorandum and Articles of Association, the Depositary shall, if so
requested in writing by the Company, represent all Deposited Securities (whether or not voting instructions have been received in respect of such Deposited Securities from Holders as of the ADS Record Date) for the purpose of establishing quorum at
a meeting of shareholders. 

  
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 There can be no assurance that Holders or Beneficial Owners generally or any Holder or Beneficial Owner in
particular will receive the notice described above with sufficient time to enable the Holder to return voting instructions to the Depositary in a timely manner. 

Notwithstanding the above, save for applicable provisions of the law of the Cayman Islands, and in accordance with the terms of Section 5.3 of the
Deposit Agreement, the Depositary shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities or the manner in which such vote is cast or the effect of such vote. 

(16) Changes Affecting Deposited Securities. Upon any change in par value, split-up, subdivision, cancellation,
consolidation or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger, amalgamation or consolidation or sale of assets affecting the Company or to which it otherwise is a party, any securities
which shall be received by the Depositary or a Custodian in exchange for, or in conversion of or replacement or otherwise in respect of, such Deposited Securities shall, to the extent permitted by law, be treated as new Deposited Securities under
the Deposit Agreement, and the Receipts shall, subject to the provisions of the Deposit Agreement and applicable law, evidence ADSs representing the right to receive such additional securities. Alternatively, the Depositary may, with the
Company’s approval, and shall, if the Company shall so requests, subject to the terms of the Deposit Agreement and receipt of satisfactory documentation contemplated by the Deposit Agreement, execute and deliver additional Receipts as in the
case of a stock dividend on the Shares, or call for the surrender of outstanding Receipts to be exchanged for new Receipts, in either case, as well as in the event of newly deposited Shares, with necessary modifications to this form of Receipt
specifically describing such new Deposited Securities and/or corporate change. Notwithstanding the foregoing, in the event that any security so received may not be lawfully distributed to some or all Holders, the Depositary may, with the
Company’s approval, and shall if the Company requests, subject to receipt of satisfactory legal documentation contemplated in the Deposit Agreement, sell such securities at public or private sale, at such place or places and upon such terms as
it may deem proper and may allocate the net proceeds of such sales (net of fees and charges of, and expenses incurred by, the Depositary and taxes and/or governmental charges) for the account of the Holders otherwise entitled to such securities and
distribute the net proceeds so allocated to the extent practicable as in the case of a distribution received in cash pursuant to the Deposit Agreement. The Depositary shall not be responsible for (i) any failure to determine that it may be
lawful or feasible to make such securities available to Holders in general or any Holder in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or (iii) any liability to the purchaser of such
securities. 

  
 53 

 (17) Exoneration. None of the Depositary, the Custodian or the Company shall be obligated to do or perform
any act which is inconsistent with the provisions of the Deposit Agreement or shall incur any liability (i) if the Depositary, the Custodian or the Company or their respective controlling persons or agents shall be prevented or forbidden from,
or subjected to any civil or criminal penalty or restraint on account of, or delayed in, doing or performing any act or thing required by the terms of the Deposit Agreement and this Receipt, by reason of any provision of any present or future law or
regulation of the United States, the Cayman Islands or any other country, or of any other governmental authority or regulatory authority or stock exchange, or by reason of any provision, present or future of the Memorandum and Articles of
Association or any provision of or governing any Deposited Securities, or by reason of any act of God or war or other circumstances beyond its control, (including, without limitation, nationalization, expropriation, currency restrictions, work
stoppage, strikes, civil unrest, revolutions, rebellions, explosions and computer failure), (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement or in the Memorandum and Articles of
Association or provisions of or governing Deposited Securities, (iii) for any action or inaction of the Depositary, the Custodian or the Company or their respective controlling persons or agents in reliance upon the advice of or information
from legal counsel, accountants, any person presenting Shares for deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any other person believed by it in good faith to be competent to give such advice or information,
(iv) for any inability by a Holder or Beneficial Owner to benefit from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made
available to Holders of ADS or (v) for any consequential or punitive damages for any breach of the terms of the Deposit Agreement. The Depositary, its controlling persons, its agents, any Custodian and the Company, its controlling persons and
its agents may rely and shall be protected in acting upon any written notice, request, opinion or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. No disclaimer of liability under the
Securities Act is intended by any provision of the Deposit Agreement. 
 (18) Standard of Care. The Company and the Depositary and their respective
directors, officers, affiliates, employees and agents assume no obligation and shall not be subject to any liability under the Deposit Agreement or the Receipts to Holders or Beneficial Owners or other persons, except in accordance with
Section 5.8 of the Deposit Agreement, provided, that the Company and the Depositary and their respective directors, officers, affiliates, employees and agents agree to perform their respective obligations specifically set forth in the Deposit
Agreement without gross negligence or wilful misconduct. The Depositary and its directors, officers, affiliates, employees and agents shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities, or for
the manner in which any vote is cast or the effect of any vote, provided that any such action or omission is in good faith and in accordance with the terms of the Deposit Agreement. The Depositary shall not incur any liability for any failure to
determine that any distribution or action may be lawful or reasonably practicable, for the content of any information submitted to it by the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment
risk associated with acquiring an interest in the Deposited Securities, for the validity or worth of the Deposited Securities or for any tax consequences that may result from the ownership of ADSs, Shares or Deposited Securities, for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of the Deposit Agreement or for the failure or timeliness of any notice from the Company. In no event shall the Depositary or any
of its Agents be liable for any indirect, special, punitive or consequential damage. 

  
 54 

 (19) Resignation and Removal of the Depositary; Appointment of Successor Depositary. The Depositary may at
any time resign as Depositary under the Deposit Agreement by written notice of resignation delivered to the Company, such resignation to be effective on the earlier of (i) the 90th day after delivery thereof to the Company, or (ii) upon
the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement, save that, any amounts, fees, costs or expenses owed to the Depositary under the Deposit Agreement or in accordance with any other
agreements otherwise agreed in writing between the Company and the Depositary from time to time shall be paid to the Depositary prior to such resignation. The Company shall use reasonable efforts to appoint such successor depositary, and give notice
to the Depositary of such appointment, not more than 90 days after delivery by the Depositary of written notice of resignation as provided in the Deposit Agreement. The Depositary may at any time be removed by the Company by written notice of such
removal which notice shall be effective on the later of (i) the 90th day after delivery thereof to the Depositary, or (ii) upon the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit
Agreement save that, any amounts, fees, costs or expenses owed to the Depositary under the Deposit Agreement or in accordance with any other agreements otherwise agreed in writing between the Company and the Depositary from time to time shall be
paid to the Depositary prior to such removal. In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use its best efforts to appoint a successor depositary which shall be a bank or trust company having an
office in the Borough of Manhattan, the City of New York and if it shall have not appointed a successor depositary the provisions referred to in Article (21) hereof and correspondingly in the Deposit Agreement shall apply. Every successor
depositary shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed, shall become fully vested with all the
rights, powers, duties and obligations of its predecessor. The predecessor depositary, upon payment of all sums due it and on the written request of the Company, shall (i) execute and deliver an instrument transferring to such successor all
rights and powers of such predecessor hereunder (other than as contemplated in the Deposit Agreement), (ii) duly assign, transfer and deliver all right, title and interest to the Deposited Securities to such successor, and (iii) deliver to
such successor a list of the Holders of all outstanding Receipts and such other information relating to Receipts and Holders thereof as the successor may reasonably request. Any such successor depositary shall promptly mail notice of its appointment
to such Holders. Any corporation into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution or filing of any document or any further act. 

  
 55 

 (20) Amendment/Supplement. Subject to the terms and conditions of this Article (20), and applicable
law, this Receipt and any provisions of the Deposit Agreement may at any time and from time to time be amended or supplemented by written agreement between the Company and the Depositary in any respect which they may deem necessary or desirable
without the consent of the Holders or Beneficial Owners. Any amendment or supplement which shall impose or increase any fees or charges (other than the charges of the Depositary in connection with foreign exchange control regulations, and taxes
and/or other governmental charges, delivery and other such expenses), or which shall otherwise materially prejudice any substantial existing right of Holders or Beneficial Owners, shall not, however, become effective as to outstanding Receipts until
30 days after notice of such amendment or supplement shall have been given to the Holders of outstanding Receipts. Notice of any amendment to the Deposit Agreement or form of Receipts shall not need to describe in detail the specific amendments
effectuated thereby, and failure to describe the specific amendments in any such notice shall not render such notice invalid, provided, however, that, in each such case, the notice given to the Holders identifies a means for Holders and Beneficial
Owners to retrieve or receive the text of such amendment (i.e., upon retrieval from the Commission’s, the Depositary’s or the Company’s website or upon request from the Depositary). The parties hereto agree that any amendments or
supplements which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act or (b) the ADSs
or Shares to be traded solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to materially prejudice
any substantial rights of Holders or Beneficial Owners. Every Holder and Beneficial Owner at the time any amendment or supplement so becomes effective shall be deemed, by continuing to hold such ADS, to consent and agree to such amendment or
supplement and to be bound by the Deposit Agreement as amended or supplemented thereby. In no event shall any amendment or supplement impair the right of the Holder to surrender such Receipt and receive therefor the Deposited Securities represented
thereby, except in order to comply with mandatory provisions of applicable law. Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations which would require amendment or supplement of the Deposit Agreement
to ensure compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement and the Receipt at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit
Agreement in such circumstances may become effective before a notice of such amendment or supplement is given to Holders or within any other period of time as required for compliance with such laws, or rules or regulations. 

(21) Termination. The Depositary shall, at any time at the written direction of the Company, terminate the Deposit Agreement by mailing notice of such
termination to the Holders of all Receipts then outstanding at least 60 days prior to the date fixed in such notice for such termination provided that, the Depositary shall be reimbursed for any amounts, fees, costs or expenses owed to it in
accordance with the terms of the Deposit Agreement and in accordance with any other agreements as otherwise agreed in writing between the Company and the Depositary from time to time, prior to such termination shall take effect. If 60 days
shall have expired after (i) the Depositary shall have delivered to the Company a written notice of its election to resign, or (ii) the Company shall have delivered to the Depositary a written notice of the removal of the Depositary, and
in either case a successor depositary shall not have been appointed and accepted its appointment as provided herein and in the Deposit Agreement, the Depositary may terminate the Deposit Agreement by mailing notice of such termination to the Holders
of all Receipts then outstanding at least 30 days prior to the date fixed for such termination. On and after the date of termination of the Deposit Agreement, the Holder will, upon surrender of such Holder’s Receipt at the Corporate Trust
Office of the Depositary, upon the payment of the charges of the Depositary for the surrender of Receipts referred to in Article (2) hereof and in the Deposit Agreement and subject to the conditions and restrictions therein set forth, and upon
payment of any applicable taxes and/or governmental charges, be entitled to delivery, to him or upon his order, of the amount of Deposited Securities represented by such Receipt. If any Receipts shall remain outstanding after the date of termination
of the Deposit Agreement, the Registrar thereafter shall discontinue the registration of transfers of Receipts, and the Depositary shall suspend the distribution of dividends to the Holders thereof, and shall not give any further notices or perform
any further acts under the Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited Securities, shall sell rights as provided in the Deposit Agreement, and shall continue to
deliver Deposited Securities, subject to the conditions and restrictions set forth in the Deposit Agreement, together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any rights or other
property, in exchange for Receipts surrendered to the Depositary (after deducting, or charging, as the case may be, in each case the charges of the Depositary for the surrender of a Receipt, any expenses for the account of the Holder in accordance
with the terms and conditions of the Deposit Agreement and any applicable taxes and/or governmental charges or assessments). At any time after the expiration of six months from the date of termination of the Deposit Agreement, the Depositary may
sell the Deposited Securities then held hereunder and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, in an unsegregated account, without liability for interest for the pro
rata benefit of the Holders of Receipts whose Receipts have not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations under the Deposit Agreement with respect to the Receipts and the Shares,
Deposited Securities and ADSs, except to account for such net proceeds and other cash (after deducting, or charging, as the case may be, in each case the charges of the Depositary for the surrender of a Receipt, any expenses for the account of the
Holder in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes and/or governmental charges or assessments) and except as set forth in the Deposit Agreement. Upon the termination of the Deposit Agreement, the
Company shall be discharged from all obligations under the Deposit Agreement except as set forth in the Deposit Agreement. 

  
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 (22) Compliance with U.S. Securities Laws; Regulatory Compliance. Notwithstanding any provisions in this
Receipt or the Deposit Agreement to the contrary, the withdrawal or delivery of Deposited Securities will not be suspended by the Company or the Depositary except as would be permitted by Section I.A.(1) of the General Instructions to the Form F-6 Registration Statement, as amended from time to time, under the Securities Act. 
 (23) Certain Rights of
the Depositary; Limitations. Subject to the further terms and provisions of this Article (23), the Depositary, its Affiliates and their agents, on their own behalf, may own and deal in any class of securities of the Company and its
Affiliates and in ADSs. The Depositary may issue ADSs against evidence of rights to receive Shares from the Company, any agent of the Company or any custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or
transaction records in respect of the Shares. Such evidence of rights shall consist of written blanket or specific guarantees of ownership of Shares furnished on behalf of the holder thereof. In its capacity as Depositary, the Depositary shall not
lend Shares or ADSs; provided, however, that the Depositary may, unless otherwise agreed with or instructed by the Company, (i) issue ADSs prior to the receipt of Shares pursuant to Section 2.3 of the Deposit Agreement and
(ii) deliver Shares prior to the receipt and cancellation of ADSs which were issued under (i) above but for which Shares may not yet have been received (each such transaction a “Pre-Release
Transaction”). The Depositary may receive ADSs in lieu of Shares under (i) above and receive shares in lieu of ADSs under (ii) above. Each such Pre-Release Transaction will be
(a) accompanied by or subject to a written agreement whereby the person or entity (the “Applicant”) to whom ADSs or Shares are to be delivered (1) represents that at the time of the
Pre-Release Transaction the Applicant or its customer owns the Shares or ADSs that are to be delivered by the Applicant under such Pre-Release Transaction,
(2) agrees to indicate the Depositary as owner of such Shares or ADSs in its records and to hold such Shares or ADSs in trust for the Depositary until such Shares or ADSs are delivered to the Depositary or the Custodian,
(3) unconditionally guarantees to deliver to the Depositary or the Custodian, as applicable, such Shares or ADSs and (4) agrees to any additional restrictions or requirements that the Depositary deems appropriate, (b) at all times
fully collateralized with cash, United States government securities or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five business days’ notice (save for a prescribed
termination event in which case any such Pre-Release Transaction may be immediately terminable by the Depositary) and (d) subject to such further indemnities and credit regulations as the Depositary deems
appropriate. The Depositary will normally limit the number of ADSs and Shares involved in such Pre-Release Transactions at any one time to 30% of the ADSs outstanding (without giving effect to ADSs outstanding
pursuant to any Pre-Release Transaction under (i) above), provided, however, that the Depositary reserves the right to change or disregard such limit from time to time as it deems
appropriate. The Depositary may also set limits with respect to the number of ADSs and Shares involved in Pre-Release Transactions with any one person on a case by case basis as it deems appropriate. 

  
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 The Depositary may retain for its own account any compensation received by it in conjunction with the foregoing.
Collateral provided pursuant to (b) above, but not the earnings thereon, shall be held for the benefit of the Holders (other than the Applicant). 

(24) Ownership Restrictions. Owners and Beneficial Owners shall comply with any limitations on ownership of Shares under the Memorandum and Articles of
Association or applicable Cayman Islands law as if they held the number of Shares their American Depositary Shares represent. The Company shall inform the Owners, Beneficial Owners and the Depositary of any such ownership restrictions in place from
time to time. 
 (25) Waiver. EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER AND/OR HOLDER
OF INTERESTS IN THE ADRs) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY
ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR
ANY OTHER THEORY). 

  
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 (ASSIGNMENT AND TRANSFER SIGNATURE LINES) 

FOR VALUE RECEIVED, the undersigned Holder hereby sell(s), assign(s) and transfer(s) unto
                    whose taxpayer identification number is
                    and whose address including postal zip code is
                    , the within Receipt and all rights thereunder, hereby irrevocably constituting and appointing
                    attorney-in-fact to transfer said Receipt
on the books of the Depositary with full power of substitution in the premises. 
  

					
	 Dated:
				Name:
                                         
                                   
			By:		
			Title:		
			
					NOTICE: The signature of the Holder to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatsoever.
			
					If the endorsement be executed by an attorney, executor, administrator, trustee or guardian, the person executing the endorsement must give his/her full title in such capacity and proper evidence of authority to act in such
capacity, if not on file with the Depositary, must be forwarded with this Receipt.

  

			
	SIGNATURE GUARANTEED		
		
	 		

  
 59 

									
	 ARTICLE I.
		DEFINITIONS		 	1	  
				
			SECTION 1.1		“Affiliate”		 	1	  
			SECTION 1.2		“Agent”		 	1	  
			SECTION 1.3		“American Depositary Share(s)” and “ADS(s)”		 	2	  
			SECTION 1.4		“Article”		 	2	  
			SECTION 1.5		“Articles of Association”		 	2	  
			SECTION 1.6		“ADS Record Date”		 	2	  
			SECTION 1.7		“Beneficial Owner”		 	2	  
			SECTION 1.8		“Business Day”		 	2	  
			SECTION 1.9		“Commission”		 	2	  
			SECTION 1.10		“Company”		 	2	  
			SECTION 1.11		“Corporate Trust Office”		 	2	  
			SECTION 1.12		“Custodian”		 	2	  
			SECTION 1.13		“Deliver” and “Delivery”		 	3	  
			SECTION 1.14		“Deposit Agreement”		 	3	  
			SECTION 1.15		“Depositary”		 	3	  
			SECTION 1.16		“Deposited Securities”		 	3	  
			SECTION 1.17		“Dollars” and “$”		 	3	  
			SECTION 1.18		“DRS/Profile”		 	3	  
			SECTION 1.19		“DTC”		 	3	  
			SECTION 1.20		“Exchange Act”		 	3	  
			SECTION 1.21		“Foreign Currency”		 	3	  
			SECTION 1.22		“Foreign Registrar”		 	3	  
			SECTION 1.23		“Holder”		 	3	  
			SECTION 1.24		“Indemnified Person” and “Indemnifying Person”		 	4	  
			SECTION 1.25		“Memorandum”		 	4	  
			SECTION 1.26		“Opinion of Counsel”		 	4	  
			SECTION 1.27		“Pre-Release Transaction”		 	4	  
			SECTION 1.28		“Receipt(s); “American Depositary Receipt(s)”; and “ADR(s)”		 	4	  
			SECTION 1.29		“Registrar”		 	4	  
			SECTION 1.30		“Restricted ADRs”		 	4	  
			SECTION 1.31		“Restricted ADSs”		 	4	  
			SECTION 1.32		“Restricted Securities”		 	4	  
			SECTION 1.33		“Restricted Shares”		 	4	  
			SECTION 1.34		“Securities Act”		 	5	  
			SECTION 1.35		“Shares”		 	5	  
			SECTION 1.36		“United States” or “U.S.”		 	5	  
	ARTICLE II.		APPOINTMENT OF DEPOSITARY; FORM OF RECEIPT; DEPOSIT OF SHARES; EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS		 	5	  
				
			SECTION 2.1		Appointment of Depositary		 	5	  
			SECTION 2.2		Form and Transferability of Receipts		 	5	  
			SECTION 2.3		Deposits		 	7	  
			SECTION 2.4		Execution and Delivery of Receipts		 	8	  
			SECTION 2.5		Transfer of Receipts; Combination and Split-up of Receipts		 	9	  
			SECTION 2.6		Surrender of Receipts and Withdrawal of Deposited Securities		 	9	  

							
			SECTION 2.7		Limitations on Execution and Delivery, Transfer, etc. of Receipts; Suspension of Delivery, Transfer, etc.		10
			SECTION 2.8		Lost Receipts, etc.		11
			SECTION 2.9		Cancellation and Destruction of Surrendered Receipts; Maintenance of Records		11
			SECTION 2.10		Pre-Release		12
			SECTION 2.11		Restricted ADSs		13
			SECTION 2.12		Maintenance of Records		13
	 ARTICLE III.
		CERTAIN OBLIGATIONS OF HOLDERS AND BENEFICIAL OWNERS OF RECEIPTS		14
				
			SECTION 3.1		Proofs, Certificates and Other Information		14
			SECTION 3.2		Liability for Taxes and Other Charges		14
			SECTION 3.3		Representations and Warranties on Deposit of Shares		15
			SECTION 3.4		Compliance with Information Requests		15
	 ARTICLE IV
		THE DEPOSITED SECURITIES.		16
				
			SECTION 4.1		Cash Distributions		16
			SECTION 4.2		Distribution in Shares		16
			SECTION 4.3		Elective Distributions in Cash or Shares		17
			SECTION 4.4		Distribution of Rights to Purchase Shares		17
			SECTION 4.5		Distributions Other Than Cash, Shares or Rights to Purchase Shares		19
			SECTION 4.6		Conversion of Foreign Currency		20
			SECTION 4.7		Fixing of Record Date		20
			SECTION 4.8		Voting of Deposited Securities		21
			SECTION 4.9		Changes Affecting Deposited Securities		23
			SECTION 4.10		Available Information		23
			SECTION 4.11		Reports		23
			SECTION 4.12		List of Holders		24
			SECTION 4.13		Taxation; Withholding		24
	 ARTICLE V.
		THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY		25
				
			SECTION 5.1		Maintenance of Office and Transfer Books by the Registrar		25
			SECTION 5.2		Exoneration		26
			SECTION 5.3		Standard of Care		26
			SECTION 5.4		Resignation and Removal of the Depositary; Appointment of Successor Depositary		27
			SECTION 5.5		The Custodian		28
			SECTION 5.6		Notices and Reports		28
			SECTION 5.7		Issuance of Additional Shares, ADSs etc.		29
			SECTION 5.8		Indemnification		30
			SECTION 5.9		Fees and Charges of Depositary		31
			SECTION 5.10		Restricted Securities Owners/Ownership Restrictions		32
	 ARTICLE VI.
		AMENDMENT AND TERMINATION		33
				
			SECTION 6.1		Amendment/Supplement		33
			SECTION 6.2		Termination		34
	 ARTICLE VII.
		MISCELLANEOUS				35
				
			SECTION 7.1		Counterparts		35

  
 61 

							
			SECTION 7.2		No Third-Party Beneficiaries		35
			SECTION 7.3		Severability		35
			SECTION 7.4		Holders and Beneficial Owners as Parties; Binding Effect		35
			SECTION 7.5		Notices		35
			SECTION 7.6		Governing Law and Jurisdiction		36
			SECTION 7.7		Assignment		38
			SECTION 7.8		Agents		38
			SECTION 7.9		Exclusivity		38
			SECTION 7.10		Compliance with U.S. Securities Laws		38
			SECTION 7.11		Titles		38
	 EXHIBIT A
		40
	 EXHIBIT B
		48

  
 62

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